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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Oct 23, 1907
Page
2
Turbulent day as Knickerbocker Trust Company faces near collapse amid extensive examiner reviews and a halted support bid. Banks rally cash reserves while call money soars to 60 percent, with market depressions across many stocks and mixed attempts at stabilization by leading institutions.
The Boersen Courier reports bankers in Berlin fear the Knickerbocker Trust Company may be near collapse. It questions claims of resumed payments and criticizes New York banks for hidden abuses amid a wider banking system crisis.
Knickerbocker Trust Company suspends payment amid a bank run on its three offices in New York. Officials say deposits exceed available cash though trustees claim solvency, with aid discussions ongoing among Trust Companies Association and the state banking department. Depositors line up, cash is scarce, and reopening hinges on potential external support and legal action.
George B Cortelyou and Barton Hepburn commend New York banks for robust condition following recent action in the clearing house. They expect trust companies to unite similarly, aiding broader banking improvement and stabilizing the system as influencing figures stay engaged in oversight and assistance.
Secretary of the Treasury George B Cortelyou arrived in Jersey City meeting subtreasurer Hamilton Fish and later conferred at the Manhattan Hotel with J Pierpont Morgan George W Perkins George F Baker Frank A Vanderlip and A B Hepburn. The group discussed clearing house aid to banks and the impact on government depositories while Cortelyou stated the Treasury would act promptly and prudently to defend legitimate business interests.
A broad range of fabrics and colorings is offered with suits priced at 19 50 and 35.00. Styles include worsted broadcloth and silk trimmed garments, with tailored lines, full plaited skirts, and fashionable shades. Also mentioned is a Treasury critique of distress due to policy actions and reactions from bank officials in New York.
The Knickerbocker Trust Company faces a bank run after its president reads a state banking dept notice of a suspension. Crowds rush to withdraw cash, with cars delivering money and police present. The company, though solvent per initial review, awaits a full detailed examination as state officials confer with the attorney general and banking superintendent to determine next steps.
Boston bankers view New York financial troubles as cautious but minimal. Philadelphia and Chicago report markets dipping yet banks remain strong with ample money for normal business. Milwaukee St Louis Denver Omaha and other cities show stable deposits and steady lending amid recent volatility.
Special to The Washington rox reports Mayer & Co of 1 Wall Street declared an assignment for creditors at 2:45 pm as customers missed margins and a market slump hit Delaware and Hudson. Liabilities estimated near 6 million dollars, with brokers saying creditors may be paid in full and the firm could resume. Marcus Mayer cited as heavy stockholder. vast personal losses noted amid suspensions and trust company issues.
Twenty five trust firms met at the Downtown Club New York to discuss aiding the Knickerbocker Trust by pursuing a clearing house and closer cooperation. A three man committee was appointed to report a plan, with leaders from Continental, New York, and Washington trusts. Some firms did not attend, signaling limited unity. The meeting followed reports of cautious support and possible “quiet runs” on Knickerbocker stock.
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