Who organized the rescue that ended the panic on Wall Street in 1907?

J. P. Morgan organized the rescue that ended the panic on Wall Street in 1907.

The Panic of 1907 began after a failed attempt to corner the stock of United Copper Company. Runs on trust companies followed, and the weakness of the U.S. banking system threatened to spread through financial markets. There was no U.S. central bank to provide emergency liquidity.

J. P. Morgan gathered bankers in New York and used his influence, money, and offices to coordinate loans and support for threatened institutions. He also helped persuade the Treasury to deposit funds in banks, easing the shortage of available cash.

The panic exposed the limits of relying on one private financier during a systemic crisis. Its aftermath helped build political support for the Federal Reserve System, created in 1913. Morgan’s role was crucial, but the rescue also depended on cooperation from banks, government officials, and business leaders.