The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1911-01-12
TO STOP RUNS ON
NEW Y0RK'S BANKS
Takes Over: Trust
Company Affeetedby
Carnegie Failure.
WRONG
With Business World, He
Says, and Public Must be
Made to Know it.
: = 4 q = Z = .
run ON WARD BANK
CHECKED AT NOON.

. New York City.-The line OF .
= depositors in front of the Nine .
y teenth Ward bank Withdrawing =
y money dwindled at noon. 1t .
= was at first thought to be over. .
= At n time $4,000 in gold .
y was in sight OF the counters. j.. .
" P. Morgan & Company guaran- .
= teed the depositors to the .
= amount of eight million dol .
= lars. .
= . . .
New York City,. Pierpont Nor
gan heads a group of big bankers and
tinanciers, including the Standard
Oil Company and the big insurance
companies, who will back all the New
York Clearing House officials today.
in standing behind all city banks to
prevent a u
Not since 1907, when he stopped
an incipient panic, has Morgan
shown his force SO strongly.
There is nothing the matter with
the bushes world and the public
must be made to know it at once"
Morgan declared. =.
Morgan ordered the Madison Trust
company taken over by the Equita-
bic Trust company. This is a $685.
900, 900 concern backed by the
Equitable Life Insurance company,
which Morgan controls.
Morgan also has assumed the obli-
cations of the Nineteenth and Twelfth
Ward banks in this city. The south
ern banks injured by the failure OF
the Carnegie Trust company Satur.
day are also to be taken care of.
How Others Are Affected.
Several of the directors OF the
Carnegie Trust company are direct
ors of the Nineteenth Ward bank,
and Bradley Martin, jr., whose
name still appears on the stationery
of the trust company as vice presi-
dent, although he recently resigned
is now president of the Nineteenth
Ward bank. He said that there IL
no connection whatever between the
two institutions and that the closing
of n would not affect the other.
In 1909 when the Carnegie Trust
company was under the presidency
of the late c.. C. Dickinson, who died
mys%teriouslyy last May, an effort was
made to consolidate the Carnegie
Trust company, the Nineteenth Ward
bank, the Twelfth Ward bank and
the Van Norton Trust company under
the management and name of Carne-
gle.
Although Mr. Dickinson had been
a state bank examiner, he was non
persona grata to the state banking
department., which forbade the mer-
ger under a ruling that it would be
impossible for a trust company to
consolidate with state banks. Re.
Gently the Van Norden Trust com.
pany changed it's name to the Madi.
son Trust company, and Bradley Mar.
tin, jr., was elected to the presidency.
Banks Collapse No Surprise.
The closing of the Carnegie com.
pany was no surprise in financial
circles and caused little disturbance
on the stock exchange. A brief fall
in the market Saturday was quickly
met by supporting orders and at the
close the tone was firm. On the
street the uncertain status Of the
company had been a matter of com
mon knowledge.
In it's brief career-it was organ.
lied in 19O1-it had already passed
through one serious period Of de.
preston and had known four presi-
dents.
Brisk and heavy buying on the
stock market today tended to restore
the confidence shaken by the failure
of the Carnegie company Saturday