The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-19
SI5O,OS2 40


SI5Oos2 40
The last item above given made up of Comptrollers
bond for OoO and bond and mortgage taken in.
for the Bank Fund of The Treasury debt
to the Bank Fund has been paid by issuing per
bonds of the Comptroller for and two years The
naming $4,000 OF the fund, as given above, consists Of
securities which taken as an investment for the Bank
Fund and these securities be sold according
the 9th section Of the bank fund law of 1922 and the pro-
ceeds applied the redemption Of the notes Of nsovent
banks By the ih section of the act for the redemption
the Observation-Disclosures OF banks which have failed passed
the late session. the bills to be paid according the
priority of the injunction from the court of chancery
The following is the order in which the banks
joined viz
Bank of Buffalo, Nov. 2, ls4I.
Commercial Bank Of Buffalo, Nov. Is, isil
Commercial Bank of Oswego Dec T. 1871
Lafayette Bank Of New York, Feb. 1912.
The watervlet Bank, March Q, lsi2.
The Clinton County Bank, April g. 1912.
The Lewis County Bank, May, 1912.
Before the Comptroller commenced redeeming the notes
of the Bank Of Buffalo, he the late cashier for
statement the bills in circulation and of those out of
the bank for any purpose The cashier stated the actual
Of notes in circulation the day the injunction
served at 1901 1876. And bills redeemed and in hands
of the State Bank, 81, so7.
One of the Bank Commissioners, by order of the Chan
cellor, certified TO the Comptroller in relation TO the
Bank Of Buffalo, that far the said commissioners
have been able to ascertain the from the books of
the bank the officers thereof the circulating notes of
said bank which in circulation either by hypotheca
ton otherwise, at the time Of the failure Of said bank
amounted to the oftwo hundred and ninety thousand
dollars"
The notes presented to the Comptroller up the 9th
July instant actually amount to 1887 49, shown in the
preceding part Of this statement exceeding the amorn
furnished TO the Bank Commissioners their examina
ton of the officers and books by the Of
thousand eight hundred and twelve dollars and going be-
yond the circulation given by the cashier and lud
ing the notes redeemed and in the State Bank by the sam
OF forty eight thousand hundred aud seventy nine
dollars The Bank of Buffalo had capital of s2oo0oo
and its circulation limited to that amount. APP
pears therefore, that had fraudulent circulation Of
sis7 OOO and how much yet to be ascertained
quite probable from the facts presented in the pre-
ccding statement that after the redemption of the out
standing notes flhe Bank OF Buffalo there will not re-
main more than one hundred thousand dollars Of the
safety Fund in the hands Of Comptroller and this in
five per stock which will give about SIS O00 Ia the
present condition Of the fund.- and of the circulation Of the
Bank Of Buffalo II would not be safe to apply than
500 600 of the five per cent stock beon ring TO the bank
fund to the payment Of the notes the Commercial Bank
of Buffalo which next in order for redemption
provided by the law oflsi2.
The outstanding notes Of the Commercial
Bank Of Buffalo stated at S4s5,OO0
Deduct Safety Fund on hand, say $4,000
s403,OOo
And leaves to be provided for by future contributions
Si03 000 This will consume the extra and annual con-
ributons for January s43 and s. except about s2 Oo
which with the contribution in January 1916 and January
Is will amount to enough TO take up the circulation Of
the Commercial Bank Of Oswego and leave of
S6 600 which excess added to the contributions of sS
will redeem the pledged of the watervlet Bank and
leave surplus OF $40 600 for the ordinary crcda.
ton that bank the amount Of which has not been aeer
tanned.
The contributions in January isa7 1919 and Isio will
be increased by the addition Of half Of per cent
000 the aggregate capital ten Of the banks which
have commuted only for four years This will enable
the fund to redeem the circulating notes OF the Clinton
County Bank, after January lsie and leave surplus Of
absut $780, 900.
According this statement the notes Of the CONNER
cia Bank Of Buffalo will not all be redeemed until after
January, lsi5.
Commercial Bank of oswego, not until January 1871
Watervliet Bank, in January, lsis
Clinton County Bank, in January, 1910.
Lewis County Bank, Gift does not resumeD IN January
1910 and1S50.
SO far as the notes ofnolvent banks are from
the Safety Fund in the hands OF the Comptroier IL is re-
laws of i2 notes shall be paid the order in which
the shahaye been granted against the several
H. ,he Cbanceor But section II of the same aot
authorizes any banking corporation within months after
the OF the law pay into the Treasury not less
two nor more than three per cent the capital
xorL thereof In lieu the contributions Of half Of one
per cent per annum and 10 make this payment in the