New-York tribune., 1873-02-06

the dividend about be declared 10 the creditors OF the
ling Greon bauk
TaH OCEAN NATIONAL BANK.
Tho ocaan Rank failed on December II, 1871 from its
inability to meet obligations through the Clearing
house Previous to the suspension tho members OF the
Clearinghouse Association appointed committee to
investigate the affairs of tho Ocean and other banks
The securities held In behalf OF the Ocean Bank were
found Insufficient, and II announced that lhe
CLEARINGHOUSE would no longer act Tor the Dabk Ino
Controller Of the Currency. being in NewYOrk, at once
put the bank In liquidation, and appointed theodore ~
Davis receiver. short time previous 10 the Snspeh
sion Charles Callenier the United states Bank EKaui
mcr had made examination, and had reported
ably upon the condition OF the BANK "heh
the receiver took charge, he found anoIg l tlo
estimated resources OF the bank loans TO Charles
Calender, j. L. C0nant, p g. Avery, AIteu "I,u am anu
William L. Avery, which secured by steck OF bonds
OF the Portage Lake and Lake superior Canal COMPANY
The uucertaiu value of the securities was soon maui
evident to the receiver The nominal value OF the assets
was 81 53S432 o. and the amount due depositOrs was
s2sGs 90 The circulation of the bank was secured as
provided by law. The receiver estimated the Na[c [
he resources from the best Information that he could
derive at Ss6l6il "a. The estimate has varied ltte
from the product OF tho conversion OF the assets wheh
so far have amounted TO about SOOooOO enaDhhG .ho
receiver to pay 70 per &c cent g poHsd ie NH doubtless be
than enough to pay the dep0sitors In Iu anu "o
THE MARKET SAVINGS BANK.
The Market Savings Bank failure has been the subject
OF great interest and bitterness Of feeling It's depos
or ascribe their losses the defacatons OF an officer
OF the bank who, they alege, expended the depos
itors money in stock speculatons. They assert that
of the bank aware OF tnc
of the Secretary and the consequent insolvency OF the
bank aud yet assured deposOrs verbally OF Its sound
ness The efoOwng is statement OF the circumstances
which led 10 public knowledge OF the insolvency oi
the bank. ,
In December 1871 the Examiners from the State Bank
ing Department made examination or the BOOKS OF
bank, and found transactions inconsistent Win tle
laws governing savings banks and several instances o
some entirely The President and Secretary
called upon for an explanation ana Their hesancy
induced the Examiners TO order te Io3rs Oh te oh 70
be closed. The Secretary absc0nded leaving expana
ton to the otneI ocets o1, t df
showed q defalcatiOn OF about S5JlcS Ihs deIa-
cation after the flight of COnu, the SECRETARY, was
charged upon That 0eer 0y ms associates nneh Oonk
I'm fled the Finance committee OF It Dahk S"OIe 10 nu
published statement, which, 1t Is alleged, they
knew TO be false and set forth as assets ah9
securities certain cOlalerals IN the iorn Oh Don anu
other apparent securities which had been borrowed for
the occasion by COnkn from his alleged cOnfedeTate3 In
Wast These securities were III the sale wheh the Tx
aminers made their inspection and were returned ateT
the examination At this time certain persons connected
with the bank gave personal notice in many instances To
of the favored depOsitors to come and Withdraw
me amount withdrawn on this notice between
s5OO and 900 Suits pending TO recover the
and although for ten days yous to that occur
renee bank officers knew OF It's insolvency they contin
ued the mean time TO receive deposits. All these
| statements are made by deposltors:
receiver by Judge Barnard. Tlls appointment aroused
Indignation of the depostOrs and after he had acted
| " worth appointed in his pilce Mr. Mackey one of
the depOsitOrs, subsequently filed petition IN bank
rupcy and at a creditors meeting held at Register
Dwights Office on April TO- 1872 Mr.. Worth chosen
,signce Mr. Worth mas been settling affairs of the
| bank. The Depositors' Committee express full conn
dence in MIR Worth Some OF tue depositors, snartng
under their have become impateut al the delay
involved in the settlement OF their claims and assert that
the receiver become indifferent TO their wants and
that has deposit in the PARK Bank over 100000 ON
! which he draws interest There Is nothing 10 snow
that Mr. Worth has made misapprOpraton OF these
fnds but, on the contrary 1t Is asserted tbat ne Is
holding them OnN untll ne can MAKE ploposeu ulNi
dend per cent dividend of 80 per cent has been
about TO be declared the receiver thinks that there is
certainty of future payment Inc amount OF assets
appearing by tho statement Of the books sllSS 49,
and the amount uue depOsOIs W he tllG ol S M @
was s9G2OO the total liabilities being ABOUT SlVJlcV
Of them utterly worthless, and some the
receiver has been obliged or is seeking 20
! COnRln small piece OF property ON the
| Hudson and 90 acres OF land at Long Branch, the
| is mortgage OF S300JO Included IN the statement OF
the assets of the tank call loan of $4,000 made
collateral security. 1t is alleged that Hesers Sons
acted Conklins brokers' in ms stock speculdtions
This claim after consultation with the DepOsltors In
vesUgating Committee and with some OF the heaviest
depOstOrs, has been compromised Tor $4,000 ana the
agreement has been ratified by an order Ol the United
Tmmediateiy after the failure Of the committee
Of the deposors appointed investigate the causes Of
the failure aud consisting OF NJ +. DOwley. Orlando j.
| Marvin Il. w. Parsons r. NJ. Bent, Eugene Ferris T.
| Blake s. NJ Barnett, and H. MumfOrd called upon the
officers trustees The President, William Van Name
admitted that he knew for some time prior to Jan 90
1872 that Hcury r. COnkin, the Secretary was de
taulter. but he dreaded exposure that would
the bank. Elias j. Beach, counsel for the bank
also knew OF the defalcatiOn but did not report H.
Other officers eynced utter disregard for the In
! terests Of the depositors, while several OF the
! trustees discaimed any connection with the
bank, and characterized the use OF their names as IN
authorized. The examination OF the affairs OF the bank
disclosed that loans were made Ga property to double
| the amount Of its value
It's report. The recent legal proceedings AGAINST the
President OF the bank Wlam Van Name, are @ tne out out
growth of the Committees investigations. sult was
brought against Mr. Van Name by the receiver upon
whose application order Of arrest was issued. Mr.Van
Name was consigned Ludlow-st Jail. Under the ad
vice of his counsel he has refused TO make any state
Legal proceedings 1t Is SAID are 10 be instituted
against other bank OlleaIs' upon mIornalon @ Iur
nished by the deiaultng Secretary. The report
give so foTcDIe Narration of the msnGer IN which
the affairs of the Market Bank were conducted
and of the questionable conduct of the officers and
poyes IL Win also contain review of the abors Of the
Committee and the work of the receiver, with full
cuded in the assets of the bank, together with the dis
bursements of the receiver
THE EIGHTH NATIONAL BANK.
The failure Of this bank precpitated by the re-
fusa Of the Butchers and Drovers Bank its redeeming
agent at the Clearinghouse, TO continue to redeem
for it. This action the result OF the bad con-
dltiOn in which the bank had been for some time
AlDon Man appointed Receiver by the Con-
troer of the Currency Dec 49, ISL and at once took
charge Of the banks affairs. The liabilities were
very large, there were heavy membranes on the
real which held. These liabilities, bY the state
ment OF the bank at the time OF the iallure were
S0l9665 g. which included the capital and nominal
surplus OF SOO0O with the interest, profit aud loss
account, and discounts received laDout $4,000 during
the year To this should be added about S63OOO more
indicated Tho amount due depOsitOr5
stated as the balance Of the individual de-
post Iedgcrs instead of the whole amount due
TO depost0rs as liability and the overdrafs
In addition this between 100000 and 100000 due
from the bank by way Of incumbrance ON real estate
which held or in which its assets had been invested
although the time of the failure the bank had not
title in its name 10 any real estate whatever
This real estate controlled largely by the Butchers
and Drovers' Bank, and by individuals who had pur
chased property mOrtgaged TO the bankOr taken title
10 II foreclosures Of mortgages previously given TO
the bank. large amount OF taxes was due on this
property and portion Of 1t held in the individual
name OF the President and cashier who held it for
the bank. The amount due to depOsitOrs was about
1897 900 The bank statement Of its estimated assets
WAS Si,Ol9G65 81, corresponding exactly with It's
/ lnE HAL n