Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1907-10-31
HOLD THEIR OWN
The Large New York Banks Are
Weathering the Financial
Storm.
SEVERAL SMALL ONES CLOSE
The Stock Exchange Was Kept Pro
vIded With Funds by the Nor
gan Pool and Seeurl-
ties Held Up.

New York, Oct. 26.-Another nerve
racking day has passed, but the
financial institutions OF New York
have shown extraordinary power oil
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 inhu.
ence on the general situation. as these
banks were located in residential
quarters and did not come into touch
with the larger financial institutions
Of the metropolis; and second, there
is every reason to believe that these
banks and trust companies are entire
ly solvent and their difficulties will
prove to be only temporary and due
entirely to inability to secure ready
cash on the gilt-edged securities in
their vaults, OF course the cessation
of business by these companies caused
trouble to many people but not So
great as 1t might seem, as the de-
positors are for the most part located
in the well.to-do quarter Of the city
and many of them are people Of
wealth who have suffered no great in.
convenience.
In the light of the general excite
ment the savings banks thought 1t
wise to put into effect the rule re-
Quiring 30 to go days notice for the
withdrawal Of deposits. This WIFI pre-
vent the withdrawal of money which
would otherwise be put in safety de-
poslt boxes.
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,
900; The Borough Bank Of Brooklyn,
s4.0OO.OOO; The Brooklyn bank, ST.
100000; Williamsburg Trust company,
Brooklyn. $780, 900, and the First Ma
tional Bank of Brooklyn, $500. 900,
The First National Bank OF Brooklyn,
the Williamsburg Trust company and
the International Trust company were
allied institutions. None OF these com
panies had any important business
connections with the larger banks
which are representatives of the city's
financial affairs.
On the other hand a number Of
favorable features marked the day.
The Trust Company Of America and
the Lincoln Trust company, the or
CARNATIONS which have suffered most
from runs, have been slowly paying
out to their depositors and closed Fri
day with all demands having been
met. In the case Of the Trust Com.
pany Of America the run has well nigh
spent itself as the great bulk Of the
depositors have been paid on. 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 The most favorable Incl
dent Of the day was that the stock
exchange was provided with funds
ample to meet It's immediate neces,
stiles BY money pool headed by J.
Pierpout Morgan which sent about
ii5,ooo.00o to the exchange during the
afternoon The stock market had held
relatively firm all day but when the
pool money was offered In the loan
corner there vas an Immediate uptprn