The Birmingham age-herald., 1907-10-23
FIRST SCARE OVER
 AMONG THE BANKS
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(CONTINUED FROM PAGE ID s~~~-~~-~-~~~--~--~-~--- whore legitimate business was threat ened. Now. that the first scare is over and the worst of the future discounted, it is believed that local banking affairs will soon readjust themselves
 Secretary of the Treasury George B. Cortelyou reached New York from Wash ington at 9;30 o'clock tonight. He was met at Jersey City by Hamilton Fish, assistant United States treasurer, and the two were In earnest conversation during the ferry trip to New York. Upon reach ing this city they went at once to the Hotel Manhattan, where several bankers later presented to the Secretary the varl- ous phases of local financial conditions.
 Cortelyou to the Rescue.
 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 pre- conceived Ideas of how much money will be required to relieve the situation and the matter of treasury relief measures will be determined by what he learns to- night He will do all he can to relieve the present stress. It is expected that a statement will be given out by the Sec retary about midnight. Before leaving Tor Washington late today MT. Cortelyou decided that S67, ,0O0,000 would be deposited with the New York banks as soon as the necessary collateral had been fur nished, and at the same time he issued this statement:
 'The Secretary of the Treasury is keep ing In close touch with the business con ditions of the country. In the matter of public deposits, he will at all times con- suit the needs of legitimate business in- terests and will not hesitate to deal promptly and adequately with any situa- ton that may arlse.''
 Better Feeling Arises.
 MT. Cortelyou's statement, when re- ceived here, did much to put a better face on things and 1t was predicted that the Secretary's visit here would result in further deposits here of $15000,0O0. The knickerbocker Trust company, the storm center of today, paid out cash to depos- itors at the rate of $44,44 minute for three hours today and then closed it's doors. The directors had, as they thought, fully prepared for @ run, and caused to be announced in today's papers that they had $8,OC0. 600 in cash on hand to meet all eventualities.
 At 9:30 o'clock a few depositors with drew their accounts, and an hour later hundreds were in line to take out their oNPcSieS oS thC iiihlIl olllCt InlTLN- fourth street and Fifth avenue and at the Harlem. the Bronx and the down. town branches. The $S00O,000 lasted un- til 12:O, when Vice President Joseph T. Brown announced that the bank had no more cash available, and payments were suspended. MT. Brown said that the bank would open tomorrow and pay ments be resumed at 10:90 o'clock The Knickerbocker. it was announced, has annie ynp1ritipc to t11ae oil perfectly solvent and 1t was only a ques- ton of raising the cash when all depos- itors who wished to withdraw could do so
 Tonight desperate efforts were being made by the officers of the Knicker- booker to get in their loans and other wise replenish their cash vaults.
 Statement By Skinner.
 Acting State Superintendent of Banks George l.. Skinner, who throughout the day had expressed confidence that the bank would meet all obligations, qual- flied his position tonight when he is- sued the following statement:
 This afternoon about 4 o'clock haV- ing received no positive assurance of help for the Knickerb locker Trust com pany, I conferred with the attorney general, telling him that while it's af- fairs were not hopeless, they were in so critical a condition that I thought he should be prepared to act at any time. At about 5;30 o'clock I again with him, giving i'm as complete statement of affairs as was possible over the telephone. | have also had Il written statement made to him from the main office of the state banking department In Albany. The booker Trust company is not hope that it may still receive adequate aid from financial institutions. If 1t does it will open It's doors as usual
 Tt 1t does not, it will not open its doors in the morning, and I, of course, shall act under the advice of the at torney general, who is made by law the legal advisor of the state banking de- partment"
 Later MT. Skinner received word that Attorney General Jackson had left AL bsny for New York and would meet MT. Skinner and representatives of the knickerbocker and other banks in a at II o'clock tonight.
 All Bankers Anxious.
 Bankers not directly associated with the Knickerbocker were quite as anx- ious that it's integrity be maintained and many conferences were held tonight with a view to putting the Knicker- booker on its feet if this could be ac- without weakening other 
 George W. Young of the Windsor Trust company expressed the sentiment of bankers generally when he said to- night:
 Ut would be suicidal for the other trnst companies not to desire 10 save the Knickerbocker."
 ]. r. Morgan and his partners were in conference at their Wall street of fees until after o'clock. MT Nor gan when asked as to the situation sa i'd
 We are doing everything IS fast as We can. but nothing has yet crystal ized."
 He refused to discuss the knicker- booker Trust company and would give no intimation to the plans under way to alleviate the situation.
 George ". Perkins, MT. Morgsn's partner, met a number of bankers and trust company officials al the Union Lea que club tonight when the financial was canvassed in an infor- ma way.
 There was a meeting "f the trust companies association after banking