New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-22
MORE BANK CONSOLIDATION
THE COURSE OF THE THIRD NATIONAL
AND NATIONAL CITY LIKELY
TO BE FOLLOWED

II Is not unlikely that further announcements Of
New-York city bank consultations will be made In
the OF the present year The proposed alb
sorpton OF the business y the Third National Bank
hy the National City Bank has revived discussion
in Wall Street of bank consolidation possibilities
and from the character OF the talk heard yesterday
IN banking circles 1t would appear that bankers as
rule are in favor of fewer banks in the Wall Street
community. and. for that matter, throughout the
city. Reasons presented for the voluntary lauida-
ton OF the Third National Bank and the taking over
OF its accounts by the National City Bank could be
given for similar proceedings by other city banks
and while yet steps have been taken in the
matter. the probabilities favor some important
changes in the money institutions OF New-York in
the near future.
The economies to be derived from bank consollda-
ton potent factors the present business situa
ton. which may lead bank directors to discuss seri-
ously the ACCESSIBILITY of more general concentra-
jiOn Of banking interests. In yesterdays discussion
Of the subject all the leading Clearing House bank
presidents expressed themselves as highly in favor
OF the arrangement entered into by the Third Ma
tional and the National City banks and opinion was
publicly announced that the interests OF the bus-
ness would be best served If several other banks
were 10 follow the lead taken by the banks men
t.oned. The lending OF money from which banks
derive their principal source OF income. has been at
low ebo in the last three years and while the city
banks are strong in deposits their profits have been
much curtailed, and the grea, number OF inst!;l-
tons in the city makes the margin OF profit for each
small IN times Of business depression Loans OF the
associated banks considerably larger present
than year ago. or in the year before that. but de-
posts are about s5000Co greater than at this time
In 1886
Money continues pile up a; this centre, and
the recent gold exports, aggregating about Sl3. Co
Oo. have not served to reduce the lawful holdings
rency from the Interior With money accommodating
at rapid rate and comparatively no demand for
u; the banks. or at least many of them
e6ce no eG fqeh business as to make their est
rectors and officers TO believe that number OF in.
stilutions should consolidate. and during a recent
The same view. He said that at least six banks IN
; w-aoIK ought 70 adopt consolidation proceed
Mr. Tappen Of the Galatn Bank, reported to
National and the National City had done and that
ne would not be surprised If such consultations
No surprise was manifested yesterday that the
Third National Bank had decided go into VOL
City Bank would assume the obligations OF the
frst-named institution received as only addi-
Of the National Cty's management The National
out-of-town business The third National Bank 5
Tency was looked upon as most desirable man
Tor the place. and as his bank had a high class
dati9F he third Ssonas With G thos Of
the National City was readily graspel by the man.
yet been decided when Mr.. Hepburn will enter
upon his new duties, but 1t IS probable that he
VIII begin his work in the course OF few days.
Pre- Third National Bank will continue TO honor
fsrred their accounts TO the National City Bank and
II is believed that most Of the depositors will begin
their relations with the last-named bank once
The Third National Bank practically went out OF
business yesterday as IL then ceased making loans
AS yet II Is impossible to state the amount of
money that would be realized from the liquidation
or the Ihlrd Nationals assets. but IL was thought
yesterday that the stockholders would eventually
receive at least par for their holdings The last
sales OF the banks stock were al s. auction on
the Real Estate Exchange. and the banks total
assets, according to its recent report 10 the Con-
troller Of the Currency exceeded Sl3,7Ooco0.