The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-21
= Eakk closed, and in the hands OF
James Dennis, Receiver.


side door into the bank, but only found the two
aminers or savings banks, who had at first been re-
fused admttance Tnsy Were informed Tne that The
cever had been appointed; 80 their occupation was
gone.
Yesterday morning in the supreme Court before
Judge Barnard, Mr. Van Name. the President and
also one OF the Trustees commenced suit In penalf
OF the depositors making affidavt that he believes,
after careful examination into the AFFAIRS OF the
bank, that the assets excsea the debts by small!
one hundred thousand dollars were not secured.
Judge Barnard hereup0n appointed Mr. James Dem
a bond NJ Tor sioo 900. Mr. van Name and Mr. J. s.
Bemus becoming his sureties. One OF the principal
depOsitors Is Mr.. James =. Carpenter ct whose
instance the foregoing suit was brought
CAUSE OF SUSPENSION.
On Friday morning Mr. Henry X. Oonklin the Sec
rotary. felt constrained to inform OF the dlrec
tors that some time ago he mad entrusted The firm OF
Messrs. Helser's Sons, brokers, OF Broad street.
dollars worth or Tennessee bonds TO sell for the
bank. This firm disposed OF these securities, and
the astounding Intelligence that they were embar-
raised, and declared themselves unable to pay, as
they had met with heavy losses on the Stock Elk.
change through the sudden shrnkage OF some South
ern States bonds In which they had largely invested.
The President himself called on the firm and re-
afternoon. but at late hour felt that no immediate
relief could De obtained and 1t would be impossible
which, had the bank opened. would nave taken place
yesterday. So. after consultation, ne found It ad.
vSable TO place Inc bank IN the nandS OF receiver,
as any further endeavOr to sustain It's credit would
involve the dispOsing at loss OF securities that will
ultimately sell at their full value.
LIABILITIES AND ASSETS.
The clerks were all day yesterday busily engaged
IN going through the bank accounts and IN examin-
ing the bonds and mortgages on hand. On Monday
TO make matters worse and alarm the depositOrs
more one OF the officers is said 70 have
told one OF the directors that he had used
q considerable portion OF the bank funds on an IN
1aible p0inr' IN Wall street, but that he would
come out OF this speculation without loss n only time
were given. This gentleman was also consider
able purchaser OF suburban lots on Long Island but
the depressed condition or the real estate market,
especially In that locality precuded the possibility
OF realizing without serious loss.
RETICENCE OF THE OFFICERS.
"Drawing oak stumpsr was chllu's play to receiv.
Ing any information from the bank officials. Tney
were suspiciOuslv rettcent and much more remains
behind than That given to the public, and there ~
strong suspicion prevailing In quarters usually well
Informed That many OF the securities are of such
a nature that It VIII be Impossible TO realize
on them more than from half TO tw0.thirds OF
their value The report OF the bank,
which was to have been published II the run mad
not taken place, according to an affdavlt OF MIR.
William Van Name, places the liabilities at
$10s1 773. and though the total OF the assets. taken
on the face, exceeds as already mentioned, that
amount by $780, OU, still the good assets will not
figure up to more than nalf million. DepOsitOrs
fingered around the doors up to late hour yester-
day afternoon, and the expressions used towards
decorOus.