Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1907-10-29
BANKS CONTINUE TO
Close IN New YORK
FIRST NATIONAL OF BROOKLYN
AND OTHER INSTITUTIONS
FAIL TO OPEN.
OTHER CITIES OF
THE EAST SUFFER

While Big Financiers Dump Money in
the Gotham Golfers to Stem the
Tide, the Runs Keep Up, and Banks
Close Doors.
New York, Oct. 26.-Efforts to allay
the financial storm received a setback
Friday by the failure of the Union
Trust company of Providence, r. L.,
with individual deposits of over $25,.
100000, and the closing of the United
States Exchange bank of Harlem,
this city; the Borough Bank of Brook,
lyn, the Brooklyn bank, the First ma,
tional bank of Brooklyn, and the In.
ternational Trust company and sew
eral other financial institutions.
Raise $1o,ooo,ooo Pool.
A pool Of s1O,O00,00O or more was
formed at conference held at the
clearing house Friday afternoon to
take care of the money needs of the
stock exchange. 1t was confidently be-
Neved that this action would tide over
the situation completely so far as the
stock exchange was concerned All
the loans made Friday will carry over
until Monday.
Trust Companies Withstand Run.
The Trust Company of America and
the Lincoln Trust company had with
stoed the run Of depositors without
difficulty UP to 2:15 Friday afternoon,
and the officials of both companies at
that time expressed themselves as
entirely confident of the result.
Several financial institutions closed
their doors Friday, but this action was
without effect in The larger financial
circles. 1t was believed that the in
stltutioas were ao:yeni, and that only
inability 1o obtains ready cash had
caused th.m to suspend payment, and
1t wss hopti that the suspensions
wou'i hs only temporary.
The s.nkers' pool which was organ.
lied t. support the stock exchange
houses mad abou. s15,O00,OOO to use
for that purpose. Up to 2:45 p. M
about $12,000,0O0 had been loaned by
them at about so per cent.
The stock market became quite
strong after the effective relief meas
nres, and at 2:45 prices were generally
at the highest of the day.
Brooklyn First National Closes.
The First National bank of Brook,
Ign with a capital stock of 100000
suspended payment to-day. 1t owes de.
positors about s4.200,00O
GuIick & Co., Rail.
The failure of Gregory, .7uiicn &
Co., members of the Consolidated
stock exchange, was announced this
afternoon.
Runs on the Trust Company of
America were resumed, but the
crowds were not so large as formerly,
and both concerns paid deposits as
fast as possible. Cash amounting to
$4,S00,000 was sent to the Trust Com
pany of America early through the
subtreasury.
All the members of the New York
stock exchange made their daily settle
ments of accounts as usual to the
stock exchange clearing house.
CIossd Banks Small Concerns.
The international Trust company is
one OF the small and inconspicuous
trust companies. 1t closed its doors at
1o:40. This trust company had
business connection with the Borough
Bank Of Brooklyn, which also sus.
pended payment.
The Borough Bank of Brooklyn is
state institution with capital stock
OF 100000 and deposits of about So
100000. Its business was not very
large and no prominent fnanciers
we're connected with it. One of its
principal connections was the Knick-
erbocker Trust company, which sus.
pended payment on Tuesday.
The United States exchange bank is
small institution located in the Har-
lem district. 1t announced early it
would not open for business. The
bank has only little more than $780,
900 on deposit, did an inconspicuous
business, and the announcement that
1t would not open was entirely with
out effect on the general situation.
The Brooklyn bank, with place of
-,
Brooklyn, did not open for business.
The bank had capital stock of $780,
600 and owes its depositors about ST.
100000.
Business Opens with Confidence.
When business opened for the day
much calmer tone was apparent in all
circles. The success of the relief
measure undertaken by J. Pierpont
Morgan, John D. Rockefeller and other
prominent financiers, together with
the serenity with which the officials
of the Trust Company of America had
met the run of depositors on that in
stitution gave great encouragement to
bankers and business men generally
that no trouble was to be feared.
The $25.000,000 made up by pool
headed by Mr.. Morgan, which had been
sent into the stock market, was be-
7ieved to have given permanent relief
to the brokers who were in need of
funds with which to carry the stocks
bought and held on margins for their
customers.
williamsburg Trust Co., Closes.
The Williamsburg Trust company OF
Brooklyn. which has capital stock
OF 100000, closed its doors Friday
afternoon. 1t owes depositors about
$7,500,000.
At the office of the Williamsburg
Trust company it was said that the in.
suLuJlon was entirely solvent and that
1t had closed its doors because of
lack of ready cash and for the better