New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-07
ing Institutions 4:

Total ....................... S5,64l 657 80
This total includes not only the current city
funds. but the collections for the sinking fund.
The total amount Of city funds varies from day to
day. On Monday it was &6,39l,67J. On tha5 day
there was drawn from the Importers and Traders
Bank. on warrants 81 ,4S3 0OC. and the clearances
for city funds on that day were S3,4000OO. The
foregoing table shows that with the excep-
ton of the Importers and Traders Bank.
the Marine Bank vas the cIty's largest
debtor The charter provides that no
banking institution shall have on deposit 81 one
time more than S2,OO0OO0 Of the city's funds
All warrants for payments made by the city are
drawn on the Importers and Traders Bank.
Checks are drawn on the various banks and depos-
tied ID the Importers and Traders BANK. and the
amount then drawn against.
WHY So LARGE Az AMOUNT WAS u ONE BANK.
Controller Grant said TO "a reporter Of TIE IeiB-
UNE: "Ihe Marine Bank was named in 1877 as a
depository Of city funds Smith Ely was then
Mayor and John Kelly Controller. II has been con-
tinued as such. have left hatmatterin good part
with the Chamberlain. Heis the custodian ofthe city
moneys and is conversant with the financial stand
ing of the various banks. lie gives bond of
5000. 900 tor the faithful performance of his
duties"
"Was not the amount lodged with the Marine
Bank unusually srgeT
was larger than the amount held by any other
bank, except the Importers and Traders. In look
ing over the amounts held by the various banking
institutions yesterday it struck that the amount
on deposit in the Marine Bank was large as
pared with the others / consulted with the Deputy
City Chamberlain. and the result was that we drew
on the bank for $500 600. through the importers
and Traders Bank. When I heard of the failure
this morning | was very much astOnished, and
naturally feltanxous 10 knox whether the $500, 900
check had been honored. The Deputy City
Chamberlain and I went TO the Clearing House
and saw Manager Camp. We were informed by
him tlat the bank had made good the checks drawn
on it so the $500 600 is all right"
Had YOU any intimation that anything was
wrong with the bank :"
None whatever. What did was as a measure
of precautIonT
The city does not come in as a preferred credl-
tor. does it :"
No, II comes under the same category as all
other depGsitOr-'
Were You gwen any iutimation to-day 70 the
condition of tue bank-whether the failure VIII be
q bad one or not y
Il was shown the morning statement and the
figures looked very well. Whether the settlement
wi be as good as they indicate l. Of course. cannot
say. | should think, however, that the deposltors
Is il true Hat Grant & Ward have invested
ldI-til ana Pia.V CA i'I - "i'iv4IL0 VI NV '''J
bOnd-V
Yes: they have purchased large amounts
of long bonds and have placed for tie
city large amounts Of revenue bonds:
These latter have only few months 10 rnn, and
are issued 10 meet the cure t expenses of the city
Ihoy are paid from time to time as the taxes for
the current year come in. The city loses nothing
by this as all the purchases made by the firm were
paid tor with certified checks"
FEW WORDS FROM THE MAYOR.
81 was very much surprised like everybody else,
when heard of the failure" said Mayor Edison.
"The city | suppose, has no more protection than
any other depositor"
How did the cltys finds come TO be deposited
in the Marine Bank2'
you will have 10 the City Chamberlain
ohout that Under the law the Controller the
Chamberlain and the Mayor have the power 70
designate the banks of deposit FOR the city up to
the amount of - 900 900. After that the Cham
beraiu uses these repositories at his discretion.
had uothugtO do with the matter
j. Nelson lappan, the City Chamber ain, has been
in Door health for month. He wa absent at Der
muda for three weeks returning home about
week ago. Since en- he has been cOuincd 20 hl,
house. Deputv-C hanbfIlam /. W. Gilley has
acted i'm his place. Mr.. Giev said The Marine
Bank had d capital stock of 100000 and i
surplus of f2J0.OO0. Nh Fish. its president. L,
supposed 10 be worth between =, 600 900 and %
900 900. General Grant j, % ,tOg khOlder but nor
2 director lhrrc was no suspicion attached 20 the
bank. it, credit good, and II stood web. I'M
derstaud that Alr. Fish is maKlng arrange ueuts by
which The bank VIII resume business. aud DO not
think the city viii lose anything The dravinS-out
of $500 900 of the citvs funds on Monday did not
| ! think, IpItate It's suspension.