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Show I- STORM . IN NEWYORK CITY The Knickerbocker Trust Company, With $60,000,000 Profits, Forced to Close Its Doors. Depositors Make Demand for Their Money and Second Largest Flnan- , clal Institution In Qothem Goes to the Wall. Now York City. Tho financial storm in all probability reached Its height on Tuesday, when credit, tho under-tho-surfaco foundation of all business, trembled for; a tlmo, nml beforo confidence confi-dence hod been restored Now York's second largest financial Institution had emptied Its casli vaults under tho pressure of tho biggest run experienced experi-enced hero In a generation; a stock exchange firm had failed for SC.000,-000; SC.000,-000; Wall street's principal securities Lad settled from $5 to $8 n share; call money had rlson to 70 por cent, and local bankers, united to stem tho tldo of distrust, had boon forced to appeal for relief to tho sccrotary of tho treasury at Washington. Tho Knickerbocker Trust company, tho storm center, on Tuesday, paid out cash to depositors at tho rato of $44,-444 $44,-444 a mlnuto for throo hours, and then closed Its doom. Tho directors, had, as thoy thought, fully propnred for a run, and caused to bo announced In Tuesday's papors that $8,000,000 In cash was on hand to meet nil eventualities. eventual-ities. At 9:30 a(fow depositors withdrew with-drew their accounts and nn hour afterwards after-wards hundreds wero in lino to tako t-ut their deposits at tho main ofllco at Thirty-fourth street nnd Fifth avonuo and at tho Harlem and Bronx nnd' down-town branches. Tho $8,000,000 lasted until 12:30, when VIco President Presi-dent J. T. Brown announced that tho bank hnd no more cash nvallablo and payments wero suspended, Mr. Drown said that tho bank would opon Wednesday and paymonts bo resumed re-sumed at 10:30 o'clock. Tho Knickerbocker, Knicker-bocker, It was announced, had amplo securities to meet all demands, was perfectly solvent, nnd It, wns only a question of raising tho cash, when all depositors who wished to withdraw could do co. . |