Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-22

A detail of police was required to clear
the Harlem branch of the knickeTbocker
| Trust Company. The crowd insisted on
having their money and refused to leave
the banking room until forced out by the
police.
Charles w Morse issued the following
statement today:
I have not borrowed dollar from the
| Mercantile National Bank since MIR.
Eeinze was elected president and do not
eve them a dollar now Any statements
to the contrary are false.
| II request that in justice to the public
and myself this statement be given
the same publicity that has been given
to other matters in connection with the
Mercantile National Bank.
| t"Signed CHARLES W. MORSE"
| Clearing House Debts.
At the clearing house today the follow
ing debts were made public: Mechanics
ard Traders Bank. $3.50 coo: National
| Bank of North America. $543. 900: Mer
camille National Bank. S+54 .OGn: New AM
sterdam National. $4,000: Oriental,
$4,000, and National Bank of Com
| merce. $7UOU.O0O.
| The debit of the last mentioned bank Is
due to the fact that it is still clearing for
| today for the knickerbocker Trust Com
pany and there has been considerable
drawing against that concern.
More or less assistance was contributed
|
| above-neHti Toned debts. The Mercantile
National Bank OF North America and
New Amsterdam National Bank took In
some money today, thereby reducing their
depe ndence for assistance upon the clear
| ing house association.
| 1t was learned today thaa the Knicker-
| booker Trust Company yesterday applied
| to the clearing house committee through
! the National Bank of Commerce for cash
assistance to the amount of $3O00,O0O
| This was refused on the ground that the
| trust company was not a member of the
clearing house association. Thereupon the
National Bank Of Commerce. notified the
other member banks that 1t would no
longer clear for the trust company.
Under the rules a bank clearing for an
other institution is responsible for the
payment of all checks. etc, presented
| wit hin twenty-four hours of its notice that
1t will discontinue acting as clearing
agent. This makes the National Bank of
Commerce practically a guarantor of the
knickerbocker Trust Company's payments
made today.
Later in the day the state banking de-
partment as represented by George I.
Skinner. acting superintendent of banks,
and N. W. Hutchins. issued statement
saying that In their judgment, based upon
the examiners report and recent confer
ences at the Office of the company, the
Knickerbocker Trust Company is not only
solvent, but has a large surplus and
well-established earning capacity. IN
usual and moons derate Withdrawals. says
the report will only tend to unduly en-
barrass the institution.
Attempt to Rally.
Under the influence of an unusual de-
cline in the prices of American securities
on the London market the Declines rang
ing from to points. the local stock
market opened active and with prices for
the leading securities about points be-
low yesterdays final figures. Reading
was one Of the stocks showing an extreme
loss loss. opening at 81 decline of 3A points
from yesterday.
Amalgamated Copper opened at a. a de-
cline of ga points. but showe. some resil-
ency. recovering IL points in the first few
opened at GG, as against 6SH at yester-
days closing. Union Pacific, which closed
last night at 1l7hi opened at Ill, but ad-
vanced to 115A on large transactions.
was also New York Central. although the
latter issue broke to par near the opening.
At ~ o'clock slight rally was in
progress. but the market broke badly
soon after 1890 O'Clock. recording the
lowest prices of the day. and going well
below the opening.
On the curb market the bonds of the
Consolidated Steamship Company opened
at IL. decline of 1 point from the lowest
quotation yesterday. Standard Oil sold
at 1881. loss of 12h points from yester-
day. and the lowest figure reached in a
number of years. There was a confer
ence this morning of all the trust COM
pany presidents In the city at the office
Of OakleIgh Thorne, president of the
Trust Company of America. 81 Wall
street.
Call Money Famine.
NEW YORK, October 2o.-At 1:JO pm
call money was lending at 60 per cent. -
A loan Of 100000 was made on the
stock exchange shortly after 9 o'clock
at 20 per cent Several bankers formed
a pool Of s4,Oo0OOO. which was loaned
at between 10 and 80 per cent.
No Apprehension at Baltimore.
BALTIMORE, Md, October 22-Bank-
ers and brokers in this city express no
apprehension over the financial situation
in New York. Local banking fnstitu-
tions are said to be in a strong position. |
and the decline in the New York stock |
market has had but little effect on Sc
curttfes listed on the local stock ex-
change. The Baltimore market is large
ly an investment one and very little |
stock Is carried on margin.
DETROIT, Mich, October 2e.-Om-
Gals OF local trust companies and bank
ers and brokers along Griswold street |
say that they anticipate no effect locally |
III the developments concerning the |
Knickerbocker Trust Company in New |
York. But one local bank carries an ac-
count with the Knickerbocker Trust |
Company, and at this institution it was |
stated the account was small and the
developments there could lie of no eff |
feet here.
Cleveland Not Affected.
CLEVELAND. Ohio, October 22-The
furry in New York apparently had no
effect in financial circles here today. On |
the Cleveland stock exchange quotations
during the morning remained at about
yesterdays closing prices
Leading local bankers expressed the
opinion that the New YoTH clearing
house would be able to handle the situa-
ton there. and declared themselves as
confident that the excitement in New
York would prove Of short duration.
Milwaukee Banks in Good Shape.
MILWAUKEE,. Wis. October 22.-Na-
tionai and private banks and trust COM
panies in Milwaukee are doing business
as usual today without the least excite
ment. prominent banker here said
the various Milwaukee banks have been
expecting the situation as obtains in New
York and have prepared for any emer-
gency. Another banker said he looked
for the situation in the east to clear soon |
and that 1t would be only short time