The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1907-10-31
SIX MINOR BANKS
IN new YORK close
GENERAL FINANCIAL SITUATION
QUITE ENCOURAGING
NEVERTHELESS.
Al Probably soIvent-savInos Con-
Germs Certainly Are sound-stock
Exchange Provided with Ample
Funds fov the Present.

New York, Oct. 26.--Friday was an
ether nerve-racking day, but the finan-
cial institutions of New York showed
extraordinary power of resistance to
pressure put upon them. While 1t
is 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 situa-
tion, as these banks were located In
residential quarters and did not come
into touch with. the larger financial
institutions Of the metropolis, and Sec
ond, there Is every reason to believe
that these banks and trust companies
are entirely solvent, and their difflcul-
ties will prove to be only temporary
and due entirely to inability to secure
ready cash on the gilt-edged securities
In their vaults.
Six More Concerna Close.
The institutions which closed their
doors Friday, with the sums due de-
positors. were: The United States Ex-
change bank. Harlem. 100000; Inter.
national Trust company, about $780,
VOV; the Borough BANK vi Brooklyn,
y4.OOO,00O;. the Brooklyn bank. q, ,300.-
vO0s Williamsburg Trust company,
Brooklyn, 37.50u.G00, and the First Ma
ton Bank Of Brooklyn, $3.500,000.
in the light OF the general exotic
ment the savings banks, thought II
,.se 10 pul into vneSs the rule reQuir-
ing 80. to GO days notice for the with
4rawal of deposits.
There was. not the slightest hint
that any of the savings institutions was
in anything but the soundest condi-
tion. and It was pointed out that the
savings banks Of this state are 30 re-
stricted by law. In inveating 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 normal times
Stock Exchange Supplied with Funds.
The most favorable incident Of the
day was that the stock exchange was
provided with funds ample to meet its
immediate necessities by the money
pool headed by j. Pierpont Morgan,
which sent about $15.000.000 to the ex.
change during the afternoon. The
stock market had held relatively firm
all day. but when the pool money was
offered in the loan corner there was an
immediate upturn Of prices and the
market closed strong at the best
prices Of the day. Ar all of the loans
made Friday hold over until Monday
the stock exchange situation will not
| be a factor in the problems that the
| bankers may be called upon. to solve
| Saturday.
Tnust Company Meets Demands.
New York, Oct. 25.-As a result ol
Thursdays developments In the finan
cial world there is every indication
that the crisis; In the banking ant
trust company, situation has been safe
ly passed. The Trust Company O
America all through the days bank
ing hours paid out money to depositor'
as rapidly as possible and closed will
ell demands having been met.
A very favorable feature of the. sit
uation respecting this company wa
that 1t was able to make Its payment
with very little assistance, and an
other was that the company receives
over it's counters In the morning, hour
In ordinary deposits. more than II 900
900.
Three Small Banks Suspend.
The day was marked by three note
worthy episodes. First and earlies
in the day came the announcement Q
trouble In three. minor state hanks 4
Harlem - the Hamilton bank. tn
Twelfth Ward bank and the Empir
City Savings bank These bank
transacted only neighhorhood bus
ness and their suspension of paymen
was absolutely without significance a
-bssring on the general situation.
The second episode was run II
augursted against the Lincoln Trui
company. At the close of the day th
companys ofiicials announced tbs
they were fully aDle to meet ell obi
cations.
Il Plenty of Mensy for sraksrs.
BY far the most notable. even DR.,
: matic. episode Of the day was th
emptying OF about s25 900, 900 into ,th
stock exchange through 3 pool hea.
ed by ,. p. Morgan and other fnal
ciess, In order to avert Z ruthlsss tel
Ing oout Of stocks held BY broker
which was threatened becauss Of the
z inability TO obtain renewals Of lear
s on which thsss stocks had been ca
ried.
Pa The effect Of tho relief measure WI
instantaneous and the rate on .ce