9701118 970
national
e0f1a79831ef1308Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Partial suspension
Clearinghouse involved: Yes (loan, examination, or other measures)
Click image to open full size in new tab
A report was in circulation on the streets of Perhan last week that the First National bank of Detroit was in a bad condition. The Record states that a run was made upon it, but that every depositor, that requested it was paid in full, and that the statement of the bank showed a healthy institution. The Bulletin is glad to know that the institution stands on a solid basis -Perhan Bulletin.
Click image to open full size in new tab
MORE SAVINGS BANKS RUNS. Detroit Officials Put on the BrakesTrouble at Omaha. CHICAGO, June 14.- The savings bank run seems epidemic. At Detroit a run was threatened and the officers of all the banks met and agreed to require the time limit of all depositors. The run was started, but every depositor was required to give the legal notice, and confidence was partly restored. At Omaha there was a run on every savings bank in the city caused by the failure of the McCague bank and American National. McCague says he will pay every depositor. All the banks met the run with cash, and the run was greatly abated by night. The Nashville Savings company has made an assignment with liabilities of $282,000 and assets of $125,000. The Irving Savings institution at New York is short $70,000, due to the rascality of its president, secretary, and paying teller.
Click image to open full size in new tab
AS OTHERS SEE IT The following appeared as an ediorial in this mornings Grand Rapids Herald and in a clear and concise statement of the facts as relative to the present financial Hurry: "The end of the financial disturbance is believed to be in sight. The trouble originaed in New York. The "collapse of the copper corner pinched some of the brethren of high finance. Their embarrassment involved some of the banks with which they were connected. In a flash New York had a panic on hand. The New York banks. for their own protection. applied the 60-day rule for withdrawal of deposits and resorted to the use of clearing house certificates. This action was not necessarily an evidence of weakness. but was deemed essential to safety to prevent a blind. unthinking. unreasoning rush for money to be locked up in vaults or hoarded." New York is the country's great financial center. its money reservoir. When New York tied itself up in a knot. other cities were soon in a tangle, not through any fault of their own nor because of "local conditions.", but simply bceause New York had failed them. Chicago was the first to follow the New York example in applving th* 60-day rule_and resorting to clearing house certificates. And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise. The banks of Grand Rapids are among the very few in the country that have continued to do business under anything approaching normal conditions. The banks here still pay cash on demand to satisfy all legitimate needs, but at the same time they are doing all they can to conserve their supplies of currency by the use of checks, certificates of deposit and exchange on New York and Chicago. But as stated, the end of the trouble. it is believed, is now in sight. The national banks all over the country are taking out additional circulation. is coming out of Washington at the rate of $1,000.000 to $1,500,000 a day. The government mints are working overtime on new coniage. and this money is being put into circulation as rapidly as possible. The greatest, factor of immediate relief. however. is the arrival of gold from Europe. The Kron Prinzessin Cecile brought $8,000,000 into New York yesterday. The Lusitania will arrive Friday with $10.000,000. Other ships are on the way