The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-23
Secretary of National Treasury Helps
Relieve Situation in Wall Street.
Says National Banks Are in
Strong Condition Trust Co. of
America, With S5O,OOO,OOO De-
posits and S12,OOO,OOO Cash on
Hand, Is inTrouble.

New York, Oct. 23-The Knickerbocker
Trust company announced 10 its depos-
itors, who were waiting at its main Of
fee. that II would not resume payments
today. The announcement was made by
a police captain on the authority OF the
officials of the trust company.
Lines OF people began TO gather early
In front OF the doors OF both the Trust
Company OF America and the Knicker-
booker Trust company. At o'clock from
40 to 80 persons were at the main bank
ing office of the Trust Company of
America, at 4S Wall street, apd at the
same time there was crowd extending
for more than a block from the Fifth
avenue Office of the Knickerbocker Trust
company.
Oakleigh Thorne. president OF the Trust
Company of America, was at his place OF
business early in the morning. He made
a statement to newspaper reporters, who
called on him, to the effect that the in
stitution was all right.
'We have plenty OF cash on hand and
are prepared for all emergencies. We are
facing the situation calmly"
BANK is SOUND.
A committee OF accountants represent
ing the bankers who have taken the
whole financial situation I'm hand, went
America at 6 a. m, and began an ex-
haustive examination of its books and the
securities held I'm it's vaults collateral
on loans. This committee expects to fin
ish its labors by about IL o'clock. and Ut
that time will report the result of its
findings. IT was learned on unquestioned
authority this morning that II this report
bears out statements made by officers
OF the institution last night verbally as
to its condition, aid will be extended in
whatever sum may be required to pay
off the depositors who demand their
money.
Every preparation was made by the
Trust Company of America to meet any
unusual rush, and 1t was announced that
three paying tellers would be on duty at
10 o'clock.
The crowd in front of the Wall street
office of the Trust Company of America
grew steadily, and at $50 1t was est-
mated To number about $50 persons. The
Knickerbockcr Trust company also was
surrounded by constantly increasing
number of persons, who were waiting in
the hope that the institution would open
today.
At the Colonial branch of the Trust
Company of America, in the st. Paul
building on Broadway, more than hun
dred persons were I'm line shortly before
10 o'clock, waiting for the doors TO open.
Secretary of the Treasury Cortelyou ar
rived at the sub-treasury at 9:40 a. m.
make his headquarters there for the day.
ITALIANS IN LINE:
Italian depositors who yesterday start
ed a run on the Dollar Savings bank in
the Bronx. were waiting at the doors of
that institution to the number of 100 be-
fore the bank opened for business today.
The Dollar Savings bank is near by the
Bronx branch OF the Knickerbocker
Trust company, and the Italians became
alarmed by the run on the trust COM
pany's branch office.
The crowd In front OF the main office
of the Trust Company OF America grew
rapidly. At $3.50 1t numbered more than
300 persons.
Secretary Cortelyou said this morning:
Il have nothing to add TO my statement
the day and as long as the situation
seems to need my presence"
Acting State Superintendent OF Banks
Skinner took possession of the Sc Broad
way branch office of-the- -Knfckerbockcr
Trust company this morning.
Mr.. Skinner said that there would be
no further resumption of business by the
Knickerbocker Trust company until he
has thoroughly Investigated its condi-
ton.
CROWD AT THoRNE's BANK.
The corridors OF the Trust Company OF
America were thronged with a crowd of
600 persons when the hour for beginning
business arrived. President Thorne then
said he hoped to meet all demands unless
the depositors came in too large numbers.
He said the company had not asked for
ass sistance.
The scenes about the various offices o.