The Bon Homme County independent. [volume] (Tabor, S.D.) 1904-1913, 1907-10-31
MAY ~REHABILITATE
KklCKERBOCKER BANK

New York, Oct. ga movement has
been started to saw the Knickerbockeh
bank, which went under following the
Heinze copper crash. The plan is I'd
nave a pool formed among the director
ate Of $40, 600, 900 to guarantee redemption
within W o years OF interest-bearina
certificates, which will be offered in set
tlement OF accounts against the conn
,pany, which cannot be liquidated al
the present time. AS a preliminary
step 1t was said that a receiver for the
company would be appointed within q
couple OF days with the approval of thd
directors. When the success of the Ger,
tifcates Is assured the board will ask
that the receivership be terminated.
with a view Of a resumption of bust
ness. President Foster Higgins has Of.
fered to put $500 900 in the pool.
n u on the Knickerbocker bank
was replete with sensational occur
rences.
n women depositors soon filled the
section Of the bank ordinarily devoted
to them. and the private offices of the
officials were turned over to them. They
were packed almost to suffocation.
They can keep mine," a a woman
in a closely-ftting gown as she burst
out of the room. IT'S worse than q
bargain sale" "
Most of the women stayed, however.
until their turn came, n went away
signing with relief.
Joseph B. Brown, second vice presf-
dent of the trust company, was in
charge, n went among the depositora
endeavoring to reassure them. Shortly
after IL o'clock A. Foster Higgins, the
new president, arrived and Joined his
assurance to those Of the other officers.
Shortly before IL o'clock Vice Presi-
dent Brown mounted q chair in the CEN
ter of the lobby underneath the cut
glass. gold-mounted chandelier, which
had been pointed out to all visitors for
its ma=nificence.
IT want to read you what the state
superintendent of banking says about
the kn~ickerbocker," cried Mr.. Brown.
He got immediate attention and read
that Acting Superintendent George W..
Skinner had found the company solvent
on September II. t
There was a cheer which echoed
about the marble walls, and a waving
of lace handkerchiefs from the women'a
department.
Good old Knickerbocker," cried one
Of the depositors.
A cynic who had Just squeezed in the
outer door remarked that the man
who shouted Good old Knickerbocker''
was mighty near the paying ~teller'si
wicket.
At 1890 a telephone message came
from the downtown headquarters, and
Mr.. Brown again mounted the chair
in the center of the room.
Owing to a shortage Of ready cash,
officers of the company nave decided to
suspend payment until tomorrow morn
Ing" was the despairing news he
shouted. 81
The announcement was greeted with
howls and Jeers. There were 300 people
In the line which extended out to the
marble steps on Fifth avenu Piles Of
gold certificates are still on view in the
"a QnQ NJ fhn no Nytn faI1n-o n&1 fhA da-s
positors clamored for hat money. Not
q check was paid after the
ment, however, and the police, under
Acting Captain Bernard Kelleher, were
finally able to clear the bank. ~.
The women were particularly indig-
nant and could not understand. .. ~
Well, I've still got my check book"
was the inspiration which came to n
OF them. "Ill buy a lot of things and
check 1t all out" Another woman de-
clared that she was absolutely broke"
but rejoiced in credit at several depart
ment stores. h found q friend in the
crowd that was watching outside, and
dragged her Off on a shopping expedi-
ton.
TIL windows OF the Waldorf-Astoria
on the Thirty-fourth street side were
crowded with spectators of the unusual
sight.
When the downtown bank at No. Sc
Broadway opened there were seventy
In line, including two priests and a few
Women There were six clerks waiting
to make deposits. Although the three
paying tellers seemed to have no end of
bills pilrd up about them, they made no
progress against the stream Of fright
ened depositors. Clerks and uniformed
attendants took pains to keep the con-
stantly increasing line tucked into the
main office of the bank that it might
not reach Broadway and excite the
throng.
Early in the morning the trust COM
pany fell back on the clause providing
for a five day notice on certificates of
deposit and refused to pay them. Run
ming accounts were paid In cash, certi-
fled checks being refused. r. ~
One man in the line had q band box in
which to carry away his account. 9th
ers carried suit cases, but more filled
their pockets or wrapped their bills In
newspapers. =
There were 400 in line at this place
when the announcement was made that
the company had temporarily sus-
pended. Several women tooK 1t for
granted that their money was gone
and burst into tears. They were led
into the corridor of the building where
they added to the excitement by oc-
casional shrieks. At 1:45, after much
enort' the bank was cleared and the
doors closed.
Fully one-fourth Of the runners at
the Harlem branch were women, many
or them widows on the verge of tears.
one woman, who a an account OF
S1,O69, was urged to keep her account
open with the 500.
NOT for me" she said to the bank
officials. Il want every penny, and ri
do my own banking for awhile"
A large crowd gathered about the
bank when the line reached the street
and was turned up Lennox avenue.
The police, under Lieutenant Maher.
remembering the robberies that fol-
lowed a run on the Harlem Savings
bank several years ago, were on the
watch for ~pickpockets.
At 1890 an automobile arrived from
the downtown branch with $4,000.
This encouraged the line Of depositors.
but did not diminish II.
1t fell to Andrew Kane, a wealthy
wholesale butcher, who is well known
In Harlem and connected with that
branch, to break the news of suspen-,
sion shortly after IL o'clock. He first
telephoned for the police, and imme-
diately after the announcement the