The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-06-13
PRI sE TWO CENTS
LOOKING AFTER BANK MEN
THE MECHANICS AND TRADERSs
SAYINGS INSTITUTION.
Enjoined by Judge 1andon. at the Insta nee -
the superintendent Of Banking-The Insti-
tution's Latest Omcini Exhibit epu btlsheA

Enjoined by judge handon. at the instance -
the superintendent OF BANKING The Insti-
tution's Latest Omciai Exhibit RepubitsheA
At the instance Of Mr.. ID. c. Ellis, Super
intendent Of the Banking Department, judge
Landon recently enjoined the Meonanios snd
Traders Saving rs Institution Of New York from
doing further business. Notice Of this injuno-
ton was served on Saturday last, and Mr.. ALFRED
7. Conklin, President OF the nstitution went to
Albany last night to make statement Of the
banks affairs, with a view OF averting tho ap-
pointmcnt Of a receiver. There can be no ruu
upon the bank, inasmuch as since last fall, whom
IL sustained run, II has availod itself OF the
right to demand from deposItors sixty days no
tice Of withdrawal. The bank made q good
statement at the time, and, as 1t paid checks on
sixty days maturity, the fears Of depositor
were momentarily epiieted. Tho bank ofncen
aver that It In as sound now as when the follow
Ing report WIS made to the Bank Department %
the 1st January last:
Resourse,-Bonds and mortgages ........ tsiooso %
stocks and ponds OF states other than New
Banking house and o TSoos .
Cash deposit In oaDks or trust comps.
os.S as; on asad: asad is1S1 isdSo 3
Interest due in less than siI mont6:... $3.50 x
Judgment secured oy real Sss4 y
and stock investments at msfset value. secs n
rota........"................ s2asa,O0s o.
Lfdbthhes. Amount due depostors. 81 6Ts a
Excess OF cost over market value OF stock -
Loan had on Rochester city bonds 5000 q
To,al.;.................... .t2,ssa.o0e =
estate aud stock investments; ............. Osso -
This report adds that the Southern STATE
bonds held by the bank cost $465. .0i5z2, but wore
then worth In market only SS1gIe. In Aprtl
last Mr.. George W. Reid. bank examiner, report~
cd to the bank superintendent further de-
crease since January OF about $4,000 In the mar
YET, ket value Of the southern securities. The bank
also reports at the present time "A decrease since
January last OF t5sT ,57s In the amount duo de-
posltors. Toe banks ofncers say that nearly ~
the southern securities were bought prior to the
war, when the credit OF those States was good,
and their bonds were not much below par.
Of "a Nassau street, say that noary, II NOS
all the bonds were purchased after the war, al
deprecated rates. and that the subsequent fan
has by no means caused the loss OF a sum sum
oient TO cripple the bank. They insist th.s
hence they demand that a full exhibit shall 81
made public. The South Carolina bonds nov
held held by the bank ar, are quoted a. from 81 to 9,
IS Alabama, 30 to as The question IL asked
whe her these latter are railroad bonds, which
the bank, under its charter, had no right to pur-
chase. The assertion Il made that the State
bonds did not, in general, cost more than eigbt
or ten cents on the dollar more than the above
quotations. Other savings banks rejected them
as unsafe.
1t Is said that the trustees had serious diss-
greemeuts for some time, number Of them
sust aiming Mr.. Alfred I. ConkliD, the President,
In his transactions. and that Others, very Inuoh
dissatisfied, repeatedly tried to ene.t the re-
movAl Of Mr. Conklin, but without success.
Some years ago the institution was heavy
loser by ATLANTIC Mall, as was tho now exploded
been worked up to about lis and loan u
tfIo,ooo was m ade at par for three months to o.
". Joceyn on l,750 shares. The price soon be-
gan TO tau, and several complaining trustees
urged that the loan should at once he cal cd In.
on the ground that It had been made IN vioia-
| tion OF the charter. Joceivn Ia said to have
Quieted the complaining trustees by arguments
not specified. and the stock finally went down d
~ ana to Is, at which IL was sold.
| Opinions are various regarding the percentage
that can DO paid TO depOsitOrs should sue bank
/ 20 into the hands OF q receiver.