14920. Terminal Bank (Brooklyn, NY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
October 26, 1907
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
7f3c47bb

Response Measures

None

Description

The Terminal Bank suspended payment on 1907-10-26 during the general Panic of 1907 (lack of currency); no article describes a depositor run specifically on this bank. It was declared solvent by state authorities and reopened 1907-11-21. Several articles explicitly call it a 'state' institution.

Events (2)
1. October 26, 1907 Suspension
Cause
Macro News
Cause Details
Suspended because it could not raise currency on short notice amid the widespread financial panic and scarcity of cash during the Panic of 1907; closure described as due to inability to obtain ready money rather than insolvency.
Newspaper Excerpt
The Terminal Bank of Brooklyn, a small state institution, with a capital of $100,000 and deposits of about $240,000, suspended payment today.
Source
newspapers
2. November 21, 1907 Reopening
Newspaper Excerpt
The Terminal Bank of Brooklyn, one of those that suspended during the recent panic, reopened today. It was declared perfectly solvent by the State authorities.
Source
newspapers

Newspaper Articles (20)
1. October 26, 1907 Evening Star Washington, DC
Article from Evening Star, October 26, 1907

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SITUATION IN BROOKLYN. Trust Companies Met Demands Promptly. Special Dispatch to The Star. NEW YORK. October 26.-The Brooklyn trust companies paid off their depositors as quickly as the demands were made on them. As for the savings banks, some of them took advantage of the do days' and some of the 60 days clause and only in case of need made payments of $50 or less. The Home Trust Company, at 184 Fulton street, started to pay off depositors this morning who went there in a little greater force than usual. At 11 o'clock there were about one hundred in line. but nothing approaching a panic was to be observed either there or anywhere else in the borough. At the Germania Savings Bank, 375 Fulton street, not more than twenty-five people were in line at 11 o'clock. The bank had taken advantage of the 90 days' clause and made small payments where they were absolutely required. The Brooklyn Savings Bank, at Pierrepont and Clinton streets, also took advantage of the 90 days' clause. There were about two hundred persons in the line outside this bank at one time this morning The Dime Savings Bank. Remsen and Court streets, put the 60 days' clause in operation, making payments on the same basis as the Germania and the Brooklyn. There were fifty in line there when the institution opened. There was a little run on the Nassau Trust Company at 9 o'clock. but all comers were being paid off with dispatch. The Terminal Bank of Brooklyn, a small state institution. with a capital of $100,000 and deposits of about $240,000, suspended payment today.

2. October 26, 1907 The Evening Star and Newark Advertiser Newark, NJ
Article from The Evening Star and Newark Advertiser, October 26, 1907

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Treasury Furnishes Further Millions in Small Bills Today. ONLY ONE PETTY FAILURE Panicky Conditions Brought About by Scarcity of Ready Cash Has Been Almost Entirely Overcome Now--May Be Gold Imports. NEW YORK, Oct. 26.-The Trust of America at 10 o'clock as Company usual opened today. its There doors than 100 were and the less company's depositors officials declared in line, that the run is over. conditions in the were Opening Early quiet. prices stock showed market good advances over last night, but there was very little activity. There was a sprinkling of losses and some reafter the strong held actions the tone generally steady opening. in but the secondary dealings. London quotations for American securities were considerably above New York's closing prices yesterday. Union Pacific was up 1% Northern Pacific 41/4, New York Central 2 1/3 and Illinois Central 33/4. bankers declared today that were such that conditions Leading they gold would from probably be able to import London on Monday to the extent of about $10,000,000. bankers' pool, which has been stock exchange supporting The houses, that money gave further assurances today would be provided for call loans when needed. The members of the clearing house committee went into session at 10 o'clock this morning to consider the situation. The sub-Treasury received $10,000,000 t more in small bills from Washington this morning. Terminal Bank of Brooklyn, a institution, a and deposits of small The $100,000 State of with about capital $240,000 suspended payment today. of finance, of the The captains national who treasury with 3 been battling night to k order in the preserve have the secretary banking and but day world, went a conference last night, confident in held to bed no early, the had belief been S, that a threatening situation e successfully combatted and that from n now on the restoration of public conf fidence and tranquility would be speedt ily accomplished. difficulty throughout the 8. has been e was not enough week's rency. The principal excitement There lack tremendous of actual curis in the city to stand the d without cutting down institutions that r small drain money banking of loans. closed gilt-edged The this good supplies in their vaults, but e sell them nor borrow on week securities neither have they money could the week simply e. of actual paper, gold them scarcity this because and of silver N t money. No apprehension was felt this morning to the result of today's financial tranas The stock exchange and the n were open for business D and the stock to banks two sactions. hours exchange for was all anly not the troubled by the money situation, as n yesterday carry over s loans made rules of until the Monday under the ordinary e e exchange. The direction in which remedial efforts d has been the subject of and some even among n earnest ences should of be consideration, opinion taken the The most differ- diff- imn bankers of the city. it admittedly in felt that the d portant culties local. It are is sudden large measure lack of is not very widespread The situation at a o burg Providence is confidence out the and country. expected through- to Pitts- right these was 0 that an effort 1. tension in New first Itself. relleve suggested the Under circumstances York be made by it gold to imports, and something in that line is being one. t the rate of exchange and the American securities a 9 price Whether of will sufficient- reach level to enable gold imports on a d 2 ly scale to be effective to be It is felt as Jacob it s large seen. Schiff remains press put the that any effort to d to meet with measures in mater yesterday, is likely London. obstructive g alternative means of relief the n House loan t in a tentative way. in discussed Clearing As an certificates have Naturally been one is loath to adopt this f is felt that it is no means every and it is by expedient necese sary to resort to it.

3. October 26, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, October 26, 1907

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PANIC DANGER IS PASSED NEW YORK, Oct. 26.-The great event in the financial situation today was the determination of the clearing house in full sessions to issue clearing house certificates. The vote was unanimously despite previous rumors it would be opposed by Morgan interests as unnecessary. George W. Perkins represented J. P. Morgan and practically every bank president in the city was present. It was the first full meeting for business purposes since 1S93 and some bankers had difficulty in finding the entrance to the building. Manager Sherer, of the clearing house gave out the following statement. The committee will arrange details and provide for the clearing house certificates as son as possible and it is hoped the issue will begin this afternoon. Certificates will be issued to 75 per cent. of the par value of the collateral presented. Secretary of the Treasury Cortelyou was visited by several leading financiers. ames Stillman, president of the National City bank today said: The situation has ben saved by the heroic action of the secretary of the treasury and the whole hearted cooperation of Mr. Morgan. The stock market closed active with a majority of fractional gains in the list. The lines at banks on which runs are being made were much smaller. The only suspension was the Terminal Bank of Brooklyn, a small institution.

4. October 26, 1907 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, October 26, 1907

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New YORK, Oct. 26.- The SLOCK exchange and banks closed at noon to day without any further failures of importance. With considerable improvement of the stock market and with several important remedial measures taken or agreed upon to strengthen the financial situation, a great feeling of relief is apparent every where. It is understood that the treasury department will as heretofore advance gold for immediate use so as to avoid delay in the time occupied in transit from Europe. Meanwhile clearing house loan certificates will be issued as a precautionary measure. The runs upon the Trust Company of America and the Lincoln Trust Company abated largely today. The demands of country banks on their New York resources were heavy, but not alarming. * * . New York, Oct. 26.-No apprehension was felt this morning as to the result of today's financial transactions. The principal difficulty throughout the week's excitement has been the lack of currency. There was not enough money in the city to stand the tremendous decline without cutting down loans. It is realized that the sudden lack of confidence is not wide spread through the country. Leading bankers said today that conditions were such they probably would be able to import gold from London Monday to the extent of ten million dollars. As an alternative means of relief clearing house loan certificates have been tentatively discussed. The sub-treasury received to day ten million dollars of small bills from Washington. There were small lines of people in front of the Trust Company of America and the Lincoln Trust Company today, but fewer than yesterday. The exchange pool which has been supporting the stock exchange housfurther assurance es gave today for that call money would be provided loans when needed. The Terminal Bank of Brooklyn, a small institution with capital stock of $100,000, and deposits of about $240,000, suspended payment today. LATER:- The Clearing House Association today authorized the issuance of clearing house certificates George F. Baker, president of the clearing house, said the amount had been specified by the same method as that in 1893, and will be followed. Announcement was made today that negotiations have been practical ly completed for the importation of a large amount of gold from Europe: James Stillman, president of the National City Bank, said today that the situation had been saved by the ac tion of the Secretary of the Treasur er, who 'has been SO ably assisted by the whole-hearted co-operation of Mr Morgan. Secretary Cortelyou had a conference today with George W. Perkins of the firm J. P. Morgan & Co., after which Perkins said: "I think this will be the last day of the financial difficulty." The drain on the national banks was considerably relieved today by the decision of the savings banks to stop heavy disbursements by requiring advance notice for large with drawals. Money on call loaned on the stock exchange today at fifty per cent. The statement of the clearing house banks the week shows that the banks for hold $1,233,300 less than the legal reserve requirements. Arthur P. Heinze, for several years president of the Aetna Indemnity Co. has resigned. Beekman Hunt, formerly vice president and general manager, has been elected to succeed him. Speculative Financing the Trouble. Oct. Chicago, 26.-"Speculative factor Financing" as a controlling in was as to of the railroading the prosperity denounced railroads fatal and the country, by B. A. Clark, a member of the Interstate Commerce Commis-

5. October 26, 1907 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, October 26, 1907

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Throughthe Heroic Action of Secretary Cortelyou WITH AID OF J.P. MORGAN Although One Brooklyn Bank Closed This Morning, Things Were Generally More Quiet in Financial Districts Today. New York, Oct. 26.-The Terminal Bank of Brooklyn closed this morning. It was a depository of the Williamsburg Trust company. Although there is a moderate run at the Nassau Trust company, things are generally quiet in the Brooklyn financial district. After leaving the clearing house committee, James Stillman, president of the National City bank, said there was nothing new yet about issuing clearing house certificates and it may be that the association will deem it unnecessary. The general situation is much improved. It has been saved by the heroic action of the secretary of the treasury, George B. Cortelyou, and the whole-hearted co-operation of J. P. Morgan. The institutions which closed their doors yesterday, with the sums due the depositors were: The United States Exchange bank, Harlem, $600,000. International Trust company, about $100,000. The Borough bank of Brooklyn, $4,000.000. The Brooklyn Bank, $2,300,000. Williamsburg Trust company, Brooklyn, $7,500,000. The First National bank of Brooklyn, $3,500,000. The First National bank of Brooklyn, the Williamsburg Trust company and the International Trust company were allied institutions. None of these companies had any important business connections with the larger banks which are representative of the city's financial affairs.

6. October 26, 1907 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 26, 1907

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FINANCIAL SITUATION IN NEW YORK SUMMED UP AFTER WEEK OF GREAT AND FEVERISH ANXIETY. Not Enough Cash in City to Stand Tremendous Drain Without Cutting Down Loans-No Further Failures of Consequence Reported When Banks and Stock Exchange Closed at Noon-Gold From Europe New York, Oct. 26.-No apprehension was felt this morning as to the result of today's financial transactions. The principal difficulty throughout the week's excitement has been the lack of currency. There was not enough money in the city to stand the tremendous drain without cutting down the loans. Trouble Not Widespread. It is realized that the sudden lack of confidence is not widespread through the country. Leading bankers said today that the conditions were such that they would probably be able to import gold from London on Monday to the extent of $10,000,000. Means of Relief Discussed. As an alternative means of relief, clearing house loan certificates have been tentatively discussed. Money for Sub-Treasury. The sub-treasury received today $10,000,000 in small bills from Washington. Small Lines Waiting. There were small lines in front of the Trust Company of America and Lincoln Trust company buildings today, but fewer than yesterday. Exchange Pool Active. The exchange pool, which has been supporting the stock exchange houses, gave further assurance today that money would be provided for call loans when needed. Suspension of Terminal Bank. The Terminal bank of Brooklyn, a small institution, with a capital of $100,000 and deposits of about $240,000, suspended payment today. No Further Failures. The stock exchange and banks closed at noon today, without any further failures of importance, with a considerable improvement in the stock market and with several important remedial measures taken or agreed upon to strengthen the financial situation. Feeling of Relief. A distinct sense of relief is apparent everywhere. It is understood that the treasury department will, as heretofore, advance gold for immediate use, so as to avoid the time occupied in transit from Europe. Meanwhile clearing house loan certificates will be issued as a precautionary measure. Runs Somewhat Abated. The runs upon the Trust Company of American and the Lincoln Trust company were abated largely today. Drafts of country banks on their New York reserves were heavy, but not alarming.

7. October 26, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, October 26, 1907

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Today's Telegraphic News. The Financial Situation Improving. New York, Oct. 26 -If the Clearing House Association acts on J. P. Morgad's advice it will resort to the issuance of clearing house certificates to check drains on New York banks. The Clearing House committee is in session now footing up the amount withdrawn from New York institutions through shipments to the interior or by local depositors who prefer hoarding their money until the present period of the panic is passed. Should the total seem great enough to warrant a resort to the expedient suggested by Mr. Morgan, a meeting of the full association will be called immediately to authorize the issuance of the certificates. The certificates are really loans, amply secured and guaranteed by the banks accepting them. During occasions of stringency they are issued and taken up after a return of the money market to normal conditions. The adoption of such measures do not imply that the banks are in distress, but that more currency is needed than is immediately available. It is an effective precaution against the exhaustion of cash supplies in the financial institutions. Depositors again gathered at the opening hour today at the doors of several of the banks and trust companies from which there have been heavy withdrawals. The numbers were somewhat lessened, but to be sure that they were in time, a number of persons arrived long before dawn and a few were even on hand before midnight. Gold aggregating $5,000,000 is on the way from London to this port and is expected to arrive Monday. It is being imported by the National City Bank. Another bank is known to be planning to import $1,000,000 in gold. The line was still intact today at the Lincoln Trust Company which is paying all comers. Great delay is caused, however, by the necessity of examining accounts and going over the books when checks for balances are presented. J. Pierpont Morgan is suffering from a bad cold, but was at his office as usual this morning. The weekly statement of the associated banks issued today shows the following changes : Reserves on all deposits, decrease, $12,415,950; reserved on deposits other than United States, decrease, $9,012,755; loans, increase, $10,864,737; specie, decrease, $8,925,330; legal tender, decrease, $8,973,500; decrease, $1,939,400; circulation, decrease, $214,100; total loans, $1,087,711,000. The banks now show a deficit of $1,233,300 below the legal requirements last year. There was 8 surplus of $5,673,675 and two years ago of $12,430,925. Brooklyn, N. Y., Oct. 26-Although there is a ruo of moderate sized proportions on at the Nassau Trust Company, Broadway and Bedford avenue, Williamsburg, things generally are quiet around the financial section of the eastern district. The officers of the bank assert that the institution is perfectly solvent and will pay every depositor. Everything is quiet around the doors of the suspended First National and the Williamsburg and Jenkins Trust Com. panies. The Terminal Bank, of 81 Sand street, Brooklyn, closed its doors this morning. This bank was a depository of the Willismsport Trust Company. Pittsburg, Pa., Oct. 26.-After a short meeting of the board of directors of the Pittsburg Stock Exchange it W38 decided not to open the exchange today. Secretary Charles J. Holman when asked if he thought the exchange would be open Monday replied that be could not say. It js believed here that business will be suspended until the financial turmoil is entirely quieted. Providence, R 1., Oct. 26.-At a meeting prolonged far into this morning, the Clearing House Committee decided to come to the assistance of the local banks whenever called upon. The committee today recommended in the certification of checks such checks should be made payable only through the Providence Clearing House, The financial situation here today is decidedly more reassuring, and it is believed that the action of the Clearing House committee will prevent all danger

8. October 27, 1907 Evening Star Washington, DC
Article from Evening Star, October 27, 1907

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Late tonight the consensus of pinion of prominent the crisis in rcles as that financiers financial was over and that nearly ormal conditions obtained. The lost important event of the day as the decision of the oissue action is ites. ouse big Association This regarded Clearing certifi- as step forward in clarifying e financial situation, The announced at w suspension of only was the Terminal Bank of rooklyn. a small institution. It tracted little or no attention. market d ith he stock considerable improvement, closed dull arrangements were of five r importations completed millions the purpose of the money ther lieving gold for stringency. further engagements are to October 26.-In NEW a request YORK response follow. of the Associated Press his view of the present situation. as J. erpont Morgan said today: 'As I have already said I cannot too rongly emphasize the importance of the ople realizing that the greatest injury at can be done to the present situation the thoughtless withdrawal of funds m banks and trust companies and en hoarding the cash in safe deposit ults or elsewhere, thus withdrawing e supply of capital always needed in ve h emergencies as that with which we been confronted during the past ek." ames Stillman, president of the Nanal City Bank. who next to Mr. Morgan S done more to bring about a solution the financial difficulties in New York in any other man sa'd: The wise and heroic action the Treasury and the cretary efforts of of spien- the I of Mr Morgan. with the tance of the clearing house, have asthe sound financial of , strated clearing-house condition dem. banks of this city in order to facilitate the of cotton grain, tobacco and ipments W. er however, produce and to facilitate the imthe associated banks have sely ts of decided gold credit : to combine their by issuance of clearing-house certificates prevent the paralyzing of the business of the d ge thus part of country a very falmness and growing encouragement 1 re the dominant features of the finansituation when the great banking in tutions closed their week financial institutions the intact great today. of with the y after having met the of the past week demonstra Ion of the wers Is ented signal demands resisting unpree With of the banks came the and important measures to a recurrence of acute Alnt ough new strain adoption prethe stock exchange and points were free from yet there were nsitive awals Itation. heavy extreme other with of cash from several and these withdrawals beg the most part by the smaller ust sitors, for companies, banks deAll the institutions affected to pay out on demand to usual hour of closing on ntinued the Saturday up Clearing House Certificates. First of importance in the remedial asures was that of the in voting to issue loan certificates for the use sociation use nks Clearing clearing of House themselves in settling their the at the clearing house lances rtificates These daily lation. will not go into general cirin circulation for the needs the nks rrency general keep but business their use large will amounts enable ired which otherwise would be of earing the settlement of the house balances Plans daily to extend the benefits were fordated earing for of rehouse certificates to the the as as the banks trust present members of the which mpanies, at Association Clearing important by of day Another extremely National (s news City was Bank the announcement that it feature had ged en$6,000,000 in gold for okers exchange It that this engagement is the of what will be befining believed by bankers probably and import a York movement of gold to New conry favorable for the importation d om it abroad is believed The that exchange market of gold, from met with in securing no difficulty will so far as may be urope To needed the metal Aid Trust Companies. ring house certificates be those banks making The sued proving to application will to the satisfaction for the the the certificates and their ability ed immittee deposit for appointed purpose of the the proper collateral No limit to the amount to be hoped that the amount asked Another as it will fixed be small issued of first importance designed the vorable effect which to by the fact that the g banks were in a - btain fset also produced house step position was might clear tak to certificates, while the trust he antes were left out of the arrangement com fear that the trust companies would affected by such de was one of the influences which ision several unfavorably d members of the to oppose the Issue of this was the presentation of anger on ites. ommittee by the The clearing step taken to clearing offset a resolu- certifi- house ef e trust companies should be to the clearing house It this resolution de litted ided ect meeting that that of the association house might committee to was the be pro ad to ided at a meeting of the association

9. October 28, 1907 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, October 28, 1907

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TO REMEDY SITUATION Important Steps Taken by New York Financial Interests. CONDITIONS MORE NORMAL As a Precautionary Measure Clearinghouse Authorizes Issue of Loan Certificates and Gold Importations Are Arranged For. New York, Oct. 28 The stock exchange and the banks closed for the day without any further failures of Importance, with considerable improvement in the stock market and with several important remedial measures taken or agreed upon to strengthen the financial situation. The only reverse of the day was the suspension of the Terminal bank, Brooklyn, a new and small institution without any importance in the general financial world. Already arrangements for the importation of gold are well under way and it is hoped this will furnish the relief needed. It is understood that the treasury department will, as heretofore, advance the gold for immediate use so as to save the time occupied in transit from Eurone. Meanwhile, as a precautionary measure, although not regarded vitally essential, the clearinghouse has authorized the issuance of loan certificates. This means that the clearinghouse banks are to present a united front in this emergency and that the aggregate resources of all of them are to be pledged for the maintenance of each. The runs upon the Trust Company of America and the Lincoln Trust company continued in very much abated form, but both institutions met all demands. The drafts of country banks on their New York reserves were heavy but not alarming, since at this period of the year such drafts are to be expected for the purpose of moving the crops. The imposition of the ninety days' rule in Rhode Island stopped runs there and matters assumed a normal phase. The stock market opened at an advance and showed little symptoms of serious agitation. London and other foreign points also gave reassuring advices. The rate of exchange was such as to facilitate gold imports and confidence abroad was evidenced by the improved tone of all foreign bourses, the only weakness apparently being the result of a failure in Constantinople and the financial crisis in Chile.

10. October 28, 1907 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, October 28, 1907

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ply of currency. Thus the general situation today is much improved and with the intervening Sunday it is believed that almost a normal state of affairs will be reached Monday. The Trust Company of America opened its doors as usual at 10 o'clock Saturday. There were fewer than 100 depositors in line, and the company's officials declared that the run is over. The Terminal Bank of Brooklyn, a small state institution, with a capital of $100,000 and deposits of about $240,000, suspended payment Saturday. The Terminal Bank is located at 81 Sand street, Brooklyn. The institution was established in 1905. W. P. Reid is president. The principal difficulty throughout the week's excitement has been lack of currency. There was not enough actual money in the city to stand the tremendous drain without cutting down loans. The small banking institutions that closed this week have good supplies of gilt-edged securities in their vaults. but they could neither sell them nor borrow money on them this week. simply because of the scarcity of actual paper, gold and silver money No apprehension was felt today as to the result of financial transactions. The Stock Exchange and the banks opened for business only two hours, and the Stock Exchange was not troubled by the money situation, as all the loans made Friday carry over until Monday under the ordinary rules of the exchange. Soon after arriving at the subtreasury Saturday Secretary Cortelou had a conference with George W. Pe:kins of J. P. Morgan & Co. Mr. Perkins subsequently said: "The atmosphere is fast clearing up, as any one can see."

11. October 28, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 28, 1907

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any other institution for the time," he said. "All of the other members of the Clearing House received the same instruction regarding the banks for whom they were clearing That order left us without means of getting cash. We have as good securities as any other bank in the country, but when we were unable to get money upon them we had no alternative but to close our doors. The Clearing House is doing everything that it can to improve the present situation, and as soon as this flurry is over I suppose it will rescind its order regarding clearing. Of course only a certain number of banks can be members of the Clearing House, and the other banks have to clear through them. "The state accountants are still going over our books, and they will not report probably until Tuesday or later. Our bank is entirely sound. The rumor that politicians have had preferences shown them by us is entirely unfounded. As for the International Trust Company, we had never gone into that concern. The action was only proposed, but was not carried out, and now will not be." The Jenkins Trust Company, the First National Bank. the Terminal Bank, the Williamsburg Trust Company and its branches, generally known as the "Jenkins banks," it was generally understood yesterday would reopen on Tuesday. The federal and state examiners, according to the directors, have found the institutions solvent and in a position to continue doing business as soon as the ready cash was obtained. President John G. Jenkins, jr., said yesterday he did not propose to open the Williamsburg Trust Company's offices until he was satisfied he could do SO without closing his doors again. He said that his bank would never have been compelled to close up had it not been for the run which used up all the available cash. A movement is on foot, according to Jullan D. Fairchild, president of the Kings County Trust Company, to bring the banks and the trust companies closer together. "We do not need a clearing house in Brooklyn, as has been suggested," he said yesterday. "We want only one such institution. What we do want is a closer connection between the banks and the trust companies. The trust companies should go into the clearing house, either as regular or as associate members. The trust companies, like the banks, should make weekly reports concerning themselves. That would give people a reliable understanding of the banking situation of the city's institutions. The trust companies have as much. if not more, money on deposit than the banks have, and yet at present they do not take steps to keep the public informed concerning themselves. This crisis may result in bringing them into closer relation with the banks. I do not think that they should be compelled to keep on hand such large reserves as the banks. The banks must have 25 per cent of their deposits, but the trust companies are not required to keep more than about 12 per cent on hand. Their deposits are slower. not so liable to be paid out and their securities are better. The Clearing House and the trust companies should be able to determine upon some equitable arrangement whereby the trust companies could become members or associate members of the former."

12. November 21, 1907 The Washington Times Washington, DC
Article from The Washington Times, November 21, 1907

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BROOKLYN BANK REOPENS. NEW YORK, Nov. 21.-The Terminal Bank of Brooklyn, one of those that suspended during the recent panic, reopened today. It was declared perfecily solvent by the State authorities.

13. November 21, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 21, 1907

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SCRIP IS RETIRED. Banks at Billings, Mont., Return to Cash Basis. Butte, Mont., Nov. 21.-A Miner special from Billings, Mont., states that the banks in that city have retired the clearing house certificates, ample cash being available for the conduct of all business. Settlement for stock shipments have increased the reserves of the banks to a very healthy extent and the condition of the banks is the best in years. Billings is the large shipping point for Montana. It was the only city in Montana where recourse was had to clearing house scrip. The banks throughout the state are pronounced by the bank examiner to be in the best of condition. Terminal Bank to Reopen. New York, Nov. 21.-Announcement is made that the Terminal Bank of Brooklyn, which suspended during the recent banking flurry, will reopen its doors. The largest depositors in the bank have agreed not to withdraw any of their funds for an indefinite period.

14. November 21, 1907 Arizona Republican Phoenix, AZ
Article from Arizona Republican, November 21, 1907

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BROOKLYN BANK TO REOPEN New York. Nov. 20.-Announcement is made that the Terminal Bank of Brooklyn which suspended on the morning of the recent banking flurry, will reopen tomorrow. The largest depositors have agreed not to withdraw any funds for an indefinite period.

15. November 21, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, November 21, 1907

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BROOKLYN BANK NOW READY TO RESUME New York, Nov. 20.-Announcement is made that the Terminal Bank of Brooklyn, which suspended during the recent banking flurry, will reopen its doors tomorrow. The largest. depositors in the bank have agreed not to withdraw any of their funds for an indefinite period.

16. November 21, 1907 Tonopah Daily Bonanza Tonopah, NV
Article from Tonopah Daily Bonanza, November 21, 1907

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SUSPENDED BANK WILL OPEN AGAIN (By Associated Press.) NEW YORK, Nov. 20.--The aunouncement was made that the Terminal bank of Brooklyn, which suspended during the recent banking flurry, would reopen its doors to. morrow.

17. November 21, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, November 21, 1907

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Bank Will Resume. New York, Nov. 21.-The Terminal bank, of Brooklyn, which suspended during the recent banking flurry, will reopen its doors to-day. The Terminal bank closed its doors because of its inability to raise currency on short notice to meet the demands of its depositors. The largest depositors in the bank have agreed not to withdraw any of their funds for an indefinite time.

18. November 21, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, November 21, 1907

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News of the Day. Count Purekler, leader of the German anti-Semitic movement, has been taken to Dalydorf Asylum a dangerous lunatic. t Sydney Gubbs was instantly killed at Kensington Station, Brooklyn, N. Y., early today, in endeavoring to board a train. Counts Recope and Gramedo fought a duel with pistols near Paris today in which both were wounded. They are said to have quarreled over politics. Attorney General Bonaparte was elected president of the National Municipal Lengue at the annual meeting at Providence, R. I., yesterday without opposition. Senator Foraker was yesterday formally indorsed for re-election to the Senate and for the republican nomination for the presidency by the executive committee of the Ohio League of Republican Clubs. Mrs. A. Rosner, of Goodhue, Miss., yesterday became the mother of the sixth pair of twins since 1898. She is now the mother of twenty-five children. President Roosevelt was at once notified by the proud father. The Terminal Bank of Brooklyn, one of those that suspended during the recent panic, reopened today. It was declared solvent by the State authorities. During the first hour it was open more than $45,000 was deposited. Sulzer's Harlem River Park and Casino, & noted resort at the Harlem river on Second Avenue, New York, was wiped out by fire today. The fire is believed to have been of incendiary orign. The 1 RS will exceed $50,000. Finding himself unable to secure a t giass of beer at the Wallace Hotel in Wallace, Idaho, after twelve o'clock, Jack Frederick promptly bought the place, giving has check at once, took possession of the bar and treated all the mining men. The Interuational Convention of the le Young Men's Christian Association, which will meet in Washington next th Friday morning, will gather together be Christian workers from every part of this fi country and from foreign lands. Some M 2,000 delegates are expected to attend. B To insure their safe transit to E st St. Louis, an undertsker's wigon was emfr ployed in taking certified bonds, worth qu 6,083,700, across the Eads bridge yesyou erday. When the wagon stopped in m ront of the Illinois State Bank, in East yo st. Louis, many persons asked who was or lead. The bonds were carried in forty ix boxes. Addressing the Salvation Army at fri Berlin on "Bustag." the day of national br ...miliation in Prussia, Gen. Booth said Br an eople overywhere seemed to be tiring tw f religion. He believed there were 000,000 people in London who never So ntered & church. It was the same in the B: urope and America, and even in heanen countries. He was never more surJ.' rised than he was on finding religion 80 her cking in Japan. all lett The Atlantic Deeper Waterways Con1 rence In session in Philadelphia closed be sterday after accepting Baltimore's vitation to meet in that city next year. reg lett permanent organization was effected, in Hampton Moore, of Philadelphia, my ing chosen president. Significance kill attached to the statement of Major "D A. Flagler, United States. army, at the chain of waterways as proposed sent " old be constructed for $35,000,000. I The army needs nearly 600 more ofhav B18 and the War Department has deMrs led to graduate the present first year scri) 88 of cadets at West Point early in chiè bruary, about five months ahead of B regular time. This will give the writ ny over 100 more officers, as the new tem ior class numbers only 109 cadets, there are more than that number of pres

19. November 21, 1907 Evening Journal Wilmington, DE
Article from Evening Journal, November 21, 1907

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Suspended Bank Resumes. By THE JOURNAL'S Special Wire. NEW YORK, Nov. 21.-The Terminal Bank of Brooklyn, one of those that suspended during the recent panic reopened today. It was declared perfeetly solvent by the State authorities. During the first hour it was open more than $45,000 was deposited.

20. November 23, 1907 The Free Lance Fredericksburg, VA
Article from The Free Lance, November 23, 1907

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Bank Officers Indicted. New York, Nov. 21.-Three indictments are said to have been ordered by the Kings county grand jury which has been investigating the affairs of the suspended Borough Bank of Brook. lyn. The grand jury has not completed its labors, and there were intimations that there might be other indictments. While no official statement was forth. coming of the action of the jury, It is understood that more than one indict may be returned against individuals. The Terminal Bank of Brooklyn, which suspended during the recent banking flurry, reopened its doors and resumed business. The Terminal bank closed its doors because of its inability to raise currency on short notice to meet the demands of its depositors. The largest depositors in the bank have agreed not to withdraw any of their funds for an indefinite time.