Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1907-10-31
One OfNsw York's Principal Finan-
cIal Institutions Compelled to
Suspend Payments.
SEC. COR1ELYOU WILL HELP
Western Institutions Are Not Effected
by the Eastern Situation and
Do Not Expect to
BA.

amounting TO almost alarm marked
the opening Of the business Tuesday
IN Wall street The stock market
opened demoralized under heavy
selling by brokers in all departments
Of the exchange and at the same mo
ment q run Of considerable proper
tons was being made on the various
Offices Of the Knickerbocker trust
company. At the main Office, Fifth
avenue and 34th street, more than
$50 persons were in line at l0:3v, and
there was a line Of carriages in walt
ing extending for more than a block
Credit, the under.the-surface foun-
dalton Of all business trembled for q
time Tuesday, and before confidence
could be restored new York's second
largest financial institution had emp
tied Its cash vaults under pressure Of
- biggest gun experienced here in q
eeaeration; a stock exchange firm had
na1led for S6,OO0.OOO; Wall streets
nslacipal securities had settled from 70
b % share and call money had risen,
. 10 per cent.
Row thai The first scare is over, and
the worst Of the future discounted, 1t
q believed that local banking AFFAIRS
will soon readjust themselves.
Secretary Cortelyou is here to look
thoroughly into the financial situation,
which he has had under observation
for several weeks. He has come with
no preconceived ideas Of how much
money will be required to relieve the
situation and the matter Of treasury
relief measures will be determined
by what he learns.
The Knickerbocker Trust company,
the storm center tuesday, paid out
cash to depcsitors OF the rate Of $40
ga minute for three hours and then
closed It's doors. The directors had,
a. they thought, fully prepared for q
run, and caused to be announced in
Tuesdays papers that SS.OOO.OOO in
cash was on hand to meet all eventu-
alities.
At 1O:S0 a few depositors withdrew
their accounts and an hour later hum
dreds were in line to take out their
deposits at the main office at 'phirty.
fourth street and Fifth avenue and the
Harlem, the Bronx and the downtown
branches. The $S,UOO,O0O lasted until
1880 when Vice President Joseph T.
Brown announced that the bank had
no more cash available and payments
were suspended.
: The stock markets opening showed
severely the effect of the renewed
cock to confidence cause by the
apread OF ancial distrust BY the pub.
isshed d. 'ts Of the affairs Of the
E1nickerbo4 " Trust company Prices
woke why on the opening transac-
lions undcr this outpouring Of stocks,
ut almost Immediately rallied. The
rebound appropriated from one-fourth
TO one-half Of the first break.
Kansas City. Oct. 2S.-Financial
conditions in Kansas City are healthy,
according to the leading bank off,
cials Lere. VIM, A. Rule, cashier Of
the National Bank Of Commerce Of
Kansas City, which has deposits Of
s35 100000, said Tuesday to an Assoc
ciate press representative: Eve might
say we have no unusual demand, We
are all running on conservative lines.
ANY unusual condition In New York
is tilt VI st. tEt we have every faith I
In New York hlnks bein0 able to han.
die their situation. West of us and
tributary to- Kansas City conditions
have been unusually prosperous and 1
The country banks have had plenty Of Z
money" q
Omaha, Neb., Oct 2S.-The financial 9
troubles Of the past few days hayeI9e
had no effect upon Omaha and Nebras- !
IA banks, according to prominent q
iaHciers Of this city. One Of the lafs. J
sst banks IN this city Tuesday morn,
ng announced. through one Of its ON !
~. th.. Anving the vaar n bad v
$780, r..ss ,hsn 1, koo ooo =, com e
1891 .,ss na,,.- v,,,h Nshr.sh. horrs c
md that the offers Of money from
hose sources have not been at all
" ' 7
49, a.. !. n.,. s
Denver, ". sS,7nauA,ns snu Oss e