The Caucasian. (Clinton, N.C.) 188?-1913, 1907-10-31

New Ycrk. Sperisl- AnolAsr nerve
raekirg day bz- paAse,i bai tAs anan-
esal insligst.ous of aew YoEk hate
shown extraordinary pawer Of ruzasl-
anee ie the pressure ra; spos tksa-
While II "a trus that several zalnax
institutions bare been fasued 10 sisss
their door. YET tao t.saEs should b
| said about ths:n-arEt, that he
amount involved vas act - great a.
10 exert any marked influence Oh the
! general situation. Is ti,rss aanks ~eFs
located in residential quarters aud
did not come into touch xlth ths lar
| ger h8aneial institutions of the ne-
trop6lis, aad second, that tlers -
eyery reason 10 believe that thsss
banks and trust companies are ea-
tirely solvent and their di enlties
will prove 10 BE- only temporary and
due entirely 10 inability TO secure
ready cash on the gii,-edfe securities
in their vaults
withdrawal Rule Enforced
In the light of tho General excite
u.cnt tie sayiugs banks thought u
wise TO p1t into effect the rule re-
qaiiing tiiirty II SIXTY DAYS notice
for TIE withdrawal of deposits, ana
this will prevent tie withdrawal of
money which would otherwise be put
in safety deposit boxes. The savings
banks. If they continued 10 make
| payments. would De obliged TO with
draw funds from the national banks,
therebj causing additional strain on
the general banking Institution
| There was not the least doubt but
that the inftiiutioas were IA anything
but tne soandest condition and il VISA
| pointed ont that the savings hanks
| Of this Stale are so restricted By
law in investing their money thar
there can be no question that all OF
the securities in their possession are
Of good value and readily salabie IA
! normal times.
The institutions which closed
their doors with the sums due de-
positors, were:
The Banks Affected
The United States Exchange Bank.
Harlem, 100000.
International Trust Company,
about 100000.
TIE Borough Bank of Brooklyn,
| S4.000,0 900.
The Brooklyn Bank, $500, 900.
Williamsburg Trust Company,
Brooklyn, s7.50o,0C0.
TIE First National Bank Of Brook
| lyn, s3,5oo,G0o.
TIE First National Bank Of Brook
| Iyn, the Williamsburg Trust Company
and the international Trust Company
were allied institutions. None Of these
companies had any important buss-
ness connections with the larger
banks which are representatives OF
the city's financial affairs.
Favorable Features.
On the other hand q namber Of Ia
vorable features marked .he day. The
Trust Company Of America and the
Lincoln Trust Company, the twe or
CARNATIONS which have suffered most
from runs, have been slowly paying
out to their depositors and closed
with all demands having been met.
| In the case of the Trust Company OF
America the run has weii nigh spent
/ its force as the great brik of the de-
/ positors have been paid on. At tbs
close Of business there xere gos~i
many in line at tue Lincoln Tru~t
| Company but also there vas . mark
ed reduction il lie uH7ber OF anx-
ions depositofE.
The most favorable incident OF
the day was that the stock exchange
was provided with funds ample TO
meet its immediate necessities by .
rsney pool headed BY ]. Pierpont
Morgan, wisieh sent abaut s15.Oo0,- :
600 10 the exchange during the sfisr-
noon. As aIl OF the loans made hold
over ~untiI Monday, the stock ez-
change situation VII rot be fartox
| in tire problems that tho bankers NO
b. ea.ied upon TO solso. A very e
eou-sgiug feature cf tl:e lfiernocn 4
devclapu1euts yrs si-ne1 ststenens
b. C7srk n-ill:e~as. TIE newly q
pointed State superintendent 4
bauk;ng, aEirn;ug tie seiTsney a
| the local installations.
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re--x Ecses.