The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-06
TAKING THE TEN-DAY RULE.
THE NATIONAL Trust COuP fNT DOING
ITS BEST FOR DEPOsITORS.
They are Satisfied with President Manscm's
Aciion-somc Accomm odntcd. ana the Out
of.Town business Men Attended To.

An unusually large throng had gathered
in tho Office Of the National Trust Company AT
2Gi Broadway. at 10 4. N. vest rday. Kumors u
the cumpany'- insolvency. which had been cir
culatcd in Wall street the dav previous. had cv-
identity had dsqnieing effect. which tho has
tily-i--ucd circular Of the President had failed
to remove. Tho paying tellcr's window was
thrown open. and for two hours the payments
were made ~ rapidly as possible. The dcpos-
itor- embraced all classes some Withdrawing as
high a. $4,000 and s2O.O0O. and others only u
few hundreds. At noon 100000 had been paid
out The officers held consultation. and II
WIS decided. in order Ito allay the panic" that
tho ten day rule" should he enforced. Special
Bank Examiner Best who has been invcstlgat-
ing the company's accounts. approved OF this
decision and the following notice was accord
ingy posted in conspicuous place ON tho tel
lers window
ro riu p,ro,ir ov rnr N,rioNn rrtsr covriNy Ia
Tardinr the chnater Of this company ena by The rec
the state hereby give notice that require ten
days notice under which all dsrs',s ',s r"ls
Iccrlally endorse the action nj resident Manssm in
requiring the notice OF ton dsys referred g above
WILLIAM J Bist. Special Examiner, ac.
About forty persons were in the Office at the
time and the appearance of the notice caused
some grumbling Charges were made that the
officers had specially favored certain indvidu-
ais in the matter Of Withdrawing their deposits
but no proof Of this was furnished After the
first excitement the feeling quiaed down. the
general expression being tina, the officers had
done tho best thing for the depositors. under
the circumstances. A gentleman who had 81 600
ON drpp-it said tu a sun reporter. Well, they re
SAT-" Another said: Its iii right. THEY'VE
only done what the Union Dime people did. and
although it, little huirl ON somu of US it's the
p,ri lhinE Tor me Dispositions allugrthor.
Notwithstanding the notice. the teller contin-
urd t9 certify checks and pay out small sums,
only, however, on orders from the President.
Mr.. Darius ". Mangau. who sat ia a handsome
Office in the southeastern corner Of tn. main
room. supported 10y two " the trustees. Messrs.
Tarbrll and Temple. Mir Mangain = pleasant
featured gentleman. 80 pr 81 years Of age; tai
with hair and whiskers slightly Hinged with
gray. He snid; " We have taken this stop TO
nllay needless excitement among our depos tors.
Ih"se rumors affecting our credit hav" been
start d in Wall street Tor malicious purposes.
aud have not n word Of truth to- sustain them.
The company IL perfectly sound aud able to
meet every dollar OF liz indebtedness II it l. only
But your paying teller is certifying chccks
aud paying out money still. Notwithstanding
That is done to ACCOMMODATE tho poorer
class Of our customers. and TO make it as casy
as poss .hl" for th.m. Then there is a certain
amount OF out-Oi town business which We have
g. intend 10 for our correspondents. The rule
il only intended To apply wher" a palpahlc IT.
gives us this right. aud 1t il cxpr ssly reserved
10y IN" company in the printed rules in each de-
posiinr's book
What is the value II these securities Of the
paelh. Railroad OF Missouri held 10y tue COM
plnN ~
49, None Of those secur tics are now held by NJ.
That company hns been reorgunized. and the
old stock II worth nothing. Tn, stock belong
ing to NJ IL that Of the Missouri Parinc--the new
organi1tiion- and Is worth 100 cents on the dol
LAT, and more
Tho reporter called Mr.. Mangam's attention
81. l. 4
hy the company had deprcciated IN value dur
in. the current year. Mr.. Mangnm did not care.
e. go into details. hut he said that thu state
mcut WIS Il nisrrprose ntAtion. "Nhv.' he
added. w" were told. few days ago. that there
were thru" or four classes of bonds among our
assets that wer. not worth one and half cents
on IN" dollar challenged the person making
IL" charge to point out a single on II tue s,.Iri-
ties on"d and h." WAS unable to do So"
The following is the report Of the COM
pany's condition and the only ono which can
be FURNISHED until the state authorities have
completed the invest ightion. II was prepared
10y George ". Reid and Henry l.. Lamb Of the
Banking Department in December. 1876: