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A bank run forced New York's Knickerbocker Trust Company to suspend operations, triggering the Panic of 1907 (pictured).
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Bank run
Mass withdrawal of money from banks
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may fail in the near future. In other words, it is when, in a fractional-reserve banking system, numerous customers withdraw cash from deposit accounts with a…Source: Wikipedia (CC BY-SA)
Knickerbocker Trust Company
Bank based in New York City (1884–1912)
The Knickerbocker Trust was a bank based in New York City that was, at one time, among the largest banks in the United States. It was a central player in the Panic of 1907.Source: Wikipedia (CC BY-SA)
Panic of 1907
Three-week financial crisis in the United States
The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange suddenly fell almost 50% from its peak the previous…Source: Wikipedia (CC BY-SA)