a14caa31Full suspension
Other: Multiple closings/reopenings: initial 1907 suspension (panic of 1907), reopening 1908, final suspension/closure April 1910.
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Otro banco en suspensión de pagos OTRA VEZ LA CRISIS EN AMERICA Nueva York, viernes.-Ha suspendido sus pagos el Borough Bank que tiene un capital en depósito de 17 millones seiscientos mil dollars. El escándalo que esta noticia produce en el mundo de los megocios es estupendo. Los rumores circulantes respecto á inevitables quiebras ruidosísimas, van sembrando el pánico bursátil. La multitud rodea anciosa el edificio del banco.
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# DOUBLE FAILURE OF FIVE BANKS BLAMED ON STATE Depositors Ask Why Banking Department Allowed Doors to Reopen. NOT CHENEY'S DOING. Cause of Crippled Institutions Was Pleaded Before Clark Williams. Since the closing last Tuesday of the Northern Bank, a reorganization of the old Hamilton Bank, which went down in the panic of 1907, there has been considerable talk in the financial district as to why the State Banking Department ever permitted the institution to reopen its doors. Thousands of citizens were attracted by the bold advertising methods of Joseph G. Robin in getting new accounts. These new depositors did not know of the bank's inheritance of bad securities from the Thomas-Heinze-Morse regime, and they now blame the Banking Department. Nor are the depositors of the Northern Bank alone in their plight. Four other institutions that failed in 1907 were permitted to resume business upon what subsequently proved to be an altogether unsatisfactory financial basis. The Five Which Failed Twice. The five banks which have been forced to fall twice are as follows: | | First Closing. | Reopened. | Finally Closed. | | :---------------------------- | :------------- | :-------- | :------------- | | Hamilton Bank (Northern Bank) | Oct. 24, 1907. | Jan. 20, 1908. | Dec. 27, 1910. | | Williamsburg Trust Company | Oct. 25, 1907. | June 7, 1908. | Dec. 14, 1910. | | Mechanics and Traders' Bank (Union Bank) | Oct. 25, 1907. | Aug. 17, 1908. | Apr. 5, 1910. | | Borough Bank | Oct. 25, 1907. | Apr. 14, 1908. | Apr. 7, 1910. | | Jenkins Trust Company (Lafayette Trust Company | Oct. 25, 1907. | Apr. 15, 1908. | Nov. 30, 1909. | These five institutions did not get permission to reopen from the present head of the Banking Department, Orion H. Cheney, but from his predecessor, Clark Williams, now State Comptroller. Many Depositors Got Out. Mr. Williams permitted these banks to resume after hearing the cause of each institution pleaded by able lawyers hired by the principal directors, and strongly seconded by petitions from the then depositors. But many of these early depositors after the resumption withdrew their money, and the brunt of the second closing appears to have fallen upon an entirely new class of depositors, who now blame the Banking Department for permitting the failed banks to reopen.