San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-05-22
. BANK CONSULTATIONS.
New YOrk'S Money InSti-
tuteS Banding Together.
NATIONAL CITY BANK ABSORBS
THE THIRD NATIONAL. LA
BILITIES AND ALL.
More Consultations Looked For In
The Near Future As Wall
Street Is Getting Tired
OF Too Many Such
Institutions.

New York, May 22.-The Tribune this
morning says:
1t is not unlikely that further an
nouncement of New York City bank
consultations will be made in the
course of the present year. The pro-
posed absorption Of the business of
the Third National bank by the con-
solidation possibilities, and from the
character of the talk heard in bank
ing circles, it would appear that bank
ers are largely in favor Of fewer banks
in the Wall street community and for
that matter throughout the city. Rea-
sons presented for the voluntary IL
quotation of the Third National bank
and the taking over of its accounts
by the National City bank could be
give for similar proceedings by other
banks and while yet no steps have been
taken in the matter, the probabilities
favor some important changes in the
money institutions of New York in
the near future.
Money continues to pile up at this
centre and the recent gold exports, ag-
gregating about sl3,O00,000, have not
served to reduce the lawful holdings
of money on account Of the large re-
ceipts of currency from the interior.
With money accommodating at q rapid
rate and comparatively no demand for
it, the banks, or at least many of them
are unable to do such a business as
to make their existence profitable.
These concerns lead bank directors
and officers to believe that number
of institutions should consolidate and
during a recent visit Of Comptroller
Eckles in this city he expressed the
same view. He said that at least six
banks in New York ought to adopt
consolidation proceedings with some
other institutions and Mr.. Tappen of
the Gallatin bank, is reported to have
said that other banks should do as the
Third National and the City National
had done and that he would not be sur
prised is such consultations were to
take place. No surprise was manifest
ed that the Third National had decid-
ed to go into voluntary liquidation and
the fact that National City bank would
assume the obligations ~of the first
named institution was reached only as
additional evidence Of the we'll known
progressiveness of the National City
| banks management. The Nationa
City had been looking for a suitable
vice president for some time and 1t
also desired to increase its out of town
business. The Third National banks
president, A. P. Hepburn, ex-comp-
troller of the currency, was looked up
on as the mast desirable man for the
place and as his bank had high class
out of town clientage, the opportuni-
ty Of consolidating the Third National
interest with those Of the National
City was readily grasped by the man.
agement of the last named institution.
1t has not yet been decided when Mr..
Hepburn will enter upon his new du-
ties, but 1t Is probable that he will be-
gin his work, in the course of a few
days.
The Third National bank will con-
tinue to honor the checks of its Gus
toners until they have transferred
their accounts to the National City
bank and it Is believed that most of
the depositors will begin their relations
with the last named bank at once.
The Third National bank has practi-
cally gone out of business already as
it has ceased making loans. AS yet 1t is
impossible to state the amount OF
money that will be realized from the
liquidation of the Third Nationals as
sets but it is thought that the stock
holders will eventually receive at least
par for their holdings. The last sales
OF the banks stock were at IS at auc-
ton on the Real Estate exchange and
the banks total assets, according to its
recent report to the comptroller of the
currency exceeded SIS, 70o, 900.