Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1907-10-25
another new YORK
BANK IN Distress
KNlckEReocKER TRUST COM.
PANY sUsPENDs PAYMENT
DURING BIG RUN.
STOCKS UNDERGO
FURTHER DECLINE
Still Another Failure Announced on
Change-corteIyou Goes to Rescue
Orders $6,ooo,ooo of Government
Funds Deposited in Institutions.

booker Trust company, whose presi-
dent, Charles Barney, resigned Mon
day night, stopped paying money to
depositors at 1890 p. NJ. Tuesday.
Second Vice President Brown of the
trust company, in announcing that the
institution had stopped payments,
said: THE trust company finds that
it will be impossible to pay any more
checks today on account of the COM
pany's inability to get sufficient cur
rency. The trust company is perfectly
solvent and may resume payment in
day OF two.
Cortelyou to Give Aid.
1t is understood that Secretary Cor
telyou has ordered s6,0O0,0O0 distrib-
uted among the leading national banks
of New York.
The suspension of payment of the
Knickerbocker followed run on the
several branches of the bank. Many
of the depositors who sought to get
their money from the main bank at
Thirty-fourth street and Broadway
came in carriages and at one time
there was line of vehicles block
long. The run began when the bank
opened for business. At first only a
few depositors appeared, but by 1920
about IT'S persons were in line, though
the tellers were paying out money
with great rapidity.
Runs at Both Branches.
This was at the main Office. At the
branch at &c Broadway there was an
other crowd in waiting and another at
the Bronx branch. Alarm at the lat
ter place was stopped by the arrival
OF two wagons, from which were un-
loaded in view of the waiting deposi-
tors, big bundles of specie and cur
Tency. The crowds at the different Of
hces grew until the stoppage of pay
ment was ordered.
100000 in the Vaults.
Second Vice President Allen, who
was in charge of the downtown office,
early in the day had given out the
following statement:
There is nothing to be alarmed
about. We have sS,0O0,OOO of cash in
the vaults and are prepared to meet
all demands. The company is perfect
ly solvent"
Mr.. Allen then said that the fears of
alarm created by Mr.. Barney's retire
ment from the presidency of the com.
pany would soon be allayed.
Officials Examine Banks.
Shortly after the run started state
bank examiners started an examina-
ton of the accounts of the Knicker-
booker Trust company.
<. CorteIyou to Investigate.
Washington, Oct. 23.-Secretary
Cortelyou left for New York Tuesday
and will look into the financial situa-
tion there personally.
:, The failure of Mayer & Company
was announced on the stock exchange
at 1850 Tuesday afternoon. The mem
bers of the firm are:
Marcus Mayer, George R. Leslie and
Abraham B. Baylis Mr. Mayer has
been prominent as specialist in
Delaware and Hudson and was him
self large holder of that stock
Make Loan at 70 per cent.
A loan of 100000 was made on the
stock exchange shortly after o'clock
at 10 per cent. Several bankers form
ed pool of 100000, which was
loaned at 40 and so per cent
' Prices crumbIe Away.
There was another crumbling away
of prices at 2 o'clock. the active mark.
ct leaders selling down to the lowest
of the day and of the year St. Paul
sold at 106 Northern Pacific at 1929,
Union Pacific at 1887, Pennsylvania
at 1875 and Reading at 70.
Rally at Close.
The stock market had a good rally
at the close, the failure of Mayer
G. Company being without effect.
Another Bankruptcy Petition.
An involuntary petition in Bank
ruptcy was filed in the United States
district court against w. Butler, ]. S.
Johnson, Jr., and Arthur Fitzgerald,
comprising the consolidated stock ex-
change brokerage firm of Butler &
johnson Of this city and Boston. The
petitioning creditors, principally from
Boston, ask for the appointment of a
receiver Preferential payments to
New York and Boston houses are al
legged.