The Knickerbocker Trust was at one time one of the largest
banks in the
United States, and a central player in the
Panic of 1907.In
1907 its funds were being used by its then-president Charles T. Barney in a plan to drive up the cost of
copper and corner the market. This gamble came undone due to the dumping of millions in copper on the market to stop a hostile takeover in an unrelated organization.This became public and on the
October 21 the
National Bank of Commerce announced that it would stop accepting cheques for the Knickerbocker Trust Company triggering a run of depositors demanding their funds back.
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