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MORE BANKS GOING UNDER MORGAN AND COMPANY PREDICT CONTINUANGE OF PANIC-TWO MORE NEW YORK BANKS FAIL (By United Press.) New York, Oct. 23-The Twelfth Ward and Hamilton Banks, both small concerns, suspended this morning. J. P. Morgan and Company and Secretary of the Treasury Cortelyou both predict a further panic.
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Takes Thirty Days' Grace. The Twelfth Ward Bank, the other state institution, is at 147 East 125th street It has two branches, one at 173 East 116th street and another at 1927 3d avenue, Its capital stock is $200,000. The New Amsterdam National Bank, which cleared for the Twelfth Ward Bank yesterday gave notice that it would not clear that bank hereafter. Bankers express the opinion that the Twelfth Ward Bank has been well managed and is in a perfectly solvent condition. It is thought that the state Banking department in closing the institution did so on account of a run upon the institution. At 10 o'clock this notice was posted on its doors: "This bank is compelled to suspend payment owing to inability to procure sufficient cash to meet current payments." Following the announcement of the suspension of the Hamilton Bank the Empire City Savings Bank. at 231 West 125th street, turned away depositors who wished to make withdrawals Under its by-laws the bank can claim ninety days before paying demands. Customers who wished to draw out money today were told that the bank would take advantage of only thirty days. The savings bank depends for its currency on the Hamilton Bank A meeting of the directors of the Empire City was held before banking hours, at which it was decided to take advantage of the clause in the bank's bylaws. Its deposits are estimated at $3,000,000.
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OTHER BANKS SUSPEND. New York, Oct. 24.-The Hamilton National bank suspended payments this morning. The bank is solvent but suspended payment until confidence is restored. The Empire City bank, next door, has taken advantage of the thirty-day clause in its charter and suspended payments for that period. The Twelfth Ward bank also suspended. The state banking department is in charge of that and the Hamilton bank.
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(Special to the Gold Digger.) By the United Press. NEW YORK, Oct. 25.-Great excite. ment was caused here today by the suspension of the Twelfth Ward bank and the Hamilton bank, both small savings institutions; where the mechanic, laborer, newsboy and smaller class of shop keepers - made their deposits. The news of the suspension spread like wildfire and by noon time the streets in front of these bank buildings were blocked with a frenzied crowd. Many old men and women wept silently and wrung theirhandshopelessly as they gazed at the stock-jobbing
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Two Small Banks Suspend New York, Oct. 25 --- The Twelfth Ward bank and the Hamilton bank, both small, suspended today. It is announced that Secretary Cortelyou and J. P. Morgan will take steps to prevent further panic in the money world.
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Cortelyou Helps. Secretary Cortelyou deposits $25,000,000 in New York banks. Hamilton bank, with deposits cf $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange*remains closed.
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Cortelyou Helps. Secretary Cortelyou deposits $25,Q00,000 in New York banks. Hamilton bank, with deposits of $7,000,000, suspends payment, claiming solvency. Twelfth Ward bank, with deposits of $3,000,000, suspends payment. Empire City Savings bank, with deposits of $2,300,000, suspends for 30 days, under banking laws. Run continues on Tust Company of America. Run continues on Dollar Savings bank. Pittsburg receives $5,000,000 from government to aid in meeting payrolls, if necessary. Pittsburg exchange- remains closed.
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FINANCIERS FEEL CONFIDENT. New York Situation Tense, But Conditions Well Under Control. NEW YORK, November 4.-At the stock exchange the opening showed early declines, followed by a rally, and then a running off of prices. The general financial situation was still tense this morning, but the downtown banks and trust companies felt confident that conditions were well under control. The raising of the Bank of England discount rate to 6 per cent at a special meeting of the board of governors today was not unexpected by those familiar with conditions in Europe, although it was hoped in some quarters that this action of the governors would not be taken until the regular meeting Thursday. The fact that $2,000,000 in gold was purchased in the open market in London during the morning for export to America probably hastened the action of the bank. This brings the total gold engagement up above $30,000,000, of which about $7,200,000 will arrive Wednesday and $10,000,000 Friday. This will go at once into bank reserve, where the engagements have been made by banks, and will be deposited in the banks where the engagements have been made by exchange houses and gold brokers. While there is considerable pressure for capital in Europe it is felt that this country has the advantage in the state of the trade balance. Crops are short in Europe and it is absolutely essential to obtain American wheat and cotton at any reasonable price. These prices are much higher than in 1893, when cotton was at 8 cents against about 11 cents at the present time and wheat was 70 cents against the present price of $1.07, while American steel rails are selling at the record price of $30 per ton. These forces, with the fact that the first half of the year showed an excess of 2 points of $189,000,000, as compared with a balance the other way in 1893 of $68,000.000 create a situation where it will be difficult for the European banks to hold their gold, even by high discount rates. Reports from Buffalo and other points indicate that the blockade in the movement of the crops is being broken and that many hundreds of carloads soon will be on shipboard in New York, against which bills can be drawn on European money markets. It was announced today that arrangements have been made by which it may be possible for the Twelfth Ward Bank, which closed its doors several days ago, to reopen next Monday. Many depositors went to the bank today, at the request of the officials, who asked them to sign an agreement to the effect that on all big deposits in the bank that 75 or 100 per cent of the amount would be left on deposit for a period of four months.
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Clearing House certificates will prove adequate in preventing a severe money strain here and that there will be no need for bank scrip." TWELFTH WARD BANK O. K. Mark S. Smith, State Bank Examiner, in his report to the State Superintendent of Banks on the condition of the Twelfth Ward Bank, says, in part: I find the affairs of the Twelfth Ward Bank in excelient condition. The suspension was caused by the bank's inability to procure the necessary cash to meet the demands of its customers, and not because it was insolvent. The general character of the loans is very satisfactory. I find no loans in excess, and most of the larger ones are amply secured. The real estate of the bank is carried at a very low estimate as an asset. The difference between the book value and the actual value would, I believe, more than cover any depreciation in the surplus and undivided profits of the bank, as indicated by its Books. The general character of the management of the bank and the efficiency of its officers and employes are of a high order. Depositors representing fully a million and a quarter of deposits have signified in writing their agreement to let this amount remain on deposit for a term of four months, if the bank will resume business. I believe the bank to be entirely solvent and entitled to resume business when it has provided itself with the requisite cash to meet the immmediate demands of its depositors and made suitable connections for making its clearings.
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SUSPENDED BANK OPENSTOMORROW NEW Nov. YORK, 19.-The Twelfth Ward bank, which suspended payment in the early days of the financial crisis, will reopen tomorrow. The premium on currency which began a few weeks ago is gradually diminishing. Loans today were made as low as 1 1/2 per cent.
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Bank to Resume Tomorrow. New York, Nov. 19.-The Twelfth Ward bank, one of the institutions which suspended payment during the early days of the financial crisis, will reopen tomorrow. The-premium on currency, which has been maintained at about 3 per cent since the hoarding of money began a few weeks ago, has begun to diminish.
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SUSPENDED BANK REOPENS. New York Institution Receives $35,000 During First Hour. New York, Nov. 20.-The Twelfth Ward bank, which was suspended during the financial crisis, was reopened today. More than $35,000 was deposited at the main office the first hour. The resumption is regarded by bankers as showing returning confidence.
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Suspended Bank to Resume. New York, Nov. 20.-As evidence of the marked improvement in the financial situation in this city came the announcement that the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business at once. The announcement was made in the form of a brief notice posted on the door of the bank.
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Bank Reopens New York, Nov. 20.-Fortified by the promises of a large proportion of its depositors to allow their deposits to remain in the bank for several months, the Twelfth Ward bank, a state institution, which closed during the runs recently, reopened for business today. This is the first of the closed banks to reopen. A line of depositors assuming in proportions somewhat like that of the rush to withdraw formerly, was lined up at the teller's window this morning, but each was bringing money to redeposit.
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New York Bank to Resume. New York, Nov. 19.- The Twelfth Ward bank, one of the institutions which suspended payment during the early days of the financial crisis, will re-open Wednesday. The premium on currency which has been maintained at about 3 per cent since the hoarding of money began a few weeks ago, has begun to diminish. Loans of currency were made Tuesday at rates as low as 1½ per cent.
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Suspended Bank to Resume. New York, Nov. 2 .-As evidence of the marked improvement in the financial situation in this city came the announcement that the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business at once. The announcement was made in the form of a brief notice posted on the door of the bank.
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Suspended Bank to Resume. New York, Nov. 20.-As evidence of the marked improvement in the financial situation in this city came the announcement that the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business at once. The announcement was made in the form of a brief notice posted on the door of the bank.
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Bank Reopens. New York, Nov. 20.-As evidence of the marked improvement in the financial situation in this city comes the announcement that the Twelfth Ward bank one of the old institutions which suspended payment during the early days of the crisis, will re-open for business to-day.
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As evidence of the marked improvement 'in the financial situation in New York City, came the announcement that the Twelfth Ward bank, one of the institutions which suspended payment during the early days of the crisis, will reopen for business.
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Institution. suspension. branches. Knickerbocker Trust Company, New York 3 October 22 October 24 6 Hamilton Bank of New York City Twelfth Ward Bank of the City of New York 2 October 24 United States Exchange Bank, New York October 25 Borough Bank Brooklyn 2 October 25 The Brooklyn Bank in the City of New York 1 October 25 International Trust Company, New York October 25 5 October 25 Jenkins Trust Company. Brooklyn Williamsburg Trust Company. Brooklyn 2 October 25 October 25 Terminal Bank, Brooklyn