Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-10-24
KNlCKERBOCkER IN
CiARGEOF EXAMINER
Depositors Notified That the
Bank Would Not Resume
Payments Today-Cor-
telyou to Remain in
IN ew Y ork

New York. Oct. 23. Score
-tary Of the Treasury Cortelyou
made large deposits in the local
banks today. He is in close
touch with the present situation
and believes he is able to cope.
with 1t.
Fifteen bank examiners were
sent out this morning to various
parts Of the city and reported at
IL o'clock that there had been
nothing in the nature Of a run on
any financial institution except
the Trust Company Of America,
and that conditions at all other
banks and trust companies were
normal.
Cali money opened high. At
noon it was lending at 20 per
cent.
IT rose to 80 per cent before l
o'clock.
New York. Oct. 23. secre-
tary Cortelyou said today.
"I will be here Throughout. the
day and as long as the situation
seems to need my presence"
Acting State Superintendent Of
Banks Skinner, took possession Of
the Knickerbocker Trust COM
pany and its branches this morn
ing. He said there would be no
further resumption Of business
by the Knickerbocker until he
had thoroughly investigated its
condition.
Pittsburg, Oct. 23-The stock ex
change didn't open. this morning, tn:
members deeming it advisable that
the exchange remain closed temper
arily owing to the demoralized feel
ing in Westinghouse Electric.
President Hall of the stock ax
change issued the following state
ment:
"The Security Investment Co.. finds
itself involved and this will necesst
tate temporary suspension or re
ceivership for the Westinghouse
Electric company. The Westinghouse
Machine Co., and the Fernst Lamr
Manufacturing company are in al
absolutely solvent condition. The
condition of the Security Co. will II
no way affect the Union Switch ant
Signal Co. and the Westinghouse All
Brake Co would like it explicitly
understood that 1t was at the request
of the Pittsburg clearing house thai
we have suspended trading temporar
ily."
Asks for Receiver Today.
The petition for receiver for the
concerns named will be made today
Bankers interested e., .)ress no doubt
of pulling the companies through sue
cessfully. The embarrassment of the
concern is attributed to inability K
secure funds ON account of stringenc.
in the money market. The amount in
volyed will run up into, the millions.
knIckerbocker Still Clos-~.
New Yory, N. Y, October 23.-
The Knickerbocker Trust Co., an
nounced to depositors who were wait
ing at its main office that 1t would no
resume payments today. Crowds
gathered at the front doors OF thu
Knickerbocker and the Trust Co., o
America and it's branch early today
Oakleign Throne. president of thu
American institution. stated that h'
had plenty of cash on hand and wa
prepared for all emergencies. The an
nouncement was made that Thorn'
had sold control of the Georgia rail
road. He declined to say to whom tn.
railroad had been sold, but denied i
was the Rock Island interests.
Stock Market Demoralized.
The opening Of the stock marke
gave evidence of demoralizations bu
severe pressure conyerged on but few
stocks The range of decline in man.
of the active stocks was restricted t,
point Deleware and Hudson fel
II points, Union Pacific SIS, Northel
Pacific 4, American Snuff, 25, other
rroi;l one point 10 3. Westinghouse E.
ectric declined 1875.
Rally in London.
London, Oct 23. The promise 0
Secretary Cortelyou to place large dc
posits of government money in tn
New York banks has created favol
able impression on the stock exchang
= nd today the American sectio
rallied.