New-York tribune., 1884-12-16
SUSPENSION on 4 BiNk,
PEOPLE OF SCHENECTADY suRrRlsgp
ApvnnsIlifs on IHr CRY BANK-fow iTs Carl
TAT WAS IMPAIRED,

ApNHnHiiitb bt lHt tiit hANh-nbN iih 'N'i-
TAI WAS IMPAIRED.
INT TELEGRAPH To THE TRiDUNRI
SCHENECTADY, Dec. 15.-Men walked into tho
Civ Bank and made deposits to-day at II: 80 a. IN.
At 1890 o'clock people Who passed by the bank
saw rough white pastebOard fastened 10 the door.
The board bora the simple inscription suspended"
in irregular black characters. Most of the men
who met on the street aud spoken to IN regard
to the broken bank said that they had expected
the crash to come sooner or later. and had with
drawn their money. Ii is stated that large sums
were paid ont this morning. On Saturday after
noon the directors of the bank held meeting IN
the directors room. Strenuous efforts were made
TO raise the amount necessary to save the
bank from suspension, but III vain.
One director SAID that he would subscribe
$4,000, and others subscribed smaller
amounts. No other banks in the city will be in-
juIed by the fall of the City Bank In the past
three months many of the stockholders have en-
deavored to dispose of stock. but there no sale
whatever for it.
The CITY Bank was organized In 1874 by L. w:
McCamus with capital of 100000 and was sup
posed to be in a sound condition up to the first or
the present year, when the stock sold for Tl3O a
share. On January 1, 1854, a committee of the
Board of Directors was appointed to examine INTO
its condition The committee, after an inyestiga-
tion. reported in January to the full Board OF d.
rectors that the bank was sound. On February IL
the Jones Car Works failed, and on the next
dayit became known that the City Bank had OBJ
tanned Judgment for OS 900 against the car COM
panV On the next morning, when the bank was
opened a run began. About 900 was drawn
ont The bank received many offers of assistance,
but these were declined on the ground that the
bank was perfectly solvent and able to pay all us
Indebtedness The promptness with which de-
positors were paid brought back confidence in the
bank and toward noon the run was nearly ended.
On March 20 the people of schenectady were sur
prised to hear that +. w. McCamus. who had been
the president of the bank for six years, had re-
signed No reason for this act was made
public. Two days afterward it became
known that Mr.. McCamus had transferred all his
property TO the City Bank. On the day when ME-
Mc('amn resigned Charles G. Ellis, president OF
the Schenectady Locomotive Works Company, was
elected president. and f. Mott Schermerhorn was
made cashier Mr. McCamns remained in the bank
as a director Confidence in the bank was renewed
by these appointments. .
After the reorganization of the bank its business
revived somewhat, and there was hope that II
would weather the storm Confidence was shaken
in Septembe~, when the shareholders received
notice from Superintendent Willis : Paine, of the
State Banking Department. that an examination
by HIM filed on Scpteinber 20, showed that the
can't nj of the bank was impaired 10 the extent OF
SiOO7S O2 The superintendent directed that the
deficiency I've made good in ninety days nom sep
tember 20 Many of the shareholders declined To
nav the assessment and this is tho reason of the
bangs downfall The stockholders say that the
depositers will he paid in fun
4 meeting of the directors was held this alter
horn refused TO make any statement about the
bank.