Morning journal and courier., 1882-12-21
NEW YORks

'~o
 NEW YORk.
 Closed Ets Doors--The City Bank of Roch-
 ester Financially Embarrassed.
 ROCHESTER, Dec. 2O.-The City bank of this city, one of the strongest banks in the country, closed its doors this morning The cause is said to be speculation in stocks and oils by the president, Charles E. Upton The bank has been on the eve of failure for some time, as appears by the statement of it's attorney and ono of the directors It ap- pears that the board has been in session daily for week in vain efforts to devise way to carry the bank through and at the same time the bank continued receiving deposits. The bank was the recipient of the deposits of the largest business men. Among the creditors is the Monroe County savings bank for $5O,- 900, fully secured George Maurer, $7, GOO Mrs. Jacob Devos, $12,oOO the German In. surance company, $1O,O0O John Fahey .S Co.,, $S,OOO; Pancoast, Sage t& Morse, S4,- GOO; John Kelley, $S, 800; l.. F. Rose, SlO,- GOO; J. F. Carter, $3,OOo; c. c. Morse, $G,O0o; c. w. Gray, $2,OOO, AI Gar son $ Co.,, S3,20o; s. J. Newman, $5,o0O; Jackson & Burleigh, $2,ooo It is said that Upton will be arrested It is reported that the American Exchange Ma tional bank of New York has been overdrawn $50, 600 and three more also deposited in the bank over $2O,O00. l.. P. Ross, one Of the directors and vice president, said that Upton used the banks moneys in his speculations without the consent or knowledge of the di- rectors or other officers. The directors dis covered what Upton had done only yesterday at meeting when Cashier Barnard told them that Upton had taken the money. They then voted to apply for the appointment of a receiver and the banks attorney, J. B. Per kins, has gone to Albany to see the Attorney General. Upton was asked to turn over his property to the bank, which he did. It is estimated to be worth from $75, 900 to S1OO,- 900 and is encountered. The deposits are said to reach between $4OO, GOO and $500, 900. Some of these accounts secured by the banks paper and some money they have on hand. He claimed that the stockholders and directors were neither liable for the loss The directors first know that Upton was speculating about three years ago. when his draft for S20 900 was protested in New York. He thinks the depositors will receive from 75 to 100 cents on the dollar.
 But little more can be found out about City bank matters. The bank officers will say nothing. The capital stock of the bank was $500, ,OOO, of which Ss76,OOO was held by Thomas Leighton of the Leighton bridge works, $2O, 900 by Upton, $1o,ooo each by E. M. Parsons and William Churchill and the balance in small amounts by thirty four different persons. It is now known that about $50, ,OOO of the city money was on de- posit, but it was unauthorized and the city treasurer his bondsmen must make it good The total deposits in the bank were about $500, 900. Against this there is scarcely any cash. There is about $15O, 900 worth of real estate, including what has been turned in by Upton, though this is so heavily encumbered that it will realize but a fraction of it's nominal value and the bank holds about $SOO GOO of paper, the character of which cannot be ascertained, though every report is to the effect that very much less than it's face value can be realized. It has been discovered that some of the largest depositors got clue to the condition of affairs and drew out their money Monday and yesterday. Among those were the large dry goods firm of Sibley, Lindsay &5 Carr and John Barnard, paints and oils. Upton was also treasurer of the Protestant Episcopal di- ocese of western New York and ali the funds of that institution in his hands, amount not known, have been used by him. Upton has been speculating in stocks for years and is known a3 bold, cool, persistent man in the the market. It is said that week ago he was $1OO, ,OOO ahead oil speculations, but yesterday when the bank closed he was over $500 ,OO0 behind.
 w. c. Moore, private banker of Victor Ontario county, suspended payment to. day He is a brotherin- law of Upton and loaned him S675,O0O. There is great excitement in the village.
 Death Trer,or w. Park.
 NEW YORK, Dec. 2O.-Trenor w. Park died on board the steamship San Bias on the 18th instant, of paralysis The steamer was on her way from New York to Aspinwall. He was born near Bennington, Vt., in 1925 He studied for the law at Bennington, and mar ried, when young man, the daughter of ex- Governor Hall. of Vermont He was active in political and professional life, and when ex-Goyernor Hall was appointed Second Comptroller of the Treasury in 1852, and was sent to California chairman of the commission to investigate and settle land titles in that State, MT. Park followed him and established asssuccessful law business as partner with General Hallock in tho law firra of Halloek Billings, Peachy $ Park He took an active part in the growing business of San Francisco, investing his earnings in the erection of handsome buildings, and hay. ing been present when his friend, James King, was assascinated he became one of the most energetic promoters and members of the vigilance committee which drove
 
 the city. About 1858 he took charge of the Mariposa company, then owned by General Fremont, and eventually sold to an eastern company with capital of $1O, ,OOO, 1000. Al though MT. Park has been charged with dealing unfairly with General Fremont, his friends are vehement in defending him. and there IS said to exist letter written long afterward, in which General Fremont exon erated Mir. Park from blame. In 1862 Mir. Park returned to the East, having made money through his law business and through 8 connection with Wells & Fargo. He built a fine house at Bennington, and became interest | ed in railroad enterprises, projecting 8 road 1 from Rutland to New York, by way of the Harlem road, which was never built and buying with his friends controlling interest l in the Panama railroad-a control which he held until the road passed into the possession | of the Panama Canal company. The pur- | chase of the Emma mine and it's sale in Eng. l land for S10,0 GOO led to almost endless | litigation, in which MT. Park was severely handled and his reputation badly damaged. l Mir. Parks first wife died six years ago. She was highly esteemed in Bennington, where | several buildings have been erected by Mr.
 Park and his wife for the care of orphans and other charitable purposes Mr. Parks second marriage took place less than year ago. His wife and three children survive him-a son now in the senior class of liar ward College, and two daughters, one mar ried to J. G. Mccullough, formerly Attorney l General of California, and the other to Fred erick Jenkins, lawyer of this city.
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