Article Text
Merchants Trust Co Has Temporarily Closed Be= cause of Depreciation in Market Prices of Securities-Directors Express Confidence That Conditions Will Be Adjusted Without Loss to Depositors LEADING BANKS SAFEGUARD ALL To permit a readjustment of its impaired liquid position caused by the depreciation in the market of securities and decreasing the past year deposits prices during regarded the Merchants Trust company, as one of Waterbury's most for years prosperous banking doors institu- to tions, failed to open its the public this morning. Similar taken by the of Sanditz & action banking was firm Traurig private on North Main street when a "run" started. A statement from the directors of the bank indicated that the acvoluntary and the interests tion to protect was carried of the deposi- door on torn. The notice posted on and viewed by thouthis morning was sands of the bank communication later from replaced by a J. Bassett, state in which the missioner, George public bank com- were the formally informormed that Merchants' Trust company on his office notice has suspended business operations until further nowill be a matter of prothree or to have a receiver tice. possibly cedure It requiring four formal- days ly named and a board of examiners placed in the bank for a thorough inspection of accounts. Directors of the Mercants Trust company in their public statement expressed confidence that conditions will be adjusted without loss to depositors. Leading Bankers Meet A special meeting of the leading of the city was to discuss noon bankers hour action held to pre- at panic or loss of public Many of the bankers prominent confidence. vent any expressed city's Mer- most confidence in the solvency of the chants Trust company and the permonal opinion that matters would be remedied satisfactorily within a few days. It was also voted that the 90day clause be adopted by savings (Continued on Page 4.)
