The U.S. financier who organized the 1907 rescue effort after the United Copper speculation failed was J. P. Morgan.
In October 1907, a scheme associated with F. Augustus Heinze and Charles W. Morse attempted to corner United Copper Company shares. The effort failed, causing losses and damaging confidence in banks connected to the participants.
J. P. Morgan convened bankers in New York and used his influence and personal funds to help stabilize institutions. The crisis spread through trust companies, and the Knickerbocker Trust Company’s failure was a major turning point.
The Panic of 1907 exposed the weakness of relying on private financiers during emergencies. Its aftermath contributed to support for creating the Federal Reserve System in 1913, which gave the United States a central bank designed to provide liquidity during financial stress.