Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1907-10-22
Knickerbocker Trust Company With
Deposits IF Sixty Million Dollars
Closes Its Doors
UNABLE TO WITHSTAND RUN BEGUN EARLY IN THE DAY
Stocks Rallied at Close Of Market But Further Failures
Feared as Result of General Apprehension
in Financial Circles.

before closing call money loaned at
| 6 per cent
The failure of Mayer and Company
was announced at 2.30 o'clock this af
ternoon. This is not an important con
cern.
Trust Company Suspends Payment.
The Knickerbocker Trust company
which was the scene of a run which
started as soon as the doors were
thrown open for business at 1890
o'clock, owing to the refusal of the Ma
tional Bank of Commerce to act as q
clearing house agent for it and to the
resignation Of CHARLES T. Barney as
president Of the Trust company
stopped paying depositors at 1873
o'clock, the statement being made that
the company could not secure curren
cy rapidly enough.
The company officials declared that
the suspension Of payment was only
temporary. The closing of the bank S
doors was attended with sensational
scenes at its main banking room and
at its Harlem branch. Depositors who
crowded the rooms clamoring for their
money, insisted that they be allowed
to withdraw only u few dollars. When
this was refused they declined to
leave the room and police assistance
was necessary to preserve order. The
officers of the Knickerbocker bank Is
sued statement, stating that the
company had paid out between sever
and eight million dollars to depositors
today @
RidsIey Seeks to AIIay Excitement.
Washington, D. c., Oct. 22.-Comp
troller of the Currency w. B. Ridgley
in speaking of the financial situation
in New York today, said:
my advices from New York today
are reassurirg and the situatio there
should now improve. The storm has
broken and the damage is known
without any failure of national banks
which have been lately criticised
The Clearing House confirms my re-
ports that these banks are all solvent
and is standing by them. Their debit
balances at the Clearing House this
morning are less than expected and
understand one bank paid it's balance
without help. The national banks OF
the country generally are in strong
shape and there is not the slightest
occasion for any alarm in regard to
any of them. This is time for cool
ness and prudence and not for alarm
Cortelyou Ready to Render Aid.
when Secretary Cortelyou was
questioned today as to his intentions
with respect to the financial situation
in New York he said he was not pre-.
pared to make any statement. 1t is
known, however, that the secretary
stands ready to meet any situation
that may develop and that he is in a
position to do this. 1t is understood
that Corelyou has ordered $6,OOO,OOO
in currency distributed among the
leading banks of New York.
Dispatches from Chicago, Kansas
City, San Francisco and other large
cities say that the panic in Wall
street has not affected the banks in
those cities as yet.
President Roosevelt UnreIentino.
Nashville, Tenn, Oct. 22.-President
Roosevelt in his address at the audi.
torium here today said:
There has been trouble in the
stock market in the financial world
during the last few months. The
statement has frequently been made
that the policies which I stand for,
both legislative and executive, are re.
sponsible for this trouble. Now these
policies of mine can be summed un
in one brief sentence. They repre-
sent an effort to punish successful
dishonesty. l doubt If these policies
have had any material effect in bring.
ing about the present trouble, but If
they have, 1t will not alter in the
slightest degree my determination that
for the remaining sixteen months OF
my term these policies shall be per.
severed in unswervingly