The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-23
FINANCIAL tt
NEW YORK
tContinued from First Page.,

CONTINUED from First PaEe.)
dent Thorne. said at that hour that HI
hoped to meet all demands unless thu
depositors came in too large numbers
He said the company had not aske'
for assistance.
The Knickerbocker Trust Compan!
announced to the depositors who wer'
waiting at its main office that 1t woult
not resume payments today. The an
nouncement was made by a police cap
tain on the authority of the officials O.
the company.
The unfavorable development of thu
night conferences of financiers wa
that the Trust Company of America
one of the city's largest financial in
situations with deposits approximatine
$50, 000, 900. and total assets and liabili-
ties in excess of $780, 100000, was in need
of assistance.
At the same time that it became
known that the Trust Company Of
America had given a statement of its
affairs to other bankers with a request
for aid. it was also announced that
liberal assistance would be given the
Trust Company of America today, and
also that the institution had in its
vaults So. 000, 1000 in cash with which
to begin paying off its depositors should
there be any unusual demand.
1t became known last night that
bankers generally did not regard the
position of the Knickerbocker Trust
Company as very encouraging, and that
they were inclined to permit it to go
into liquidation.
Oakleigh Thorne, president of the
Trust Company of America, was at
his desk early. He made a statement
to newspaper reporters who called on
him to the effect that the institution
was all right. 1--WE have plenty of
cash on hand and are prepared for all
emergencies. We are facing the situa-
ton calmly" remarked he.
A committee of accountants, repre-
senting the bankers who have taken
the whole financial situation in hand,
went into the offices of the Trust Com
pany of America at 6 o'clock this
morning and began an exhaustive ex-
animation of it's books and the securi-
ties held in its vaults as collateral on
loans.
Mr.. Corte1you's statement made last
night, affirming the strong condition of
the national banks of this city, had a
good effect on sentiment and served to
relieve the apprehensions of business
men that the curtailment of credits
through the situation Following the
suspension of payment by the Knicker-
booker Trust Company might hamper
the financing of general mercantile
affairs.
Mr.. Cortelyou's statement was as
E4I1@rv- aT A1--4 xxtlot 4AtNI he
fore leaving Washington, if for no
other reason than to emphasize the at
titude of the Treasury Department. 1t
will use it's facilities to assist in every
proper way legitimate business inter-
ests and its action will be prompt and
thorough. The national banks of New
York r in an exceptionally strong
condition. The general situation here
seems to be well in hand, and is being
looked after by many strong and in
f1uential men, such as those whose re-
cent action in the clearing house re-
ceived emphatic public approval. The
movement for similar concert of action
among the trust companies should
have a helpful and far-reachine
effect" Mr.. Cortelyou reached the sub
treasury at $40 this morning.
Acting State superintendent of Banks
Skinner Dol possession of the &C
Broadway branch Office of the Knick-
erbocker Trust Company this morn
ing. Mr.. Skinner said there would be
no further resumption of business by
the Knickerbocker Trust Company until
he has thoroughly Investigated its con-
dition.
After taking charge of the Knicker-
booker Trust Company, Acting Super
intendent of Banks Skinner made the
following statement:
Under advice of the attorney-general
I have taken possession of the Knicker-
booker Trust Company and its branch
The support to the institution
which was expected yesterday has not
been furnished. A bank examiner is
in charge of each office. Payments will
be received on obligations due to the
Trust Company, but no payment will be
made by the examiner in charge. Pay
should be in cash. Collateral will
not be surrendered until 1t is shown
that it is not pledged for other<indebt-
to the institution"
j. Pierpont Morgan practically as
sumed command in financial circles in
New York today. He is striving to
bring order out of chaos and see what
can be done to protect the large in
terests that are now in jeopardy. Up
to this time there has been no organ
ization among the trust company Off
GERS, and Mr.. Morgan and James Still
man, of the National City Bank, are
earnestly engaged In an effort to bring
about cooperation among these insti-
tutions. Wherever it is found that the
management of any institution under
suspicion has been sufficiently con-
sentative to warrant rendering assist
ance, that assistance will be forthcom-
ing.