, 1875-09-26
THE FOURTH NATIONAL.
A Long-Expected Suspension
Finally Comes.
Mr. Goodell Says the Deposito1s Will b
Paid Every Dollar-No Public
Moneys Lost.

When the Cfoaring-Houso balances were
struck yesterday, about 525, 600 w.s footed up
against the Fourth National Bank, which con-
cern. being unable to pay that amount suspend
ed at 1880 p. N. Ordinarily. tho suspension OF
National Bank would have created somewhat
Of an excitement in business circles. But for
some time past it nas been we'll known among
bankers here that the Fourth National had prao-
tically, since tho panic, been in liquidation, aud
tho suspension WAS not unexpected, though it
had been beloved by many that the managers
would succeed in winding up its affairs without
being forcedto close the doors Of tho concern.
Its deposits. however. have been slowly but
steadily Diminishing. while it's assets we're
shrinking, and the prospect Of realiz-
ing on bills receivable ras growing
worse WIS also no secret among bankers Of the
city generally. The suspenAon, tnerefore was fol-
lowed by particular uneasiness in the monoy
ke the heaviest balance dne any private depostor in
tho city being less than $5000-aud, IN fact the
that The bank had closed ita doors
created peroepdh1e ripple the street yesterday.
To TRIBUNE reporter who applied t. him .ester-
day afternoon for statement Of the dtion of the
affairs Of the bank and OF the causas hat led to the
suspension,
MR R. E. aooDE1L,
tho President said The bank has hseu embarrassed
ance took the Presidency, In Janus1y, 1874 took
hold with ths Lope Of fetching 1t out; but
six months afte- / assumed the Presidency
matters looked than at the beginning. found
TINT could not advise my friends to put money into
It, and though might hsva succeeded in having tho
sock doubled bad tried, did not feel warranted IN
doing, and for time past hare been endearor~
ing to gradually uqutdate It's Iatides At the settle
ment At the CleaTing-H to-day ws found very
e1petedy balance Of about sos eco against uE Had
T 1f hfY7E $6a%a
would have been trouble in providing for It. But
had only few minutes notice, and there WIS not
our afzirs to any Of the other bants
to US, and, willis tho bsnKe to which we
oEes1ing- closed. our dne of deposit hss been
reduced until now It Is Less all told, than $4,000
eyery dollar Of which I'll BE- paid our bs Eeeev
amount to about including about DUO due
from the Government, surrender Of our crcuatton
The stockholders will be the only losers and II they
take time to realize upon the assets instead Of sac1
ctng them, they will get dollar for dollar There h1s
been upon 1s, but We have anco the panic
been carrying paper secured by mortgages on real
estate, which We have been unable to reanzs. Wo
had about $4,000 Of
8. J. WALKERS PAPER,
secured by mortgage, aud which ia better secured now
than originally, and wl:.a it WIS believed Walker
would come ont we counted on 1t as available. We
600 and the largest Of these is Less than 5000.
ons hundred and Of our deposit accounts
average but $1S3 EACH We shall call meeting OF tho
creditors early IN the week. and submit to them
statement OF the condition Of the bank with prop
osdou for winding 1t up. AZ to pay depoators
cry dollar; and think proposition will DO
accepted. The city had deposit with LIE Of about
which has been arranged for so that the city
viii lose nothing. The heaviest stockholders n. s.
Boutou, B. Y. Page md myself about $5o COO Of the
stock is owned by Eastern banks and insurance
panies ind the rest Is held In small amounts the total
baing but $200 CO., do not think our suspension will
have GAEt in circles here.
With view to ascertaining the feeling in business
circles In the city to tho suspension, the reporter
yesterday called upon
MR. ". F, cooLnAUdR,
President OF the Union National Bank, and asked him
hsve upon the banking and business interests Of this
city.
IT have lust written my Views upon that subject to
our Now York correspondents. Here Is my lettar,
the reporter letter. Of which the following {oittine
the address) Is copy:
"The suspension of theTorrth National Bank Of this
city, which will be announced Monday, is
It is small eoncen, which has been badly crippled
for years, and hEs been virtually in liquidation for hs
yaGt year. It's deposits s1nnn- The stoppago will
have no OBJECT On business, will it create my ex-
ci.1nent.''
III. Coolbaugh added: "The failure il NOT conse
quent upon recent losses Of the Fourth National but
to its inability to extricate itself from ebarassusnt
for years. 1ts condition waa generally known among
bankers here"
PUBpIu MoSETs.
On inquiry at the City Treasurers Office tho reporter
Was informed that the city depost Of wax fully
secured and that not dollar OF 1t would be lost BIZ
reason Of the fai1u.e- The County Treasurer did not
deposit thare he giving his money to the Union Ma
Town Collector had nothing there at tho time OF tie