Norwich bulletin., 1913-12-23

Mexico City, Dec, 22-The directors of the Bank of London and Mexico pe- Ean tonight a careful scrutiny or the affairs of that institution and Ii tnelr finding is endorsed by other bankers 1t is not improbable that assurances will be offered the directors which VIII unable a full resumption of the busl- hess of the institution. It is reasona- bly certain however, that the bank will continue to avail itself Of the de- cree of President Huerta issued today. making the last ten days of the present year legal holidays.
 With the possible exception of one other institution, 1t is believed that no other bank than the Bank Of London and Mexico will take advantage of the official edict which authorizes financial institutions to do as little or as much business as they desire during what is regarded as a financial crisis.
 Run by Depositors.
 The Bank of London and Mexico was crowded to it's capacity at the closing hour of business today by men and wo- men who were trying to withdraw their deposits. The lines of depositors ex- tended from inside the bank to the street The amounts paid depositors were limited to 200 pesos and no as- eurances were given that even this much would be given out in the future The approximate amount withdrawn
 
 demanding their money several days ago is said to exceed 17,000,000 pesos. Of this amount 14,O00000 pesos (S7, coo, ,000) was withdrawn since last Tuesday.
 The Bank of London and Mexico has in the various states twelve branches, four of which were closed some time ago on account of local conditions. These were at Monterey, Torreon, Aazatlan and Durango. On a minor scale the condition of the remaining branches is similar to that of the parent institution, but all are taking advantage of President Huerta's de- cree, which has been telegraphed to the various points where the branches mre located.
 Appeal to Huerta For Relief
 The critical condition in which the Bank of London and Mexico has been placed has been no secret for some dsys to the other banks and the sug- gestion was made on Saturday that 1 President Huerta be requested to save tine situation, making it possible for bank holiday to refuse payments for ]; period.
 The management demurred, as it believed it could weather it out. put al the opening hour this morning it became evident that it could not and the finance department was called up- on for aid.
 A decree was prepared and the search for the president was begun. He was located shortly before noon and affixed his signature without hesita- ton. An extra edition of XII Diario was published, carrying the decree and with this posted conspicuously in and about the building, the doors of the bank were opened early in the after noon.
 Congress Vested Power in Huerta.
 President Huerta's right to issue the decree was the result of the action of congress prior to adjournment, when il vested in him extraordinary power over the three departments of the government including the department of finance. The decree recited that it was issued in accordance with this extraordinary power and that the hol- fdays were decreedi t'on account of the difficult circumstances in which the country finds itself and in order to give sufficient time for unfounded alarm public to subsidize and to prevent the crisis from becoming general
 Clearing House to Open as Usual.
 The decree gives to the clearing house and all banks throughout the republic the right to suspend all bus mess. and adds two days or until January to the period in which they shall not consider themselves compen- ed to meet their obligations. Ths members of the clearing house decided today not to take advantage of the decree, but to open as usual ac- ceptlns Tor collection checks against the Bank of London and Mexico. the depositors of such checks to depend on the bank for payment If they are not paid they will be returned to the depositors.