AMERICAN FINANCIAL CRISIS.
o BANKS SUSPEND PAYMENT. ENORMOUS WITHDRAWALS. Received 31st, 4.30 p.m. New York, January 30. The Mechanics* and Traders' Bank at New York, with a capital of two million dollars, lias suspended payment. The deposits amounted to 18% millions until the crisis reduced them hy onehalf. The New Amsterdam National Bank of New York has suspended payment. Liabilities are four and a-half million dollars. Mr. Cortclyou'.s report to the Senate states that when the crisis was nearing, 00 million sterling or nearly one-tenth of the money circulating in the United States, was withdrawn from the banks and 'hoarded.
RUN ON A BANK. TRYING TO WITHSTAND THE DRAIN. Received 31st, 9.30 p.m. New York, January 31. The closing of the Mechanics' and the New Amsterdam Banks caused n run on the Oriental Bank of New York. All depositors were promptly paid. Mr. Kelly, president, announced that twelve institutions were helping the Bank, and he hoped thereby to withstand the drain. ,
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/TDN19080201.2.14.1
Bibliographic details
Ngā taipitopito pukapuka
Taranaki Daily News, Volume LI, Issue 36, 1 February 1908, Page 2
Word count
Tapeke kupu
161AMERICAN FINANCIAL CRISIS. Taranaki Daily News, Volume LI, Issue 36, 1 February 1908, Page 2
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Taranaki Daily News. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in