New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-23

there any sums they conlG obtain.
BRoNN BRANCH CLOSED.
The Bronx branch OF the Kn,clserbocker Trust
Company, at 1871 street Willis and Third ave
MUGS. opened its doors promptly It o'clock IN
the morning TO admit from fifty 20 seventy-iiVe
derogitors. 4 short run started, 10 be checked
it scored. before the place had been open for
more than three-quarters Of an hour.
Confidence was restored by the appearance Of
wagons from which were unoaded big bundles
Of specs and currency. IN behind the paying
tei;cr there were. contrary to custom. great
bundles OF money IL sight
Suddenly the run began to assume serious
proportions again and additional police were
called But through ii all John Bambey. the
manager. persisted in his statement that the
finances were sound and that there was plenty
C money in hand.
We have moro than a million. enough to meet
al coners." he declared. our funds are suf'i-
Gent 70 rlc-c the demands made upon them"
Mr. EamHoy mounted a stool beside the pay
Ing tcIers window - 1870 O'Clock however.
ard announced that, owing TO The lack Of ready
cash and mo shortage Of downtown banks, they
wore Obliged to discontinue paging depostors
until o'clock this morning lie added that this
morning the bank would be In position - pay
al doncsitors.
~ the time of this announcement There was
& long line Of men and women before the pay
ing touers window Each deuostor in turn en-
treated 1Ir Bamhey TO cash just one more
check This he refused to do After the depos-
itcIs had left. he said:
Owing TO the unusually heavy strain on our
downtown branches we have been unable 10 OBJ
tain enough ready cash to pay our depostors
This closing down. however, is only temporary.
have advlces from downtown which assure me
that will be able 10 pay al of our depos-
itors in full tomorrow morning The amount
paid out by my brancE this morning amounts to
about $4,000"
There was a notice posted on the front door
which read: This bank will be open for business
at 8 a. m. tomorrow, and will be prepared TO
meet the demands of all depositors,"
The police fear trouble wher the Bronx branch
opens to-day, as they believe many more Of the
small depositors who have heard of the banks
trouble viii be hand 10 demand their money.
George I Skinner. Acting State Superin.
tendent OF Banks. last night issued the follow
ing statement:
This afternoon about o'clock, having re-
Ceivfd positive assurance OF help for the
knickerbocker Trust Company, I conferred with
the Attorney General. telling him that. while its
affairs were not hopeless. they We're in SO criti-
cal condition that ! thought he should be pre-
pared to act at any time AT about 80 o'clock
l gain communicated with him. giving COM
plete a statement of facts as was possible over
ment made 10 him from the main Office OF the
state Banking Department in Albany
The kniCkerbocker Truss Company is not
without hope that ii may stiu receive adequate
aid from financial institutions. II il does. it Will
open its doors as usual II it does not. il Will
not open its doors in the morning, and l. of
course. shall act under the advice Of the At
torney General, who is made by law the legal
adviser Of the State Banking Department
Mr.. Skinner said he did not know what action
would be taken to-day but suggested that the
Attorney General would probably apply in the
state courts for the appointment Of a receiver
for the Knickerbocker Trust Company.
a Wall Street broker yesterday estimated tina,
the directors Of the Knickerbocker Trust Com
pany We're worth s1Oo,O00Oo0 together What
action they personally would take toward aid
ing the institution was not learned
Mr.. Skinner said last night he had received
information from the examiners Of the Knicker-
booker Trust Company that within the last
month about $6,000.0O0 OF the deposits Of the
kntckerbocker Trust Company had been with
drawn, this being attributed 10 a depression in
the market. Mr. skinner said his information
Was that the collateral held by the trust com
pany was better than the average collateral held
by trust company or a banking house.
Albany. y y. oct CIT was stated at the
State Controllers office that the state is amply
protected against any loss Of moneys on de- .
post with the Knickerbocker Trust Company
The state has with that institution" says a
statement given out tonight "A deposit Of
$4,000 Of money Of the canal fund and $4,000
Of moneys Of the general fund, both of which
deposits We're placed with the trust company
several years ago. The deposit Of canal money
is secured by $25oONO Of state canal improve
ment bonds which the trust company owns
but which are held by the state Controller 20
protect the deposit. The moneys Of the general |
fund protected by a surety bond Of one Of /
the best surety companies operating In this /
state, and is in a penal sum in excess Of the de-
post All state deposits are protected eithe" by
state bonds or by bonds Of surety companies
George V Van Tuyl, jr president Of the
Albany Trust Company in a statement issued /
today. said that UP to about a yea! age tho
Albany Trust Company was correspondent for
the Knickerbocker Trust Company. but with
drew when President Barney, then Of the Knck
crbocker Trust Company resigned a director
OF the Albany Trust Company. Mr.. Van Tuyl
said the KnickerbOcker Trust Company owns 80
shares Of the Albany Trust Company but for in
vestment purposes only and that the business
Of the Albany Trust Company would not be ar
fected in any way by the disturbed condition Of
the Knickerbocker Trust Company.
Syracuse. Oct 22-Oficers of the Syracuse
Trust Company for which the Knckerbocker
Trust Company is the New York correspondent.
saw that they are confident the reorganization
Of the Knic6erbocker will strengthen that bank
The Knickerbocker has holdings in the local
institution. and the latter's balance with It's
New York correspondent is small
STOCK BROKERS ASSIGN.