The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-12-14

Assets over liabilities .............sI,29 900 40
1t VIII be seen from the ABOVE statement that the
but a reference to the last report shows II TO be
S796S0O which Is fully covered by deposits or bonds
with the Comptroller OF the currency. Ninety per
cent OF these deposits under the law Is forfeited TO
the government II 1t redeems the circulation, and
the Daance-$79, &c., or ten per cent comes back TO
the bank and becomes an asset. The impression
entertained by many not familiar with commercial
transactions that deposits made at Washington
deposits are merely to cover circulation.
MT. Dawes IS very sanguine Of the ability OF the
bank IN time 70 meet oil It's obligations, without loss
Of the latter's claims u worth
ONE HUNDRED GENTS UPON THE DoLLAH.
He also expressed mis- confidence In the genuineness
OF all the items given as the assets He was ques-
TONED as to the transactions Mr.. Collender the
but on this point he was not 80 positive. He could
not tell the amount OF loans made TO Mr.. Coender,
this afternoon. lie was, however, certain that all
the loans made were fully covered by first mortgage
THE PORTAGE CANAL COMPANY,
an institution chartered by the State OF Michigan.
Mr.. Dawes expressed his belief that these mort
cages were worth all that had been loaned upon
them; but In this other commercial men do not
agree with him. Several gentlemen informed the re-
porter that the Portage Canal Company's bonds are
not negotiable upon the market at any price and not
considered good securities, although Mr.. Frothlng-
Of It are responsible gentlemen. Mr. Colicnder was
not to be found yesterday, and OF course MS expa.
nation Of the transaction could not be obtained.
ment made at the appointment BY the Comptroller,
who Is brother.in-law Of Mr.. Collcnder, OF Mr.. Da
ves as the receiver, VINO was for s0mo time II not
up TO the time OF the suspension. one OF the counsel
OF the bank. This was on the part Of de-
MIR. Davies win give faithful account OF his stew
ardship, but who fear That the bank oIicers have
induced this action to cover up some OF
ITS ALLEGED IRREGULARITIES.
One gentleman suggested that the depositors had
pontment Of r Receiver; but as this Is national
bank this view OF the case Is very questionable
MIR. Davies reports that the bank win resume bust.
ness.
Tho Union Square National Conc Down-A
Receiver Appointed.
Notwithstanding the rumors Of Tuesday chat the
Union Square National Bank was afTected by the
demise OF the Ocean Its credit remained unimpalred
until yesterday. On Tuesday evening the direc
tors arranged with the Shoe and Leather National
Bank to attend to its clearances and amply secured
them for this accommodation. They opened the
bank yesterday as usual and
PAID DOLLAR FOR DOLLAR.
on all checks made upon them, until half-past two
in the afternoon, when Mr. Hurlburt Comptroller OF
the Currency. without a word OF warning, entered,
and, taking possession, appointed as receiver re-
tired merchant, Mr.. Benjamin F. Beekman.
A reporter OF the HERALD had an interview with
the directory OF the institution later In the day. and
they declare their ability 10 pay every cent due de.
positors and expect to have large balance to dis
tribute among the stockholders They attribute
their difficulties to
BREACH OF COMMERCIAL FAITH
on the part OF the Shoe and Leather Bank who,
after entering on Tuesday night into on agreement
10 become their Clearing House agent, yesterday
morning withdrew from their compact without
notifying them, and they FIRST learned Of Its action
from the East River National Bank.
Up to fifteen minutes past three o'clock yesterday
afternoon the Shoe and Leather Bank had not
nou1ed them of their breach Of contract, notwith-
standing the Union square Bank mad deposited with
them
ONE HUNDRED AND TBN THOUSAND DOLLARS TO
COVER CLEARAECES
at is remarkable course to pursue" said one OF
the directors land had any other bank In the city
even tire Ohemical-beon treated rs we have been
treated by the SHOE and Leather II would have sue
cumbed and been forced TO 90 under. The truth ID,
the Snoe and Leather was "panicked,n and we are
the victims OF It. since the present board OF direct
ors entered upon their duties last spring the deposits
have moro than trebled. We are bank Of small
circuatl0n-only S50,0J0-and the rules Of
the Clearing House ere 10 arbitrary and