New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-15
STATEMENTS OF TIE DIRECTORS.

As before stated the officers of the bank
studously avoided inquiry Duer Patrick, and many OF
the others could be and would not answer notes
Therefore direct official statement as to the condition
OF the bank could be obtained The directors, with one
exception were not their offices and would not Inc seen
Az their residences John Steward Of No. 1852 Ffthave
John Knower and Isaac H. Reed, President OF tile Pro
fuce Exch nge at the Fifth Avenue Hotel, were among
nose who refused to make statement.
One director who az his office made short but I'M
satisfactory statement He said that the bank had
tominal surplus OF 100000. When asked what the
ctual assets were he sail that he did not know lie
aid uhat the trouble OF the bank had been in unwse
oans and discounts by the VicePrcsident The drec-
Gors attention called the loans made 70 Smith
6irvan and he asked what be thought or knew OF
a. He said that these loans were bad, but he did not
NOW anything about them. The depOsitors would be
paid u nun TIE directors would probably meet to-day
they we're to have met yesterday the closing Of the
Oauk oyiated the necessity The director knew little or
Aotnng OF the affairs of the bank. or If he did know he
would not tell
Lloyd Aspnwall, one Of the directors, made very
frank statement He sand last evening TO a TRIBUNE
reporter, do not know what was the cause Of the
failure Of the bank there has yet been no meeting Of
the directors No one was more taken by
orise by the news than myself. l always
thought that the bank was a most conservative
Institution. think that with areasonable amount OF
bodness the bank could have been carried safely through
Us difficulties. lad full statement been gwen 10 the
directors unless there 10 something hidden In It's cond
ton or transactions. My own determination and pur
poee Is 10 pay the depositOrs right away, unless ham
pered by legal founae and then 10 do all that Is pos
siblo for the stockholders. There should not be
any heavy loss, aud the greatest difficulty
for te bank win be to realize on
It's real estate the building aud land which stands
! do Dot know how Nj. Patricks loans were made 1
think whole system Of directors, as 1t exists Is
wrong For such institutions, Insurance companies and
other large concerns, there should be fewer directors
who should be paid enough to permit them 10 devote
reasonable portion OF their time 10 tie affairs u the O-
stuton Let them be paid abOrers in the interest Of
the stockholders ana be held responsible Now company
is built upon list Of good names, but the directors
are unable ~ exercise any care or supervision over the
business Of the company In this bank the loans and
paper 10 he discounted In at AL tues aud every
thing had to be settled by the officers Mr. Patrick had
been for several years and on account OF
the bsath Of MI Duer the President most Of tie bust
ness into hs hands do not Know what may yet
b. learned in regard the large loans made by L but
consider the excitement In regard 10 the bank quite un
necessary never should suspect Mr.. Patrick OF any
thing Out of the way, and only teleye him guilty OF mis-
Judgment I have entire confidence In MI Duer, and
think HT. Patrick not dishoDmabls but mudieious IN