Thousands of Jewish depositors, mainly workers of the needle-trade, are affected by the closure of four small New York banks, which was announced to-day. The deposits and liabilities of all the four banks amount to 15 million dollars.
The closure of the four banks has caused renewed anxiety in Jewish commercial circles. Continued depression is jeopardising a large number of other small banks in New York and steps taken to-day are believed to be part of a plan by banking authorities to force these small banks gradually to liquidate or merge with stronger institutions, so that a series of runs on banks may be averted.
Many pathetic scenes were enacted in front of the four banks, police guards being obliged to assist many men and women who fainted or became hysteridal. The four banks are the American Union Bank, the International Madison Bank, the Times Square Trust Company and the Times Square Deposit Company.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
