The Caucasian. (Shreveport, La.) 1900-192?, 1907-10-24
TRUST COMPANY ST0Ps
Run Made on 1t Is Too Great
to Withstand.
SCENES ARE SENSATIONAL
Depositors Gathered at the Principal
Office of the Institution Demanding
Their Money and Police Compelled
to Force Them Back

New York, Oct 24.-The Knicker-
booker Trust company, the second Lar :
est trust company in the city, with de-
pOsits amounting to about $50 1000, 600,
closed its doors at 1890 O'Clock Tues
day afternoon, following STEADY run
of persons who called to withdra "
their deposits. The company officials
declared the suspension Of payment
was only temporary
The closing of the doors was at
tended with sensational scenes at the
companys main banking room and the
Harlem branch. Depositors, who crowd
ed the rooms clamoring for their
money, We're insistent that they be
permitted to withdraw even a few dol
ed many refused to leave the build
ing. Police assistance was necessary
flee, Fifth avnue and Thirty-fourth
street. after the doors were closed
crowd surged its way inward The
police forced them back to the street
again, and from that time guard
was kept in front of the entrance
The stock market was very weak, and
declined sharply in sympathy of early
efforts made to support prices Sec
rotary of the Treasury CortelyOu an
nounced from Washington that he
would support the New York City
national banks. and it was understood
that he would order the deposit OF
s6,000,o00 of government funds in this
city AS soon: as satisfactory security
for the sum should be received.
About SOC; depositors were in the
main office of the Knickerbock Trust
company awaiting their turn to with
draw their deposits. When Second
Vice President Brown came on. of his
office and announced to the depositors
that payments on checks had been sus
pended temporarily because of the in
ability Of he company to obtain cur
rency fast enough to meet the de
mands. He said the company had been
using automobiles in an effort to ge,
the cash TO the bank He could not
say whefher the company would re
sumo payments Wednesday,
AS Mr.. Brown was making this an
nouncement the paying teller was
passing out a big pile of currency tc
depOsitor. AS he heard the an
nouncement he withdrew it quietly. AT
Mr.. Browns announcement there was
a rush of depositors to the telephones
and acquaintances of the Trust com
pany appealed to them to be allowed
to withdraw small amounts. The ap
peals were refused. The depositors
soon left the office. but about $50 lin
gered about for some time. A detail
of police was required to clear the Har
lem branch of ths Knickerbocker Trust
company.
Charles w. Morse issued the follow
ing statement Tuesday: Il have not
borrowed dollar from the Mercantile
National hank since Mr. Heinze was
elected president. and do not owe
them dollar now. Any statements
to the contrary are false. / request
that injustice to the public and my
self that this statement be given the
same publicity that has been given tc
other matters in connection with the
Mercantile National bank.
CHARLES w. MORSE"
After the doors of the Knickerbock
err Trust company. We're closed William
Turnbull, the fourth vice president
said to several newspaper men: "Al
the disturbance in the money market
has been caused by one man who, ii
the past six months, in public and
private speeches. has been gradually
undermining the credit system of the
country Last night the Knickerbock
err Trust company had assets way il
excess of its liabilities, and in one
night the confidence of its patrons and
it's credit were destroyed. This was
brought about by one man, and thai
man VINO knew nothing whatever
of the credit system
One Of the reporters asked Mr.. Turn
bull whether he was referring to Pres
ident Roosevelt.
You knew perfectly we'll who
mean" replied Mr. Turnbull. There
is. no need for me to specify"
The Mercantile National bank
promptly paid its small debit at the
clearing house.
The stock market had a good rally
at the close. Just before the close
of the market call money was 60 pei
cent.
involuntary Petition Filed.
New York, Oct. 24.-An involuntary