The Barre daily times. (Barre, Vt.) 1897-1959, 1907-10-23
Trust Company Of America
Besieged Today
CLAIMS IT IS COMPETENT
The Kniekerboeker Trust Company,
which Suspended Payment Yenter-
day Is Now in the Hands Of the
State Banking Departments

new tofhf bCts @os~~tn ne state DAnks
ing department has taken charge Of the
knickcrboeker Trust company. and II
was officially stated that the bank would
not open for business this morning. In
spite Of Il, hundreds Of people conme.
gated about the doors. and the police
reserves have been called out to control
them. The Trust company Of America
opened with its counters stacked with
enormous piles Of money, prepared for
run. Before nine o'clock a double line
Of depositors was waiting for the open.
ing. The company claims Il has money
enough on hand TO meet all demands
There was the same condition az the
Colonial branch Of the company.
The Knickerbocker Trust company, the
storm center yesterday, paid ont casa
10 depoaitcrs at the rate Of Si9,ii4 a
minute for three hours and then closed
is doors.
At meeting Of the directors Of the
Hudson Trust company held yesterday,
the resignation Of Orlando +. Thomas
as president was formally accepted. and
j.. r. Chapman was selected as head Of
the institution in his place.
IS. Other Banks Wouldn't Help.
President Higgins, the new president
Of the knickcrboeker. when asked II
the other trust company presidents were
reluctant to help out his bank, replied:
Reluctant is no name for It. They
seemed 20 feel that they ought to hold
on to all the money they had. One Of
them said to me: We might have help
ed you out, but here You have closed
your doors
"You mean that you don't want to
ride dead horse ! said. but I wish
you 10 distinctly understand that the
Knickerbockef II not dead horse. and
what are YOU going to do about itf'"
Mr.. Higgins would not say what was
answered.
Banks That Were Helped.
The clearing bouse committee went
into session shortly after ten O'Clock
yesterday and announced the following
debit balances Of bank:
Mercantile National bank, 2454000:
National Bank OF North America. S5s3..
900; National Bank Of New Amsterdam.
$4,000; the Mechanics' and Traders
National hank. $335 600: the National
Bank Of Commerce, S7.000.000. II was
iotficially announced that the clearing
house committee had rendered assistance
yesterday to the Mercantile National
bank. the National Bank Of North Amer
len and the National Bank OF New Am. !
sterdam. II was stated that the large |
debit balance cf the National Bank of
Commerce represented the clearanees OF t
the Knickerbocker Trust company.
corteIyou's Coming Gave Strength.
Secretary Of the Treasury Cortelyou
reached New York from Washington ct /
0.80 last night. He was met at Jer- +
soy City by Hamilton Fish, assistant /
United States treaurer, and the two
were in earnest conversation during the
ferry trip to New York. Upon reaching
this city they went at once to the Hotel
Manhattan. where several bankers later
presented to the secretary the various
phases Of local financial conditions.
Secretary Cortelyou is here TO thor
oughly look into the financial situation,
which he has had under observation for
several weeks He has come with no
preconceiyed ideas of how much money
will be required to relieve the situation
and the matter of treasury relief meas
tires will be determined by what he
learns lie viii do all that he can to
relieve the present stress
Secretary Of the Treasury George b.
Cortelyou made the following statement
shortly before one o'clock this mornings
! repeat what ! stated before leaving
this afternoon, ii for no
other reason than to emphasize the at
titude of the treasury department. *
will use its facilities to assist IN every
proper way legitimate business interests
and its action will be prompt and thor
ouqh.
The national banks Of New York City
are in an exceptionally strong condition.
The general situation here seems to be
well IN hand. and Is being looked after
BY many Strong and influential men,
such as those whose recent action in the
clearing house received emphatic public ..
The movement for similar !
concert Of action among the trust com
panies should have D helpful and far
reaching effect. | shall spend the day
at the sub-treasury"
This statement was made from d con-
ference on the local banking situation
held at the Hotel Manhattan between
Secretary Cortelyou j. n Morgan. Geo,
w Perkins, George r. Baker, Frank A.
Vanderlip, james Stilman and j. g,
Cannon.