The New York herald., 1871-10-13
SFoPpAGE OF TIE STUYVESANT BANK
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THE CAUSES OF EMBARRASSMENT.
HISTORY OF TIE INSTITUTION.
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The Bank New and Of Small
Capital.
Promises of n Speedy IS<e-
sumption.
ul-T0unded Rumors of Other
Bank Troubles.

The suspicious for some time entertained of the
integrity OF the Stuyvesant Bank were confirmed
yesterday BY Its
INABILITY TO FAY
all the checks presented by depositors. rurnor TO
this effect soon found Its way around in
business circles, and there was last night
the semblance OF faint excitement
over the news. Tho Stuyvesant IL State bank,
and is comparatively new. 1t grew out Of the East
River Bank two three years ago, and since tnen,
having met with no untowara accident until now,
II has been buIdngup
A roLERABIE REPUTATION
II has never, however, been admitted TO the
Clearing House, except as represented by another
bank. This fact has rendered suspicion more easy
ofprowtn.
A HERALD reporter last evening went 10 the house
OF the cashier, Mr. J. Van Orden IN Harlem and in
CURED II he was ut homc lie was met by the wife
or the gentleman with whom the following conver-
sation took place.
REpoRrER-Is there any truth. then, in tho rumor
that The Stuyvesant Bank has failed2
LADY-WelI there Is some truth in IL, but 1t Is
not all true. ] cannot tell you anything definite
REroRrER-Bui the bank has very plainly failed,
has il not or there Is trouble OF some character,
pIesumeY
LApY-I cannot give You any explanation. am
not an adept In business, although do know some
tn1ng ABOUT tntS. but uu uOt lIiHh Coulu eil-
tighten you any further.
she further said that her husband had gone down
town with other gentlemen on what she believed
urgent business, but what 1t was she could
not state. but thought 1t had connection
with the trouble OF the Stnyvesant Bank.
The reporter next called on Mr.. 7. D. WarreD,
Cashier OF the
MERCHANTS AND MANUFACTURERS BANK,
whose residence is also In Harlem. Mr. warren
made the following statement OF The connection OF
his bank with the trouble which had befaen the
Stuyvesant:-
sThIs AFTERNOON sent man up to the stuyvesant
Bank with check for 81, 500. He returned and
said that its payment was refused and that several
OF the depostors were waiting at the bank the pay
ment OF their drafts having been also refused. Our
bank has been redeeming the checks OF the Stuy-
vesant at the Clearing House until yesterday,
when we sent out notices through the Ex-
change, refusing to do so any longer. The
Stuyvesant Bank, you Know does not belong TO the
Clearing House Association, and has TO be repre-
sented there by some other bank or else It would be
dlscredlted.n
"what do you suppose Is the cause Of the present
trouble2"
.They have very probably been owing good deal
OF
BORROWED MONEY
for some time. Our bank has always required them
to keep large special deposit with us, and for sew
erai months we have neld great portion OF their
bills discounted collateral securities-in fact the
bulk OF their assets. What the bank owes probably
figures on its books as deposits, (There
was o complication here which, Mr.. Warren
said, IL would take too long TO explainl
The reported assets Of the bank are about
500, ,ooo the greater part Of which Is held by US. AL
they owe us Is for to-day's exchangesn
Mr.. Warren, In conclusion, said that there was no
apparent reason 10 suspect any dishonesty, and he
thought the trouble resulted from bad management.
THE sTuyvRsANT BANK LAST NIGHT.
reporter OF the HERALD called at the Stuyvesant
Bank, which s located In the while building az the
corner Of Astor place and Broadway last evening
precisely at half-past eight o'clockk.
lie up four or ve iron steps, and found the door
locked ilrm and fast. crowd o. about dozen
whom were excited and were talking about their
money. Although the door was locked fast gas
lights were burning In the bauk ana brilliant iIu.
mnation shone through the front window.
Tne crowd gathered around the reporter and
asked him for Information which he was at the
moment endeavoring TO obtain. One individual
exciiedy said TO the reporter, ave got $500 locked
| up In that apnk, and suppose shall
NEVER SEE A CENT
or It again. After knocking at the door OF the bank
for some few minutes step was heard
and head protrudei from an iron
door, which was opened, and clerk, q
well dressed and good looking young man.
came to the door and asked what was wanted. The