Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1907-10-21
TOday's Telegraphic News,
The New York Banks


New York, Oct. 2l.-New Ysrk g.
nanciess sre hopeful that yesterdays &C
ton BIZ the clearing house committee
may prevent serious trouble among local
banks and on the stock market. The
general impression is that the commit.
| tee's announcement that the institutions
suspected Of impairment through their
officials connection with the recent
market slump, coupled with the clearing
house pledge Of supper. in the event Of
heavy Withdrawals of deposits will re-
lieve the tension. Ii is admitted that
the situation would be grave had things
gone on much longer as they have been
going for some time past.
Sunday wss almost as busy as week
days 10 Wall street. The clearing house
committee did not report until late and
the 6usnciers did rot know what Mon
day would bring forth. Accounts we're
fully overhsuled, eveniualities considered
and every preparation made to be ready
for any situation which might develop.
When the report finally came tie
worried Wall street men breathed sigh
of relief. Here is what the committee
announced:
"a committee of the clearing house
hsve examined the several banks of the
associations that have been under crit
icism and fined them solvent, the clear
ing house committee have decided to
render them such assistance to meet
their deposits as the committee may
think necessary"
While no dsfOite announcement was
made concerning the extent to which
the institutions ia question will be
backed, it is understood that $40, 900,
900 to Sl2, 900, 600 will be advanced il
necessary.
The committee report referred specif
ically to the National Bank of North
America and The New Amsterdam Bank,
but financial experts agreed that the
steps taken will have good effect not
con fined to The insti utions mentioned.
State Superintendent OF Banks Mott
who came down from Albany to keep an
eye on the State institutions in the city,
is still here. The State examiners we're
busy all of Sunday and held frequent
conferences with members of the clearing
house committee.
o. f. Thomas of the Consolidated
National Bank has sold his stock to W..
0. Allison and T. J. Lewis, already
large shareholders. Allison will succeed
Thomas as president.
No demonstrations were made at any
oflhe banks involved 10 the Heinz copper
slump when the business day opened.
OIto Hsinze and Company issued the
following signed letter today:
awe regret 10 say that we find our
affairs so much more complicated thar
We had ct first anticipated that we have
been unsbls with The greatest effort to
get item toto shape 10 present them at
the meeting called for today and we
are therefore obliged to ask you to meet
US at day later in the week, of which
sou will be duly notified"
With the resignation CT four bank
presidents and the pledge of support
from the clearing house for the instiIu-
tions, fear Of panic was dispelled today
aud at the opening of the exchange a
display OF confidence was made.
The following changes in The heads OF
banks were officially announced: Seth
w. Ml.iken succeeds F. Angus us
Heinzs IS President Of the Mercantile
National Bank w. F. Havemeyer sue
ceeds Alfred Ii. Curtis Ms President Ct
the National Bank of North America (;
w. r. Montgomery succeeds Edward R.
Thomas IS President OF the Hamilton
Bank w. G. Allison succf eds @. +.
Thomss as President of the Consolidated
National Bank.