 Because of past association with Charles W. Morse and F. Augustus Heinze , on Monday , October 21 , the board of the Knickerbocker asked that Barney resign ( depositors may have first begun to pull deposits from the Knickerbocker on October 18 , prompting the concern ) . That day , the National Bank of Commerce where J.P. Morgan was a dominant factor , announced it would not serve as clearing house for the Knickerbocker . On October 22 , the Knickerbocker faced a classic bank run . From the bank 's opening , the crowd grew . As The New York Times reported , " as fast as a depositor went out of the place ten people and more came asking for their money [ and the police ] were asked to send some men to keep order " . Two van loads of notes were quickly unloaded , yet even this failed to calm the panic stricken depositors . Directors and other officials of the Trust forced their way through the crowd , assuring them that everyone would be paid . In less than three hours , $ 8 million was withdrawn from the Knickerbocker . Shortly after noon it was forced to suspend operations . 
