The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-16
LONG ISLAND SAVINGS BANK.
The Accuracy Of the Bank Examiners
Statement Denied.
S0LVENCY OF THE BANK MAINTAINED
Views of the Banks Officers
and Counsel.

The publication In the HERALD yesterday morning
of The report of Bank Examiner George W. Reid, win
regard The condition OF the Long Island Savings
Bank In May OF 1876 caused quite STIR IN BROOK
lyn financial circles The Grst question almost
on every mans lips ms no 10 business
was. 'Is the Long Island solventr' rhis III
tho face OF the report but tho trustees and ON
GERS could satisfactorily answer and, pending consul'
ta,iou between them these gentlemen had very little
information TO offer anybody. The deposi'ors, as
matter course called to ascertain something ID re-
aon 10 this very vital subject but they were invari-
ably informed that tho directors would take the earl.
est opportunity to make them acquainted win tho
exact condition OF the insttuton's Affairs
BANK.
The Long Island Savings Bank 10 dne building ON
the corner or Fulton street and Boerum place aud
managed by tho following officers and truslces:---
James NJ Seabury President; Philip $. Crooke and
Samuel b. Stewart. Vice Presidents; john ;. Mackay,
Treasurer and Edwin b. Fowler, Secretary; Trus-
tces-Phllip s. Crookc. Edward b. Fowler Charles
Jones, Andrew otlerson. NJ. d.; Alexander Agar.
James NJ seabury, John s. Mackay, Samuel Booth,
Edward Cary, Benjamin T. Deano, d. y. Tatum,
bamue h. Stewart, John l.. Ryder, Elizur q. Web
stcr, W. J. Cropscy, Horace z. Whitney, Franklin
Ball, John Z Perry and Cornelius $. Strykcr. There
werc only seven Of these gentlemen in town yesterday
morning. Mr.. Soabury was absent AZ the Catskils
sailed meeting OF the trustees for four T. ~, mean
while determining to prevent run should the de-
posters threaten the bank by demanding
thirty sixty days notice from any ono VIII" should
require more than $40 from the paying teIlers Be-
lore noon there had not been anything Ike
run, and In the afternoon scarcely soul
called ut the bank al all outside OF
the reporters seeking information. General Fowler,
the Secretary and Treasurer Mackay sat inside tho
ratings of the bank for the greater part Of the day,
until the for tho assembling Of the trustees ar
rived About four O'Clock General Cfooke Dr.. Otter
son. Edward Cary Franklin BELL and John c. Perry
put IN an Appearance aud Messrs Fowler and Mackay
withdrew to an innor for consuia.
tion. Prior to this scarcely any Information
of value could be Obtained from either Of the
gentlemen who sat behind the railing General Fowler
did say when spoken by HERALD reporter that II
fair for a large newspaper to publish ind
criticise statement injurious to banks interest
without first investigating it and asking an explanation
from the officials OF whatever might appear doubtful
II ridiculous, IN his judgment, To find aut with
the different statements of the cash on hand
nj different periods DON'T you see, sir"
said he, sour cash account varies from day
10 day? We have the same amounts
nand any consecutive days. We are subject TO
fluctuations IN this respect other business
Then, to, the report Published refers 10
May, 1876, and not TO our present condition We DO
tainly does not represent our condition now. F."
GENERAL S. CRuoKE's
Gel era Philip l. Crooke first president Of the
Long Island Savings Bank and alter the seven gentle
aoove mentioned had Decn IN session IRON four
until hall i've O'Clock he came out and sought the
HERALD reporter, TO whom, by way OF open
Ing the conversation, he addressed these Words
You from The HGRsLps Well, us
hive 1ust been Saying to the gentlemen nsdc do
not think that explanation gwen thus orally
help to updo the mischief TINT sucn report APP
pcared in your paper calculated to make How can
"A aayin ms ~
ss:h 80 hand January J. ls7e s4%Sst ,s ana
the Official examiner found only $l3,534 cash in
the vault deposit. Does not the writer o. that
article know that cash on hand varies from day
day? And that on January and July cash is allowed
accumulate 10 pay interest accruiug which the bank
tate outside the building Mr. Reid gives S. 900 value
while bank claims Sl2, 900 value. The explanation
So 'na bank acquired more
another piece OF property. And so these In.
furious statements about tho bank may DC explained
la relation the value OF the building IN which The
business Is being conducted General Crooke said
tia, he thought worth $3.50 900. and that 1t
ap raised but the condition Of the real estate market
might reduce its value $3.50 co., and for this
il mad not set down at higher valuation. Gen
eral Crooke then went on to talk quite
freely about Mr.. Red's report which he s,igmatlzcd
spying report" made by man
whose business 1t to find fault, II possible with
the condit and affairs OF the bank The bank au-
thortes had asked Tor advice and suggestions OF i'm
provencnt IRON Superintendent Ellis which he had
never heard OF cause OF complaint as to the man
-bgcmcnt OF the institution. ''rnc bank Is perfectly
sound and soivcLi, and We have not thing
10 conceal Mr. Seubury Superintendent
Ellis last summer and rything was satisfactory
then. We are IN a better condition now than
q year ago" SAID the General. Then he
crtIcisc Mr. Rcd's statement estimate OF the
amount OF interest due deposItors at time his
port made. He made his calcula ions basis
Of per cent, whereas the bank paid only i've per
cent ON large ana six per cent On mail sums, which
made the amount paid, according to General Crookc,
several thousand dollars less than Dir. Reid did All
the securities bonds held the bank assets the
General pronounced be oil the very best character
THE BANKS pgKsEyr CONDITION.
There difficulty last evening In getting
nnything like clear statement IN igures tho
banks present condition, owing TO tho TACT,
General Crooke SAID that tho report Tor
been transmitted to Albany the 25th OF tbut
month and that no copy remained OF course, there
was "a record Of the Liabilities assets anu surplus on
the hooks but these tho Ice President dd think
IL best give just them He stated the report OF Janu
nry l. 1877, follows
AssEIS