| Show ill cm the knickerbocker trust company with profits forced to close its doors depositors make demand for their money and second largest financial institution in bothem gothem goes to the wall new york city the financial storm in all probability reached its height on tuesday when credit the under the surface foundation of all business trembled for a time and before conal dence had been restored new york s second largest financial institution had emptied its cash vaults under the pressure of the biggest run expert encee here in a generation a stock exchange firm had failed for 6 wall street s principal securities had settled from 5 to 8 a share call money had risen to 70 per cent and local bankers united to stem the tide of distrust had been to appeal or relief to the secretary of the treasury at washington the anici er bockel trust company the storm center on tuesday paid out cash to depositors at the rate of 44 a minute tor three hours and then closed its dobia the directors had as they thought fully prepared for a run and caused to be announced in tuesday s papers that 8 in cash was on hand to meet all eventual aties at 9 30 a tev depositors with drew their accounts and an hour after wards hundreds were in line to take out their deposits at the main office at thirty fourth street and fifth avenue and at the harlem and bronx and down town blanches a 8 lasted until 12 30 when vice dent J brown announced that the bank had no more cash available and payments were suspended mr brown said that the bank would open wednesday and payments be re fumed at 10 30 clock the knicker bocker it was announced had ample securities to meet all demands was perfectly solvent and it was only s question of raising the cash when al depositors who wished to withdraw could do so |
