New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-15
AN OLD BANK RUINED.



lheir desks as usual and ~ 10 began the busi-
Deas of the day. Checks we're paid and certified,
and deposits received as usual. No rumors of any
kind were in circulation, and tranquility prevailed
At 1880 q. N. there was on instantaneous change.
The result of the deliberations Of the Clearing
hgose Committees suspenling the bank was made
known aud orders given TO close the doors and stop
che reception md payment Of money. The utmost
CONSERVATION was visible thief aces Of the clerks
but the order obeyed, and the doors
were closed with a savage vebemence. THIS pro-
eeeding of Immediately attracted attention,
but as no notice posted outside TO indicate the
reason, there was much conjecture. For moment
belief was staggered, but presently the conviction
gained ground that the bank had suspended and
then the excitement outside rose to high pitch.
Crowds Aocked 10 the doors of the bank, but the
elicers had given orders that they should not be
opcned Depositors and stockholders came TO get
their money or some information relative 10 ii and
the cause of the failure, but no one responded TO
their knocks. The street in front of the bank was
filed, and denuncatiOns OF the officers were fire.
queDt Stockholders and depositors stigmatlzed
tine refusal to open the doors 10 them for puT-
poscs of inquiry as adding insult to injury.
All the while the news spreading down
town and the crowds swelling. Messengers
ran htuer and thitheT, and bankers and spectators,
who had come GOWN 20 verify tut etelth7'o" vi WV
bank for themselves rushed back To their Offices or
the stock market in order to go short on the
event. For hours tAe street was crowded in front
Of the bank hut the doors Obstinately refused to
ppen Gradually depositors and stockholders de-
parted uttering maledictOns on the bank and those
sho controlled it, and soon the oilers also went
away,
Daring the excitement young man who had for
mcrly been in the employ OF Richard Patrick, the
yicc-President, but is now employed by a firm IN
hurray-st.. came TO the bank with $4,000 In Sc
curites which he proposed to deposit there; but,
finding the doors closed and excited assenblage
around them, concluded to return 10 his Office with
the securities. Other persons, who had large checks
which they wished TO have certified or paid looked
very much chagrincd when they found out tie cir
Iumstances Of the case Others with large deposits
we're correspondingly elated when they found that
they hal not come in Il he to make deposits.
THE MEN WHO INVOLVED THE BASK.
George W. Duer the Presidentof the bank is of the
wellknOwn Duer family of this city, the members OF
which have been long and honorably known III com
nerce and trade in Ncw-York. 1t is claimed in his
behalf that he was i'll and that Mr. Patrick managed
the bank 1t is generally believed however, that if
sr Duer had exercised anything like proper super
vision over the affairs of the bank, the loss, if not
altogether averted would have been materially re-
auced
Richard Patrick the Vice-President. has been
cong known in business circles in this city. His
Dfice as Vice President has been subsidiary to his
p;her business interests. He has several business
connections. One is under the name OF Richard
Patrick q Co, hardware merchants, at No. ll6
Chanbers-st. Another Richard Patrick. Duer u
To-. storage, at Nos. 10 aud 50 Pearl and ~ New
A. The Ducr IN this firm is John b., and relative
w d.. of fhn hapE RotH
live on Staten Island 1t is supposed that some of
the warehouse receipts upon which money was adj
vanced were issued by Richard Patrick, Duer q Co.
AFR Patrick has a branch house in San Fran
.isco California, where no has done lavge
business. He supposed to be very wealthy
When summoned before the Clearing house Com
nittee he undertook TO explain the loans and adj
Sances, but only made matters worse. He Informed
the Committee that if he had time he would bring
matters around all right. As he had been bringing
matters around" for more than o year past, and
instead of getting better they had become worse, the
Committee were not inclined to accept LIS sug-
Ecstiou aud so informed him.
Smith and Girvan, the partners in the firm which
,eceived $50. 900, are both young men. They have
an Office at No. 76 Broad-st., and appear to have
been doing a moderate business IN hops and malt,
their legitimate business Yesterday, when applied to
Tor a statement they said they would not make any.
rhey had been depositOTs in the bank, and would be
treated as others When informed that it was OH
,cconnt Of loans made 70 them that the bank was
obliged to suspend, they professed ignorance of the
Tact. They expected to have an interview
with the officers of the bank, but would
have no statement TO make No one appeared to
know anything OF the Attrtion FlOnr Companies.
Reference to the directory fails to reveal their loea
ton Smith is the President of the United States
Attrtion Company. and Girvan OF the New-fork
City Mills Attrition Company. According t" the
abatement of q member of the Clearinghouse Con-
ference Committee, the only capital these compa-
MES possessed was patent and the banks $45O000
was all the money furnished.