Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1907-10-26
new YORK BANKS SAFELY
THROUGH STRENUOUSDAY,
Six Houses Fai|--Morgan Pool Advances $4,000.
600 Cash. Clearing House Certificates to Be
Issued Confidence Firm on the Street.

New York, Oct. 25.-Another nerve
racIiinS day has passed but the finan-
cial institutions Of New York have
shown extraordinary power OF resist
ance to the pressure put upon them
While 1t is. true that several minor in
situations 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 situation. as these banks We're
located in residential quarters and did
not come into touch with the larger
financial institutions of the metropolis:
and second, that there is every reason
to believe that these banks and trust
companies are entirely solvent and
their difficulties will prove to be only
temporary and due entirely to inability
to secure ready cash OH the gilt-edge
securities in their vaults. OF course
| the cessation OF business by these COM
panieS caused trouble to many people
| but rot as or AT Us il might seem, as
! the depoSitorS are fOr the most part
| located i'm the We'l-tO-dO quarters Of
the city and many of them are people
| of wealth who have suffered no great
| inconvenience.
| III the light of the general excite
ment the savings banks thought it wise
| to put into effect the rule recurring 50
| to 60 days notice fer the withdrawal of
| deposits and this will prevent the with
drawal of money which would other
wise be put in safety deposit boxes.
! The savings anls if they continued to
| make ,o,n,cnts would mo obl;pad To
! yyithdrar. funds f.no ma n,tiona,
lor,,e ,,orch,- caucing an additional
Strain on the general banking situation
| There was net the SLIGHTEST hint that
| any of the Swings institutions was in
IanYtEing blIt the Sounlest condition and
| if WIS DOinted ont that the savings
! hanks If this state are 50 restricted
, nv, law in investing ,beir uonav tha,
.,r ~, H., u, e,,,as.,;,,, INA, III ~ ,ho
e,,u, iti,. i'm moi. ,,,,es,esion ar, Of goo !
,,1,,,, on,l r,.li,,- s,,a,i,,a i, nor,,,,I
,in,o
MI, ;n.;,,,,;,c ,.hio,, o,ae,,d ,h,:.
1rar. ,I,, u.;,h s,,,n. lna l,,,os;tnr.
,...ro
~, WESTON, c.,t, I,xo,,o,o, p,,,,-
Harlem, s60u. 1oa: International Trust Co.
about Slo0,ooo: The Borough Bank of
! BroC ltlyn, $i,Whi.o9o: The brooklyn
| EaHk $.,3M,uJ'; Williamsburg trust
| CO., ErCnKiyn, e., Ith.e1c; The First Na
| lhJnal Bank OF Erooklyn, So Do 600 The
| First National Bank Of RrookIyn. tho
Wiilia,nsb,rg Trust Co, and the IN
tcruationa1 Trust Co, Were. allied insti-
tutionS None of these companies had
any important business connections
with the larger banks which are repre-
scntatives of the citys financial affairs
On the other hand number of ia
yorable features marked the day. The
Trust Go. of America and the Lincoln
Trust 90 tho two leading OreaniZa-
lions which suffered most from runs,
have been slowly paying out to their
depositors and closed today with all
demands having been met. In the case
of the Trust Co. OF America the run mas
well nigh spent IT'S force as the great
HuiN VI '''e 80"
On a. 'ie oi ~ .,,.
d $50 ''' ' ,,,a ,a,,,aa
ii"'' 49, -. -
re" 'io'' IA '''' VI
| -
''e ''o,' ~,
'"H w., ''.'. -
pioHi.l''" WIN i'no' 'i'Pi' " '''NN -
| iiil''le'h,'e ~ a n'oi'cs p'o'
hea'ieo' ny ., w., e",.' mn ~
i.i"9' s'''OVV''po ~ NV ~ u''i '''S
| ,ic wv io'i :" -, : ~ ~ ,e'u
| nei' iei''iN''S III I'll ",t ""t w,
| thc po"i n'oii1s ""9 oi''ic" :" -. .o.''
| corner ,helt WIS 'ii ii'''i''ui''t ap'''h
OF prices aii" we iii"iktt er's'n S'i"is
| az 'ne peS' prices 81 t",, nay ~ an -,
the loans "''le '"oa! hoio over u'i''i
MONDAY 'he lock f'Arh''''S" sl'u'tioll