New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-10-23

the :hron- Of dcposi-Jrs stood specifies JUST
d Few moments before the announcement d
statement frcIn Acting Banking Sure'lftei'reHI
Ea:nUcr. sTaa.ling enthusiastically ii the trust
ccTnUany's condition. WIS read, and cheers rom
the dcpositors greeted it. In striking c'i'I@9I
was Vice President Browns announcement on
the ets-bersioa. There were Eroars. shouts and
,.+c.lIs but IN. police soon cleared the BIS
marble and onEz room Of al save The otlac95
and cu.pio-es of the trust COMPANY
AUTOS LINE FIFTH AVENUE
Evon af,cr The doors rad been closed streams
Of people continued to try to gain access to the
nuildi-z. All were stepped ~ tie police Row
e,sr. and told that the bank hoped 70 resume
ravrae-t this morning. Automobiles and car
r.qces lined Tie Fifth avenue curEs for TWO
blocks while their owners were endeaNor'nS 70
nrd out how matters stood
The scene IL the opening RI tl.o zniczerDocll'-
r~r.I=+ Ccu,nauy'z Offices, at 10. sc Broadway,
rcecin0led that presented at its uptown Offices.
There were about seventy deUositors N Line
when the doors were opened fo- business wait
lr@ 10 withdraw t'air money. About half a
dozen were there 10 make deposits. apparently
not persurbed by r,lmors H. 3. Helms Of Il. 3.
Holins & Co. bankers. and q director Of TIE
Knickerbocker Trust Company. VAS authorized
70 make this statement early IN the day
There is absolutely nothing 10 fear We have
ample cash on hand 10 me; I'll demands This
excitement is foolish and the depositors who
withdraw their money will be sorry later. when
the excitement abatcs. that they yielded 10 In
pulse"
This statement however. haG little effect and
the crowd OF dgpositors kept growing In the
first half hour of business the line stretched
from the paying telIer's window in the rear Of
the building. out into the corridor and almost to
the outer doors Of the building. until the crowd
numbered nearly two hundred and got beyond
the control Of the building attendants, and re-
qured the assistance of the police Three tell
crs paid out as quickly as they could count the
money. All the money paid out, il was an
nounced later IN the day, came from the vaults
Of the trust company. ana none was received
from outside sources
Mr. Hollins sooE after his first statement
made this supplemental statement:
The Knickerbocker Trust Company has now
in its vaults in cash for use at the branches
s8OOGOO0 But that is nos al, for at any time
tne trust company needs il Il car have $1,000
coo in cash more"
All the money needed for the other Offices Of
the trust company was distributed at No ST
Broadway and from these branches came men
with leather grips and canvas bags to obtain
money for the uptown depositors. Behind them
walked guards.
THEN PAYMENT STOPPED.
Along about . o'clock. while four hundred per
sons. many Of them carrying receptacles TO
carry away their money, awaited their turn the
announcement was made that further payments
had been temporarily suspended There was no
outburst against this unwelcome announcement,
those who came late TO be counted among
those who received their money heard it
calmly and still remained in line Later, VII n
the doors were closed, they took W their places
IN the hallway. where already a crowd Of curl
Gus people choked the traffic # the building
Several ueutenants from the Wall Street de-
tective bureau had been added To the police de-
tail, bat they We're there only to watch for sneak
thieves
a few minutes later a clerk emerged from the
office. ard. accompanied by a police sergeant. he
made his way 10 the centre of the crowd. where
he announced that due notice would he given
When business was to be resumed. There were
a: that time about twenty depositors still wait
ing in line, including a special policeman from
the Offices of the Title Guarau,ee and Trust Com
pany who carried a large grip. The reporters
tried TO talk with officials Of the company, but
We're not admitted into the Offices
a Foster Higgins. the new president Of the
Knickerbocker Trust Company, arrived at the
Office and went into conference with other df-
rectors OF the company He would say only
that the situation critical
Adolph Bloch. an attorney, at No 90 Nassau
street, appeared in the afternoon to serve a for
nal demand for depositors money on the trust
company. An old woman, who refused her
name, appeared in the morning to withdraw
$4,000. her lifetime savings, she said. She was
too feeble to stand in line and wait her turn
She went TO Bloch her attorney
The lawyer. who refused 10 give the wornan's
name, drew up a formal demand for the $4,000
deposit He then went to the trust COMPANY
but his poundings on the door produced no
effect. Finally the door had TO be opened from
the inside TO permit a messenger to leave
Bloch stuck his hand through the door He
says that some one inside whom ne could NOT
SOC took the paper and then dropped it
Before : 2. m. a dozen depositors had gath
cred outside the branch Office at Lenox avenue
enc 10th street, waiting for the business dav to
begin. and by o'clock the number had in
creased 70 one hundred Apparently the officials
hGn prepared for this run. because clerks and
telieGs were on hand early with piles Of bills
oefore them Two tellers were set TO paying OF
cepositors as soon as business opened. and in
half an hour seventy-1ve had withdrawn their
funds One woman whose account amounted n
SloG9 was advised TO take the 81 600 and leave
the 500 Not l." she declared emphaticaIlz.
and withdrew every cent.
". F. Lewis announced TO the people in line
that the trust company was sound. and thar
abandunt funds had been provided for the DAYS
business. Nevertheless. the line Of depositors
waiting 10 get their cash increased until law
1880 o'clock il numbered nearly two hundred
persons. and the line was lengthening ever,
minute There was no disorder. but a sergeant
and four policemen were on hand, partly to
guard argainst pickpockcts About II a n, a