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

the tari6 20 expensive that we preferred to clear
tnIougn other sources so as not to impair capl
t u,; why SIR IN the last three days we have pad
ous os sao OUT AZ counters to deposltors over
a s,,I' we paa ss5oOO and wers
up mad rot the Comptroller to our utter astonish.
nns sSpns hi. n ana we had STOP The prompt
how carefully the bark has been se'y managea and
question II ans other bank in the CITY could =
PAY OUT s3Oo,0JO IN THREE n.vS
AS have already said, the Shoe ana Leather Bans
caused our dI,acuity They have YET notiaed ua
other banks ov they had acted with any decency
other who have soy q
their respective banks can legally hold the latter FOR
credit to me amount Of such checks and the banks
deem them No bank can discontinue an agency
without giving twenty-four hours notice.
THE DIRECTORS OF THE UNION SQUARE BANK
are Thomas B. Read. Simon Shether, j. r. Whiting.
Theodore Moss, @. l.. Beeckman. Henry Beeckmann..
N. Blxby. They hope BY this afternoon to have !
statement OF their assets and liabilities ready foS
business.
The Eighth National Snspencs Pnyment-A
Receiver AppointeG-What tho Officers
Say.
The Eighth National Bank suspended payment
yesterday. and the fact created no small amount Of
excitement among depositors and others who had
an interest In the bank. 1t was generally suspected
that once the suspension had become bruited about
'run" on the institution would be the natural re-
suit, but such did not turn out to 10
the case. HERALD reporter paid q visit 70
the bank during the afternoon, Just the directors
were holding meeting. Everything seemed TO be
In confusion. and the excitement among the clerks
was really amusing, although every one OF them did
his best 10 appear calm and collected The reporter
expected to find crowd Of people at the doora
clamoring for their money, but there were not .
haldozen persons In the vestibule, and not one Of
them was depositor.
The President (Mr. Union Adams appeared to b
very downcast over the event, and had little to say,
and referred all inquiries 10 the Cashier Mr. Hudson.
The latter the HERALD reporter encountered after
the meeting o. the directors.
"You have suspended payment, I understandW
said the reporter.
I'VE have" SAID Mr.. Hudson; "and lam very
sorry for It,"
"What Is the causer'
"Well, when you talk about cause, don't exactly
know what to say; for We are as strong and e
sound to-day as we ever were We were taken BY
SURPRISE aud there was no nelp for it."
"H0w2n =
"wny, in this way. Everything was going on
smoothly when
THE NOTICE WAS SERVED
upon us without a moments warning What are
we to d0"
"What notice ~
"a notice from the Butchers and Droyers' Bank
telling US that they could not accommodate us after
date"
Had the Clearing House ANYTHING to do with it','
Nothing, Tor tile reason that the Butchers and
Diovers' redeemed for US; VIC mad no direct con-
nection with the Clearing House,
. .Why dld your redeemers' act In tins Way"'
10 be general crash oil round, something OF thas
Kind. You see the ocean Bank affair gave them 9
scare, and they came to the conclusion, under an
the circumstances that the best thing they couio DO
would pe to loon out for themselves aud not take
Responsibilities for any other bank.
WAS there no other cause for their actionT
"None that know OF. We are as sound today as
we ever were. Everything VIII be right In q lew
days, but OF course there Will be great dea Of
delay"
"Not to the extent OF SOLITARY cent"
What Is the banA's Indebtedness to deposltorsm.
wr De given N a lew days, but It Is but little
ovA three hundred thousand dollars"
.Ihey are quite sufficient to meet all require
ments No de 0ositor mas anything to lear"
.'Yes; Mr.. Albert MANN. lie was formerly oou-'
nected with the Treasury Department IN Washing
..What was the last statement OF the bank ~
| ION SATURDAY. the statement made . showed the
following -assets-Lega tenders, $l55, 900. Llabill-
ncs-Deposits. sSol4oo; circulation. S2oo.ooo-
! This ended the conversation with Mr.. Hudson, and
the reporter at once wendell MS way TO the Butchers
ana Drovers Bank. There he found very little sat
isfacion for his journey. One OF the officials simply
stated:-"In view oI tile distrust ana
| GENERAL UNEAsiNEss IN COMMERCIAL CIRCLES
caused by the Ocean Bank affair, We deemed II Dest
/ 10 refuse further 10 accommodate the Eighth Ma
| tlonal."
| own canoe through the impending stormg"
Learning that the Police Commissioners had
A LARGE DEPOSIT
with the Eighth National, the reporter called a.
| Police headquarters TO ind out whether they relt
Mr.. Manierre was the only Commissioner getas-
'Have the Commissioners large deposit in the
bank ~ was the reporters question:, after no had
informed the Commissioner that he had heard sns
''Tney have noLn said AIR. Manierre. "Most o.
their money IS at the Tenth National. The banks
| where we 10 draw against warrants OF the
and as we draw checks against the exact
recent troubles in the Comptroller's depart
ment, we have not had much to draw against We
| have moi much In the Eighth National"
s.What Is the amountT'
~ is very small can't state the exact ngures."
s'What Is your opinion OF the bankr'
1--WE have always considered It good. Mr..
| Adams, the President, Is man In whom everybody
has confidence; 30 are the cashier ana the otneK
'STne bank orlcers say the Butchers and DroverJ'
| sprung the whole trouble on them.n
| 80 It would seem. / understand they were In
such hurry about 1t that one Of the officials OF tho
| three O'Clock this morning and drove way up to
Yonkers to Mr. Adams residence TO serve the notlce
| Thus matters stand with the bank In day or
| two the receiver Will make his report.
| To the Depositors of the Ocean National
Bank.
| committee OF the depostors Of the ab0ye bank
| give notice that preliminary meeting OF the de-
| positors viii DC held at twelve O'Clock NJ. to-day
| Thursday, at the Office OF Messrs. LOCKWOOD d
Everett 81 Murray street. for the purpose OF mutual
| consultation aud protection.
| "1he grave rnmors respecting the management OF
the BANK and the fact That the present receiver, Mr.
Davis, is an attorney OF the bank and creditor to
The amount Of $4,000, and therefore Is an unit per-