The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-03
Condition or the Bower, Tank.

INFORMAL MEETING OF THE STOCKHOLDERS AND DE-
P0sIFoRs-iMPoRTANT REPORT THOROUGH SEARCH
INTO THE AFFAIRS OF THE INSTITUTION.
An informal meeting of the stockholders and depostors
Of the Bowery Bank met yesterday at p. NJ, in the
Philadelphia House, 145 Bowery. large crowd was
present. the being packed full that mpos
sibe to ge, ngress egress The meeting being called
to order Charles A. Purdy Of White Plains, New York,
was elected Chairman, and John r. Haywood Secretary.
The Chair stated that tho meeting had been called TO
hear statement of the condition OF the affairs Of the
Bowcry Bank also TO advise as TO what action
they should take in the future in regard 10 the bank,
whether they should go into liquidation or no3
The Chair informed the meeting that William r. Ed
monde Fs1 in compliance with the request Of several
stakeholder and depostors in the bank had proposed
Of the condition OF tho bank affairs at the pre-
sent time.
Mr. EpxoSps said he not stocsholder depositor
the bank and explained how no Was able to present TO
the meeting of its affairs One OF the direc
tors called upon him and asked for his (Mr Edmond's)
opinion or advice the best 10 be taken To set
the bank ON gcod footing again he applied % Mr. ia.
the banks when they failed in 1887 and afterwards reoo
vered from it, Mr.. Edmonds informed him that would
be impossible give any opinion advice without first
examining the books of the bank few days afterwards
he director returned and desired Mr. Edmonds to exa
mine the bank books the latter did So and hence was
enabled 10 make tho following written
sTATEMIsT or THE BowERY BAsK--yALuA-
Ton ASSETS.
No. The bank has under protest 1857 600 protested
of which was protested prior TO the Isl OF
this month, and S., 900 protested since the 1st Tho
paper protested prior to the LIST inst is not worth
sumc in all over $25 900. That which has fallen under
protest since the bank has been enjoned Is better.
Included in the loans and discounts are two tems-one
for SIT 600, called special loans and one for $4 600
allied suspended debt. Among tho special loans are
notes chefy of dfecors) amounting TO about 1927 900
secured BY pledge Of its stock SIS 900 Second
Avenue Railroad stock, taken par; and $14 900 pur
porting be secured by sundry deeds property out Of
the city These loans principally TO directors; and
how far they responsible apart from the security
have of judging. The of SIT 900 has been
received account of the suspended debt but not yet
credited to this account With these explanations, loans
ard discounts will stand as follows
Under protest .SlS7 900
On demand Tor suspended debit ............. $4,000
Living paper not yet due Observation-Disclosures. b22 900
Total. $4,000
The living paper have examined and found large
amount OF il what would call fair discountable paper
chiefly small dealers in the upper part of the city. In it,
however s73o0 paper made by contractors for work
done for the Corporation, and it is said the bank holds
certificates certifying that the parties will be entitled to
their pay the collection Of the assessments. This |
consider safe but slow. Among this living paper there is
also paper of of the directors friends say $50 600
or $40 200, the value Of which cannot Judge.
No. 2 The New York state stocks owned by the bank
and in the hands of the Comptroller nearly ba-
lances the OF bills circulation that place
Offset 10 the other.
No g. Real estate-Bankng house cost $40 600 and is
supposed to be worth that sum: is not nortgaged.
The Brooklyn property is mortgaged for nearly what is
worth,
Nos. and are ordinary accounts, on which / be-
heye, there will be but little loss.
No & Casb-Bis and coin amounting to SO 600 is all
the cash in the bank. The items counted cash"
old dhonored checks and things of this character which
should have been charged to profit and loss long SINCE
They may be worth 81 600 or 81 600.
Prom the foregoing should value the assets in this
way