ANOTHER PANIC. NEW YORK BANKS SUSPEND PAYMENT.

Evening Post, Volume LXXV, Issue 27, 1 February 1908, Page 5

ANOTHER PANIC.

NEW YORK BANKS SUSPEND PAYMENT.

EFFECT OF BEOBNT OEISIS. 'MONEY WITHDRAWN AND HO,ARDED. B/ Telegraph.— Press Assooiation.— Copyright. NEW 'YORK, 30th January. The Mechani'is and Traders Bank of New York, wijfo a capital of two million dollars, b&s suspended payment. The deposits .iinountcd to 18| million dollars (about" £3,750,000), until tho financial crisis,, when they were reduced, by half. The New Amsterdam National Bank of New York has also suspended. The liabilities are 4£ million dollars. The Secretary to the Treasury, Mr. Cortelyou, in a report to the Senate, states that during the crisis sixty millions stqrlirg, or nearly one-tonth of the money circulating in the United States, was withdrawn from the banks, and was hoarded. 'RUN ON A BANK. OTHER, INSTITUTIONS ASSISTING. | NEW YORK, 31st January. | The closing of the Mechanics and New Amsterdam Banks caused a run on the Oriental Bank of New York. All tho depositors were promptly paid. •Mr. Kelly, president of the Oriental Bank, announced that twelve institutions -wore helping the bank, and he hoped that it would be able to withstand the drain.