When the Knickerbocker Trust failed, the New York Clearinghouse stepped in and guaranteed its liabilities, avoiding a major financial crisis.

Name: When the Knickerbocker Trust failed, the New York Clearinghouse stepped in and guaranteed its liabilities, avoiding a major financial crisis.
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The Knickerbocker Trust's failure in 1907 led to a financial panic, and it was J.P. Morgan, not the New York Clearinghouse, who organized a rescue effort to stabilize the financial system.

When the Knickerbocker Trust Failed, the New York Clearinghouse Stepped