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Run on a Bank. Cleveland, March 31.-As the result of sensational reports circulated in connection with the assignment of the Federal Trust Company, a run was started today on the Pearl Street Savings and Loan Company's bank. The bank was largely patronized by foreigners. The run lasted only one hour.
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TWO FIRMS GO TO WALL Trust Companies Make Assignments. IN BOSTON AND CLEVELAND As Yet No Statements Have Been Issued. Disappearance of Official of the Concern in the Ohio Metropolis Believed to Have Caused Suspension. Cleveland, O., March 31.-The Federal Trust Company today made an assignment to the Guardian Trust Company. The action is stated to have been taken as a result of the disappearance of a prominent official of the Federal Trust Company. Reports are in circulation that a shortage has been found in the funds of the concern. While no statement has been filed as yet by the Federal Company it is understood It will turn over about $1,000,000 in deposits to the assignee. Its total assets will be about $3,000,000. The Federal Trust Company has a capital stock of $1,500,000. It has a surplus fund of $50,000 and about $140,000 undivided profits. According to its last report it had $2.188,362 in loans and discounts; $45,300 real estate loans, owned $729,000 stocks and bonds and mortgages. Its last statement showed individual deposits of $1,593,328, but officials state the deposits were about $1,000,000 at the close of business last night. Agreed on Merger. An agreement was practically reached between the directors of the Federal Trust company and the Guardian Trust Company several days ago, providing for the merging of the two concerns. The disappearance of the officials of the Federal corrany, however, precipitated matters and the directors decided that an assignment would probably avoid a run on the bank and protect all Interests. As a result of the sensational reports circulated it was said about the assignment of the Federal Trust=Company a run was started today on the Pearl Street Savings and Loan Company's bank. The bank is largely patronized by foreigners and excited men and women crowded its offices in quest of their money. Big down town banks promptly rushed large sums of money to the Pearl Street bank, mostly in silver coin, which was piled up high on the counters In full view of the people. The effects of this was almost Instantaneous and the crowd of depositors I quietly left and the run was over. The bank's déclared perfectly solvent. Deed of Assignment. The deed of assignment to the Guardian trust was signed by J. C. Gilchrist, president, and G. C. Balley, assistant secretary of the Federal Trust Company. Officials of both of the trust companies declare positively that no depositor will lose a penny as a result of the assignment. $ It is also stated that the shortage in 1 the accounts of the Federal Trust Company will not exceed $20,000. Secretary-Treasurer Charles L. Mosher, of the Guardian Trust Company, to which the Federal Trust Company as: signed, made the following statement: "The depositors of the Federal Trust Company are presenting their books for verification and assigning their deposits through te Guardian Trust Company, who : are issuing their own pass books the full amount of the deposits and terest. The Guardian Trust Company will assume in full the obligations of the Federal Trust Company. 3
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ABSCONDING OFFICIAL This Sends Federal Trust Come pany, Cleveland, to the Wall. (By Associated Press.) CLEVELAND, O., March 31.-The Federal Trust Company to-day made an assignment to the Guardian Trust Company. The action is stated to have been taken as a result of the disappedrance of a prominent official of the Federal Trust Company. Reports are in circulation that a shortage has been found in the funds of the concern. While no statement has been filed as yet by the Federal Company, it is understood it will turn over about $1,000,000 in deposits to the assignee. Its total assets will be about $3,000,000. The Federal Trust Company has a capital stock of $1,500,000. It has a surplus fund of $5,000,000 and about $140,000 undivided profits. Its last statement showed individual deposits of $1,593,328, but officials state the deposits were about $1,000,000 at the close of business last night. WILL NOT LOSE 1 CENT. Officials of both 08 the trust companies declare positively that no depositor will lose a penny as a result of the assignment. It is also stated that the shortage in the accounts of the Federal Trust Company will probably not exceed $20,000. In view of sensational rumors, however, and the possibility of a run, it was deemed wise to make an immediate assignment. The two concerns were under an agreement recently ratified by the stockholders to be merged on April 1st. This merger, it is stated, will be carried out, the Guardian Trust Company assuming all the liabilities of the Federal Company. RUN WAS STARTED. As a result of sensational reports circulated in connection with the assignment of the Federal Trust Company. a run was started to-day on the Pearl Street Savings and Loan Company's bank, at the corner of Pearl and Clark Avenue, in the South End. The bank is largely patronized by foreigners, and for an hour or so excited men and women crowded its offices in quest of their money. Big down-town banks promptly rushed large sums or money to the Pearl Street Bank, mostly in silver coin, which was piled up high on the counters in full view of the people crowding the place. The effect of this was almost instantaneous and the crowd of depositors quick melted away and the run was over. The bank is declared to be perfectly solvent.
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OFFICIAL MISSING AND BANK ASSIGNS FEDERAL TRUST COMPANY TURNS OVER ITS AFFAIRS TO THE GUARDIAN TRUST COMPANY. Sensation at Cleveland in Financial Circles-Shortage of About $20,000 Is Said to Have Been Discovered. Total Assets of the Assigning Company Are About $3,000,000. Run of Foreign Depositors Was Started Upon Another Cleveland Bank. Cleveland, O.. March 31.-The Federal Trust Company to-day made an assignment to the Guardian Trust Company. The action is stated to have been taken as a result of the disappearance of a prominent official of the Federal Trust Company. Reports are in circulation that a shortage has been found in the funds of the concern. While no statement has been filed as yet by the Federal Company, it is understood it will turn over about $1,000,000 in deposits to the assignee. Its total assets will be about $3,000,000. The Federal Trust Company has a capital stock of $1,500,000. It has a surplus fund of $50,000 and about $140,000 undivided profits. Its last statement showed deposits of $1,593,328, but officials state the deposits were about $1,000,000 at the close of business last night. The officials of both of the trust companies declare positively that no depositor will lose a penny as a result of the assignment. It is also stated that the shortage in the accounts of the Federal Trust Company will probably not exceed $20,000. In view of sensational rumors, however, and the possibility of a run, it was deemed wise to make an immediate assignment. The two concerns were, under an ratified the stockholders, agreement recently be by to merged on April 1. This merger, it is stated, will be carried out, the Guardian Trust Company assuming all the liabilities of the Federal Company. As a result of sensational reports circulated in connection with the assignment of the Federal Trust Company, a run was started to-day on the Pearl Street Savings and Loan Company's bank at the corner of Pearl and Clark avenue in the south end. The bank is largely patronized by foreigners, and for an hour or so excited men and women crowded its offices in quest of their money. Big downtown banks promptly rushed large sums of to the Pearl in silver street which bank, mostly money coin, was piled up high on the counters in full view of the people crowding the place. The effect of this was and of almost depositors instantaneous, quickly - melted and the away crowd the run was over. The bank is declared to be perfectly solvent.
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CLEVELAND'S FEDERAL TRUST COMPANY FAILS Prominent Official Disappears and an Assignment Is MadeAssets $3,000,000. RUN ON A SMALL BANK CLEVELAND, O., March 31.-The Federal Trust Company to-day made an assignment to the Guardian Trust Company. The action is stated to have been taken as a result of the disappearance of a prominent official of the Federal Trust Company. Reports are in circulation that à shortage has been found in the funds of the concern. While no statement has been filed as yet by the Federal Company, it is understood it will turn over about $1,000,000 in deposits to the assignee. Its total assets will be about $3,000,000. The Federal Trust Company has a capital stock of $1,500,000. It has a surplus fund of $50,000 and about $140,000 undivided profits. It had $2,188,362 in loans and discounts, $45,300 real-estate loans and owned $729,000 worth of stocks, bonds and mortgages. Its last statement showed individual deposits of $1,593,328, but officials state the deposits were about $1,000,000 at the close of business last night. The deed of assignment to the Guardian Trust was signed by C. J. Gilchrist, president, and G. C. Bailey, assistant secretary of the Federal Trust Company. Officials of both of the trust companies declare positively that no depositor will lose a penny as a result of the assignment. It is also stated that the shortage in the accounts of the Federal Trust Company will not exceed $20,000. In view of sensational rumors, however, and the possibility of a run, it was deemed wise to make an immediate assignment. The two concerns were under an agreement recently ratified by the stockholders to be merged on April 1. President J. C. Gilchrist, of the Federal Trust Company, made the following statement this evening to the Associated Press concerning the assignment: "The turning over of the Federal Trust Company to the Guardian Trust Company was along the lines of a proposed consolidation, which was to have taken place April 1. But the absence of one of our officers from the city since Saturday last caused a feeling of alarm in certain quarters that probably would have resulted in a run on the bank before that date. As all the signatures of the stockholders of the Federal Company had not been secured the directors of the latter concern could not guarantee the Guardian Trust Company that it would be unanimous. The Guardian Company was willing to carry out its consolidation agreement, but in order to make it safe for them to do so they advised the assignment of the Federal Company with the understanding that the agreement for the consolidation be carried out. The Guardian Company had already examined the securities of the Federal Company and finding the securities and assets of the bank in good shape they were willing to pay the depositors in the latter bank in full at once and this plan was carried out." As a result of sensational reports circulated in connection with the assignment of the Federal Trust Company a run was started to-day on the Pearl-street Savings and Loan Company's bank. The bank is largely patronized by foreigners, and for an hour or SO excited men and women crowded its offices in quest of their money. Big downtown banks promptly rushed large sums of money to the Pearl-street bank, mostly in silver coin, which was piled up high on the counters in full view of the people crowding the place. The effect of this was almost instantaneous, and the crowd of depositors quickly left and the run was over. The bank is declared to be perfectly solvent.
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OHIO BANK IN CRASH. Federal Trust Co. of Cleveland AssignsBoston Institution Ch ses Its Doors. Uneasiness caused by the strange disappearance of George F. Clewell, its secretary and treasurer, and rumors that he had embezzled a large amount. forced the assignment of the Federal Trust Company in Cleveland. News of the failure caused a panic among the depositors of the Pearl Street Savings and Loan Company, and a run was begun on that bank. The prominent institutions downtown. however, rushed coin and currency to the assistance of the bank, and when the clamoring crowd of depositors were admitted they found the counters piled bigh with silver dollars and smaller coins. The sight of the great piles of wealth was magical, and the crowd melted away. The Federal Trust Company assigned to the Guardian Trust Company. The action is said to have been taken as a result of the disappearance of Clewell and reports that a shortage had been found in the funds of the concern. The company's total assets will be about $3,000,000. It has a capital stock of $1,500,000. a surplus fund of $50,000 and about $140,000vundivided profits. According to its last report it had $2,188,362 in loans and discounts, $45,300 in real estate loans, and owned $729,000 stocks, bonds and mortgages. An agreement practically was reached between the directors of the Federal Trust Company and the Guardian Trust Company several days ago, providing for the merging of the two concerns. The disappearance of Clewell, however, precipitated matters, and the directors decided that an assignment probably would avoid a run on the bank and protect all interests. Unable to provide for the unusual demands of its depositors, the Union Trust Company of Boston closed its doors. The liabilities of the company are placed at $1,600,000, with nominal assets of about the same amount. For some time past depositors have been making heavy withdrawals, and the management of the bank was unable to realize on securities quickly enough to meet these demands. The Union Trust Company was incorporated in 1888. It was capitalized at $100,000; and its president is former Congressman William E. Barrett.
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RUN IS STOPPED. Big Banks Help Out a Small Concern. Cleveland, O.-As a result of sensational reports circulated in connection with the assignment of the Federal Trust Company a run was started on the Pearl Street Savings and Loan Company's Bank. The bank is largely patronized by foreigners, and excited men and women crowded its office in quest of their money. Big downtown banks promptly rushing large sums of money to the Pearl Stret Bank, mostly in silver coin, which was piled up high on the counters in full view of the people crowding the place. The effect of this was almost instantaneous, and the crowd of depositors quietly left and the run was over. The bank is declared to be perfectly solvent.
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RUN IS STOPPED. Big Banks Help Out a Small Concern. Cleveland, 0.-As a result of sensational reports circulated in connection with the assignment of the Federal Trust Company a run was started on the Pearl Street Savings and Loan Company's Bank. The bank is largely patronized by foreigners, and excited men and women crowded its office in quest of their money. Big downtown banks promptly rushing large sums of money to the Pearl Stret Bank, mostly in silver coin, which was piled up high on the counters in full view of the people crowding the place. The effect of this was almost instantaneous, and the crowd of depositors quietly left and the run was over. The bank is declared to be perfectly solvent.
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OHIO BANK IN CRASH. Federal Trust Co. of Cleveland AssignsBoston Institution Closes Its Doors. Uneasiness caused by the strange disappearance of George F. Clewell, its secretary and treasurer, and rumors that he had embezzled a large amount, forced the assignment of the Federal Trust Company in Cleveland. News of the failure caused a panic among the depositors of the Pearl Street Savings and Loan Company, and a run was begun on that bank. The prominent institutions downtown, however, rushed coin and currency to the assistance of the bank, and when the clamoring crowd of depositors were admitted they found the counters piled high with silver dollars and smaller coins. The sight of the great piles of wealth was magical, and the crowd melted away. The Federal Trust Company assigned to the Guardian Trust Company. The action is said to have been taken as a result of the disappearance of Clewell and reports that a shortage had been found in the funds of the concern. The company's total assets will be about $3,000,000. It has a capital stock of $1,500,000, a surplus fund of $50,000 and about $140,000 undivided profits. According to its last report it had $2,188,862 in loans and discounts, $45,300 in real estate loans, and owned $729,000 stocks, bonds and mortgages. An agreement practically was reached between the directors of the Federal Trust Company and the Guardian Trust Company several days ago, providing for the merging of the two concerns. The disappearance of Clewell, however, precipitated matters, and the directors decided that an assignment probably would avoid a run on the bank and protect all Interests. Unable to provide for the unusual demands of its depositors, the Union Trust Company of Boston closed its doors. The liabilities of the company are placed at $1,600,000, with nominal assets of about the same amount. For some time past depositors have been making heavy withdrawals, and the management of the bank was unable to realize on securities quickly enough to meet these demands. The Union Trust ompany was incorporated in 1888. It was capitalized at $100,000, and its president is former Congressman William E. Barrett.
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OHIO BANK IN CRASH. Federal Trust Co. of Cleveland AssignsBoston Institution Closes Its Doors. Uneasiness caused by the strange disappearance of George F. Clewell, its secretary and treasurer, and rumors that he had embezzled a large amount. forced the assignment of the Federal Trust Company in Cleveland. News of the failure caused a panic among the depositors of the Pearl Street Savings and Loan Company, and a run was begun on that bank. The prominent institutions downtown, however, rushed coin and currency to the assistance of the bank, and when the clamoring crowd of depositors were admitted they found the counters piled high with silver dollars and smaller coins. The sight of the great piles of wealth was magical, and the crowd melted away. The Federal Trust Company assigned to the Guardian Trust Company. The action is said to have been taken as a result of the disappearance of Clewell and reports that a shortage had been found in the funds of the concern. The company's total assets will be about $3,000,000. It has a capital stock of $1,500,000. a surplus fund of $50,000 and about $140,000 undivided profits. According to its last report it had $2,188,362 in loans and discounts, $45,300 in real estate loans, and owned. $729,000 stocks, bonds and mortgages. An agreement practically was reached between the directors of the Federal Trust Company and the Guardian Trust Company several days ago, providing for the merging of the two concerns. The disappearance of Clewell, however, precipitated matters, and the directors decided that an assignment probably would avoid a run ou the bank and protect all interests. Unable to provide for the unusual demands of its depositors, the Union Trust Company of Boston closed its doors. The liabilities of the company are placed at $1,600,000, with nominal assets of about the same amount. For some time past depositors have been making heavy withdrawals, and the management of the bank was unable to realize on securities quickly enough to meet these demands. The Union Trust Company was incorporated in 1888. It was capitalized at $100,000, and its president is former Congressman William E. Barrett.