New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-25
THE WEST SIDE BANK CLOSED
UNABLE TO MAKE IT'S EXCHANGES.
THE AMERICAN EXCHANGE BANK REFUSES TO ACT

al
once Deposors will he paid in Jul aud we nope 10
resume again and merit the c9nthW W o. III ~,
May q, 1884. 1;3Op.m
The bank had opened at 10 a. m. and numerous
deposItors during the day presented drafts for large
and small amounts. Their number, the president
said afterward was not much larger than Is usual
on Saturday. On that day every week money IN
drawn out by employers i'll order to pay their clerks
and laborers. line was formed aud each III ms
turn received his money and went away At l;l3
President Moore gave the order to close the doors
There was at that time a long line reaching from
the paving tcllcr's desk to the sidewalk. Those
who were inside were told that no moro money
would be paid ont at present and quietly departed
Mr. Moore stated the reason for tins action no
sand that much to his surprise he had received
dispatch from George 5. COe shortly after
o'clock. stating that the American Ex-
change Bank. of which he is president
and through which the exchanges Of
the West side Bank had been made since the
suspension Of the Metropolitan Bank. must decline
20 act ~ the banks agent with the Clearing House
II was on this account solely that the bank sus-
pended payment Ii had plenty of money to meet
all applications likely to be made. The prcsl"ohU
went down town in the morning and Obtained
500 600. which he brought up to tn, bank. Alter
the doors were closed he solt this back again.
The capital Of the bank, 100000, IS intact ana
there is surplus besides OF over 100000 rs - set
forth in the statement male by The directors at
their meeting on Friday night.
BANK TX AMINERS AT WORK.
In the morning two bank examiners. sent by
Rank Sup.r. ntcn lent Wills 5. Pane arrived at
the bank and began IN examination OF It's alar''
They were at work all day. A TRIBUNE
reporter found them as merry at their doleiul work
As Hcwts grayc-diggers. Being rs kcd Their names
| one Of them responded, pointing 10 the o'hor
"Tbat is John Quincy Adams" The other said OF
| his companion: and that is Andrew Jackson
They would not give their real names, but SAID they
had been there since 10 m. and that as lar as
! they hal gone they fonnd everything all
right. Ii was necessary to examine
all the securities notes and other assets one by one
AMI scIutinize the signatures closely, and II wouia
| take much time to do this. They would probably
| be ready to report on Monday.
Mr.. Moore aad other directors assured the r.
portcr tnat IT would be found that their pupHihH1
statement was correct in every part 'cul'r'
and rs soon as the report to this chcc'
vas made the bank would be- ready 10
resume at once Until that wa done no further IN
formation could DE- given to the public.
| The acting receiving teller. Philip Burkhardt'
acted as paying teller yesterday. lie has been per
forming the duties of receiving teller flnc cc Tue
u'' Som on, of the directors. SAID there had
been no ran on the haIk ana
he hal idc2 in th' mo2 lnm3. thf S;n,o T IN
| the morning The bank h1i plenty Of inll'' anu
! was prrplr,I to resume At any moment $780,,
Out.l.ic fine bank. after the loDrS W'ra cl'i'd =
mill and shifting crDyi was gl.h'fei
duriug IA, aftarnool in1 cane r1il az
notice. fingered and tallel awhile. and departel l.
Two n1lcen-n guard II the doors and Admired
-, ti,,so val hl img.rdt We business with tle
directors. number OF deposits had been made
during the morning, and sOhe cane prepared I"
make de1ositS after the doors were closed
r,tArIols WITH TIE AMERICAN EXCHANGE BANK.
After the suspension of tho Metrop'l-
itan Bank the officers of the Amer
lean Exchange National Bank agreed
TO redeem the West Side Banks checks III inc
clearance, after they had been satisfied That 1t was
IN . solvent condition and on the pleiEe of ample
sccuri Y. The rumors Of heavy defalGatlon IN the
bank on Friday reached tn OH '' -! 'ilo I,
iug the facts. Although they lo1Hu
| that The los would net impair 5d dme
capta! Of the bank they did not consider IL @
to incur ald perhaps l4rL: op It| ,io was
| ing lis exchanges fine r'Snl oil IN ueoISlon
for al noilce TO The 0tngr DanhS ~ cIear cberIs
the American Exchange had cea ;ed !" oi1'I
/ drawn on the West SIDE Bank. Us suspension
naturally followed thl refusal OF aSSlSlan.e. p,,1
| President Goe, of the American EAcn'nE' DAMN"
Thc,iero ~ West Side to b" perfccg sonni; nni ny
duties 20 my bank and u rs rn'o'.e', ~ l a.
,ui in a I~rc withirt gal oi deposits, however; ana
,rt,rr r4 was reasonable or nj II VS. SUR u Jay =,
Ec,vy bi,ion on Us did not thuk that had any nthi
Ia ui m American Exchange IN ti1 pblti1I hC V't'
liabilities OF the WcSt side his nplht WCI' an,ut -
E1o o6n aud the hank MAD 20 meet them fl,lODtOO III
hn.jprs fia ,or and $4,000 N money All thS Pdp u
ls0f aaI 10000 Of il mature, w 81 lhe heHl ,,
os lido 9t Think that the stockholders OF The BANK
| will lose a cent.
# wa understood from other sources that some
! of Tho houls of the Clearing Hou1e ABSORPTION
W o, ~ ..lcd q share with tine American Exchange
The responsibility of assisting Temporarily me
! West SIDE Bank. The propose wa; moi accoPlcd
| l,,vcyer. aud then the American Exchange refused
20 c,otinur mpllng its exchanges. Au officer OF a
! nromiucnt Wall Street bank remarked
The West Silr Bank would pass the crisis Wei enough
IL l. had bcu member Of the association me Suspi
Sion If tbr METROPOLITAN wDnd not have nun H. mn INC
r1n zinc, has ,o owed the announcement OF tlc driaI
tin Was fatal without the aid uf the aSsOciaJd DdLRS
! - nLNG lLAI-SE REH0EI MILMlIELD