The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-22

New York, Oct. 22-Excltement amount /,
ing almost TO alarm marked the opening |
OF the business today In Wall street. The |
stock market opened demoralized under
heavy selling by brokers In all depart |
ments OF the Exchange, and at the same
moment q run OF considerable proportions
was being made on the various offices OF
the Knickerbocker Trust company. AT
the main office. Fifth avenue and 4th
street, more than 80 persons were In line
at 1870 and there was line OF car
riages In waiting extending for more than
block.
The stock markets opening showed Sc
verely the effect OF the renewed shock 10
confidence caused by the spread OF finan-
cial distrust by the published details of
the affairs OF the Knickerbocker Trust
company. Prices broke widely on the
opening transactions under this outpour-
ing OF stocks hut almost Immediately
rallied The rebound approximated from
e-fourth TO one-haIf of ths first break
Bankers. brokers and business men geii-
orally came down to their offices early
today to prepare for whatever further de-
velopntents there might be In the ftnan-
cial situation. The feeling OF relief and
satisfaction with which these men began
the transaction OF business yesterday was
succeeded by considerable nervousness
today as result OF the Developments
concerning the Knickerbocker Trust COM
pany. The news made public last ntght
{ Dc Sfl ,intay n1.h ~ T'ofhrisfrcc yester~
day gave notice that II would decline to
act as Clearing House agent any longer
for the Knickerbocker Trust company
and the resignation of Charles T. Barney
from the presidency OF that institution
served TO unsettle sentiment more than
the Morse -Heinze-Thomas Developments
of last week.
OVER sso.ooo.Ooo DEPOSITS.
The magnitude OF the business trans
acted by the Knickerbocker Trust COM
pany. with its deposits amounting TO more
than s60,0O00 900, gave much more serious
aspect to the changes made In its man
agement than did the changes In the rel
atively smaller Morse-Heinzc concern.
In brokers' offices the London quota
tons on American shares were anxiously
awaited. When they were received they
showed sharp declines from yesterdays
New York prices.
There was a run OF depositors to with
draw money at the main Office or the
Knlckerbocker Trust company, when II
opened for business this morning, and
also at the branch offices of the company
at 66 Broadway and in One Hundred and
Twenty-ffth street.
At the main office about 70 persons were
in line, and others were constantly arriv-
ing. Many OF those who came TO with
draw their money were women.
At 66 Broadway there was considerable
business. A line of about 80 persons had
gathered and made their way to the pay
Ing teller's window to withdraw funds.
Second Vice. President Allen. who was
In charge of the downtown office, gave
out the following statement:
There is nothing to be alarmed about.
We have sS,ocoOce of cash In the vaults
and are prepared 10 meet all demands.
The company Is perfectly solvent.
Mr. Allen said that the fears or alarm
created by Mr.. Barney's retirement from
s.N thx. anu xrtI
be ala yed.
Shortly after the main office of the
Knickerbocker Trust company at 34th
street. opened for business depostors be-
gan to arrive I'm still greater numbers and
at 1920 more than $50 people were In line
at the paying tellers window Many de-
posltors came In carriages and the car
riage line extended for over a block from
the bank.
There was short run on the Bronx
branch OF the Knickerbocker Trust COM
pany when II opened for business today.
1t was promptly stopped by the arrival
OF two wagons from which were unloaded
i'm view of the waiting depositors, big
bundles OF specie and currency.
w f. Havemeyer, the newly-elected
president of the National Bank of North
America. gave out the following statement
this morning:
ct can state with assurance that Charles
w Morse at present owes this bank moth
| ing. The bank holdings of Consolidated
Steamship bonds are insignificant"
BANKS ASSISTED.
The Clearing House committee an
nounced the following debit balances OF
banks today: .. -.
Mercantile National bank. Ad,oV; Na-
tional Bank OF North America. S43oo'
| National Bank OF New Amsterdam, SS4o.-
OD. the Mechanics and Traders Natlonal
hank S335 600 and the National Bank or
Commerce, S,ocoooo. -. A.
n was officially announced that the
| Clearing House committee had rendered
assistance today 10 the Mercantile Ma
tional bank the National Bank OF Norm
America and tho National Bank OF New
Amsterdam.
Financiers and brokers who are in
position to know assert that tho Phild-
delphia banks are I'm a strong position
and able TO Withstand any drain that
they may be subjected TO.
BANK EXAMINER BUSY.
state bank examiners today visited and
started an examination OF the accounts
OF the Knickerbocker Trust company.
Tho presidents OF the trust companies
OF this city met this morning at the Of
ice Of Oakleigh Thorne. president OF the
Trust Company OF America.
At n o'clock over 30 persons wcrc In
line al the knlckcrbocker Trust COM
pany's office on 3ith street and tho paying
|tcllers were paying the depositors OF At