New-York tribune., 1876-10-24
SrPERINTESDENr ELLISS ANSWER.

4 STATEMENT on THE STEPS THAT LED To CLOSING
TIE MECHANICS AND TRADERS SAVINGS BANK.
ALBANY, y. Y. Oct 23-A statement Is
given To the press by Dewitt G. Elis. cerncudcut of
the Bank Department. IN answer 10 the charges OF neg
lect OF duty toward the evo,tors the Mechanics aud
Traders Savings Institution Of New-fork Cty by Mr.
Best receiver Of itt bank Nj. Es says that the bank
superncudcnt obtains information 10 the condition
OF institutions from two ony-tEc reports OF
their Ulcers aud the reports OF the examiner on March
81 and April l. 1874, the superintendent received tie
report OF Gcorc" W. Reid, william F. Aldrich, and lsaao
H. Yrooman. examiners, showing surplus OF assets
AT the Mechanics and Traders Of SS233l -
and deficiency of income Of Sli,077 90. OWING
to the SUSPENSION Of interest on Southern State
bonds and the failure to rent real estate. BY
the ohcal aud lawful means which hc could use. TIE
Superintendent thus advised IN the Spring Of 1874
that tie bank had surplus q! $4,000. lhat meets
uoint nrst in Mr. Best, letter To the knowledge pos
sc,scd by superintendent Of he condition of the
bank subsequently, action taken IN the Board OF
Trustees 20 ascertain and report to the superintendent
the coalition of bank. In consequence OF q com
muicatou made by the trustees the superintendent az
once caused o special examination TO be made ana tie
examiner reported the following the condition OF The
bar H. the valuation Of the bonded securities being Ncd
nfer consultation with several OF the prominent bank
ers in the city Of New-York ana in accordance VITA
their Judgment:
Grand total Of asset. t24s259i -
Dac % deposition. 2s265s,a 600 ,6i-5
Interest accrdec -..-.. SO'UVO 'V--t'<'V' -
against l. ,coo n,
Leaving Gchccy.. =. ...... :. 1881 90
r.nrj..s sT ssp. lP .J5.o sISs5 Hsss5Ts 90 Totals,
Bonds and
sSa&: : a-ao iol4e59 1895 Sf5 60 g @
Esi' I,a1t! IA O.nA '. 1870 90 s4c9sG Is
Denelency Of income. I4lsl -
SlG077s 60
The superI cndcnt under date Of oct 70. ls7l wrote
10 A. T. Conln. president Of The bank, calling attention
10 the large amount of southern bonds among the assets
of the bank urging that the bank gct nd OF these
securities soon as possible lie called on tc trustees
make good the current deficiency and TO iSluce ihe
expenses the bank saying that one paid o'cer with
hi subordnates enough for the bank at th3t ume
10 th, letter u reply received, dated NOV H. lel4
stating that owing o the illness Of the president ana the
absence Of trustees from the meeting action was dchled
H. ,iioat ar nm a,liourne meeting. The illness of the
president the occasion OF delay Tor iew weeks On
nam MIR Conlln that IA committee composed Of hr.
Conkln and Nj Ross First Vice President, would meet
INN at Albany on the 10th Of December. This commit
Tee did SO meet The superintendent on
that day, and exhibited to him satisfactory
proofs that the deficiency had been made good and that
thrre was hru surplus Cf over $1,000. The report 0t
he trustees Jan /, 1879, showed surplus of s67,-
the regular examination was made in March, 1876.
The examiner was specially adMOnshed To sciutlnlZe
everything relating to the bank His report was led IN
tbe dcnartmcnt March 49, 1876 and to the effect
that there was a deficiency OF assets OF F9l SOS 80,
counting their real estate at cost and deficiency or IN
rnq of SO5iS the rate of interest paid 10 deposit
os averaged 800 cent on the last three payments
OF per cent dividends on all sums the laretst
in the state by at least 80 per cent; this might
nrse from there being lager amount due de.
positors than appeared from the general ledger"
strnighway the Superintendent made requisiti0n on
the trustees 10 make good the deficiency In assets Their
nerformance not satisfactory, and on the nrst
day of June he recommended that the AttorneyGeneral
close the bank The Attorney therefore closed
the Institution by Injunction. In reply to MI BesIs
assertion that half the defcency-which is S35OOO0
which he found might have been saved had the bank
been closed 1874 Mr. Ellis first, the Bank super
ntendrn could not he expected 10 foresee the repuda
ton Inv Alabama OF its bonds In 1875 second he cannot
be held fault for the continued %ssn n Hss AAtAtA