sentences:  On April 8, 1909, the Binghamton Trust Company suspended its operations and the private banks owned by the Knapp family in Deposit and Callicoon, New York failed without warning largely because of large loans made by the Knapp Banks (over $700,000 on a deposit base of $650,000) headed by Charles P. Knapp (nephew of Charles J. Knapp) to The Outing Publishing Company, of which Charles J. Knapp was the President, and loans made by the Binghamton Trust Company to the Knapp Banks.Investigations revealed that the Knapp Bank was being bailed out by the Binghamton Trust Company of which Charles J. Knapp was the President.As a result, the Binghamton Trust Company also failed.