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Newspaper
Washington Post
Location
Washington, Washington Dc, United States of America
Date
Oct 23, 1907
Page
24
Confusion marked the day as bankers said efforts to preserve Knickerbocker Trust Company stalled. Examiners began early but could not reach a solvent verdict. markets showed extreme stress with call money peaking at 60 percent and major banks debating support amid a run.
Berlin bankers reject idea that Knickerbocker Trust will resume payments and doubt reports of a rapid rebound. Boersen Courier notes severe banking strain in New York, criticizing the system that tolerates large deposits against thin capital. Fears of further abuses and possible contagion to other banks loom as the crisis deepens.
Knickerbocker Trust Company suspended payments amid a run on deposits as the board and state authorities weighed aid options. Officials reported solvency but insufficient cash to meet large daily withdrawals, with lines forming outside Fifth Avenue branches and tension mounting as discussions with lenders and the attorney general continued.
The national banks in New York City are in strong condition with favorable public support for recent clearing house actions. Treasury Secretary George B Cortelyou anticipates continued improvement in general banking conditions, while Chase National Bank President Barton Hepburn notes the clearing house will provide ongoing assistance as needed.
Secretary of the Treasury George B Cortelyou arrived in Jersey City and, after meeting with subtreasurer Hamilton Fish, conferred with J Pierpont Morgan George W Perkins George F Baker and Frank A Vanderlip at the Manhattan Hotel. The group discussed government deposits and possible aid to banks as New York eyes a financial emergency with the clearing house coordinating support. Cortelyou stressed treasury readiness to act promptly to assist legitimate business interests and to avoid panic while keeping the national banks strong.
A shopper note describes a broad selection of suits in worsted broadcloth and fine materials, with prices around 19.50 to 35.00. It highlights tailored details, varied shades, and fashionable trim while signaling the era’s retail language. The piece also includes a political paragraph about Treasury actions and banking sector statements amid a market disturbance.
Panic grips Knickerbocker Trust Company after a bank run drains cash from its vaults. President Barney announces suspension of payments as customers rush to withdraw about $1.2 million in a single day. State banking officials seek a rapid but thorough examination while authorities consult with State Superintendent Skinner and Attorney General Jackson to determine next steps.
New York market declines ripple to Philadelphia Milwaukee and Chicago as banks in many cities report solid condition and ample money supply. Boston lenders see strength with few failures while Denver and Montana amid copper declines remain resilient.
Special to The Washington rox reports Mayer & Co of 1 Wall Street informed the New York Stock Exchange at 2:45 pm that it could not continue and had assigned for the benefit of creditors. Authorities estimate liabilities near 6 million dollars, with assets expected to cover all debts and allow possible resumption. The collapse follows margin calls and a Delaware and Hudson slump, leaving many customers tied up in a Rippley Trust Company suspension and threatening broader market disruption. Marcus Mayer reportedly held 220 shares, and the firm’s heavy stake in Delaware and Hudson figures into the turmoil as traders assess personal losses and the impact on refinancing and recovery.
Twenty five New York trust firms gathered at the Downtown Club to discuss aiding the Knickerbocker Company and establishing a trust clearing house. A three man committee was empowered to report a plan for closer cooperation while noting mixed interest among large firms.
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