The Panic of 1907 worsens: Four days after the National Bank of Commerce, in New York City, announced that it would no longer act as a clearing house for the Knickerbocker (financial) Trust Company. This prompted a “bank-run” as panicked customers began withdrawing their deposits. Shortly after noon KTC closed its doors permanently, as it had become insolvent.
Postscript: Over the course of the next two days five more financial trust companies, and five private banks in New York City became insolvent, as the financial panic began to spread across the nation.
[restored 5/30/2022]
Subsequent Events:
Authority:
“Law of the Jungle”
ccc-2point0.com/preface
References:
Calvin D. Linton, ed., The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 270.
Panic of 1907 – Wikipedia
en.wikipedia.org/wiki/Panic_of_1907#Panic_hits_the_trusts
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