New-York tribune., 1907-10-24
TRUST COMPANY CLOSED.
Acting Banking Superintendent
Takes Charge Of KmCk6rbOcker.

Tho doors of the Knickerbocker Trust Company
were not opened for business yesterday morning.
and as u result George / Skinner. acting State
Superintendent Of Banking. took charge at the
main office. at No. &c Broadway, and at the three
uptown branches. Attorney General Jackson took
action yesterday toward appointing a receiver.
l1It will probably do so to-day.
Il will follow and investigate closely, he said.
and II find that bank and trust company on
~ials havc laid themselves open to criminal prose
cution this Office viii not bo slow 20 act, hut can
not say anything definite in regard TO that until
full investigation has been made and the facts def
uitcly ascertained.
Asked whether ne would appoint receiver for
the company to-day. Attorney General Jackson re-
piled Il think IT best 10 give the company a fair
chance to handle IT'S affairs. u would be un
wise to act overhastily. Such action on my part
might precipitate further disaster"
Mr. skinner sealed up all the assets of tho COM
pauy at Us main Office and three branches when II"
took charge. Tie stated that this vas practically
all that he had the power to do pending IN" action
~ tho Attorney General In applying to tho courts
for IA receiver Payments Of loans To tho amount
5000 were made at the offices during the day
Mr.. Skinner. soon after taking charge OF the
offices of the company. gave out the following
statement
Under the advice Of the Attorney General
have taken possession of the knickerbocker Trust
Company and it's branch offices. The support to
this institution which promised Yesterday has
not been furnished. \ bank examiner Is in charge
of each office, and payments Will be received on
obligations due to tho trust con1pany but no pay
uents viii he made by the examiners In charge.
Payments should b" made in cash. Collateral will
not he surrendered until II is shown that is not
pledged for other Indebtedness 10 tho institution" p"
There were about four hundred and City depos
TORS in line at the main Office at 10 o'clock yes
ter+ay morning. when \. !. Judson. a state bank
examiner. appeared and announced that he had a
statement 20 make behalf of the president and
directors of the COMPANY He said:
AT present there is probability Of payments
being resumed in the next couple OF days Ger
tainly no payments VIII be made to-day. Any fur
ther statement as to the affairs of the Knicker-
booker Trust Company must come from the Acting
state Superintendent OF Banks. He will reiterato
what he said yesterday. that. in hts opinion the
Knckerbocker Trust Company will be able to pay
all depositors In fun"
The committee Of three which was appointed on
Tuesday by the Trusr Company Association to con-
fer with the directors of the Knckerbocker Trust
Company the question OF the advisability of eX
tending aid to the company had another confer
yesterday morning with President \. Foster
Higgins of the Knickerbocker Trust Company. and
the directors and decided that nothing could be
done
Depositors in the Knickerbocker got up early yes
terday At the Bronx branch the line began to
form about o'clock, while hour later, even at
the main building in Fifth avenue. there near
ly hundred persons in line. BY Sis o'clock the
line stretched 35th street, and hour later IL
had turned the corner and was stretched we'll down
the street. Just after o'clock Acting Police Cap
tain kelleher was called into the building. When
he came out he walked down the line telling the
depositors that there would be payments
This is official" he told them. IL have been
asked by the Officials OF the company to tell you
that there will be no payments to-day"
The early risers OF The Bronx got to the Knick-
erboeker's branch 14sth street and Third avenue
before o'clock. Right across the street is the