New-York tribune., 1871-12-14
TIE BANK CRASH.
TWO MORE FAILURES.

TWO MORE FAILURES.
THE pNION-SQUARE AND EIGHTH NATIONAL
BANKS IN TIE HANDS OF RECEIVERS.
Wall-st. was filed with startling runors of
hank failures, yesterday, and antcpatio Of more to
day. but whom the facts ascertained 1t dir
covered that the Dony banks which had actually
pended dnrins the day, we're the Unlon-square
National Bank, and the Eighth National Bank
~ No. go Broadway, neither Of which
member Of the Clearing House Association
On Tuesday, when theDfslure Of the Ocean National
Bank was announced suspicion ut once fastened ur&n
the fOrmer and, 1t believed coud hardly fail to be
affected by the sudden stOppase Of its clearing facilities
TRIBUNE reportecalled at 1.-THE bank In Union square,
in the evening" and informed by the President
O meeting cf the directors was then In pro
gross; that the Union Square Bank did not
lose q dollar by the sns@psion of the
Ocean Bank and that it had made arrangements whereby
the National Shoe and Leather Bank at Chambersst-
and Broadway, would become its redeeming agent In
the Clearing House from and including Wednesday.
This Information WAS verified at the Shoe aud Leather
Ing caused notice to that effect TO be sent 70 the
different banks connected with the Clearing
House. Later IN the In"rninR, however,
they sent another notice tO the banks revoking the
fcrmer and declaring that the shoe and Leather Bank
would not be the Clearing House medium for the Union
square Bani This created dstrust aud the latter
bank though continued TO do business for sorne hours
was compelled about TO cease payments and by
the action Of Controller Hurbut to accept receiver
Bopsmn F. Beekman, President Of the Merchants Life
Insurance Company Of this city.
A. " Stout President Of the National s!os and Leatlcr
Bank when applied TO for information concerning the
reconsideration Of the Clearing House arrangement
stated that the coisterais which had been promised by
the Union National Bank to the former
bank 10 It's dealings with the atter not forthcom
Ing and although M Stout urged them TO present them
at once they did not do and his bank was compelled
TO send out the second notice TO s associates Ii BE-
lieved and stated that the UnOnsquarr Bank did not
have the necessary cOlseras, as II had been impaired
to considerable extent though by what means IS not
yet known
The officers Of tie unlon slu.re!sank admit that Bank
Examiner Calender Of this district had the same fsc
Ties with them that had Ut the Ocean National Bank
only not 70 10 great amount his memorandum
checks in them representing only about $1,000
Or 10000. Tue bank has been In existence
about II yoars AMI has . capital OF s2s0,oo
The Receiver states that he has not yet farniiarizsd
statement soon and to pay the depostOrs In full. H. Is
stated by the baSk officers that the ssse1 will be snd
Client to moct the iabiiitieA Much excitement was
hbited by deacu with the bank wheu 1t WIZ author-
tatvcfy announced az suspended.
TIE EIGHTH NATIONAL BANK
This bank suspended business ut about l0s yes
terdsy In consequence Of the refusal OF the Butchers
aud Drovers' Bank, at BOwery and Grandstr TO ad-
vance them money to act their redeemng agent IN
the Clearing House any longer. The Eighth National
Bank had transacted business with tho Butchers aud
Drovers Bank since the formers foundation in 1885, and
was compelled to depend upon the Butchers
aud Drovms Bank for assistance The re-
fusal Of tho latter banh to extend any fur
ther aid was not due to any loss sustained
by 1t, but at a meeting Of the Directors, on Tuesday
evening" the recent failures were taken into consdcra-
tion aAd 1t was deemed necessary to discriminate In af-
vaneing loans The President declined to state how
much the Eighth National Bank owed the Butchers and
Drove but he said that he held sufficient security for
Many Of the depostOrs upon the announcement OF the
failure of tho and two Savings Banks became
frightened and withdrew their deposits with The view Of
placing them in larger and safer institution: Ihs
which is the old Haison oree building
is the Police Monument Fund, amounting to more than
600 The sum necessary to pay Of the fremont Police,
Several Of the off,cias at Police Headquarters had
accounts iu the same bank.
Yesterday afternoon TRIBUNE reporter apphed tor
Information at the bank the iron doors Of which were
licked and guarded to prevent unpleasant demonstrar
tions from excited depOstOrs who had hOcked tO the
hank In the earlier portion Of the day gentleman
nunicatlon remarking that 1t contained oil the infor-
nation be could mpart at prcsent:
The immediate 0CcaaiOn OF the suspension or tho
ERhth National Bank the refusal Ut s request u
contnue redemption through tho Clearing House its
sses not being available for such prompt realisation as
tho present unsettled state OF the public mind required
Albion Man VI No. 9l Broadway has been appointed re-
by Controller Hurlbut, and has taken Possession
to-day, but cannot ct once q course Hve tu state
menG of the banks affairs 1t 70 hoped that the depOs.
tors will be paid In full statement will be prepared
a tho earliest possible moment" .
following:
Legal tenders. $Io9,W
Itpohs PSt@
Tho e.nia Of the bank is oc and its ofcers arc
Picsi,cnt Union Adams; Cashier, Charles Hudson; D-
rcctors Union Adl, Charles g. Cornell Henry Smith,
George Cvulfied, Maltby, @. Lane, Thomas Mcclellan,
John FON Ier, jr william Wade and Alfred 7. Conkln.
TIE OCEAN NATIONAL BANK.
Additional feeling has been excited against Bank
Examiner Calender by the announcement that when he
examined tho Ocean Bank, early in October, he had
checks TO the amount Of several thousand dollars which
were marked AZ legalsnders IN the cash. Some Of ess
cheeks Il u reprssenisd on banks IN wAteA Mr..
Ceuerdsr hsd NO money The resolution passed at the
raeeus Of the C,esrine House Association, Tuesday, IN
re1erercc 70 Mr. Calender 10 sppsDded.
a ne. z; ~ 4 .ssse :: - si :: ~ .s os
isa Il IsSs NJ % hs assd - esaad ~ sasAdsss' Of as
a =: ~ Ss rsdn Of u. usA,ass.ss Assed.Hes b. re-
oreStsd sdess ksr oths Csa s ls Cepey sslfss mt
Se Be- rsnovsd ss6 eonssts psys sp1elsssa M rsse