New-York tribune., 1907-11-05


Company, it was also said. showed that IL that
company were to be liquidated there would re-
lmain $l,30O,00O for distribution TO the holders
Of the company's slO0O.0o0 capital stock. But
The best opinion in the Street is that both com
ranies will come through tie present Crisis and
continue as going concerns.
The Offices of both the Trust Company OF
America and the Lincoln Trust Company opened
promptly at 10 o'clock yesterday morning, and
depositors were paid of as usual until the close
OF banking hours at o'clock. Most OF those
IA line were bank messengers with bundles OF
checks. and the paying off process was necessarily
slow The genegaI public fails to realize that
the paying off Of one bank runner who presents
two hundred checks is equivalent to settling
with The same number OF depositors, which
would be looked upon a heavy days WORK
The impression which has got abroad that
the companies are purposely paying off slowly
S. therefore, seen to be erroneous.
SURPRISED AT LENGTH OF RUN.
1t was the eleventh day OF the run on the
Trust Company of America and the ninth DAY
Of the run on the Lincoln Trust Company. Ihe
rnn also continued at the Colonial Branch OF
the Trust Company Of America, but there were
few in line. James W. Tappin, vice-presloei'
of the Trust Company OF America VINO mas
charge Of the Colonial Branch, speaking OF the
prised at the length Of this run. I have never
seen OF heard of anything like it. I think it
very probable that there will be distinct
change by Wednesday. and possibly the fact
that we close tomorrow on account OF the cleo
lion will give some of the hot heads chance
To think It over and cool off. Aside from these
hank runners there have. OF course. been few
private depositors in to-day's line but not an
unreasonable number. We are not at all dis
turbed and past the point of being surprised
at anything"
As has been the case Tor the last week there
were large number of deposits made yester-
day both at the main office Of the company in
Wall street and at the Colonial Branch.
IN a statement given out last night Frank TIL
ford, president of the Lincoln Trust Company
said: This has been the greatest fight in the
history OF finance. The directors have decided
10 continue the fight and TO pay off the deposit
ors. We shall continue TO keep open
Isaac y. Seigman. senior member OF the
banking house of ]. & w. Seligman & Co, who
is director of the Lincoln Trust Company, said
last night: The company has sufficient funds
TO meet all demands. The directors are consid-
eri,ig what it is best to do under the present
circumstances"
Meetings OF directors Of all the Harlem and
Bronx banks which recently suspended were
held yesterday and it announced that all
these institutions expected 10 resume in the near
future. At the United States Exchange Bank it
was said that the investigation made by the
bank examiners was satisfactory in every re-
. spect Depositors, it was said were promising
TO leave large balances in the bank for four
months without drawing on them. IT was said
that The bank hoped 10 be able to resume bust
ness on Thursday or Friday.
At the Twelfth Ward Bank at Lexington ave
nue. and 125th street, many depositors signed
yesterday an agreement TO leave either as per
cent or 100 per cent OF present balances on de-
posit for four months. 1t was announced that
the bank would probably open next Monday.
The directors of the Hamilton Bank held
long conference yesterday to consider reopenng
for business at an early date, but no definite
plan was announced. At the Empire City Say
ings Bank and the Harlem Savings Bank there
were few notices Of withdrawal.
MORE. GOLD ENGAGEMENTS.
Further engagements Of gold in London were
made by bankers here and in Chicago yester-
day Notwithstanding he high rates which still
prevailed in the foreign exchange market The
total amount engaged yesterday was S36000o0
OF which Lazard Freres arranged TO bring in an
additional 81, 10000: Heidelbach, Ickelheimer &
CO. engaged 100000; the National Bank Of
Commerce. 100000: the Seaboard National
Bank. S:}J0,000. and the Commercial National
Bank OF Chicago, 100000 This brought the total
gold engagements since the movement began
to 33,0OOO00. The first Of this gold is expected
to reach New York this morning the Kron-
prinzessin Cecie, which is due at Sandy Hook
at daybreak. She carries about SS,O00,000. The
Lusltania should arrive here on Friday morning
with S10OO0OO0 more. The Teutonic, which is
also due here at the end OF the week. will bring
s1.Oo00O0. making the total imports up to Sun
day about s19.Oo0.O00.
Currency continued yesterday to command a
premium, and one instance reported where
a bank paid a premium OF $4,000 to secure
$4,000 In cash for customer. The premium
generally asked, however, was from to 31s per
cent, according 10 the amount, the larger SUMS
of course, bringing the higher premium 1t was
reported by the various money brokers that con-
siderable boarded money was coming out, at
tracted by the handsome premium. The person
who had cash TO sell received a certified check
some Clearing House bank. This check was
marked payable through the Clearing House"
and could be deposited in bank but could not
be cashed except through the courtesy Of the
owners bank.
WALL STREET INSPIRES CONFIDENCE.
The behavior Of the stock market yesterday
went far to confirm the belief that the crisis
in the local banking situation had been passed