Knickerbocker Bank (New York, NY)

Episode Information

Episode UID
8773049491294
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
private
Bank ID
877304949 hash
Start Date
October 22, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fa1eebc32344a4b1

Response Measures

None

Description

The bank is frequently referred to as the Knickerbocker Trust Company in historical context, though the articles use 'Knickerbocker Bank'. It was the primary trigger for the Panic of 1907.

Events (3)
1. October 22, 1907 Run
Cause
Bank Specific Adverse Info
Cause Details
The run followed the Heinze copper crash and the refusal of other banks to provide clearance.
Measures
The bank fell back on a clause requiring notice for withdrawals and eventually suspended payment.
Newspaper Excerpt
Knickerbocker Bank Pays Out $44,444 a Minute for Three Hours and Quits
Source
newspapers
2. October 22, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Exhaustion of cash reserves during the run and lack of support from the clearing house.
Newspaper Excerpt
officers of the company have decided to suspend payment until tomorrow morning
Source
newspapers
3. October 24, 1907 Receivership
Newspaper Excerpt
The bank examiner is in charge of the Knickerbocker bank today... reported that a receiver was to be appointed to liquidate
Source
newspapers

Newspaper Articles (11)
1. October 23, 1907 Bismarck Daily Tribune Bismarck, ND
Article from Bismarck Daily Tribune, October 23, 1907

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WALL STREET GETS A HARD JOLT--SEC'Y CORTELYOU PROFFERS HELP TO BANKERS Knickerbocker Bank Pays Out $44,444 a Minute for Three Hours and Quits---Price of Money Soars High---Secretary of Treasury on Ground With Money to Loan If Needed New York, Oct. 22-Credit, the un- to appeal for relief to the secretary dersurface foundation of all business, of the treasury. All this was in the face of reassurtrembled for a time today, and before confidence could be restored, ing statements by the acting states superintendent of banks that the susNew. York's second largest financial institution had emptied its cash pected bank was solvent, declarations by prominent bankers that there was vaults under pressure. of the biggest run experienced here in a generano true basis for alarm, and assurtion, a stock exchange firm had failances from Washington that Secretary Cortelyou would not hesitate ed for six million dollars, Wall to act proomptly in any situation street's principal securities had setwhere legitimate business was threattled from $5 to $8 a share, call monened. ey had risen to seventy per cent, Now that the first scare is over and local bankers, unable to stem and the worst of the future discountthe tide of distrust, had been forced (Continued to page 4.)

2. October 23, 1907 Okolona Messenger Okolona, MS
Article from Okolona Messenger, October 23, 1907

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NEW YORK CITY'S FINANCIAL. HILE the South is gliding along on easy street, enjoying prosperity as it has never before been able to do in forty years, the great gambling center of the nation, New York City is passing through a week of panicky times not known before in years. The happy consolation of the present situation is that the times has passed when fluctuating finances on Wall Street seriously effects the country, and especially is the South now acsolutely immune from any danger from the scares which used to reach it almyst simultaneously with with a flurry on Wall street. Those plungers in New York who have been gambling on the necessities of life, and in a large measure the cause of every depressing price of the staples, have finally reached a point where they are compelled to hand over the cash, and the result is that such financial institutions as have been used as the allies of these brokers, have been forced to suspend. A craze started among the depositors of the Knickerbocker Bank, where the "bloods" and "swells" kept their money, caused ta run Tuesday which resulted in the bank being forced to suspend payment before hour for closing arrived, atter passing out something like two million in currency. Of course excitment ran high and Wednesday deposits were withdrawn from all the banks to some extent, from two or three others so heavily that two more suspensions resulted. At the time of going to press however, the situation seems to be improving, large holders of ready money rushing to the aid of all the legitimate banking institutions. and the Federal government also sending Mr. Cortelyou, secretary of the treosury, to New York with authority to use all available cash of the government to relieve the crisis. There can be no doubt but that ere another week shall end the fear of a panic which can in the least affect the entire country, will have passed, and a normal condition will be resumed. Whatever may be the aorrows of the New York plungers, the balance of the country is now in position to sit by and look at the squirming tadpoles in the meshes of their own slop.

3. October 24, 1907 The Alaska Prospector Valdez, AK
Article from The Alaska Prospector, October 24, 1907

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Knickerbocker Bank Fails New York. Oct. 24 The bank examiner is in charge of the Knickerbocker bank today. All other banks of the city are unaffected by the failure. New York, Oct. 24-All night long a liive of men has been standing on the street waiting for the opening hour for the Knickerbocker bank to draw out their deposits. This morning when it was reported that a receiver was to be appointed to liquidate, the crowd started a demonstration which was promptly quelled by the police. The deposits in this bank total $71,000,000 Chicago, Oct. 24-All of the banks of the middle, and western states report that thereaff ready to advance loans to the New York banks to carry them through the pario.

4. October 24, 1907 The Alaska Prospector Valdez, AK
Article from The Alaska Prospector, October 24, 1907

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Knickerbocker Bank Fails New York. Oct. 24-The bank examiner is in charge of the Knickerbocker bank today. All other banks of the city are unaffected by the failure. New York, Oct. 24-All night long a line of men has been standing on the street waiting for the opening hour for the Knickerbocker bank to draw out their deposits. This morning when it was reported that a receiver was to be appointed to liquidate, the crowd started a demonstration which was promptly quelled by the police. The deposits in this bank total $71,000,000 Chicago, Oct. 24-All of the banks of the middle, and western states report that they are ready to advance loans to the New York banks to carry them through the panic.

5. October 25, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 25, 1907

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DRIFTWOOD BY PHIL R. ARMSTRONG. A Pittsburg man has been fined $500 for fighting over a glass of beer in a saloon. Now if that had been in Atlanta-but why jeer at the dying? Birmingham has been entertaining the Press Clubs and we understand she did the square thing by the pencilshovers. + The Fair's the thing. All roads lead to Moving Montgomery As a companion to the Atlanta man who tried to make off with a piano the other day, Alabama has a young man who attempted to steal a yacht. + Teddy has returned home and the bears can once more breathe easy. + Roosevelt's silence in regard to the third term is said to be worrying the Taft forces no little. The run on the Knickerbocker Bank was.as strenuous as a football rush. Let's get up a big home-coming for our wandering public servants.-Atlanta Constitution. Well, you'd better get busy-you've no time to lose. The Montgomery Advertiser sings the praise of persimmon beer: and we desire to tell it right now that it can't get up any argument with us about the matter we know something about that stuff.-Washington Herald. No tidings more hopelessly discouraging and retrogressive have come out of the South in years than this report that The Montgomery Advertiser has declared for prunes. Richmond TimesDispatch A Tennessee man has discovered a worm that eats English sparrows. Many a human worm of the dust" has eaten them, supposing them to be red-birds. -Atlanta Journal. Taft is said to have grown pathetic when he talked of becoming a private citizen. It is the most pathetic sight in the world to see "a statesman out of a job" and oh such a 'fat' job as his is. A square deal will always get a round applause. Motto of a modern father to his son: Save up your money, my boy, and some day you may have enough to buy a United States Senatorship. Joys are not only transitory, but rapid-transitory. A Harvard professor contends that laziness is a disease. This being true a red-headed wife with a high Lemper, a low spirit and a movable jaw is a sure-enough tonic. Despite the fact that over 4.000,000,000 collar butrons were manufactured in this country last year, a man will go down in the corner and swear a blue streak when he loses one. "After all"- is The Montgomery Advertiser speaking "what is nicer than fat, juicy prunes for breakfast? Well, a half-portion of grapefruit or iced canteloupe or broiled bluefish or eggs and bacon or buckwheat cakes or finnan haddle or supply the rest yourself, we're crowded today New York Mail Upton St. Clair has been kicked out of a Newport society residence. Upton should know that brains will not be tolerated in Newport's Smart Set. A Chicago woman has saved enough out of the allowance her husband gave her to pay for a divorce. Nothing like being economical for these little exigencies will arise now and then. The country is agitated over the fact that two young women in Paris have swindled a rich American married man out of $2,000, as if the thing hasn't been going on for years. The President took a cold plunge into the water with the mercury below 40 which was the only chilly reception he receved while in the South. On the planet Neptune, one year is 60,000 days long. What a cinch for the papas at Christmas time a The Governor of Illinois sent 10,000-word message to the Legislature which proves he's something of an inkslinger himself. Radium is the costliest thing in the world-except experience A Pennsylvania man who made his own coffin several years ago, has been by his wife to sell it because it forced is out of style. It must be a source of much comfort to the gentleman aforesaid to know that he has a wife who is so considerate of him. When mother-in-law comes in at the door love (or rather hubby) crawls out the window. + A lemon grown by a Madison County man measures 13 1-2 inches in circumference. + Undaunted A little while to work and play, To laugh and cry, But what care I. Why not be gay? A song upon the lips and so I'll rail at Fate, Early or late, Though I should go. Aye-though I fall along the way I'll rise again-

6. October 30, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 30, 1907

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DRIFTWOOD BY PHIL H. ARMSTRONG No Sembre Black. When I am goneAh. let me lie Neath the perfect blue Of the Southern sky Let me know That at my head Wars with the breeze, The rose so red. And somewhere near My house of gloom The white magnolia's Sweet perfume. No sombre black in sympathy But Nature's brightest shades for Afterward Afterward what then? No more to walk with men. Under the ground to sleep ((A few one day shall weep.) Up past the farthest star Where the winged seraphs are? Or into the pit of Hell? Who- who can tell or maybe for this tired breast Just a long unwakened rest. While Toddy praised the man who walks the baby he didn't say anything for Fairbanks for nursing a forlorn hope, + There has been a big run on the Ala bama violet banks of lat4. but there is no danger of a panic It is only the usual rush of fall-time nature lovers Drink and the world drinks with you, live in a prohibition State and you drink alone! + + People who think there is nothing in fortune telling ought to count up the number of bright dollars that our superstition forces us to give up every year. + "Sardine" is the name of a small town in Escambia County Soap was invented over 3.000 years ago, but there are lots of people when who even today are very considerate it comes to a use of the invention. ++ is news Item states that there A one young lady left in Borum Ala. only Alabama's fair young women are not long single. + + The First National Bank of Scotts the horo. undaunted by the run York on will at once Knickerbocker Bank of New build erect a handsome new ing. + have J Underwood and Mrs. just Turner. married. of Jackson County of age and the The bride is 70 years Wonder if it 26 years of age groom was a runaway match or If there were no objections + + its changed name. Stamboul obLa. With cannot possibly drop into total security. A candidate People." for office In in Pennsylvani his speeches of ror of is named willing to make an 'the he is probably grammar in order to say + People is the thing. is close enough now Thanksgiving Turkey-dressing to almost smell the + + worry. Rockefeller says "Cut his out advice all If we were "troubled We could easily take with nothing more than cutting out coupons. Hooray for the glorious sound frosty out in morn- the the only nuts by ings, where cracking of the of the woods is the squirrels and the merry whistle the happy blithe Bob-White. Last call poets for the Indian Summer + You can hardly hear well-fed the contented Alabama bronze gruntings the of silvery the gobble of the fine big shoats Thanksgiving for turkeys these mornings + + and Is still good collateral. a bale Cotton to pawn the man who trouble wants in getting money, remarks will have The no Dallas + News. a says activity, destrian "This is an age certainly of 18-to the DC- an auto-car magazine who It gets in the way of + + tel. is said to be world. the greatest If that is Boston user in the be a "hello girl" up there all day. ephone true we'd and hate have to to translate Bostonese were recently All red-headed at women a Boston entertain- Houston admitted free were not from ment. They we believe. Tex. however, +' In 1030. little building is that funny doors, asked the "What swinging South That with the visiting the was what tourist who replied was the guide, they called a saloon. Nineteen-Hight All single maids. Do not despair: new chances Your Aro more days than fair. The happy near; For Are nineteen-eight drawing.ru Is leap year Detroit Free Press. expect We then from youTo hear maids So You single good and true. On next year we prop our hope will The And trust question you pop Ohio Sun on bachelors, suddened eyes. With would draw If you splendid Drize n-eight Makes ninetahort.stay While its Texas in some Get Maiden's way Houston Post. or If "gome way Texas Maiden's way stay. Is not your don't you Why Alabama Toward

7. October 31, 1907 The Bon Homme County Independent Tabor, SD
Article from The Bon Homme County Independent, October 31, 1907

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MAY REHABILITATE KNICKERBOCKER BANK New York, Oct. 28.-A movement has been started to save the Knickerbocker bank, which went under following the Heinze copper crash. The plan is to have a pool formed among the directorate of $20,000,000 toguaranteeredemption within two years of interest-bearing certificates, which will be offered in set. tlement of accounts against the company, which cannot be liquidated at the present time. As a preliminary step it was said that a receiver for the company would be appointed within a couple of days with the approval of the directors. When the success of the cer. tificates is assured the board will ask that the receivership be terminated, Isnq JO resumber B JO view B With ness. President Foster Higgins has of. fered to put $500,000 in the pool. The run on the Knickerbocker bank was replete with sensational occurrences. The women depositors soon filled the section of the bank ordinarily devoted to them, and the private offices of the officials were turned over to them. They were packed almost to suffocation. "They can keep mine," said a woman ssing she SE UMOS B up out of the room. "It's worse than a bargain sale. Most of the women stayed, however, until their turn came, and went away sighing with relief. Joseph B. Brown, second vice prestdent of the trust company, was in charge, and went among the depositora endeavoring to reassure them. Shortly after 11 o'clock A. Foster Higgins, the new president. arrived and joined his assurance to those of the other officers. Shortly before 12 o'clock Vice President Brown mounted a chair in the center of the lobby underneath the cut glass, gold-mounted chandelier, which JOJ all 01 not polluted been puy S11 "I want to read you what the state superintendent of banking says about the Knickerbocker,' cried Mr. Brown. He got immediate attention and read that Acting Superintendent George W. Skinner had found the company solvent on September 17. There was a cheer which echoed about tile marble walls, and a waving of lace handkerchiefs from the women's department. euo crild pio poog., of the depositors. A cynic who had just squeezed in the outer door remarked that the man PIO poof),, shouted ΠΎΡ‡ΠΌ was mighty near the paying teller's wicket. At 12:30 a telephone message came from the downtown headquarters, and Mr. Brown again mounted the chair in the center of the room. Owing to a shortage of ready cash, officers of the company have decided to suspend payment until tomorrow morning,' was the despairing news he shouted. The announcement was greeted with howls and jeers. There were 300 people in the line which extended out to the marble steps on Fifth avenue. Piles of the up meja uo uns ere certificates pion cages of the paying tellers, and the depositors clamored for that money. Not a check was paid after the announcement, however, and the police, under Acting Captain Bernard Kelleher, were finally able to clear the bank. The women were particularly indignant and could not understand. "Well, I've still got my check book," was the inspiration which came to one of them. "I'll buy a lot of things and check it all out. Another woman declared that she was absolutely "broke," but rejoiced in credit at several department stores. She found a friend in the crowd that was watching outside, and -Jpedxe sujddous B uo NO her persond toon The windows of the Waldorf-Astoria on the Thirty-fourth street side were crowded with spectators of the unusual sight. When the downtown bank at No. 66 Broadway opened there were seventy In line, including two priests and a few women. There were six clerks waiting to make deposits. Although the three JO pue ou have 01 seement tellers Payment ou they them, about dn V IId sma progress against the stream of frightened depositors. Clerks and uniformed attendants took pains to keep the constantly increasing line tucked into the main office of the bank that it might not reach Broadway and excite the throng. Early in the morning the trust company fell back on the clause providing JO certificates uo notice ABP every B JoJ deposit and refused to pay them. Running accounts were paid in cash, certified checks being refused. One man in the line had a band box in which to carry away his account. Others carried suit cases, but more filled their pockets or wrapped their bills in newspapers. There were 400 in line at this place when the announcement was made that the company had temporarily suspended. Several women took it for granted that their money was gone and burst into tears. They were led into the corridor of the building where they added to the excitement by occasional shrieks. At 1:45, after much effort, the bank was cleared and the doors closed. Fully one-fourth of the runners at the Harlem branch were women, many of them widows on the verge of tears. One woman, who had an account of $1,069, was urged to keep her account open with the $69 'Not for me,' she said to the bank officials. "I want every penny, and I'll do my own banking for awhile." A large crowd gathered about the bank when the line reached the street and was turned up Lennox avenue. The police, under Lieutenant Maher, remembering the robberies that folServição Harlem the uo un.: B I bank several years ago, were on the watch JoJ pickpockets. At 10:30 an automobile arrived from, the downtown branch with $50,000. This encouraged the line of depositors, but did not diminish it. It fell to Andrew Kane, a wealthy wholesale butcher, who is well known in Harlem and connected with that branch, to break the news of suspension shortly after 12 o'clock. He first aoj the

8. November 5, 1907 The Nome Daily Nugget Nome, AK
Article from The Nome Daily Nugget, November 5, 1907

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MISS GLADYS COUNT. While the court was making the order that made Miss Gladys Vanderbilt the possessor of $12,000,000 her affianced husband Count Whachucalin, sat in ourt and 'COK qu: te an interest in the performance. Soon he will probably hove principal and interest and Gladys will have the title. Taking this episode into account, and remembering the recent difficulties of New York's financial circles the bright idea comes to one that monstringency can be avoided in future by the simple method of creating American titles. That $12,000,000 could have stopped the run on the Knickerbocker bank Now. it will only set Glady's count going. It will probably be a repetition of the ase of the Countess of Castellane and the Duchess of Marlborough The count will keep the castle cleared by part of the money. other women will get the bigger half of the cash. and the countess will get an annuity. the children and the pretended sympathy of her apparent friends. It is little better than a sin to let young girls possess millions. The money merely makes them the prey of needy adventurers. But they cannot see it that way. They are quite sure that Alphonse and Gaston are dying for them. If the old Americans were alive who made the money the young gentlemen would probably be suplied with much stronger reasons for dissolution.

9. December 14, 1907 The Bolivar County Democrat Rosedale, MS
Article from The Bolivar County Democrat, December 14, 1907

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BANKS TURNED DOWN. For ways that are dark and tricks that are vain, the New York banks are peculiar, Like the'bird of prey, they are always perched on the highest limb, ever on the lookout for something to swoop down upon and gobble up for their own benefit, They are a could, selfish and grasping lot, haying no more r patriotism than a hedge-hog, and no more regard for the welfare of the public than an untutored savage. They have done more to bring on and perpetuate the panic than all other agencies combined, and expect to be the bencficiaries, to reep large rewards when the end comes, to buy up securities at the lowest price and advance them when well in hand, and thus make colosal fortunes at the expense of the poor wretches who have been forced to sell. Now comes these patriotic and unselfish institutions, the New York banks, which have had their millions tied up-other peoples' millions which they had no legal right to hold against the wish of depositors, making money scarce and high-ready to pounce down upon the $100,000,000 emergency certificates, which the government is issuing to tide over the financial troubles, and use them as "national bank reserves." They had no doubt but that the Comptroller of the Currency would permit this, and were greatly surprised when that officiai informed them that the three per cent certificates could not be used, directly or indirectly, as national bank reserves. This is another official act worthy of all commendation. These New Yoek financiers have been so long accustomed_to government accommodations that they are shocked when denied privileges above other people. The New York banks bought on the panic by refusing clearance to the Knickeabroker Bank. which forced thai concen to suspend, and crash after crash to follow. The bank may not haye been in very good "shape but colud have been held up if its associates in New York had had the foresight to go to its assistance, and in that event the panic would have at least have been postponed, if it_had not been prevented altogether. The Secretary of the Treasury has ruled that the three per cent certificates can be made immediately available as security for new circulation, national bank notes; that if registered they can be used before being eugraved, which will take some little time, and that printed receipts may be issued by the treasurer, which can be used till the receipts are ready for delivery.-Clarion Ledger.

10. October 22, 1908 The French Broad Hustler Hendersonville, NC
Article from The French Broad Hustler, October 22, 1908

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had, cared for the soldiers in the field and cared for their wives and children left at home. We presented him to the people of North Carolina and elected him by an overwhelming ajority. In 1880 we elected a Democratic Legislature and Governor, and under wise rule we have built this State into a great State among her sister States [applause], and we held it under Democratic rule until 1894. What happened to be then? Nothing at all, except that our own friends, the members of the Democratic Party, our own organization, because of a panic, for which the Democratic Party was in no way responsible, either joined the enemy or stayed away from the polls, and the consequence was that the combined forces of the other parties defeated us and we lost the Judges and the Legislature, and, in 1896, the Governor. But you all know how glad we were to return to our own in 1900. Most of you remember with what gladness those who had fallen out in 1894 returned to the ranks and helped to win a great victory in that memorable year. Now, let us not so far forget ourselves as to stay away from the polls in 1908, but let us organize and help to fight the enemy. They say now, We did do those things of which you charge us in Reconstruction days, but if you will let us back in power, we will be good.' They want us to forget the past, but we can only judge of the future by the past. When Moses was leading the Children of Israel for forty years in the wilderness he frequently found his people ready to forget their taskmasters in Egypt and the awful days of their bondage; but if you will go back to the history of this greatest of leaders you will see that when they so far forgot themselves and complained that he was leading them on to die, he told them to "Keep these things upon the frontlets of thine eyes and wear them upon the fingers of thy right hand." I want to say to you to do nothing dangerous. It is dangerous for a Democrat to scratch a ticket. I don't ever scratch them [applause], because when I scratch them I have left in my gun only half a load, and when I shoot I want a whole load, both of powder and lead. Now, neither you nor I nor any man in the United States engaged in a legitimate business wants to see the Republican Party re-elected. We are attacking them on all sides on the banking question, which was put into force shortly after the war, a system which was to allow men of great wealth to regulate prices on such things as you are compelled to buy, and these men now control the transportation of the country, thus controlling the prices of products generally. We have attacked them along this line until they are startled at the conditions which they have brought about and fostered all these years. A few men in New York make prices and amass great wealth, while the common people of that great city are fed at the soup-houses, as has been the condition for the past year of panic. Now, all this was caused by a run on the banks. Mr. Bryan offers to protect the people by a guaranty, and when this is brought into effect, there is no such thing as a run on a bank. Whenever you make it impossible to make a run on a bank, you make it impossible for these people to bring on a panic and destroy business. I was in New York last fall. There was no cloud over the financial sky when I left here. I was gone a week, While there a run was made on the Knickerbocker Bank, and men and women stood in line in the streets waiting for their turn to get their money-their little deposits-till they fell and fainted in the line. Suppose the deposits in this bank had been guaranteed. No such thing would have happened. Mr. Bryan says, "If you vote for me and put the Democratic Party in power I will stop this." Look back to last fall. The banks around here could' not furnish the money to carry on our commerce and manufacturing business; they had to pay off in "serip," while our own money was/locked up in the New York vaults. We have begged and pleaded with these plunderers for yeΓ₯rs; we are willing for them to make money, but we don't want them to enjoy a high protective tariff to such an extent that their wealth and power will throttle this government. The Democratic Party has awakened at last from its dreams and we have raised such Γ  howl 'round Mr. Taft that he says, "If you will elect me, I will call an extra session of Congress to revise this tariff." Mr. Bryan says, "For all these years you have oppressed these people, and now you only promise relief when you see they are threatening your power." And still they tell you that this is the year for you to stay away from the polls and not vote the Democratic ticket. Now, I have done the best that I could to-night-the best in my way. But later I hope to be able to make a more logical talk. I wish I were able to go from the East to the Tennessee line and tell this message to all the people. I have not long to live. I have children and grandchildren; but I say to you that no stroke of this right hand shall aid in putting the Republican Party over these children and grandchildren. [Applause.] I say it because I have tried it in the past and, having tried it in the past and having found nothing but ruin and disgrace, I cannot help but fight it now. I did not know whether I was going to get strong enough to fight in this campaign, but when the Republican Convention met and put on their ticket old Dr. Cy. Thompson for one of the best paying offices of the State, the "pizen" broke out all over me. He was once a Democrat, but he went over and fused with the Republican Party and helped to defeat us in 1894, and when they nominated him the "pizen" broke out just like measles. [Applause.] I couldn't put my finger on a place that wasn't "pizened." [Applause.] Now, you hear the ones who tried so hard to keep the nigger voting gohands with Democrats. "You are no gladder of it than I am." You know the reason they say that? They think for every nigger vote they lost they will gain a white vote. Well, I will stop now, but before the third day of November, when I get strong enough, I will talk to the club again, when my remarks will be more connected and logical. But I want to say to you to come out and get together and touch elbows, so that you will know how to stand together and fight on November 3d for the protection of yourselves, your wives and children. [Applause.]

11. August 5, 1918 Evening Star Washington, DC
Article from Evening Star, August 5, 1918

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German Laws Stringent. It is a fact, however, that the German laws are very stringent in this respect. One is not permitted to cut down a tree on one's own premises without first securing the consent of the tree commission, and as the "red tape" involved in an appeal to the German authorities in matters of. this kind is most wearying, such applications are not frequently resorted to. Another illustration of the kaiser's familiarity with our national problems was afforded in a remark he made at the time of our financial panic in 1907, which he said should never have been possible. "Poor Miss Farrar, your opera singer, has been telling me she lost every penny she had in your Knickerbocker Bank failure. The men who caused that panic would go to prison mighty quick if we had them in Germany, I can tell you. I have read that eleven of your bank presidents committed suicide. Just think of it! Eleven bank presidents! These things should not be, Davis; but you will continue to have these panics from time to time until you adopt a banking system with a central bank, such as we have." The establishment of the federal reserve bank system in this country, one of the most important measures adopted under President Wilson, carried us successfuly through the financial stress and strain of the world war, and shows how thoroughly the kaiser understood the workings and requirements of our national banking arrangements. Many of the ideas he formed regarding our institutions, however, were not so sound, although they were based on intimate knowledge and constant investigation. He never overlooked 'an opportunity to learn all he could about the United States. Critic of Election System. The kaiser was a harsh critic of our election system. The idea of a fouryear term for the President was naturaly repugnant to one who held such exalted notions as to the rights of rulers. It would be too much to expect the Hohenzollern mind to approve of a constitution which provided for the ruler's return to private life after a period of four years at the head of the government. He declared that with a constant change of administration it was quite out of the question for this country to follow any definite policy. It was bad enough even so far as internal affairs were concerned, he said, but such a system made it impossible, he thought, for America ever to take a prominent part in international politics. "You can't expect the nations of the world to deal with America as they deal among themselves, when the next change of administration may mean the adoption of an entirely new foreign policy," he declared. "There can be nothing stable about the foreign policy of a nation whose leaders change every four years." No doubt it would have suited the