New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-06
REQUIRING TEN DAYS NOTICE.

NATIONAL TRUST CONPANY'S ACTION.
PAYING MONEY To DRPOSITORs REALLY IN NEED OF
IT-PREsfDENT NANGAM AND Examiner BEST
SAY THERE is NO CAUSE FOR ALARM.
Soon after the doors of the National Trust
Company were opened yesterday morning, notice was
posted in front OF the paying eers desk stating that
In consequence OF the malicious reports in circulation
regarding the character Of this company and by the rec
ommendaon of Mr.. Best. the special bank examiner OF
the State hereby give notice that require the ten
days not under which all deposits made" To this
attached the Endorsement of Mr. Best the special
bank examiner commencing the action OF the president
IN requiring the notice The notice was only par
italy observed, however. President Mangam said
IL the desire Of the officers TO aceomiho-
date their depostors az fully might be advisable
under the circumstances, and if persons were really III
need Of the funds II the intention TO supply them
This discrimination led TO charges Of fayoilsm during
the day. and in more than instance the d'posois
loud in their donuncatOn OF the action OF the man
ayers There was an unusual number OF depositoi' III
the Office OF the company throughout the daY bu' at o
time could it he said that there run.' Mr. BestS
report viii probably be read Saturday. Itis reported
that tho examination Of the company at the present Wa
brought about by the fact that the superintendent OF Ihe
Bank Department noticed IN the st5cA reort Una. tre
shares of the cOmpauys stock, 500 each were SOFA "
auction last Saturday at 63l2.
President Mangam said to TRIBUNE reporter, Anont
the hour OF closing the BANK Yesterday attiu9o ttl'
thC amounts paid 0ui during Tie day exceeded tuc "
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give exact figures bu said that the deposits Tor the any
had been about 75 900. "IAe rumOrs about tine com
uauv are entirely false said he. and although we snail
sustain temporary loss in business. we so9l soon pear
night again" No bank in TIE city, Mf. Nnng M salh
could stand protIacied IN these times without aknG
advantage the ten days notice allowed b It's charter l"f
fne PAYMENT large amounts The turning ~ securities
into ready money could not be- effected quickly cnough
10 meet all demands If mOne were 10 he 10 oar pV
millions at short ice. In taking Advantage OF short
DELAY the company WIS only following the example OF
other solvent Institutions under like CIRCUMSTANCES
Under circumstances" said he, can Our dcpOstof,
suf, the loss of % dollar. We Sl,O1G,OOD IA good
securities cap tai OF 81 100000 and our stockholders
are liable for additional -, 100000, under IN" law.
No VIII De asked for or appointed ana we Ger
t.,inly shall not "a into iiquitatiun.'
Mr. Best declined TO make any extended statement
lie sail tnat had discovered 10 cause thus iu iot
alarm: anu that 60 avoid an unnecessary and possibly
disastrous run the available funds OF the company,
De had pursued the course as I'D the case OF ir
Union UImc Swings Bank. and approved the enforce
ment OF hp ten days provision Of tie charter lie was
busy with the entire clerical force, he added, III making
O tAor1u.h examination Of the company Affairs, wien
a. bis regular annual investigation ana hr hopcl q br
able to submit FINAL report in few days. " Mean
ilc" be- SAYS there Is no apparent cause Tor alarm
% excitement