What was the name of the New York bank whose 1907 failure helped trigger the Panic of 1907?

The Knickerbocker Trust Company helped trigger the Panic of 1907 after it failed during a run on October 22.

The crisis began after an attempt to corner the stock of United Copper Company collapsed. Depositors then withdrew money from institutions connected to speculator F. Augustus Heinze, and suspicion spread to the Knickerbocker Trust, one of New York’s largest trust companies.

When the Knickerbocker could not obtain emergency support, customers rushed to withdraw funds. The failure intensified a nationwide banking panic, causing credit markets to seize up and forcing many banks and businesses to restrict payments.

Financier J. P. Morgan organized private rescues, coordinated loans, and persuaded banks to keep operating. The episode demonstrated that the United States lacked a central bank able to act as lender of last resort. The Federal Reserve System was created in 1913, partly in response to lessons from this crisis.