The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-26
Another Nerve Racking
Dayon Stock Exchange
and Several F ailures.
SAVINGS BANKS
HAD TOsUSPEND
Larger institutions Withstand
Runs Upon Them, and Clear
ing-House Certificates Will
Be Issued To-Day, PERI
hitting Bettlements
Without Cash.

NEW YORK. October 25.-Another
.nerve-racking day has passed, but the
financial institutions OF New York
have shown extraordinary power OF
resistance to the pressure put upon
them.
While 1t % true that several minor
institutions have been forced to close
their doors. yet two things should be
said about them: first, that the amount
involved was not so great as to exert
any marked Influence on the general
situation. as those banks were loca-
ted In residential quarters and did
not come into touch with the larger
financial institutions OF the metropolis:
and second. that there is every reason
to believe that these banks and trust
companies are entirely solvent, and
that their difficulties will prove to be
only temporary. and due entirely to
inability to secure ready cash on gilt
edge securities In their vaults.
NDtlcc Ia Required.
In the light OF the general excitement
the savings banks thought 1t wise to
put into effect the rule requiring thirty
to sixty days notice for the withdrawal
of deposits. and this will prevent tho
withdrawal OF money which would
otherwise be put in safety deposit
boxes.
The savings banks, IL they continued
to make payments, would be obliged
to withdraw funds from the national
banks, thereby causing an additional
strain on the general banking situa-
tion. There was not the slightest hint
that any of the savings institutions
was in anything but the soundest con-
dition, as 1t was pointed out that the
savings banks OF this State are SO re-
stricted by laws as to investing their
money that there can be no question
that all OF the securities in their pos
session are OF good value and readily
salable in novmal times.
Those Which Suspended.
The institutions which closed their
doors to-day with the sums due de-
positors. were:
The United States Exchange Bank,
Harlem, 100000.
International Trust Company. about
100000.
The Borough Bank of Brooklyn,
s4.000,o00.
The brooklyn Bank. s2.soo,ooo.
Williamsburg Trust Company.
Brooklyn. S7.5o0.oo0.
The First National Bank Of Brook
lyn. $3,5o0.0O0.
The First National Bank OF Brook
lyn. the Williamsburg Trust Company
and the international Trust Company
We're allied institutions.
None Of these companies had any
important business connections with
the larger banks, which are represen-
tative Of the city's financial affairs.
Many Favorable Features.
On the other hand. number OF
favorable features marked. the day.
The Trust Company OF America and
the Lincoln Trust Company, the, Two
organizations which have suffered most
from runs. have been slowly paying
out their depositors and closed to-day
with all demands having been met.
In the case OF the Trust Company OF
America the run has well-nigh spent
Its force. as the great bulk OF the do
positors have been paid off.
At the close OF business there were
a good many in line at The Lincoln
Trust Company, but also there was a
marked reduction In the number OF
anxious depositors.
/ B h,