The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-23

a p,IIt in further deposits mere oil Nv.
100000. The lSnirkerbocker Trus
Company. the storm centre to-das
paid out casl, to depositors Mt the rat
of ys4.44t Il minute for three hour
ana then closed It's doors. TIL
directors had as they thought. fuil'
! prepas ed for run and cnnsed to ~
announced IN to.day's papers that w..
oUD, 600 in cash was 6,, hnni TO meet NJ
avcntualities. Az 9:30 o'clock a few de-
positors withdrew their accounts, an'
nm hour later hundreds were In line y
take out their deposits at the main OF
fice at Thirty-fotirth Street and F'lfti
Avenue. and AZ the Harlem and th'
Bronx. the downtown branches
PAID ont Eight millions.
The ss.0oo.to0 lasted until 1880
when Vice. Presldent Joseph T. Brown
announced that the bank had no more
cash available, and payments We're sus
Dended Mr.. Brown said that the bahk
would open Tomorrow. and payments
would be resumed at 1850 O'CLOCK. me
Itnickerbocker il was announced, mao
ample securities to meet all demands,
was perfectly solvent. and it was otiiy
question OF raising the cash. When
all depositors who wished to Withdraw
could do so. TO- night desperate ei
forts were being made by the officials
81 the Knickerbocker to get in their
loans and otherwise replcnish their
cash vaults.
Acting state Superintendent OF
Banks George l.. Skinner. who through
out the day had expressed confidence
hat the bank would meet all obliga
tons. qualified his position Tonight
when he issued the following state
ment:
Official Statriucnt Given out'
This afternoon about o'clock. haS-
ing received NO positive Assurance OF
help for the Knickcrhorker Trust Com
nary. conferred with the Attorney
General. telling him that. while It's
affairs were no: hopeless. they We're IN
so critical condition that ! thought
ho should be prepared to act at any,
time. Al about llaif-pa.t 5 o'clock |
again communicated with him. giving
as complete statement Of AFFAIRS us
was possible over the telephone. lave
slso had a written statement made 10
him from the main Office of the state
banking department in Albany. me
hnickerbucker Trust Company Is rot
without hope that 1t may still receive
adequate aid from financial institu-
lions. II It does It viii open Its doors
as usual. If It does not II VIII not
open its doors In the morning. and !.
OF course, shall act under tie advice or
the Attorney General, who Is made by
law the legal adviser OF ;lle state.
Banking Department.
Later Mr.. skinner received word that
Attorney General Jackson had left AL
bany for New York and would meet
Mr.. Skinner and representatives of the
Knickerbocker and other banks In a
conference at II o'clock 'o-ntSht.
Bankers not directly associated with
the Knickerbocker We're quite as sanx-
ieus that Its integrity be maintained,
and many conferences. were held to-
night with a view to putting the
Knickerbocker on its feet. ii this
could be accomplished without weak
ening other institutions.
Prominent Financierx Talk.
George W.rYoung, of the Windsor
Trust Company, expressed the senti-
ment of bankers generally when he
said tonight: at would be suicide for
the other companies not to desire to-
save the Knickerbocker."
]. p. Morgan and his partners We're
in conference at their Wall Street Of
fees until after 6 o'clock. Mr.. Nor
gan, when asked as to the situation,
said: We are doing everything we
can as fast as we can. but nothing
has yet crystallized." He refused to dis
cuss the Knickerhocker Trust Com
paI!S, ana WOuiu SiSe 10 49it''iiaA'Sit as
to the plans --ider way to alleviate
the situation.
George w. Perkins. Mr.. AIorgan's
partner. met number OF bankers and
trust company officials at the Union
League Club tonight, when the finan-
cial situation was canvassed in an in
formal way. There was meeting OF
tho Trust Companies Association af-
ter banking hours to-day. at which a
committee consisting of George w.
Young. OF the Windsor Trust Com
pany; Otto r.. Barnard, OF the New
York Trust Company. and Clarence H.
Kelly, OF the Title Guarantee and
Trust Company. was appointed to con-
fer with the officials of the Knicker-
booker with view to extending such
assistance to tina, company as an In
vsstigation OF the company would
warrant
a Foster Higgins, who last night
was chosen 10 the presidency of the
Snickerbocksr Trust COMPANY. when
Charles T. Barney resigned, was pres
ent at this meeting and laid before
the others a stattment of the Knicker-
lockers affairs. fe asked aid for the
Institution and then withdrew. hurry
Ing away to meeting OF the dires-
tors of the Knickerbocker. Later he
said that the Trust Companies Asso-
citation wished to inspect the Knicker-
lockers securities, and that after the
committee had done so. the association
would reconvene at n late hour M
town. President Higgins was not opti-
mistic.
Auerbnch Issues Statement.
When the meeting OF the directors
of the Knickerbocker broke up, Joseph
S. Auerhach, director, and counsel
for the company, gave out the follow
ing statement:
Everything possible has been done
ny the, officers and directors to NEST
the demands on the resources OF this
company, but 1t can be we'll under
stood that no trust company has sur
hclent liquidation assets ut all times
10 meet the demands of greater part
OF It's depositors. The directors are
confident from the statement Of In.
acting superintendent of the bank
ing department made to-day that The
resources of the trust company nre
sufiicient TO meet all obligations In
full" -
Asked what III thought the prospects
We're OF The Bank opening to-morrow
Mr Auerbach said; 1T would be IN
w IA L.