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(United Press Telegraph-Cable Service.) New York. Oct. 22-When announcement was made last night that a change in Presidents of the Institution would take place a run was started on four offices of the Knickerbocker Trust Company. So great had the run become by noon today that a
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RUN ON THE KNICKERBOCKER. Long Line of Depositors at All the Company's Offices. New York, Oct. 22.-There was a run of depositors to withdraw money at the main office of the Knickerbocker Trust company, when it opened for business this morning, and also at the
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KNICKERBOCKER TRUST CO. SUSPENDS PAYMENT NEW YORK,Oct. 22:-The Knickerbocker Trust Company temporarily suspended payment at its downtown office this afternoon, after paying out $8,000,000.
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New York, Oct. 23. A run etartel on the Trust Company of America when the doors opened today. but the allied trust companies It is announced agreed to advance fifteen million dollars to the American at once, This, with eleven million dollars said to be in the company's vaults, it is averred will be sufficient to meet all demands. If the Trust Company of America meets today's demands all the bankers will he able to weather the storm. The Knickerbocker Trust Company today placed in the state banking department's hands to rthe attorney general to hold an investigation and sea If it is necessary to appoint a receiver. The stock market opened demoralized with wide price variations. Call money was quoted at 40 per cent Edward C. Benedict was today appointed receiver for the brokerage firm of Mayer & Co., which failed yesterday for six million dollars.
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MONEY POURS INTO WALL ST. Co. Government, Financial Institutions and Capitalists operate in Relief Measures. DEMORALIZATION IN STOCKS CHECKED. Morgan Firm and Banks Lend $25,000,000-Run - on Trust Company of America Likely to End To-day-Three Solvent Harlem Banks Suspend Payment. J. P. Morgan & Co. lent $25,000,000 on the Stock Exchange floor just before the close yesterday, thereby checking the demoralization in the market and starting a sharp rally. Stocks closed firm after selling down to new low records earlier in the day. Secretary Cortelyou deposited in the banks as much of the promised $25,000,000 of government money as was asked for. The run on the Trust Company of America continued, but all depositors were paid in full and there were signs that the backbone of the run had been broken. The directors of the Knickerbocker Trust Company discussed forming a $5,000,000 pool to guarantee the deposits, and appointed committees on receivership and securities. Three small banks in Harlem suspended payment on account of the scarcity of specie, but announced that they were perfectly solvent. There was a small run on the Lincoln Trust Company, but it met all demands.
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Secretary of the Treasury Cortelyou came to the relief of the New York National banks after the suspension of the Knickerbocker Trust Co. to prevent further failures.
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decided to ask for receivers. In his affidavit he says it is his belief that the Knickerbocker Trust Company has upwards of $60,000,000 deposits belonging to many thousands of depositors, and adds:
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Knickerbocker Will Pay. Special to the Herald. New York, Oct. 30.-The Knickerbocker Trust company has announced that it will pay dollar for dollar to its cerditors. The banking conditions are getting back to normal, and the runs are practically over.
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WHEN BANK FAILED Scenes During Run on Knickerbocker Trust Company. DEPOSITORS CALM AND QUIET Owners of Small Shops, Mechanics and Clerks First Take Alarm-News Was Spread Rapidly and Line of Depositors Soon Grows-Many Rich Were in Line
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TEDDY NOT CAUGHT New York, Nov. 11.-Douglas Robinson, Roosevelt's brother-in-law, denied that the president is one of 23,000 depositors, whose money is tied up in the Knickerbocker Trust company suspension.
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Perhaps the most remarkable feature of the financial storm is the way it was weathed. The great "run" which closed the doors of the Knickerbocker Trust Company was enough to start nervous deposi-
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Henry C. Ide. one of the receivers for the suspended Knicketbocker Trust Company of New York has had a varied career. includin labors as an educator. lawyer. legi lator jurist. civil
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Henry C. Ide, one of the receivers for the suspended Knickerbocker Trust Company of New York, has had a varied career, including labors as an educator, lawyer, legislator, jurist, civil
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Knickerbocker Trust to Resume. New York, March 7.-The Knickerbocker Trust company, which suspended business at the beginning of
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KNICKERSOCKER TRUST CMPANY WILL RESUME New York, March 7.-The Knickerbocker Trust company, which closed during the money panic, will resume business, Thursday, March 26,
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KNICKERBOCKER TO RESUME BUSINESS (By Associated Press.) New York, Mar. 7.-The Knickerbocker Trust Company, which suspended at the beginning of the financial panic last October, will resume business March 26.
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The Knickerbocker Trust company paid receiver's fees of $150,000 and was still able to resume business. Wherefore the question arises, why was the receiver?
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Judge Gaynor cut down the fees of the receivers of the Knickerbocker Trust company to $20,000 each on the ground that larger amounts would amount to a spoliation of the assets.
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KNICKERBOCKER ORDER. Court of Appeals Refuses to Rescind Action on Receivers' Fees. New York, June 30.-The appellate division of the supreme court, Brooklyn, today, refused to rescind its order reducing the fees of the temporary receivers of the Knickerbocker Trust company, and also refused to allow the matter to be taken before the court of appeals. When the Knickerbocker was permitted to resume business, Justice Clark of the supreme court set aside a large sum, out of which were to be paid the fees of counsel and receiver. There were three receivers and each was to receive $75,000, under the terms of Justice Clark's order. The matter was taken before the appellate division, and that body on June 5 reduced the compensation of each receiver from $75,000 to $20,000 and that of counsel from $75,000 to $20,000.
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21. Knickerbocker Trust company in New York opened its doors after a suspension of 5 months.
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FINANCIAL RECOVERY OF KNICKERBOCKER (By United Press.) NEW YORK, June 9.-Directors of the Knickerbocker Trust company, which was forced temporarily to suspend in the financial crisis of 1907, have voted to anticipate payment on August 1, on 25 per cent of their surplus certificates. Only a short time ago directors anticipated payment on the company's certificates of deposit, leaving outstanding only surplus certificates held by depositors under the reorganization plan. The company's recovery has been one of the most rapid ever # witnessed in the financial district.
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Wonderful Recovery of Bank. New York.-Directors of the Knickerbocker Trust company, which was forced temporarily to suspend in the financial crisis of 1907, voted on Tuesday to anticipate payment on August 1 on 25 per cent of their surplus certificates. Only a short time ago the directors anticipated payment on the company's certificates of deposit, leaving outstanding only surplus certificates held by depositors under the reorganiaztion plan. The company's recovery has been one of the most rapid ever witnessed in the financial district.