Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-10-24
Hamilton Bank and Minor 1nsti-
tutions Suspend Payment
For Thirty Days
CLAIM soLvENcY, RUNS FEARED
Streams of Depositors at Doors Of
Trust Company of America to With
draw Funds-Run Also on Dime
Savings Bank-Bettcr Feeling Pro-
walls Because Of Cortelyou's Aid.

New York, Oct 24.-The Hamllton
hank. In West One Hundred and iweh-
tv-fifth street. and the Harlem Twelfth
Ward State bank, today suspended
payment to their depositors. The EN-
pire City Savings bank also posted d
notice. announcing Its suspension Tor
thirty days, under the banking laws.
The trust company began payments
to depositors promptly at 10 O'Clock.
The run continues, with over l,5oo de-
positors at the doors when the BANK
opened. The state examiner has been
placed in charge of the Twelfth Ward
bank. According to the last statement
the bank owed it's depositors $3,o0O,Ooo.
The run on the Dime Savings bank,
which began Tuesday, continued TO-DAY.
A large percentage of the depositors
are foreigners.
Claim to bs Solvent.
Notice posted on the doors OF the
Hamilton bank announced the BANK
solvent, but in justice to deposltofs'
payment was suspended until puoilc
confidence in banking institutions Is
restored e. r. Thomas. who Is as
sociated with Heinze and Morse, was
formerly president of the Hamilton
bank, but resigned after the break IN
United Copper stock, which marked
the beginning of the recent financial
troubles in this city. Orlando r.
Thomas, brother of E. r. Thomas,
also recently resigned as director, and
William r. Montgomery was elected
president The bank has q capital
stock Of 100000, and deposits Of about
$7,000000.
The bank has four branches in New
York city. The Hamilton is not large
institution. 1t is located in Harlem,
and had quite a good neighborhood
business, but it never was in any way
a representative New York bank.
The officials Of the Empire bank de-
clare the institution is entirely SOL
vent, but they decided to avail them
selves of the thirty days notice of
withdrawal under the state law, be-
cause they feared a run owing to the
suspension of payment by the Ham
ilton and Twelfth Ward banks, in the
same neighborhood. The Empire is
comparatively minor organization.
Directors of the Trust Company of
America went into session at $3.50.
Soon after Oakleigh Thorne, president
of the company, left the board room
To To yu1 y1yoit.
ing to withdraw their money that the
company was prepared to meet all de-
mands and was entirely solvent.
General Situation Better.
Suspension of payment by these three
banks was without any effect whatever
on the general financial situation, and
the outlook was more favorable today
than at any time this week. AS a re-
suit of last nights conference between
bankers and financiers, coupled with
Secretary Cortelyou's encouraging
statement that he had directed depos-
it's to the extent of s25,000,000 to be
made and proffering all the aid in his
power, brought forth a feeling of con-
fidence generally.
In the first half hour Of business at
IllS1 L NOiIpdly VI fAIilCIlSd lllOlS
money was deposited than was with
drawn. The deposits up to 10:30
amounted to 100000.
Morgan Says Situation is o. X.
At II o'clock ]. P. Morgan, in reply
to question as to situation, said:
"It's all right"
James Stillman, president of the Ma
tional City bank, the largest bank in
the United States, concurred with Nor
gan, saying the situation was salts
factory.
Secretary Cortelyou said: Things
look pretty good now. I have had
word of the suspension of the Harlem
banks, but prefer to make no COM
ments on it. l will remain here some
time longer, how long I can not say.
bills, is unfounded. We have $1O,OO0,-
900 in small denominations"
At the office of the State bank ex-
aminers, it was stated that they had
received reports Of the suspension Of
only three suburban banks. 1t was be-
lieved by the examiners that other
than these three minor institutions no
suspensions would be recorded today.
One of the examiners said the Hamil-
ton, Twelfth Ward and Empire City
banks are perfectly solvent
Stock Market improves.
Stocks bounded from to points
at the opening and London showed
considerable strength in American Sc
curities. Stocks did not, however, hold
their opening advances. There were
indications of renewal of forced IL
quidation in some stocks The general
level of prices fell below last night.
Call money opened at fifty per cent:
The weakness in the stock market
apparently was due to forced liquida-
ton Brokers found difficulty in bor-
rowing money on call and made it i'm
practicable to carry long lines of
stocks on margins. Much selling was
done to reduce these lines to more
wieldly proportions Selling therefore
represented to a considerable extent