THE BIRKBECK BANK.

Stratford Evening Post, Volume XXIX, Issue 94, 10 June 1911, Page 5

THE BIRKBECK BANK.

FURTHER DISASTER. BUILDING SOCIETY INVOLVED. (Received 10, 8.15 a.m.) London, June 9. The Birkbeck Building Society, with which the Birkbeck Bank was associated, has issued a statement in which it is stated that the ordinary depreciation of securities held by the bank, including gilt-edged, represents a sum which does uov warrant the continuance of the Society’s banking business without reconstruction. An official was interviewed, and anticipated that creditors would receive 17s or 18s in the pound. He added that -Vie run on the bank in November last had led to the withdrawal of three million pounds, of which little was returned. An immense crowd of depositors besieged the building until late at night. The last, balance sheet showed the depositors to number 93,000 and the shareholders 19,666. The current accounts aggregate £2,084, 1 81, deposits £8,449,259, and deposit receipts £200,231. ft Is understood that the recent, soiling of consols emanated from the Birkbeck Bank, and the unfavourable position of the institution is attributed largely to investments in real estate and house property.