The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1907-10-27
KN|CKERBOCKER
TRUST COMPANY
FAILURE IN NEW YORK
CITY
cTlDTc MAIL cTDrCT DAMln
STARTS WALL STREET PANIC
Failed With Eighty Million Dollars
on Deposit-Wildest Scenes in
Wall Street Follows Crash-EHect
on the Business World

New York, Oct 22.-The failure
Of the Knickerbocker Trust Co. has
created one Of the worst panics ever
known in the money markets OF the
world, and the great hnanciers OF
the country now realize that the bub
bic has burst and wild speculation in
mining industrial and railroad secur-
ties has created conditions that threat
en- the stability of Wall Street.
Morgan and other noted bankers
have formed two pools OF $4,000, 900
TO help ont the distrcsscr banks and
the heads OF all trust companies are
holding long conferences TO agree on
some plan to check the demoralized
market.
Secretary Cortelyou's coming gives
guarantee that the Federal treasury
department vii pour enough money
in here to supply the immediate needs
al least for every banker here ex-
poets a run on his bank by millions
of small and large Ccpositors to-
morrow morning.
Cortelyou gave ont the following
statement in Washington this after
noon: The treasury is keeping in
close touch with the business condi--
tons throughout the country. In the
matter of the public deposits we will
,.at all times consult the needs of the
legitimate business interests and will
not hesitate to deal promptly and
adequately with any situation that
may arise" Speculative hnanciers of
the Hartman type following his lead
are laying the blame of thcis crime
on President Roosevelt, VIM Trum
bull, of the V P Kniclzerbocker Trust
Co, credited him with the failure OF
that institution in the following in
terview:
All disturbances in the money mar
ket has been caused by one man who
in the past six months, i'll public and
private speeches, has been gradually
undermining the credit system of the
country. Last night the Knicker-
booker Co. had assets way in excess
OF its liabilities and III one night the
confidence OF It's patrons and its cred
itors were destroyed. This was
brought about by one man and that
man knows nothing of the credit
system
Anticipating such a charge and as
reply to Hartman and others Oh
his bitter criticism, Roosevelt in his
speech at Nashville today, defended
himself thus:
Some men have affected to mis-
understand my position and to say
that | have talked against men 81
wealth as such; that | have melted
attacks upon the class that owns
great wealth These gentlemen arc
blind if they see the facts in thai
light will protect in every wa,
in my power my honest property;
will protect the honest man of wealth
to the extent of my ability The mar
who builds railroad where it is neee
ed and runs it honestly is a benc
factor. He is entitled to ample re.
ward tor WhWat lie has done We
should back him up and protect hin
against unjust attacks.
The man who mauipulates the Sc
aurities of that railroad so as te
swindle the outside public orr stock
holders or investors OF any kind o
shippers, to swindle people at large
that man is doing all that he can dc
to bring down IN ruin the fabric O
our institutions and it is our bust
ness TO set our faces like film
against this wrong doing and towars
undoing that wrong doing in the in
terest of the people as a whole, ans
primarily in the interest of the inter
est OF the honest man of means.
(Applause.)