New-York tribune., 1908-01-31
ORIENTAL MEETS RUN.
NAY OPEN AGAIN TO-DAY.
Banking Circles Beliece Situation Is
FINALLY Clarified.

main institution that il would open for business
+.,is morning and that all demands for payment
would he met. they yesterday He estf-
mated the amount paid out at the Broadway
hank during the day at about S2ro.en. MI
1ollv said that the 81 poaGlo which the bank
obtained TO meet the demands of depositors
-an,e from the orientaTs own assets but that
> dozen banks had offered TO give aid if it was
needed. The directors held two or three meet
Ircs in the course Of the day and evening, and
=. 4 late hour President Kelly said il was eX-
racted 70 open as usual to-day Another meet
ins viii be held az o'clock this morning
BANKERS OFFER AID.
number Of prominent banks. il is learned.
sc1ine as individuals and not members of the
Clearing House Association and being actuated
n. their confidence in the present management
~ -,e Oriental Bank had expressed their will
tnzness TO advance TO that institution total
- s. 900 600 cash. upon satisfactory coiiaterai
beinc deposited with them. The collateral. II
,s said proved TO be not UP 10 the requirement.
s1d as 2 supplement TO ii a guarantee by the
directors was asked for Some of the directors
-r,,-rr1fv gave the desired guarantee, but others
declined. and owing TO their refusal the pro-
,oeo5 cconarnodation was not granted 10 the
oriental. which thereupon made arrangements
= o-bo- quarters for fortifying itself against
me expected mn.
The immediate cause OF the anxiety Of the
hanks 5apositors was traced 10 the report that
-, hank rad been requested to take up
s. clearing House certificates Contributing
s,,see il vas said. were the recent relations
vi-h the institution. OF persons who came into
,.o-5er,- through the banking situation. and
etso the closing Of the New Amsterdam Ma
-sa-a7 Bank and the Mechanics and Traders
Bank.
BEGINNING. OF RUN.
The nm on the main institution began with
f-s n74ninE ii the morning, when there were
waiting al the paving teller's window about
Forty depositors TO draw out money, whose de-
-7ands the paying teller promptly honored The
@-s- check presented. it said was for S"",-
an
4 directors meeting vas hastily called, ana
while these officials were in session upstairs the
line ~ the hank grew The space outside OF the
partitions i narrow. and It was not long before
= became cnngested. the line extending out 70
,he door and 10 John street. where deposltors
-o., r.p rlaces and waited in the biting cold for
tbeir turn 70 get inside and the paying tellers
window.
The crowd that stood there st noon were en-
oouraged By rhe arrival Of automobiles bearing
haEs snd packages Of money. With the waiting
deposftors the curious crowd and the police reg
repetition of those witnessed at several banks
last fail.
- o'clock the line numbered about two hun
d-ed and al , O'Clock. when the last man was
rsid for the day. there were still over one hun
dred waiting who soon dispersed.
The Oriental Bank figures among its deposit
o-s many diamond merchants and jewellers. who
were largely represented on the line yesterday
The assets of the bank are said TO include many
notes # these jewellers.
PRESIDENT KELLY's STATEMENT
SHORTY before midnight last night Hugh
KeHy. president OF the Oriental Bank. said:
n arrian was taken tonight by the directors
# rhe bank regarding the banks affairs
meeting or -ne directors VIII he held al o CLOCK
io-ruorrov- morning. at the bank at which time
:, VIII be definitely decided As 10 whether the
bank VIII continue 10 meet the demands being
made 4 close its doors
do not care to make any prediction as to
Nhat fho directors VIII decide We Slcceedth
tp-dav II meeting all the demands made on the
hank El-rout any outside assistance, our own
funds being ample 10 meet the emergency o.
fcrs % assistance made TO Us to-day came 10 US
f-e-r z number Of banks and were indeed very
gratifying They ca me 10 us voluntarily and as
individual offers and not as Clearing HouS|
official action. OF course. all OF these pahhs
We're Clearing House members. but their most
generous offer Of assistance came as from lhdl-
81 course these banks. while offering 10 ad-
vsnce Us 81 600 600 sought to protect themselves
and provision Of their offer they asked our
dire--ar- Individually guarantee q proportloh-
ate share II the sum agreed upon
Wlen this offer came 10 US over the tetpnoh+
our directors were in session and INSISTED
f16t urGar no other conditions would C4ef
kindly offe~ be accepted. The proposition was
then rGt 20 the directors. and seven or eight
scouiesced in the plan. but we found that Two
o. Tn-ee Of the directors were hanlperFd by part
nership agreements which prevented them from
Immediately acquiescing in the plan. These d.
rectn-s we've not pressed on the point during the
CIV. but viii declare their position at the meet
'nE tomorrow morning. after consulting with
ffelr business associates.
an unable 70 state tonight other than my
persona belief which is that think the bank
T'I open o-morrow morning for business as
usual bur the meeting of the directors before
ranking hours will decide the matter one way or
ite other Much viii depend on the bank
i.IearlnE House debit tomorrow morning. II
INC debit is comparatively small II viii be favor
zoe 70 The institution. but if on the other hand
me debit proves large-well, that's aaother mat
- The Clearing House phase of the situation
Is ~ prime importance At this juncture Of the
hanks existence i n
Ny Kelly. when asked as TO whether the
port 1as correct that Thomas T. Ryan and Mrs.
f1efTy Green coming to the aid of the bank
salo- No. there is nothing TO this report
scarcely knew M Ryan. and ] positively
sS' that he was not among the men who vol
nhteered financial aid As for Mrs. Hetty Green.
never saw her. and the report that she will
rome 70 The rescue ~ the hank decidedly
unfounded~
The scene Al tho Bowery branch was very
iHaeh Ike that the Broadway bank except
'iaJ the depositors. being OF a more heterogene-
"us character including Russians. Italians and
tainarnen. were more excited. and it required
NE services Of more policemen 10 keep them in
oFdef
CYgFeNsTATrG ETE,ME%T