The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1909-07-28
POOR" MAN LEFT
OVER A MILLION
Charles T. Barney, Banker, Thought
He Was Bankrupt, But Company
He Built Up Is Prospering

NEW YORK, July zo.-H NhaiieS
T. Barney, the banker, whose SUICIDE
following the panic OF October, lsoI'
during which he was removed from
the presidency OF the knickerbocker
Trust company. did 50 much TO par
alyze financial conditions In the east.
killed himself solely because he be-
lieved he was bankrupt, he sacrtnced
his life needlessly. This fact Is es-
tablished by the filing Of report
which shows his estate today is worth
$1.173.2l5.09.
And the Knickerbocker Trust CON-
pany. his favorite enterprise. which.
according to popular belief at the time
OF his death, he feared was ruined be-
yond redemption. now ranks with the
foremost financial Institutions OF the
city Altogether Charles T. Barney
appears to have been unduly pessimit-
tic when he fired a bullet into his
vitals, infiicting q wound he knew
would not result fatally for hours and
thus grant him time to make Anal dis
position of his affairs legally and In
the presence Of Witnesses.
In the light Of developments OF tho
past twenty months In connection with
the Affairs OF Charles T. Barney and
the Knickerbocker Trust company II
would seem that another cause than
financial disgrace drove the banker to
self-destruction. IL such cause ex-
listed II Is secret known to but Few.
and will probably never be fully re-
vealed. But there are persons In New
York who cannot fail TO shudder every
time they hear or see the name OF
Charles T. aBrney. unless they arc
abnormal In being without conscience.
Outside Of his private worries MI
Barney was In position to face the
world without trepidation, as the favor
able harvest OF his investments shows.
He had overplayed himself In business.
but he was not alone In that predica-
ment. One of his closest business as
sociates, Charles w. Morse. Is now
fighting to ward or the serving OF
long prison sentence, and another, F.
Augustus Heinze, Ia under indictment
In the United States courts for trans
actions perfected shortly before and
during the panic.
Because OF his association with
Morse, Heinze and other players In
the game OF high finance. Mr.. Barney
had long been the object OF close sur
vigilance on the part OF the Wall-st.
great interests that bear
the hallmark OF convervatism and use
safe business methods as a shield Tor
exploitation. Charles T. Barney was
outside the dominant WalI-st. circle
and his financial doom had been pro-
nounced many days before the panic
broke through the crust Of public con-
oil tho hank.
ing and business world
Barney Was Vulnerable.
The best informed bankers In Wall
ST knew long before the ten-day panic
period Of October, 1907. that a fnan-
cial cataclysm was inevitable. Those
who possessed unassailable resources
bulwarked themselves against the
pending tide OF disaster and. at the
same time. plotted and planned TO
fasten the odium OF the panic upon
men who were vulnerable. II so hap
pened that Charles T. Barney. presi-
dent OF the Knickerbocker Trust com
pany, director In 3S other corpora
tons, real estate Spectator. club
man and society leader. was extremely
vulnerable TO attack at that particu-
lar time.
The ruling Wall.st. interests, watch
ing every move on the financial board
and knowing that panic could not
be forestalled, got ready for the worst
and waited for II 10 happen. To the
casual gaze OF the general public how
ever there appeared To be no particu.
lar significance in the rumbling warn
ings OF the approaching storm In the
realm OF money.
On Wednesday. Oct. is. 1907. a cor
ncr In copper which the Heinzes had
been backing collapsed. This opened
the breach in the door that had been
holding back the flood OF distress.
The big interests got busy.
F. Augustus Heinze was forced to
retire from the presidency Of the Mer.
camille National bank on Oct II. On
Oct Is. Friday. the Clearing House
Committee forced the entire director
ate OF the Mercantile National to re.
sign. The high fnanciers OF the
Morse-Heinze school were floundering
In whirlpools OF difficulty and Charles
T. Barney, s5,000.000 in debt and un.
able 10 raise money. was in deeper
water than he imagined
The panic had grown TO proper
tons truly alarming on Oct l9. when
the great money clique forced Charles
w. Morse out OF the directorate or
fourteen banks and financial institu-
tons