14523. United States Exchange Bank (New York, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 25, 1907
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
550b2cc69c121cef

Response Measures

None

Description

The United States Exchange Bank (Harlem, West 125th St.) posted notice that it would not open on Oct 25, 1907 and was placed in temporary suspension; it later reopened with state approval on Nov 25, 1907. Suspension was motivated by closing of other banks/unusual demand for cash during the 1907 panic rather than clear evidence of an internal insolvency or a discrete misinformation episode.

Events (2)
1. October 25, 1907 Suspension
Cause
Local Banks
Cause Details
Notice posted said closing of other banks and unusual demand for cash prompted temporary closure; police protection requested due to crowds.
Newspaper Excerpt
In consequence of the closing of other banks and the unusual demand for cash, we have decided to remain closed to-day. The bank is perfectly solvent...
Source
newspapers
2. November 25, 1907 Reopening
Newspaper Excerpt
The United States Exchange Bank ... which suspended October 25, reopened today. The bank's cash reserve has been greatly increased, and as the depositors have agreed not to withdraw their funds... the directors fear no further trouble.
Source
newspapers

Newspaper Articles (18)
1. October 25, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 25, 1907

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CRISIS IS PASSED A Calmer Tone Is Apparent in Financial Circles. No Meetings of Financiers During the Night. ONEMOREBANKCLOSES Only a Small One and Did Not Affect Situation. Run on the Trust Company of America Is Resumed. New York, Oct. 25.-A much calmer tone was apparent in business circles this morning. The success of the relief measures undertaken yesterday by J. Pierpont Morgan, John D. Rockefeller and other prominent financiers, together with the serenity with which the officials of the Trust Company of America met the run of depositors of that institution, gave great encouragement to bankers and business men generally that no further trouble was to be feared. The $25,000,000 made up by a pool headed by Mr. Morgan which was sent into the stock market yesterday afternoon is believed to have given permanent relief to brokers who were in need of funds with which to carry the stock bought and held on margins for their customers. Last night passed without any of the series of conferences of bankers with one another and with Secretary Cortelyou which were held until late hours on Tuesday and Wednesday nights, except for an informal meeting at Mr. Morgan's house. Secretary Cortelyou attended the dinner of the graduate club, of which he is vice president and made an address in which, after discussing at some length the objects of the club and its affairs, he made a brief reference to financial matters. The secretary said: "We are having a trying experience, but with all its embarrassments I find my faith in the general stability of business strengthened by the examples I have seen of high courage and splendid devotion to the public welfare shown by many men of great influence in the commercial and industrial life of this city. Weak places have been fortified, but what is better. those of evil influences have been discouraged from their positions and the determination to carry this work forward will have a far reaching influence in restoring public confidence." One Bank Fails to Open. Announcement was made this morning that the United States Exchange bank, a small institution located in the Harlem district of the city would not open for business today. The bank has only a little more than $500,000 on deposit, and did an inconspicuous business, and the announcement that it would not open for business was entirely without effect. There were lines of depositors waiting this morning in front of the Trust Company of America and the banking office of the Lincoln Trust company up town. Some of those in line at the Trust

2. October 25, 1907 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, October 25, 1907

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CONFIDENCE AGAIN SWAYS DEPOSITORS (Continued from First Page.) carry the stocks bought and held on margins for their customers. Last night pased without any of the series of conferences of bankers with each other, and with Secretary Cortelyou, which were held until late hours on Tuesday and Wednesday nights, except for an informal meeting at Mr. Morgan's house. Secretary Cortelyou attended the dinner of the Graduate Club, of which he is vice-president, and made an address in which, after discussing at some length the objects of the club and its affairs, he made a brief reference to financial matters, saying: "We are having a trying experience, but with all its embarrassments I find my faith in the general stability of business strengthened by the examples of high courage and splendid devotion to the public welfare shown by many men of influence in the commercial and industrial life of this city: Weak places have been fortified, but what is better, those of evil influence have been scourged from their positions and the determination to carry this work forward will have a far-reaching effect in restoring public confidence." Announcement was made this morning that the United States Exchange Bank, a small institution located in the Harlem district of the city, would not open for business. The bank has only a little more than $500,000 on deposit, did an inconspicuous business, and the announcement that it would not open was entirely without effect. The Borough Bank of Brooklyn, a State institution with a capital stock of $200,000 and deposits of about $3,000,000, also did not open for business today. Its business was not very large, and no prominent financiers were connected with it. One of its principal connections was the Knickerbocker Trust Company, which suspended payment on Tuesday. The Trust Company of America opened for business as usual this morning. The line of depositors waiting to withdraw money was much smaller than at the same hour yesterday morning. Some of those in line at the Trust Company of America had been there all night, though. At the head of the line was a woman who declined to leave her place, even when the men next in line promised to restore it to her this morning. She suffered considerably from the night air, and several of the men, touched by her plight, went to a near by restaurant at 3 o'clock in the morning and got some bread and coffee for her. Cash amounting to $4,300,000 was sent to the Trust Company of America this morning through the sub-treasury, and before noon it was apparent that the run had spent its force. The Secretary of the Treasury is continuing to give financial assistance in a large way. The department is doing everything possible to allay apprehension. Another large supply of small bills is being rushed to New York from Washington. A statement issued by the sub-treasury today shows that the local banks gained $22,705,000 from the sub-treasury during the week. This represents in large part the deposits of government funds made with the New York banks. The fall in prices after the opening of the Stock Exchange did not extend far below last night's level before a steadying tendency developed. The first prices recorded here, while well above the New York closing of last night, did not approach the high prices established in the London market before operations began here for stocks with an international market. For instance, St. Paul, which had risen 5% in London over the New York closing, opened here unchanged and then declined nearly 2 points. American Smelting started 2% higher here, Union Pacific 2, and Canadian Pacific, Baltimore and Ohio, Norfolk and Western and Delaware and Hudson 11/2 to 1%. This showing was converted into losses running from a fraction to a point in some cases, within a few minutes. Secretary Cortelyou was at the subtreasury today. The Secretary said: "There is nothing to say on the situation now, except to reaffirm my former expressions of belief that matters are steadily improving. Later developments during the day may prompt a further statement." It is understood that the necessities of the Stock Exchange situation are being met today as they were yesterday. J. P. Morgan & Co. were advised early

3. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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Wall Street Financiers See End of the Flurry. Runs on Banks Continue, But They Are Prepared. Six, Day's Record The International Trust Company, 206 Broadway, Manhattan, announced its suspension until the restoration of public confidence. The Union Trust Company of Providence suspended payments. The Brooklyn Bank, at Fulton and Clinton streets, and the Borough Bank, on City Hall square, Brooklyn, announced their temporary suspension. United States Exchange Bank, West 125th street, today closed its doors temporarily. Crowds at the trust companies' doors were much smaller than yesterday. The Williamsburg Trust Company, Broadway and Kent avenue, Willlamsburg, Brooklyn, closed its doors at 1:15, being unable to cash a check for $10,000. Frank Jenkins is president. The bank had a capital of $700,000, liabilities of $9,676,484.

4. October 25, 1907 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, October 25, 1907

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MR. CORTEYOU, SAYS SITUATION IS IMPROVED Financial New York Convaiescent NEW YORK, Oct. 25.-The United States Exchange bank, capital hundred thousand, announced to-day that dt would not open. Police protection was requested. An officer of the bank said no statement would be made, BROOKLYN, N. Y., Oct. 25.-The Borough Bank of Brooklyn suspended payment this morning, failing to open 10 doors. No statement issued. PROVIDENCE, R. I. Oct. 25.-Notice was posted to-day on the door of the Union Trust Company, on which there was a run yesterday, announcing that the cannony had suspended payment for the present. The Union Trust Company's Individual dejiosits exceed twenty-five millions. Established in eighteen ninety. Paid insecution half million. BROOKEYN. N. Y.. Oct. 25.-The International Trust Company with two branches. Brooklyn bank and borough bank, of Brooklyn, closed its doors this morning, owing to inability to secure cash.

5. October 25, 1907 The Spokane Press Spokane, WA
Article from The Spokane Press, October 25, 1907

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ALL ARE CONSIDERED SOLVENT BUT SUSPEND TO PROTECT DEPOSITORS - COUNTRY'S PROSPERITY NOT THREATENED. NEW YORK, Oct. 25.-Despite the strong close of yesterday, the troubled financiers of the East had to face the failure of three more banks this morning. Notices were posted on the doors of the United States Exchange bank of New York, with a capital stock of $100,000, that it would not open its doors today. The doors of the Borough Bank of Brooklyn held the kame notice. In Providence, Rhode Island, the Union Trust Co. formally posted notice that payments would be temporarily suspended. A run developed on the Union Trust Co. bank late yesterday afternoon, but it was thought that the company had sufficient funds to stand the emergency. All of these banks are believed to be solvent and able to pay dollar for dollar. Bankers state that the Twelfth Ward bank, which closed yesterday, is solvent but suspended to safeguard all depositors. The Hamilton bank, which also closed, posted a notice to the same effect. In the excitement following the closing of the banks the loaning section of the exchange became a wild mob demanding money at any price. One national bank loaned $500,000 at 50 per cent and the First National bank put out $2,000,000 at the same rate of interest. A syndicate of banks added $3,000,000 more in the stand to stay the market. In spite of enormous rates commanded Rockefeller continued to loan steadily at 6 per cent. Morgan stood behind the movement to quiet the panic stricken street and his management of the situation is the greatest triumph of his financial career. Through him the mighty power of the U. S. treasury, represented by Sec. Cortelyou, and the Standard Oil strength was brought to bear at the psychological moment. In the thick of it Morgan said: "We have done all we can and I hope for the best. It is time for action and not for talk." It is estimated that $200,000,000 has been withdrawn from the banks in the past two weeks. Notwithstanding the suspension of three smaller banks today, the trouble is regarded as purely local, resulting from ill advised speculation and evil consequences to tne country at large are considered out

6. October 25, 1907 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, October 25, 1907

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New York, Oct. 25. - -Despite the strong close of yesterday, the troubled financiers of the east had to face the failure of three more banks this morning. Notices were posted on the doors of the United States Exchange Bank of New York, with capital stock of $100,000. that it would not open its doors today and the doors of the Borough Bank of Brooklyn held the same notice. In Providence the Union Trust company formally posted notice that payments would be temporarily suspended.

7. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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strongest hands in the financial world. Interests that have stood aside for many months watching the decline are now busy buying bargains. They do net hesitate to say that these stocks will be for sale should the market advance, because the purchasers are taking aboard an abnormal volume ot securities. But the fact that they are willing to take up this load even temporarily is reassuring. The banks of importance are finding themselves supplied with an abundance of cash. It will be no calamity in the Wall Street view if a few hundred small banks disappear from the horizon permanently, and the big people are shaning things so that depositors even in these smáll banks will get all of their money back. Standard Advanced. No particular stock distinguished itself today, but the standard issues were used to influence sentiment and they advanced from 1 to 3 points. Wheat was also advanced about 3 cents a bushel, and cotton was permitted to sink lower. Money was furnished freely and the responsible bankers said they looked for no further panic just now on that account. The United States Exchange Bank, Nos. 23 and 25 West 125th street, posted a notice before banking hours began, announcing its temporary suspension, A large crowd gathered in front of the bank, and the officers telephoned to police headquarters for protection, fearing a hostile demonstration. The Borough Bank, of Brooklyn, also printed a notice of suspension. The notice posted at the United States Exchange Bank was as follows: "NOTICE. "In consequence of the closing of other banks and the unusual demand for cash, we have decided to remain closed to-day. The bank is perfectly solvent, but these are extraordinary times, and we have to resort to extraordinary measures to protect ourselves and our depositors. "JAMES J. O'SHAUGHNESSEY, "Cashier." Nearly $1,000,000 Deposits. The United States Exchange Bank is capitalized at $100,000 and has a surplus and profits of $37,170. Individual deposits amount to $880,970. The Mercantile National Bank and the Bowling Green Trust Company, in this city, and the New York State National Bank of Albany are its principal correspondents. The president of the bank is John J. Gibbons. At the regular hour for opening this notice was pasted on one of the windows of the bank: "Pursuant to the authority conferred on me by section 619 of the laws of 1892, I have taken charge of the United States Exchange Bank. "CLARK WILLIAMSON, "State Bank Examiner. "A. P. Campbell, examiner in charge." Borough Bank Closes. The last report of the Borough Bank of Brooklyn, which also posted a notice of temporary suspension, gave It a capital of $200,000, with a surplus of $60,000. The loans were given at $2,650,000, with deposits of $3,250,000. The undivided profits were $85,000. Another Brooklyn Bank Closed. The third was the Brooklyn Bank, with a branch at 601 Fulton street, Brooklyn. Both Brooklyn banks are controlled by the International Trust Company of New York, which also holds the majority of stock of several other Brooklyn institutions. No statement has yet been given out in regard to the Brooklyn Bank, but an official of the Borough Bank announced that the public would be informed as to the details. The three banks which suspended yesterday remained closed today. They are the Hamilton, the Twelfth Ward, and the Empire Savings. All are declared to be perfectly solvent, and there is no probability of ultimate loss on depositors.

8. October 25, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 25, 1907

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More Banks Close. Brooklyn, N. Y., Oct. 24.-The Inter: national Trust Company with two branches, the Brooklyn Bank and the Borough Bank of Brooklyn, closed its doors this morning owing to the inability to secure cash. The capital of the bank is given as $300,000; its deposits are $3,500,000 and its surplus is $135,400. The liabilities of the bank are stated as $2,789,000; capital is $300,000; the deposits smount to $2,220,000; the surplus is given as $160,000 and $1,410,000 is out on loan. There is little excitement in connection with these suspensions. New York, Oct, 24 -The United States Exchange Bank, at 23 west 125th street, announced this morning that it would not open today. Police protection was requested. An officer of the bank was asked if the suspension was temporary and replied: "No information to give out." Providence, R. L., Oct. 25.-A notice was posted today on the doors of the Union Trust Company, on which a run was made yesterday, announcing that the company has suspended payment to depositors temporarily. The Union Trust Company's individual deposits exceed $25,000,000. The paid up capital is halfa million. C. S. Wetland has been appointed a receiver for the Union Trust Company. Brooklyn, N. Y., Oct. 25.-The Williamburg Trust Company, Broadway and Kent avenue, Williamsburg, closed its doors at 1:15, being unable to cash a cbeck for $10,000. Frank Jenkins is president. The bank had a capital of $700,000. Liabilities, $9,676,484. Brooklyn, N. Y., Oct. 25.-The First National Bank, on Kent avenue and Broadway, Williamsburg, suspended payment at 1:30 this afternoon.

9. October 25, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 25, 1907

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SMALL HARLEM BANK DOES NOT OPEN DOORS. New York, Oct. 25.-Announcement was made this morning that the United States Exchange bank, a small institution located in the Harlem district of the city, would not open for business today. The bank has only a little more than $500,000 on deposit, and did an inconspicuous business, and the announcement that it would not open for business was entirely without effect. The Brooklyn bank, with a place of business at Fulton and Clinton streets, Brooklyn, did not open for business today. This bank has a capital stock of $300,000 and owes its depositors about $1,450,000. The Borough bank of Brooklyn, a state institution with a capital stock of $200,000 and deposits of about $3.000,000 did not open for business today. Its business was not very large and no prominent financiers were connected with it. One of its principal connections was the Knickerbocker Trust company, which suspended payment on Tuesday. The International Trust company, one of the small and inconspicuous trust companies, closed its doors at 10:40. This company had a business connection with the Borough bank of Brooklyn, which suspended payment today:

10. October 25, 1907 The Lake County Times Hammond, IN
Article from The Lake County Times, October 25, 1907

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HEARD ON THE BOURSE. London consols money and account opened 1-16 lower. New York-The United States Exchange bank at 23 West Twenty-fifth street, will not open for business this morning, deposits estimated at $880,000, capital $100,000. Miller-We hope that the situation has been made clear by the liquidation, but we still believe it is a good market to let alone as far as speculative operations are concerned. Brown-There seems to be no pronounced change in the general situation. Financial Bureau-Liquidation remains to come out, some of it urgent, some of it necessity and some of it strong enough to wait on good rallies, but we think the worst is over and the money heretofore diverted to sustain the banks and trust companies from runs will make its appearance in the stock market by support and accumulative channels. Canadian Pacific earnings third week in October, $1,544,000, inc, $16,000. From July 1, $24,910,451, inc. $2,207.031. Missouri Pacific, third week October, $973,000, inc. $64,000. From July 1, $15,737,472, inc. $1,393,569. Central Branch, third week in October $36,000, unchanged. From July 1, $580,628, inc. $39,834. Town Topics-We now confidently state that a most remarkable opportunity is presented to those who are able to put up ample margins to protect against possibility of bear attack and almost anything on the list if bought on week spots will return large profits within a comparatively short time. We believe, however, that Union, Northern Pacific and Reading will be the best to buy though we are also partial to Smelter and the good rails generally.

11. October 26, 1907 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, October 26, 1907

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General Tone of Financial Reports Is Improving--Indians in NorthWest on the Warpath--France May Have Another Dreyfus Case. (Associated Press Cablegrams.) NEW YORK, October 26.-The savings banks are enforcing the clause in their agreement with all depositors requiring a sixty days notice of the withdrawal of funds. This has prevented much money being withdrawn now from the banks and further embarrassing them in the present situation. It is probable that the banks will issue clearing house certificates to the extent of fifty million dollars. MORE FAILURES REPORTED. NEW YORK, October 25.-The United States Exchange Bank, the First National of Brooklyn and the International Trust Company have suspended. Losses are comparatively small. The market is firmer. A pool of ten millions has been formed to aid in the Stock Exchange. PROVIDENCE, R. I., October 25.-The Union Trust Company, with branches in East Greenwich and Central Falls, has suspended.

12. November 25, 1907 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, November 25, 1907

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STATE BANK REOPENS. United States Exchange, of New York, Closed October 25. NEW YORK, Nov. 25.-The United States Exchange Bank, at 125th street and Fifth avenue, a State institution, which suspended October 25, reopened todoy. The bank's cash reserve has been greatly increased. and as the depositors have agreed not to withdraw their funds, except to meet the needs of ordinary business. the directors fear no further trouble. Several large deposits were made today and withdrawals were only nominal. .

13. November 25, 1907 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, November 25, 1907

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New York Bank Reopens. New York, Nov. 25.-The United States Exchange bank, a state institution, which suspended October 25, reopened today. A number of large deposits were made today, and withdrawals were only nominal.

14. November 26, 1907 Evening Star Washington, DC
Article from Evening Star, November 26, 1907

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IN THE LABOR WORLD EVIDENCES OF INDUSTRIAL REVIVAL IN THE COUNTRY. BUFFALO, N. Y., November 26.-The Show steam pump works has ordered its forces back on full time. Elgood C. Lufkin, general manager of the plant, said that the whole industrial and financial situation has so greatly improved during the last week that the company has been obliged to restore the full schedule of working hours to keep up with its*orders. About 1,000 men are concerned. The working time was cut during the financial flurry. TROY, N. Y., November 26.-The outlook for a busy year in the knit goods industry in Cohoes, one of the largest centers of that work in the country, is becoming brighter daily. It is expected that all the mills in that city will be running in full by January 1. The Victor mill will resume night work within a week or so. Night operations had been suspended at the plant for some time past. The mill has received a large order which will keep the plant running for some time to com The Yale Textile Cmopany has instaled new machinery in its mill and increased its production. Orders are coming in and the prospects for a steady business are excellent. The Tivoli mills, the Cascade mills, the Hope mill, and most of the other mills are running steadily. ST. JOHNSBURY. Vt., November 26.The E. & T. Fairbanks Scale Company, employing 1,300 men, which went on a five-hour schedule two weeks ago, started yesterday on an eight-hour basis. NEW YORK, November 26.-The United States Exchange Bank at 125th street and 5th avenue, a state institution which suspended October. 25, reopened yesterday. The bank's cash reserve has been greatly increased, and as the depositors have agreed not to withdraw their funds except to meet the needs of ordinary business the directors fear no further trouble. A number of large deposits were made today and withdrawals were only nominal. NEW YORK, November 26.-There is no truth in the report that the Westinghouse Electric and Manufacturing Company's plants will close down entirely on December 1. according to a statement made by President George Westinghouse. "In line with other industrial corporations," said he, "the Westinghouse company has been retrenching, but so far this curtailment does not much exceed 25 per cent. The Westinghouse Electric and Manufacturing Company continues to do a very large business, shipments for the East Pittsburg works in October aggregating $2,940,000. October was an unusually large month, and it is not expected that the November shipments will show up anywhere near as well. However, it is believed they will reach, and possibly exceed, $2,000,000.

15. November 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 26, 1907

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BITS OF NEWS. The United States exchange bank at New York City, a state institution which suspended October 25, has reopened. The E. & T. Fairbanks Scale Co., of St. Johnsbury, Vt., employing 1,300 men, which went on a five-hour schedule two weeks ago, has started on an eight-hour basis. Mount Vesuvius, after two months of inactivity, is emitting clouds of dense smoke, accompanied by considerable roaring from three fissures around the old crater. Alarm is felt by the people of surrounding towns.

16. November 26, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 26, 1907

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U. S. EXCHANGE BANK REOPENS. The United States Exchange Bank, 125th street and Fifth avenue, which suspended payment on October 25, resumed yesterday morning. One of the officials said that business was going on about as it had been before the suspension of payment. The reopening of the bank was made with the approval of the State Banking Department. At the Empire City Savings Bank, in 125th street, which began paying depositors on account of thirty day notices of withdrawal last Saturday, there were few withdrawals, it was said, and many deposits.

17. November 26, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, November 26, 1907

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BROKER GIVES CHEERFUL VIEW Recovery From the Effects of the Flurry Will be Slow But Sure By THE JOURNAL'S Special Wire. NEW YORK, Nov. 26.-One of the leading traders on the stock exchange today showed a paste board slip on which he had written a list of "bull points" which he said ought to cheer everybody up. Theye were: 1-Currency premium fallen from 4 to 3-4 per cent. and banks expected to cash all checks freely by the end of the week. 2.-United States Exchange Bank which shut in the panic reopened yesterday and like to reopened Twelfth Ward and Terminal banks had more deposits than withdrawals. 3.-Union Pacific has put back 6,000 men recently discharged, an example of re-employment which will be largely followed as soon as currency "loosens up." "New England," he said. "never had a panic in cities like Syracuse and Toledo never felt it either. The present black belts are at present between Pittsburg and the Mississippi and west of the Rockies, but conditions in these belts are a belated echo of New York affairs of two weeks ago. As soon as New York sets a good example of resumption the west will follow suit. Recovery will be sure but slow. There won't be a stock boom until loans are easy again. Speculation is still at a discount, but chances for sound investments were never better." Commission houses report very little real stock in circulation. They say some people must have been following Tom Lawson's advice, buying it outright and locking it up in boxes.

18. April 28, 1908 New-York Tribune New York, NY
Article from New-York Tribune, April 28, 1908

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TOPICS OF THE STREET. FOREIGN TRADING.-Foreign houses sold about 15,000 shares on balance in this market. buying little stock Union Pacific, United States Steel common and Southern Pacific figured largely in the selling. American stocks in London were dull and inclined to be heavy. but were steady in the curb trading. The general market was inactive and rather depressed. Consols declined 3-16, to 86½. PEOPLE'S GAS BONDS SOLD.-N. W. Harris & Co. have purchased an additional $1,000,000 of refunding mertgage : per cent bonds from the People's Gas Light and Coke Company of Chicago. This additional purchase brings the total amount of bonds outstanding up to $12.400,000. The proceeds from the present Issue will be used to provide for improvements, extensions and betterments, including the company's new office building. ASKED TO DEPOSIT THEIR NOTES.-Speyer & Co. notify holders of 5 per cent notes of the Underground Electric Railways Company of London. Limited, who have not yet deposited their holdings, to obtain copies of the plan and readjustment agreement and to deposit their notes with the Guaranty Trust Company of New York, on or before May 6. Copies of the plan and readjustment agreement may be obtained at the office of the Guaranty Trust Company or at the office of Speyer & Cc. APPLICATION TO LIST--Application has been made to the Stock Exchange to list $4,000,000 additional general mortgage 1 per cent bonds, due 1995. of the Atchison, Topeka & Santa Fe Rallway Compary, and $89,000 additional first mortgage 5 per cent bonds, due 1939, of the Wabash Railroad Company. SMALL BANK TO LIQUIDATE.-The United States Exchange Bank, in West 125th street, has given notice to the State Superintendent of Banks of Its intention to go into liquidation. Lack of business is assigned as the reason for the action.