New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-23

show that the Dauk mas DtcH III
late in the Fall Of last year. when 1t became known that
Luther Ecddeld, IT'S then president, 1nan-
caIly embarrassed. When Mr.. Redheld was
elected president, he was believed to be n
very wealthy man, and in Offering himself as
one OF the securities the official bond OF City Chamber
lain Tappan he swore that he was worth 100000 This
WAS soon after Mr. RedHeld had been chosen presi
dent at which time he held $4,000 OF the $780,
600 OF capital stock. He invested largely in
real . estate, and snriukage in values and
noor Judgment in the selection OF property,
IL said have largely contributed towards his financial
embarrassment. He assumed full control OF the banks
affairs loans without consulting the other officers
or directors and all the worthless notes now held by the
bank and which amount to over $4,000 were negot-
oted II IL stated by him. Who the creditors are. repre-
sented by this worthless paper Mr.. Odell states,
M one in Tarrytown knows except Mr. Redned.
Mr. Odcll claims tina. the bank was always prosper
ous up TO the time Mr.. Red1eld became president,
and that all its troubles date from that time, and
due solely to the mismanag cement of its afls by Mr..
Redfeld
In lamar at the annual election, Notwithstanding
that Mr. Redaed owned, he now does, one-third of
,o c,nital stock the stockholders declined TO reflect
him and chose a. o. Wilsca Of Greeuburg the former
yce-prc,den for the position Mr. Wisea Is also super
visor OF leicester County and was hoped that under
his management the bank could be placed on a
souud basis The Illness Of the new president
prevented his daily attendance at the bank aud In order
IN avoid any further bad Investments loans OF all classes
were declined few weeks ago letter was received
from Judpe Paddock. the National Bank Examiner in
curing II the securities objected to ut his examination
last year had been replaced, as promised by MI.
Redacld, aud ~ receiving n negative response, he
heran a second examination on Monday. His appear
auce m the bank the second time in six months, Gre
acd alarm among Of the heaviest depostors, and
they drew out their funds Mr. Baker the County Treas
urer withdrawing about $4,000. The new president
Mr. Wilsea had deposit $4,000 OF county ltinus,
and made Il deposit, through his collector OF
Dcposts were received and checks h0nored ON Thurs
day: some latter being made as late as between
and o'clock. At the latter hour the bank examiner, at
meeting OF directors ordered that the bank close its
doors as there an impair ment OF about 10000
meeting of the stockholders was held last nleht, at
witch Bank Examiner Paddock stated that by reason OF
the failure various borrowers nj the Ilrst National
compelled to suspend This condition OF affairs arose
from It's going abroad FOR loans Instead OF CON
lining its business To the ieSitihato wants OF ,he
Community where 1t was in business All or nearly all OF
its losses from the failure OF persons entirely UNI
known the residents of Tarrytown II would appear
that depostors should be paid III full and stockholders
be able realize something at least, on their Investment
Upon receiving the statement Of the bank examiner,
the stockholders held tnesr meeting. Mr.. Humphreys
was in favor OF the stockholders making up the mpir
ment by pro rata Of $4,000. and resuning
business II was decided by large majority to 30 into
The cashier said last night that the surplus OF the
he said by hreeourths of the stockholders to 20 into
liquidation. We chose this method OF extr-
cation in the interest OF the deposito,rs as
The stockholders feel that Mr.. Redfelds bad manage
ment and reckless ventures have wrecked the bank
which was perfectly SOUND when he came into IL. Our
bonds and mortgages and cash on hand will give us
100000 II We realize the face of our securities
which would leave 10000 to apply TO the account
of the stockholders We have 100000 IN circulation
and the difference our bonds on deposit with ,ile
United states Treasury will add about SlsOoo-so ts
the stockholders may realize at least 20 cents Oh tue
dollar"