Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1897-05-29
The CONSOLIDATION
OF new YORK BANKS
Why the National City Has Absorbed
the Business Interests ofthe
Third National.
OTHERS LIKELY TO FOLLOW SUIT
Too Many Banks for u Profitable
Business and Other Banks
VIII Consolidate In the
Near Future.

New York, May 24.-The Tribune
says: 1t is not unlikely that further an
nouncements of New York city bank
consultations are to be made during the
course of the present year. The pro-
posed absorption of the business of the
Third National bank by the National
City bank has revived the discussion
In Wall street OF bank consolidation
possibilities, and from the character Of
the talk heard in banking circles it
would appear that bankers as a rule
are in favor Of fewer banks.
The reasons presented for the volun-
tary liquidation OF the Third National
bank and taking over it's accounts by
the National City ban could be given
FOR a similar proceeding by other city
banks and while as yet no steps have
been taken in the matter the probable
tiles favor some important changes in
the money institutions of New York in
the near future.
Money continues to pile up in this
center and the recent gold exports ag-
gregating s13. o0O, 900 have not served to
reduce the lawful holdings of money on
account Of the large receipts of currency
~ $50 = sOAH lioIlNI
ulating at a rapid rate and compare
lively no demand for it, the banks, or
at least many of them, are unable to do
such business as TO make their existence
profitable. These considerations led the
bank directors and officers TO believe
that a number Of institutions should
consolidate, and during the recent visit
Of Comptroller Eckels to this city, he
axppaoonA tl,a aAA x.fa,- IL nafl ~
least six banks in New York ought to
adopt consolidation proceedings with
some other institutions, and Tappen OF
the Galiatin bank, is reported to have
aid that other banks should do as the
Third National and National City had
done, and he would not be surprised IL
such consultations were TO take place,
No surprise is manifested that the
Third National bank had decided to go
INTO voluntary liquidation and the fact
that the National City bank would as
sumo the obligations of the first named
institution was received as only addi-
tional evidence OF the well known pro-
gressiveness Of the National City banks
management. The National City bank
has been looking for a suitable vice
president for some time and it has also
desired 10 increase its out of town bust
ness. The Third National bank. presi-
dent, A. II. Hepburn, is looked upon as
a desirable mar for the place and, as
his bank had a high class out OF town
c~lientage, the opportunity for CONSOLE
dating the Third Nationals interests
with those of the National City was
readily grasped by the management OF
the last named institution.
1t has not yet been decided when Hep
burn will enter upon his new duties, but
ii is probable that he will begin work in
a few days. The Third National has
practically gone out Of business already
n has ceased making loans. AS yet
it 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 the stockholders
will eventually receive at least par for
their holdings. The last sales of bank
stock were at So at auction on the
real estate exchange and makes
the total assets, according to a recent
report Of the controller of the currency,
exceed $13. 700, 900.