New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-16
THE SUSPENDED BANK.

DATE % BE MADE TO-DAY-mCIIhRD PATRICK
STILL DECLINES To MAKE A STATEMENT.
The officers of the Bank Of the State of New
York concluded that 1t would be advisable TO open the
doors yesterday II not for payment at least for inquiry
the part of stockholders deposOrs and Others inter
ested III the affairs of the bank They very cautious,
however only section Of the door being opened at
tmo; but there was little excitement they decided
TO extend the aperture until the whole entrance was
revealed Two policemen stationed Mt the door To
check any possible demonstration, and TO prevent The
enhance OF people who had business there The
clerks at work usual, making up their accounts
for the information OF the directors who were TO meet
later to decide upon the proper course to be pursued
All day long there stream Of nqrrcrs calling TO
Que sons rs to their balances special deposits Of
securities &c sDecial deposits, Of course, were exempt
from any liability by the suspension, but the officers did
not wish TO give them Up until the Banking Depart
ment at Washington had decided action
| in the matter. In the bank parl0r directors
and stockholders held informal conferences 70
exchange views. SIR. Ducr acted commit
tee one TO receive inquirers and lament the catas-
ropho which had ovortaken tho bank. In the clerical
department OF the institution could be the actual
head of the concern-Rchard Patrick. About %
years Of six feet high and broad IN proportion
with head sllghty bald aud hair aud whi5kcrs nsod
with gray he very impressive looking bank officer
lie attended to oil the nqurcrs who had actual business
10 transact He answered an questions that did not re-
/
about the rooms with placid, smiling cOunenance,
seemingly acting the part of adroit and trustworthy
friend Who had been called In ~ critical moment aud
| given complete CONTROL
Mr. Patrick, having diGpos,d OF number OF persons
who were awaiting his attention. asked to furnish tho
pablo with his Of the of the failure Of
The bank aud explain nc Extraordinary loans which he
had made 10 smith Grvan OF Broad ST., and 20 himself
and othors. Mr. Patrick replied that he too much
engaged that his time occupied, and Therefore lie
could not be expected to make statement MI Duer
had 10 new information give Mr. Patrick having had
charge OF tle business OF the bank and the directors
knew nothing Later ia the day matters began % grow
more settled, and although Mr.. Patrick stil had no
time 10 make statement. II eyidcn, that the intention
was " possible 10 TcaBmate the institution August Bel
mont of The largest stockholders vas present BANK
Examiner Mcgs Wa Offering the benefit OF his expert
cHce and President NcTm!lys OF the Merchants Bank
and other bsui o nl.o gave advice and offered ma
terial assistance uron the production Of proper sccu
ties At the request Of thr Interested supported
~ The Bank Examiner, Controller Of the currency Knox
lad withheld the appointment OF receiver IN oiier
lat Tho bank might 90 into voluntary liquidation Bank
Examiner Nos, had stated that tho bank lad the
mo age 80 lqja, IT, obligations 10 dcpOstors AMI Other
creditors. This sufficient however. The Con-
rol!er Unlisted that he shoad have proper written
yulr7r that the integrity necessary for the app'a
ton Of the assets 10 the payment Of The
debts existed The directors and stockholders hesiiaed
TO COMM. Themselves paper. Controller Knox t.e-
graphrd that he must have t' guarantee, and the GeT-
noon wac spent ia discussing the matter.
According to an authoritative statemcut tho oblira-
tons Of the bank about S3,0O0CJO IN round num-
her. or th. suCm Gepo,itors representing $1,000
900 have agreed to wait dine FOR their money.
Til. l.ay, about - o0p OCo a. be provided for Against
iii. there ae - 100000 cash ana tho securities u,,cs
ssry for procurrg 81 the deficiency OF Sf0O,oOo
NOW Il the necessary guarantee be obtained that the
manager, Of thc bank viii apply the assets as to
lilui,l,e all obligations demand Controller Knox will
efaa The request 10 appoint receiver bat will allow
the bank 70 iaudatc aud ganiyc At the meeting ~
the director, yesterday tHc'e facts wero very clearly
brought oGt The condition OF the bank T1s also OK
pl,inrd IN detail ~ Alr Patrick.
CIttNGING UlR DIRECTORS.
The deliberations were long aud oarrct, sni Ae rtfuI
q them was that hc directors concluded that the ''si
thing for them to do would he TO retire, AMI enable
men who,e bushes. slsaCy not impaired 10 take
tncr plarcs. Accoriugly Cror'e ". Ducr. President
Richard Patrick. Ncc-rIes.dcat. Isaac H. Reed John
steward 4. ". iroudHt, AMI lloyd Aspnv'il resigned
Individually and collectively, a. d.'ciOrs Of the bank
In their places wcro Installed the following EonrA Of
Drec ora: August Belmont, George - Taimsr u. u.
WitLrrS Il my Morgan. h g. Eolston d. ID. SAITH 4
sol,r Johr u Marshall gad Tunurc. husust
belmont 40. elected drn AMI tdc other Offices "sse
Jeff vacant Tor tho present.
August Belmont a. vel. known. "a ho agent ~ the
Rotl,cbds IN this country. ~ O. Rols'on f. President
OF nc Farmers Loan md trust Company ard the other
ucw directors are very Wc...Uovu business men THIS
char I'm control deemed essential ~ II Ould have
oorn possible Tor the bsuk 10 get back 10 The clearing
hcurc With Nj Patrick as manager. Nor could u even
regain popular couicLco LONG The same Board OF
Director remained ia Office.
meeting Of the now director. VIII be held thi, morn
ING 4, examine the affair. of The bank and to- decide
whether to umo iiat'ly, OF to 20 INTO Vonnta,
liquidation the desire bsug 20 Locp the i11itnton ont OF
the hands OF receiver. The Controller OF the Currency
has been zen notice Of tho facts cad will not appoint
receiver August Belmont IA OF the i1rgest btoek-
holder, OF the hank and IN The event - permanent ,us
peu.on would have boon Of the heaviest loSers "
i, eypcctcd that he viii take to compel The i'm
mediate payment Of tlo loans made 10 smith 6li'an'
tIo "Atiition il Compahir' Mr. Patrick, ana othera
At the cose u proceedings last evening Mr. Patrick
was asked IL he had any statement for publlca-
ton lie sad that ho had been considering the
matter Ard ,oucluded that he would let others have
their say" now aud then hi, tun would come lie
wished It understood now, however that be ha' no
longer % director officer In the bank
About 5000 of the loan which ho bank had out
stnudlu were paid of by the cugtomers Bank L2amncr
Mriggs his Official capacity presented several nor' OF
the bank over c counter for redemption, In oder to
make the technical point aud protest them for non
payinrnt tho teer. gctinE on the DISTINCTIONS "i
the officers paid The notes IN legal t.ndcrs
Smith q Grvar and tieir friends sl refuse TO maze
any statement in regard TO their connection with the
hank reporter Of THr TRIBUNE called yesterday npon
A. C. Smith ,r that nrm finding him ut the office o'
! the United Statc. Attrion Flour Company Wien
asked az to the report that the stock gwen AZ security
for granted ley III" I'dHd az the stale OF
New-York 70 Smith Gif'an was merely 20
placed 10 comply viii, requisite form and nos
because IL represented any monetary value he
declined ia mako any explanations rsmarbing that h"
rre.s i'm ll, OpiIiOH had enough already. Tie United