The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1913-12-26
HUERTA DECLARES
A TODAY HOLIDAY
MEXICAN DICTATOR SO DEGREES
TO STOP RUNS ON LARGE
BANKS.
FINANCIAL SITUATION TENSE
Bank Of Mexico and London Which
Closed Doors May Adjust Affairs
Many Millions Withdrawn
by Depositors.

Mexico City, Dec 24.-Directors of
the Bank Of London and Mexico, have
begun a careful scrutiny of the affairs
of that i titution, and if their findings
are indorsed by other bankers, it is
not improbable that assurances will
be offered the directors which will
enable full resumption of the bust
ness of the institution 1t is reason
ably certain, however, that the bank
will continue to avail itself of the de-
cree of President Huerta just issued,
making the last ten days of the pres
emit year legal holidays.
Only Two Affected.
With the possible exception of one
other institution, it is believed that
no other institution than the Bank
of London and Mexico, will take adj
vantage of the edict, which authorizes
financial institutions to do as little or
as much business as they desire dur
ing what is regarded as financial
crisis.
The Bank of London and Mexico
was crowded to it's capacity at the
closing hour of business by men and
women trying to withdraw their de-
posits.
The approximate amount withdrawn
from the bank since depositOrs began
demanding their money several days
ago is said to exceed 100000 pesos.
Of this amount 100000 pesos ($7,-
000,000) was withdrawn since last
week.
Branches Closed Before.
The Bank of London and Mexico has
twelve branches in the various states
Four were closed some time ago on
account of local conditions. These
were at Monterey, TOrreon, Mazatlan
and Durango. On minor scale the
condition of the remaining branches
is similar to that of the parent insti-
tuition, but all are taking advantage
of President Huerta's decree.
The critical position in which the
Bank Of London and Mexico was
placed has been no secret for some
days to the other banks and the sug-
gestion was made on Saturday that
President Huerta be requested to save
the situation by making it possible
for bank legally to refuse payments
for period.
The Decree Issued.
The decree gives to the clearing
house and all banks throughout the
republic the right to suspend all bust
ness and adds two days, or until jan
uary 2, to the period in which they
shall not consider themselves COMPEL
ed to meet their obligations.
The members of the clearing house
decided not to take advantage of the
decree, but to open as usual, accepting
for collections 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 deposit
tors. It is expected that this will have
the effect of reducing the line at the
paying windows and thus create the
impression that the run has been re-
duced.
The failure of the Bank of London
and Mexico to meet the demands for
payment promptly is regarded as seri-
Gus, since this bank and the National
are the only banks of issue except the
state banks whose bills are no longer
received in the capital. Optimism is
professed both by the government and
the bankers that equilibrium will be
wholly restored by the expiration of
the breathing space provided by Presi-
dent Huertas decree