The news-democrat. (Providence, R.I.) 1906-1909, 1907-10-24

a recent statement, the institution owed
depostors about $3,0o0.0oo.
EMPIRE CITY BANK.
The Empire City Savings bank, located
at 231. West 125th street, posted notice
this morning announcing their suspension
for 30 days under the banking laws. The
officials OF the bank declare that the In
stitution is entirely solvent, but that they
decided to avail themselves of the 3o-day
notice of withdrawal under the state law,
because they feared run owing to the
suspension of payment by the Hamilton
and Twelfth Ward banks In the same
neighborhood. The Empire City Savings
bank according to a recent statement,
owed it's depositors about 3d. 10000.
The Empire City Savings bank Is one
of the city's comparatively minor organ
izations It's suspension Is without bear
ing on the general financial situation In
New York.
The run on the Dollar Savings bank In
the Bronx which began Tuesday, con-
tinued today. Nearly 300 deposltors were
lined up outside the building when day
light came. Many of them, a majority
of whom were women. had stood all
night in the line. A large percentage OF
the Dollar banks depositors are foreign
ers
The sub-treasurv received s10oo0.00o in
cash from Washington this morning. The
shipment consisted of bills OF all denomi=-
nations. largely lower denominations. In
order to meet every demand for small
bills. This permitted Secretary Cortel-
small bills was not sufficient to meet cur
rent needs; He says the amount received
today amply meets present requirements.
PERKINS rs PLEASED.
After a conference with Secretary Corr
telyou this morning. George w: Perkins.
OF ]. p. Morgan e. Co, said: THE situa-
ton is working Itself out satisfactorily.
Confidence is being restored. and i can
say that the financial institutions of the
city are perfectly solvent. Today Is bet
ter than yesterday, and tomorrow VIII De
better than today.
| iners it was stated today that up to lo:ss
a. m. they had received the report or
the suspension Of lisyd only fhree bv tse seD snamn
iners that other than these three minor
institutions. no suspensions would De re.
corded today. One Of the xamners ss,a
Empire City bank are perfectly solvent.
Call money opened at 80 per cent.
Weakness in the stock market appar,
represented 10 a considerable extent the
closing out OF stocks carried TO specula-
tive account on margins.
The decline in prices after IL o'clock be-
came more precipitate. Union Pacific sell
Ing down to 1854. St Paul, TO l01h,
Northern Pacific to l0e, Reading to 1914.
and Atchison, TO 13.
OTHER BANKERS TALK.
The situation of the Trust Company OF
America at noon was appreciubly better.
Oaklegh Thorne said to The Associated
Press that they were getting on very
well: that a good many depositors were
returning their money and Withdrawals
were by no means so heavy as they had
reason TO expect from yesterdays ex-
perience: that the applicants at the pay
ing tellers window had fallen OF. both
at the parent bank and at the Colonial,
and he had no solicitude as TO the future
George ". Sheldon. one OF the leading
bankers, said at noon: There s abso-
lutely no cause for alarm. The situation
may be regarded as clear. and there Is q
decided Improvement today. The banks
ard trust companies are perfectly solvent
aud will meet any demands made upon
them"
. Mr.. Sheldon made the above statement
at the close of the conference with j. r.
Morgan and other bankers.
Continued on Page rwo.)