AMERICAN FINANCIAL CRISIS.
TWO BANKS SUSPEND PAYMENT.
HEAVY WITHDRAWALS.
NEW YORK, Jamiary 28. The P,ittsburg Stock Exchange hat opened after three months' suspension. January 30.
The Mechanic and Traders' Bank, New York, with a capital of 2,000,000d01, has suspended payment. Its deposits amounted to ,18| million dollars until the recent crisis! when they we're reduced by half.
The New Amsterdam National Bunk, Nejs?JYark, has also suspended payment. Its liabilities ■'are four and a-half million . dollars.
Mr Cortelyou's report to Senate states that during' the crisis £60,000,000, nearly one-sixth of the money circulating in the United States, was -"withdrawn from -the banks and hoarded.
January 31.
The closing, of the Mechanics' and New Amsterdam Banks caused a tub. on the Oriental Bank, New York. All the depositors were -promptly paid. Mr Kelly (the _ president of the bank) announced that 12 institutions were helping, and he hoped to withstand the drain.
February 2.
The Oriental Bank, New York, and th« Home Bank, Brooklyn, hare closed their doors.
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Otago Witness, Issue 2812, 5 February 1908, Page 25
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165AMERICAN FINANCIAL CRISIS. Otago Witness, Issue 2812, 5 February 1908, Page 25
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