The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-05-23
BANKS MAY CONSOLIDATE,
Too Many of Them Doing Business
10 New York.
THE FIRST COMBINATION ANNOUNCED
VIII Go Together and Others Are
Recommended to Follow.

New York. May 92.-The Tribune this
morning says: 1t Is not unlikely that fur
ther announcements OF New York City bank
OF the present year. The proposed alb
sorption ot the business of the Third Ma
tional bank by the National City bank
has revived discussion in Wall street OF
bank consolidation possibilities and from
the character OF the talk hcari IN bank
Ing circles II would appear that bankers
as rule are In favor of fewer banks in
the Wall street community aud for that
matter Throughout; the city. Reasons pre-
| scented for the voluntary liquidation OF tho
| Third National hank and the taking over
OF ITS accounts by the National City bank
could be given for similar proceedings by
| other city banks and while no steps have
| been taken in the matter, the probabilities
| favor some important changes III the
! money institutions OF New York IN the
| near future,
Money continues TO pile up at this CEN
| ter and the recent gold exports agsregat-
ing about si3 000, 600 have not served TO re-
| ducc the lawful holdings OF money on ac-
| count OF the large receipts OF currency
| from the interior With money accuaulat
| ing at a rapid rate and comparatively 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 lead bank directors
| and officials TO believe that number OF
| institutions should consolidate, pur'hs Il
recent visit OF Comptroller Eckels In this
| city he expressed the same view. He said
| that at least six banks in New YORK onSht
! to adopt consolidation proceedings Win
! some other issttution, and Mr.. IaPpen OF
| the Gallatin bank is reported 10 have suu
that other banks should do as the Third
National and National City had DONE and
| that he would not be surprised II Snoh
| Cousol dalious were to take place
No surprise was manifested thht inc
| Third National bank had decided to so into
voluntary liquidation. aud the fact that
the National City bank would assume the
obligations Of the first named Institution
was received as only additional evidence
of tho we'll known progrcssivcncss OF the
! National Citys management me Ma
tional City has been looking for suitable
vice PRECEDENT for some tinr0 and II also
desired to increase Its out-of-town husl
ness The Third National bank pres''
dent a. p. Hepburn. comptroller OF me
/ currency Was looked upon as Most de-
sirable man for tho place. and as his bank
had hlgh class out -of-town elientasr.
Tho opportuuliy of consolidating the Third
Nationals interest with those of the Ma
tionnl CITY was readily grasped by Inc
management OF the last mined institution.
II has not vet been decided ws"n Mr.
uerbuin will stat in upon his new du
ties. but II is .probaSle he WI begin HE
work in the course of a few days
The Third National bank VIII continue 70
honor the checks of Its customers unti
they have transferred their accounts To
the National City bank. as 1t is believed
most of the depcsitors will begin their re
latons with tao last named bank at once
As yet it is impossible to state The
amount OF money that Will be reniized
from the liquidation Of the Third Nation
al'a assets hut II is thought that ihr
stockholders will eventually receive at
least par for their holdings The isst sales
of the banks stocks were at 50 at auction
on the Real Estate eXcha'se. and the
banks total assets. according 10 its recent
report TO the comptroller OF the currency
exceeded $4,000 900