Although the name it now bears and has borne for four or five years is the Columbia Trust Company, the building at the northwest corner of Fifth Avenue and Thirty-fourth Street is likely to be known and referred to as the Knickerbocker Trust for a long time to come. As such it was the storm centre of the great panic which shook the country in 1907, ruining many, shaking some of America's supposedly most solid fortunes, and involving a dramatic suicide. The story of the site goes back almost three-quarters of a century. There, at the beginning of the Civil War, was the residence of "Dr." Samuel P. Townsend. Originally a contractor, he had "discovered" a sarsaparilla, advertised it on an extensive scale, acquired a fortune and the nickname of "Sarsaparilla" Townsend. His house, a four-story brown-stone, was one of the wonders of the town. For some reason he did not live in it long, selling it in 1862 to Dr. Gorham D. Abbott, an uncle of Dr. Lyman Abbott of the "Outlook." For a number of years Dr. Abbott, who had been the principal of the Spingler Institute on Union Square, conducted a school there. Then A.T. Stewart, the famous merchant, bought the site. He found brown-stone and left marble. "Sarsaparilla" Townsend's pride and folly was tumbled to the ground, carted away, and in its place there went up the Italian palace that is still a familiar memory to most New Yorkers. It cost two million dollars. Stewart did not live long to enjoy it. But after his death in 1876, his widow occupied the palace until her death in 1886, when the property was leased to the Manhattan Club. There was a story to the effect that during the club's occupancy it was found necessary to make certain interior alterations. One of the committee in charge was an Irishman. He complained that the work was unduly expensive for the reason that "the woodwork was all marble."