Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-10-28
PHILADELPHIA IN LINE.
Trust Companies to Meet Their De
positors' Checks

PHILADELPHIA, October 2S-At a
meeting of the trust companies of Phila-
delphia today following the action of the
clearing house in Issuing clearing house
certificates, the trust companies decided
that until further notice they will meet
the checks Of their deposItors by the is
suance of checks drawn by the trust COM
panies upon their respective national
banks stamped as payable through the
clearing house only" and to pay out
money over their counters In the same
way as the national banks will do: that
IS only for business requirements, pay
rolls or the personal needs of depostors
IN cash where bankable funds payable
through the clearing house will not an
sWer.
y committee of trust company prest-
dents to co-oeerate with the national
banks was appointed as follows:
Efiingham B. Morris, Girard Trust
Company, chairman; Rudolph Ellis. Fidel-
ity Trust Company; c. S. W. Packard.
Pennsylvania Company for Insurance on
Lives and Granting Arnuities: Asa S.
Wing, Prov.dent Life and Trust Com
pany; William l.. Dubois, Philadelphia
Trust, Safe Deposit and Insurance Com
pany; William r. Nicholson, Land Title
and Trust Company; Richard Y. Cook.
Guarantee Trust and Safe Deposit Com
pany, ana ftoratlO u. LLOYD, commercial
Trust Company.
Chairman Morris said after the meet
ing that the situation in Philadelphia
is in admirable shape, and that mis- ac-
tion of the trust companies was taken
merely for the purpose of cooperating
with the national banks to prevent large
withdra walls of cash either to other cities
or its boarding by depostors 1t is one
of the means adopted. he said, for the
protection alike of both banks and trust
[. i l,<S,
Notice of the action taken by the large
trust companies was sent to all the trust
companies in the city.
Trouble in Kansas City.
KANSAS CITY, October os-The Bank
ers' Trust Company f,as asked aid of the
clearing house but 1t was declined be-
cause OF the class of collateral offered.
James f. Downing, president of the
Clearing House Association, said that no
other banking institution here had re-
quested aid and he believed them in a
safe condition. The Bankers Trust Com
pany was organized last year and had a
capital OF $.e0.UDo ard a surplus of $4,000.
1t took over the busines Of the City Ma
tionaI Bank. which failed in July, 1905.
The Bankers T ust Company was not a
m mher of the clearing house, and while
no run was experienced at this bank a
the opening of business this morning, 1t
was decided temporarily to suspend bust
ness to protect depOSitorS and Stockhold-
ers Cashier Hughes said that the bank
had ample assets to meet all liabilities.
It's foreign correspond ants are the Ori-
entail Bank OF New York and the Prairie
National Bank of Chicago.
Thee was no app arance of anything
ike a run at any of the other local banks
up to 1870 o'clock.
Members Of the Clearing House Asso-
ciatiun today advised their correspond
-nts IN the southwest by telephone to re-
strict payments to .poSitOrS until the
pre- sent furry had passed and the ind-
cations were that this advice would gen
rally be accepted
Providence Is Quiet
PROVIDENCE, r. l.. October 2S.-At
the hour of opening today there was
every indication that banking conditions
in this city would be normal today. Pre-
vlous to the beginning of business today
there was no evidence that any of the
savings Institutions would be subjected to
an unusual number of Withdrawals.
Pittsburg Still Comatose.
PITTSBURG. October 2S.-It was de
cided not to open the Pittsburg Stock Ex-
change at meeting of the board of di-
rectors this morning. Just when the ex-
change VIII resume transactions is not
known. Another meeting of the directors
will be he d tomorrow morning. 1t is the
belief in some quarters that the exchange
Will remain closed throughout the week.
Aside from the suspension of the ex-
change there is nothing else worthy of
mention III the local financial situation.
Boston's Precaution.
BOSTON, October 2s.-The Boston
Clearing House Association today de
cided to issue clearing house loan certif-
Gates bearing interest at AZ per cent. The
high rate of interest is for the purpose OF
retiring the certificates at the earliest
possible date. The New York rate is i
per cent.
The loan committee of the clearing house
will pass upon collateral and approve the
issue of the certificates at - per cent of
the market value of the securities
Leading bank officials declared today
that the adoption of the clearing house
certificates for the settlement of bank
balances was solely precaution
against the withdrawal of money by per-
sons desiring 10 hoard II or to take ad-
vantage of high currency rates in other
cities.
Maine State Bank Suspends.
BATH. Me, October 2S.-The Bath
Trust Company. a small bank controlled
by Charles w. Morse of New York, closed