RUN ON A BANK.

Manawatu Herald, Volume XXIX, Issue 3776, 26 October 1907, Page 3

RUN ON A BANK.

DEPOSITORS MAKE FEVERISH RUSHES ON BRANCHES. New York, Octobar 23. The Knickerbocker Trust, on which there was a persistent run yesterday, resulting in a temporary suspension, holds deposits valued at There was a great rush in all branches. ■

The elite of New York arrived at the head office in automobiles and splendid equipages, and tried to rush the doors, but the police prevented them from carrjdng out their purpose. There was a sensational scene inside the office. The cashiers, with immense stock of notes and coin, paid out eight million dollars C£i,600,000) in three hours. Then the vice-president announced a temporary suspension owing to the exhaustion of the currency, though there were plenty of assets. The other banks refused to part with their cash. The Knickerbocker officials at first rushed quantities of cash from head-quarters to the branches by means of motor-cars, milk wagons, and Gas Company trucks. SYMPATHY WITH WALL STREET. London, October 23. The London Stock Exchange opened to-day flat and unsettled, especially for American stocks. Consols are unchanged. ANOTHER BANKIN trouble. New York, October 24. The only further run in New York was related to the Trust Company of America, which holds ten millions sterling in deposits. The bank withstood a run which lasted all day, £2, 400,000 being paid out to depositors. New York, October 24. An enormous spectacular display of wealth, including a pile of two million two hundred pounds’ worth of bills and notes in the tellers’ possession, did not stop the run on this company. The directors mingled with the panic-stricken depositors and fruitlessly remonstrated with them on their cowardice.

Leading financiers met Mr Pierpout Morgan to concert measures with Mr Cortelyou to re-establish confidence in Wall Street. A furious attack has been made by Mr Turnbull, vice-president of the Knickerbocker Trust, against President Roosevelt for precipitating the panic. The public and newspapers do not attribute the mischief to Mr Roosevelt.

Mr Cortelyou, interviewed, said : “I will do, in the largest way, what is necessary to afford relief. I have deposited twenty-five million dollars of Treasury funds with the banks. Mr Rockfeller is lending immense sums.

Mr Cortelyou, Secretary to the the Treasury, declares the national banks in New York are in an exceptionally strong position. He expects the movement already initiated among the banking trusts and companies for similar concerted action, and stricter supervision will have a healthful and far-reaching effect.