New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-14
THE ROCKLAND COUNTY BANK.
ITS AFFAIRS AGAIN DIsCUssED-sToRILs DECLARED
TO RE UNTRUE.

TO Re UNTRUE.
There is some little excitement in Nyack inst now
over the closing up of the affairs OF the hocKahu
County NaG"S anF Is T"c It is peSmed BY
few OF the stockholders that NE
directors and officers acteG, To Say, Say le enf
within the limits OF the law. yet tLey uSeI the
funds Of the bank for Their own ana men
fdi nsc by a ,be d 50 1S siochoes That
the bank loaned unreasonable amounts OF money
ON the notes Of the North River and New IorK
Steamboat Company, OF j.. j. & T. Smith, Of j. J..
a j. Smith. /. Smith, and of Isaac T. smith.
ana t H., ne I ,hc nt Vent mer aIsn con-
mittec 81 three % tie Stockholders appointed YIN.
H. Ncysey. Newly 0rl accountant. 10 make an cA-
animation of the banks books and It's affairs gen
orally I'm his report he gives Ge'aga his,oiS 90" ="
all thc uotes that we're discounted, tells we, .ot
the money. and condemns tho officers 1or IooSc
handling of tie funds A. u. Morford, Who was the
cashier OF the bank, SAID to TRIBUNE reporter YES
al seems 10 ne that a, this late date il is unne-
ccssary 10 Try 10 create any excitement nDout uie
failure Of the Rockiaud County National Inhk. /
occurred over Two yrar3 ago we INV INV, P''u W.
dcpoStor every dollar the bank owed MN. We
have paid every debt there was ag3lis' us, anu ne
have only to divide w1at there l. lett among the
stockholders Mr.. Ncvscy came from NrW-l orK rs
an accountant. but he knew abont as htiIe about
banking rs any man ever met. lie was appointed
hv committee of three stOckhoidcrs. one 81 Wl,om
held no stock until after the bank suspended. M
Neysry was offered every i&cliy to make hS tAilh1
iuation complete, for here was nothing We "lsh'u
10 conceal. .,
"Ihc rcport that the stockholders woud rot
listen to the report OF the committee nv thei IhSl
meeting Is entirely incorrect. AT That meeting
communication was received from the committee
men statiug that, in considering the matters m
trusted 10 them. they found that no report c1u Il
bc made winch would be scrviccablc 10 the stock
holders except such az an expert accountant lngnt
br able Ia make; that therefore they bad chSagen
the services Of such an acc0uEi1ht. ME-
Noyscv, who woud read his report IL Desired
Tie meeting heard The communication ana resolved
that TIE report said 10 he signed 10y the expert
shoud hc nov read. provided The committee aj-
pointed 10 make the report would sign or au"p' IL as
their report. Tire committee refused to sign or
adopt tnc report consequently II was not read.
me story mat We rouited So many NOES LOT
the NieSsrs. Smith and the Steamboat company Is
also untrue. Most OF their paper Which we DIS
counted was discounted for our regular customers
who received the paper IN the regular
way Of business. and was brought by tErm 10 rs
When the Oanh failed Wc had about S6IVVO OF inc
steamboat company and the Smit9s MOI -, ana
atom $}l 900 signed aud nGoISed by j I'M H.
Van Iluught0n who Was treasurer of the company.
The notes h. Endorsed hc refused 10 pay. Oh the
ground ihat lie received none 81 the none, anu
only signed them TO please some fllchcs AEoihcI
item that gave rise 10 mich gossip was the emnI
element of our paying teller. winch was discovered
IA 1878. He came - re one afternoon,
after tie bank WAS closed Tor the cay
and sad he had taken 5000. Subsequent III
vcstigatiun showed that be had stolen ahoai N",uoo
and concealed it hv making false entries III his
books. We did not prosecute him Tor we were
satisfied that ne rcpcnicd OF S error; ana. 100 ne
had Just married a young ana WORTHY woman. ana
50 We let hlin ~. He has, .ma clcrkshlp. believe
now. som where ~ New YORK. o.,
T. smith said Il don't see why the Smiths
should be made so prominent IN this matter. We
were only directors and stockholders in the steam
boat COMPANY.
4 dividend perhaps of not more than five per
cent Will Toe paid to the stockholders September l.