The Irish standard., 1907-10-26
money crisis HITS
another BIC BANK
RUN ON TRUST COMPANY OF
AMERICA IN NEW YORK
Is CAUSES EXCITEMENT.
CoRTELYOU ON SCENE
!. AND. RENDERS AID
Trust Company Has Deposits ofs5o.
:: ooo, Observation-Disclosures Fails to
Resume Payment and May Eiaui-
:" date-ktl Gotham is Excited.

New York, Oct. 24.-There was a
run Wednesday on the Trust Company
Of America; which is under investi-
cation by the clearing house. :::'.: ::
Lines of people began to gather
early in front of the doors Of the Trust
Company Of America. At an early
hour there were several hundred per-
sons.in: the main banking Office of the
|: company. at ..43 Wall street.
:; Oakleigh: Thorne, president of the
company, was at his place of business
early in the morning. He made state
ment to newspaper reporters who
called on him to the effect that the in
stitution was all right: I'VE have
plenty Of cash on hand and are pre-
pared for all emergencies We are
facing the situation calmly
At the Colonial branch of the Trust
Company of America in the st. Paul
building on Broadway more than a
hundred persons were in line shortly
before 10 o'clock waiting for the doors
to open. @y.
In the. corridors of the main office
there were 600 persons when the
hour for beginning business arrived
It was almost impossible for any more
to enter. President Thorne said at
that hour that he hoped to meet all
demands unless the depositors came
in too large numbers. He said the
company had not asked for assistance
knickerbocker Falls to Resume.
The Knickerbocker Trust company
failed to resume business Wednesday,
Acting State Superintendent of Banks
Broadway branch Office of the com.
pany. and made the following state
ment: :: ... =
"Under advice of the attorney
general have taken possession of the
Knickerbocker Trust company and it's
branch Offices The support to this in
stitution which was expected Tuesday
has not been furnished. A bank ex-
aminer is in charge of each Office.
Payments will be received on obliga-
tions due to the trust company, but
no payment will be made by the ex-
aminer in charge. Payments should
be in cash. Collarteral will not be sur
rendered until it is shown that 1t is
not pledged for other Indebtedness to
the institution"
,''''% Many People Disappointed.
The scenes about the various Of
flces of the 4. knickerbocker Trust
company Wednesday indicated the
alarm felt by the public. A line of $50
persons extended from the main Of
flee along 34th street when the hour
for opening arrived.
Rumors That Started Run.
The new troubles were started in
the night by the news that the Trust
Company Of America, which is one of
the city's largest financial institutions,
With deposits approximating $50,o0O.-
900 and total assets and liabilities in
excess Of 100000, 900, was in need Of
assistance. At the same time that It
became known that the Trust Com
pany Of America had given a state
ment of it's affairs to other bankers
with a request for aid it was also an.
nounced that the institution had in
its vaults $12.000,000 in cash with
which to begin payment Of It's depos.
ltors, should there be any unusual de.
mand.
1t became known Tuesday night al
so that bankers generally did not re
gard the position of the Knickerbock
er Trust company as very favorable
and were inclined to permit It to 20
into liquidation.
Is, :: .a- 49,.