The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1907-10-31
MINOR BANKS CLOSE
GENERAL FINANCIAL SITUATION
is ENCOURAGING.
ALL PROBABLY SOLVENT
Savings Concerns Certainly Are Sound
Stock Exchange Provided with
Ample Funds for the
Present.


New York.-FTiday was another
nerve-racking day, but the financial
| institutions of New York showed ex-
traordinary power of resistance to the
pressure put upon them. While it 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 difficult
ties will prove to be only temporary
and due entirely to inability to secure
ready cash on the gilt-edged securities
in their vaults.
The institutions which closed their
doors Friday, with the sums due de-
positors, We're: The United States Ex-
change bank, Harlem, 5000, ,OOO Inter-
national Trust company, about $780,
600; the Borough Bank of Brooklyn,
S4,OOO,OOO; the Brooklyn bank. $2,300,.
600; Williamsburg Trust company,
Brooklyn, $7.5O0OOO, and the First Ma
tional Bank of Brooklyn, So, 500, 900.
In the light of the general excite
ment the savings banks thought it
wise to put into effect the rule requir-
ing 30 to GO days notice for the with.
drawal of deposits There was not the
slightest hint that any of the savings
institutions was in anything but the
Soundest condition.
The most favorable incident of the
day was that the stock exchange was
provided with funds ample to meet it's
immediate necessities by the money
pool headed by J. Pierpont Morgan,
which sent about $1500O,OO0 to the ex-
change during the afternoon. The
stock market had held relatively firm
all day. but when the pool money was
immediate upturn of prices and the
market closed strong at the best prices
of the day.
Crisis Believed Over.
New York. - AS a result of Thurs
days developments in the finan-
cial world there is every indication
that the crisis in the banking and
trust company situation has been safe
ly passed. The Trust Company of
America all through the days bank
ing hours paid out money to depositors
as rapidly as possible and closed with
all demands having been met.
A very favorable feature Of the sit
uation respecting this company was
that it was able to make it's payments
with very little assistance, and an
other was that the company received
over its counters in the morning hours
in ordinary deposits more than $1,000
900.
Three Small Banks Suspend.
The day was marked by three note
worthy episodes, First and earliest
in the day came the announcement of
trouble in three minor state banks in
Hamilton bank, the
Twelfth Ward bank and the Empire
City Savings bank. These banks
transacted only neighborhood busi-
ness and their suspension of payment
was absolutely without significance as
bearing on the general situation. The
Empire City Savings bank was con-
trolled by Tammany Hail politician,
and its business operations were con-
fined to small area.
Although these banks were obliged |
to close because of lack of ready cash, |
State Bank Examiner Judson declared !
that all three were solvent and that
their dcpositors would lose nothing.
The second episode was a run in
augurated against the Lincoln Trust
The run was steady
the day, but the sums
were not large. 1t is an
uptown institution, with a great many
women deEositors, and carried mainly
personal household accounts. At the
close Of the day the companys officials
announced that they were fully able
to meet all obligations.