New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-11-23
SUSPENSION OF A BANK.
EXCITEMENT IN RAILWAY, n. J.

thorltes should deem it advisable to make settle
mentsi but when the first of long line of deposi-
tors appeared at the paying tellcrs window in the
morning he was informed, not that there was
1alure, Dut that the refusal to honor checks meant
simply suspension. The bank is at Poplar and
Union SITS, about half mile from the railway sta
ton. lt is two-stored brick building half of
which IS occupied by family and the remainder
for the transaction of the banks business In Pop
lar-s there is wing which is used as the directors
oilice. For number Of years the bank has been
controlled by family named ShOtwel, and at
present the father, Abram f. Shotwell is president
and member of the board of four directors and
the son, Townsend Shotwell, is the cashier The
two men are the working officers of the institution
Last Friday Bank Examiner Shelly, of Rochester.
n. Y, called at the bank and made an inycstga-
tion. OF the result Of that examination he did not
inform the bank officials. On Tuesday Cashier
Shotwell noticed that the dcpositors in drawing
checks were trihc more eager than usual to get
tdcir money and drew for larger amounts. On We'd
ncsday morning number of German dcpOsitors
whose deposits were in sums ranging frcm $40 to
500 camc in crowds and demanded their money.
The bank had in its vaults between $4,000 and
$4,000 IN cash and the cashier paid out over
$4,000 Of this, much to the satisfaction Of the
Germans. When demands were made yesterday,
however the bank authorities gave notice that they
would suspend payment for time. Although there
were crowds about the bank throughout the day,
there was little excitement manifested.
MEETINGS or TIE DIREcroas.
The institution is an old one, having been founded
the Farmers and Mechanics Bank in 1929 and
corganlcd In 1863 n a Federal bank with
100000 OF it. 100000 capital deposited in bonds
IN the National Treasury. a, it was 50 well known
more reliance WAS placed in the promises of the
officers than Is usual in such eases. No attempt to
make any disturbance was made, and when 1t be-
came evident that little was to be got by waiting,
the d"positors went their way. On Wednesday
night the directors held amoc,ng and made an cx-
animation of the bank accounts and of its standing
with it, laak of deposit the Importers and
Trader, Bank, and it's correspondent, the Mctropol
itan Bank both of this city. The directors refused
last night to make any statemeut in reference to
the discoveries which they made in that cXamna-
tiou. Yesterday afternoon President Shotwcll yis-
lied Ncw-lorh, but with what object could not be
a7ccrtlncl. Last night the directors held a second
meeting and made am examination Of the vaults and
q second mlc tigation OF the accounts. They rc-
manned u session late into tine night. At this meet
ing neither the president nor his son, the cashier,
was present.
There are only two banking corporations in Rah-
way. one j., the National Bank aud the other the
Railway Savings Bank, Of which William C..
>lu.rc4 ia the president The Savings Bank has
two account with the National Bank, described by
one .oi the directors last night the old account
ANA the now one Inc l"IWer IS 10 al Pla'lIcu
purposes closed. the latter, however, amounts to
- 3po The National Bank had deposit, which
9'''' .,.,,,,,, - - T.;....;..,,.f ,l,;
""ou"'t" /" TlS'""" at '"' "'H,l''''lt u 'll7
week. which in three days was reduced to SlIO,OOO
M .lI. r,,rpf I,ut g to coo * directly available
~, ..r II. .
l'' "i''""i' ~, ''''''''' '''' W ''''''' ''' w.
i''", '"''"'' '"' ,".'. ''' '' many ''"p'IS - VI
lH' I'""'S '"'"' "'',"'' ''" ','''''' """ '",
H"H'' "'"'"1 '"."'' II ""' "n' "'Io''''' WIN '''
an account which amounts q" T-o'oOo.
WHAT Iilt CASHIER SAYS.
In charming 'liia IN 81 george save HFes
Cashier Shotwell. Whena TRIBUNE reporter found
him last night' hr' ShoI"cu was thoroughly eA-
haustcd by hls anNletlcS, ana "heh answering tho
inquiries m'''' no was ''''o'J "nS'',' oy MS poa'-
uoh' "''"'"' '"'''''' ~ Wv '''.'N' -,
ao"H' 'HIc' years 'g'' At '', ',ilu '"' 'o',i
amount ol uepoalts was Fl"oo'u' ""en 'ooA
possession ol my o'sh Nc'''"I VI 'n' 'IB' "'Po''-
oss seemed To l'el aERrr'cd ana "ithuIe" ln'T
money. Nithn q year however, odo1pI'e lht.r lht.r
'", NV ,,g " romsrd and these men started an
JpTnosition hank of their own which, after
"ll".iir" E' H,yi,,, ndico rnr,iiprr coIlans.d
SE ~ bi;,cSJ tIcir fcriings and tho only
thr, ,,1 " HAT cam mink ot while We arc in this
,i,yG ,,' I .I I,. tIoirauiUIositv these
@ t 49,, ,.d tbrr iri,ndt and uscI their iulu-
U'U - ~ W. - ~ 90, " ,t a. -, ,,,, o,,d IA cnrrnLIo
ccc III every way 10 s.' w W i'' u ~ f ti,s
me l.."u.''' "t Hc I"iih' We o r,,Yin orr
~ n.".,In ~ "i'' az - A. b,rntLrratc our
cl'lIi nl'Yno ~ "! "',''r, r m ior,,i -, 1s thrv ever
scclIllc5' Ou' lSSoiii,t, ~ at a. tL; t tbn atest
were anu 'l ;ii io.i,,rm, t u,t 10 NOT tbink
wv" ull Mo @ vi" i'I ~ IN u if,ctnd in the irast
,I.'' IN W., -, iii NJ I., n ,, that snbicct will be
al'H,uAn - ~, -,',' ~, IL i i! ri, tn Ncy-York
slhipIy "' nHl,alu' ~ J ,y mr. may moi he
",' .h - - @''''''' "'' ~
Important.
TALKS WITH DIRECTORS.
q y oliver onc oC tEc directors said that the
- )" o''''' '"' W va r,iIur, Tho
suspension was not liAcIy 10 I'"" ~ " i"iiut. ~
f tl,,, I,u iu pOOl condition ana