New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-06-22
ONE BANK LESS.
THE DRY GOODS 70 WIND UP.


DIFFICULTY IL MAXI q PROFITABLE INVESTMENTS
TIE CACsE-DEPOsIroRs 10 b. PAID IN FULL
STOCKHOLDERS TO GET BETWEEN 70 AND 100
PER CENT.
The Dry Goods Bank of this city is about
to go into lquditon A meeting OF sOlne OF the
directors was held last Tuesday and 1t decided that
the best thing that could be done Tor the stockholders
was to WIND up its affairs quickly as p'sSiOe.
AS this was full meeting OF be board
final action the subject was postponed until Today
when the directors will together, ami t is expected
that a call Il meeting Uf the stockholders VIII be
issued and otcr preliminary STEPS tak,n TO close the
bank The Dry Goods b NIX was organized III lS7l-it
was und .rstoUd at tine time partly to furnish
a position for ITS Preside Mt. William T. Bilnt
nall. Its caita $l,0O0OOo' divided INTO
shares of 800 each TIE present board OF Directors Is
composed William p. Brntnall, Henry L. Dyer
Brice Gray, Hewlett Scuddcr. samuel b. Dana, s. s.
Fisher, Henry L. Hitch. Edward L. Poor, Edward NJ.
Townsend. Samuel Jo- nson, and William Post. MI.
Brlutna IN a member OF tine Nominating Committee Oi
the New-YOrk Clearinghouse
TRIBUNE reporter .st evening Arthur W. Sbef-
man, cashier OF the bank, who said that the directors
had NOT made a final decison the subject. meeting
WAS held Oh Tuesday, a. which committee was ap-
pointed TO consider the subject and report speedily
II the directors thought that it was best un-
der the circumstances to WIND up tue
Affairs OF the bank notice would be sent 10 the s'ocA
holders and their consent would be obtained Dc'ore M
ther proceedings taken for TINS OBJECT Inc oa'h
WAS not financially embarrassed IL hId ndue no o'"
investments and md bad debts worth mentioning The
deposltors would paid in full and the stockholders
neay in full The fact they could not pace theif
fnn.ls tayorably The pressure OF the times anu ihe
financial difficulties in every brahch Oh BUSINESS
Affected tlIenl While they were holding their own
fairly they were not making money suinciept 10
my satisfactory dividends. Thcy mad paid snal diVi
zflanl IfV n
Obliged TO meet was their duty tho Stockholders II
,,as IN. oursiion which mad been brought home
.o everv urudent business man-ln the lace Of Tie
continued depression in business was 1t wise 10 go
ON with small profits and incur llsKs anu meee
expenses under engagem' nts made III oetIer uhe'i
The directors leased the fist or of the building
now occupied by bank for long term when ad hVe
,rs vet IN RIM Organized in 1871, this was compare
lively new bank aud the officers were Obliged to be
very careful in their investments. Inc directors
were wellknown business men, anu 'heI"
had never been ANYTHING wrong with the bank,
bat in the present state Of the money market INC '
., t,e hank could not be invested 10 advantage This
had influenced several of the Stockholders ana directors
IN oate the question Of discOntinuDg business AS 10
tho stockbudprs IL the OF the bank could be dis
nosed of adyantageously, they would DC paid
IN full n not, under the least favorable eS'in'r,
they would receive from 80 to 30 per cent IL WIS sh
nossble that the bank would continue BUSINESS as th'e
xvas a
donor for dollar was on hand, and the only question 10
IN. n,,, ,y,s ou we make IL pay 80 continue the
bankl' Dir. sherman added tnat there were pet"oeu
400 and 500 dopOstOrs , 10, ,,a,,r,
that II had Ill cded 10 wind ny me nnlrs Oh lo
Iuk Tor the rrasuu that they were unable !" e. m 'et
snu,pe erccnfasc for the usr 81 thelF money aer tc
payment of taxes and INNING expenses. I"e s'IP.uS
Of te bank was only $J3-9l on the hst Oh the b'Hl'
and Ihis was not enough To ehatlc IL 10 cnIl-
nrtr successfully with those banks wnich were CARVING
"a Ia &c surplus. ii Thought 1t was PROUDLY MI, d,he
AT tls time of its organ zon To cali u IA Dry poodS
ia k as merchants had an Idea that me directors nee
r,Iv knew All about its nHuis, AMI cnhse-
auenty were unwilling 10 expose t.er niaHrIa a'as
~ the manager OF rival house MI fis"ei uIu nv
mink tI1t tne stockuuldrs would realize tue pa Naiuc
op t,, Stock bnt ali others would be paid 10 III J. rue
storEnold-rs would PROBABLY receive between % ala
100 Der cent He was wiring to purchase the STOCK at
10 cents the dollar. ,, ,.,u,noo ,,o,,
ia. b,nk is ia the Globe Mutual Lille insurance O"hl-
nonys buildiug at No. 3i7 Broadway MI. ils"e.
stated that had ncary nye years yer 10 run, ~
nm ~ nuaI rental of $50 900. and this lac tOhght W"uu
EXHAUST "A large portion Of the surplus capital as 'no
property could not be .elct for mat suu'