The Montgomery advertiser., 1907-10-24
BANK FAILS TO OPEN
KNHCKERBOCKER COMPANY CLOSES ON DEP0sIT0Rs.
Superintendent Skinner Takes Charge and Examiners Are Pat to work --Thcrne's Company With
 stands Rum

New York. Oct 2s--The Knicker- booker Trust Company announced to depositcrs who were waiting at it's main office this morning, that 1t would not resume payments toesay
 The encouragement was made by Al police captain on the authority, of the officials of the Trust Company.
 At the Colonial branch of the Trust Company of America in the St. Paul building on Broadway more than . before 10 o'clock. waiting for the doors to open.
 Lines of people began to gather early In front of the doors of both the Trust s Company of America and the Knicker- booker Trust Company.
 At o'clock there were from for- ty to fifty persons at the main bank ing o<hce of the Trust Company of America In Wall Street, and at the Ing for more than a block from the Fifth Avenue entrance of the Knick- erbocker Trust Company.
 Oakleigh Thorne, president of the Trust Company of America. was at his place of business early in the morning He made q statement that the fnsfi- tuition was all right.
 A conmtgtee OF accountants repre- sentinx the bankers who have taken the whole financial situation in hand. went Into the ofices of the Trust Com Dany of America at o'clock this morning and began an exhauAtive ex- MniinAti0n ok It's books and the secur- itleA held In It's vaults as collateral on loans.
 Every preparation was made by the Trust Company of America to meet any T.I IA E. that their paying tellers would be on duty at 10 o'clock.
 The crowd in front of the Wall Street office of this company grew steadily, and at 9:30 o'clock it was es- ttmated to number about 150 persona The Knickerbocker Trust Company also was surrounded by a constantly increasing number of persons.
 Skinner Makes Statement.
 Mir. Cortelyou reached the sub-treas- ury at $40 a. m.
 Acting State Superintendent of Banks Skinner, took possession of the Broadway branch of the Knickerbocker Trust Company. He said there would be no further resumption of business bs the Knickerbocker Trust Company until he has thoroughly iivestigatea its condition.
 In the corridors of the Trust Con- ! pany of America there we're 500 per- sons when the hour for beginning bus mess arrived It was almost impos- sible for any more to enter. Presi- dent Thorne said at that hour that he hoped to meet all demands unless the depositors came in too large numbers i. He said the company had not asked for assistance.
 The Clearing House Committee was in conference with several bankers at 1O.3o a. m.
 After taking charge of the Knicker. booker Trust Company. Acting Super intendent of Banks. skinner. made the following statement:
 Under advice of the Attorney Gen eral, I have taken possession of the Knickerbocker Trust Company and It's branch offices. The support to the in stftution which was expected yesterday has not been furnished. A bank ex- aminer Is in charge of each office. Pay ments will be made by the examiner in charge Payments should be in cash Collateral.avill not be surrendered un- til it is shown that 1t is not pledged for other indebtedness to the institu. tion."
 Fifteen bank examiners who were