New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-29
TO SUCCEED THE NORTH RIVER BANK.

TALK OF ORGANIZING A NEW INSTITUTION ~
KEEP GROWING BUSINESS.
nh. Month River Bank building, at Dey ana
c.a.n,,oh etc presents now more business-lke
.nnearance than at any time since the pahh closou ~
doors nm November IT, But IT Is the ai'l'ha.o" "
a funeral The business that Is goins y" - ~
nrepsration for the final winding-up Vi ''' oa"~
ssairs The receiver. Francis NJ higgins a'u us
...onovs Messrs Durnin and Hendricks, with iarsc
corps of assistants are hard at WORK eAaii"ns '"o
s..rr,,,os balancing the depositOrs' books, anu as
tast as possible turning the assets into cash.
o,rcr,ar vas issued to the depositors OH Weohes
40. oshn, them TO bring In their bank DOCKS "itnou0
delay. AS n consequence there has oeeh S"au'
stream of people into the building. ~ naa p0.n
nected that an approximate statement VI 'ao '"n M
ayoir. wou,d be issued by Mr.. Higgins To-Day Mr.
Durnin said yesterday, however, 'ha0 Nv
.,aoon. couId be issued for several aas'
81 least as the work of balancing the accounts
and getting the securities into condition was going vi
only slowly Money has been pouring h'o tho poI,n
with great rapidity through the maturing VI co'"'
paper There Is already enough cash On manu- :"
make dividend Of 25 per cent to the depositors to
accounts were in shape to allow It, Is possible tns'
,s,ora another week is gone such dividend Will be
made Mr.. Durnin said that Of the large amount u
thirty and sixty day paper that had already ma'urea
only a small percentage was overoue' tie puiA "a ~
having been paid promptly. ,,,.
In the meantime the business houses III tiio Noi'''
Of Washington Market are feeling the need Vi con
venient banking facilities, and rumors OF he proo"'"
establishment Of Q new bank are constantly anos'
The general feeling there Is that new bank with ape
directors and rood financial basis would undoubtedly
slSceed though q largo amount OF the panhins ou'i
ness is already diverted to other channels Inc No
Rysr disaster was quickly taken advantage oi ny ""
nearest banks, and there has been livery cohpeu4'A
to secure the patrons Of the defunct Institution one
has
IN the North River Bank Offering loans TO the amount
of half tho balance indicated by their pank-
books Another bank, besides onerng AURA"
tons to customers has been DONG ever! uins
possible to discourage any attempt !" replace
the North River Bank The directors OF tine ia'eer
Institution seem to have given up all ioeA VI io|s
its business in any shape. and TINS auiSaoe LIS LII
creased the talk OF establishing new banX.
The bank building is valued In the LIST OF assets
at $4,000 Besides being already well equipped LOT
banking purposes, has safedepost vaults that woe
put in at a cost Of over $4,000 These soVahoASes
render 1t improbable that any other site woulo DC
chosen by q new organization. Mr. Higgins the TO
ceiver said yesterday that If fair offer for the building
made he would at once apply 10 Juoge " bfou
for permission to dispose OF 1t.
Perhaps the bestgrOunded rumor concerning new
organization is to the effect that George IT, Williams,
president OF the Chemical National Bank, and some OF
his business associates will be the CHIEF promoters oi
the enterprise. From what have heard, l would
not be at all surprised II such movement shodd DO
maden said Thomas Il. Mcneil Of the firm OF slnith
a. Mcneil who is of the directors OF the Chemical
Bank. "The matter first broached to me by MT.
Boenicke the Fuhon-st. butcher, who was largely
interested In the North River Bank. MI BoemcKe Is
connected with the Eastmans Company, cattle
dealers OF West FlftyDinth-st, OF wmcm
Mr.. Williams, OF the Chemical Bank, ID dl
rector Mr.. Eastman is said to be also interested
in the project of establishing new bank. am
heartily in favor of it myself as there is constant
and growing need Of convenient banking facilities 10
this neighbOrhOOd. There Is no reason In the world
why tile enterprise should not be success Inc Dc
posts in the North River Bank amounted to $1,000
600 and there are larger businesses coming In here
now than were here before The name 'North
River Bank could not be used, however, and TANK
that the board Of directors would have to be largely
or entirely The only possible objection TO the
establishment Of q bank would be that the business
men around here not large borrowers
az have heard a good deal of talk about starting
new bank but say nothing authoritative on the
subject" said Aaron Close, Of Greenwich and Fulton
SITS who was q director of the North River Bank The
North River Bank is gone beyond hope OF aid though
think the depOsitors will be paid In full The same
site could be protably used by new institution how
ever as there Is plenty Of business around here TOT
hank think that $3.50 900 is fair value for the
building Indeed a man offered that amount In cash
for it day after the suspension OF the North
River Bank. confidently expect to see II bought IN
for new institution, though cannot predict VINO VIII
be interested In IT,"