The Caucasian. (Shreveport, La.) 1900-192?, 1907-10-24
LINED UP FOR 4 BLOCK,
Anxious Depositors Gather at
Couple Of Concerns.
CONFIDENCE In CORTELYOU
Presence cf the Secretary of Treasury
Upon the Scene Seemed to Exert a
Quieting Influence on the Troubled
Financial Waters.

New York, Oct 24-An1iety over
the situation that developed in the
trust company banking situation dur
Ing the past week continued to cloud
the business horizon Wednesday, al
though the nervousness and alarm so
noticeable Tuesday were considerably
iessened by the presence of Secretary
OF the Treasury Cortelyou in the city
and his promise to remain at the sub.
treasury throughout the day. Mr. Cor
telyou's statement made Tuesday
night, affirming the strong condition
OF the national banks of this city, also
mad a very good effect on sentiment
and served to relieve the apprehen-
sionS of business men that curtailment
OF credits through the situation follow
Ing the suspension of payments by the
knlckerbocker Trust company might
hamper the financing of general mer-
camille affairs. An unfavorable devel-
opment OF Tuesday night was the first
news that the Trust Company of Amer
lea, one of the city's largest financial
institutions, with deposits approx
mating s50OOO,000 and total assets and
liabilities III excess of 100000, 900, in
need assistance. At the same time it
became known the Trust Company OF
America had given statement of it's
affairs 20 other bankers with the re-
quest for aid. 1t was also announced
liberal assistance would be given the
company and also that the institution
had in its vaults $12,000,0OO in cash
with which to begin payments of its
deposito-s should there be any unusual
demand. 1t became known also gener
ally that bankers did not regard the
position Of the Knickerbocker Trust
company very favorable and were in
clined to Permit it to go into liquida-
ton.
AS usual, in time of stress, in Lon.
don quotations on American securities
| were eagerly awaited. At l o'clock
prices showed only fractional changes
| and they were mixed.
The Knickerbccker Trust company
! announced to depositors who waited
at the main office Wednesday morning
| that it would not resume payments
| The announcement was made by a
police captain on authority of officials
of the company. At the Colonial
branch of the Trust Company of
America in the ST. Paul building on
| Broadway more than 100 persons were
| n line shortly before 10 O'Clock wait
| ing for the doors to open.
Lines of people began to gather ear
l L. g. - ~ -
| Company of America and Knicker-
booker Trust company At 9 O'Clock
there were from forty to fifty persons
| at the main banking office of the Trust
| Company of America in Wall street
and at the same time the crowd ex-
tended foc more than block from the
| Fifth avenue office of the Knicker
booker Trust company
Oakleigh Thorne. president of the
Trust Company of America was at his
place of business early. He made a
| statement 70 the effect that the insti
| tuition was all right
| A committee of accountants, repre-
senting the bankers who have taken
the whole financial situation in hand
went into the offices Of the Trust
| Company of America at 6 o'clock
Wednesday morning and began an ex
haustive examination of it's books and
| the securities held in its valuts as
] collateral on loans.
Every precaution was made by the
| Trust Company of America to meet
| any unusual rush and it announced
three paying tellers would be on duty
at 10 O'Clock The crowd in front OF
| the Wall street office of this company
grew steadily, and at $50 it was est
mated to number about $50 persons
The Knickerbocker Trust company
was also surrounded by the constant!
increasing number of persons.
j. Pierpont Morgan has practically
assumed command of financial circles
| here. He is striving to bring order
out of chaos and will see what can be
done to protect large interests now il
| jeopardy.
Call money at noon Wednesday wa:
loaned at 70 per cent.
Secretary Cortelyou made large de
posts in rational banks here. He feel.
/ able to cope with the situation.