New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-15
PRICE THREE CENTS.
TRYING TO SAVE A BANK.
DEPOSITORS OF THE NORTH RIVER NSTy.
TUITION TO THE RESCUE.


THEY HOPE TO AID m OPENING THE mosD
DooRs-BANK- EXAMINER PRESTON WAIT.
ING FOR AMPLE SECURITY.
The utmost efforts of the directors Of the NortA
River Bank yesterday failed to clarity the hnan-
cal atmosphere of that institution. The doors
are closed and seem in fair way to remain 20
until next Monday or Tuesday at least. II the
bank is then rcopened under its present charter
it will be only because herculean efforts have
been put forth by the directors and stockholders
to obtain sufficient guaranteed security TO meet
the run that is anticipated. Aid from the Clear
ing House is out Of the question, since In addition
to loan having been refused on Thursday. the
North River Bank has been temporarily ruled out
of the Clearing House Association The efforts
Of the bank officials were stimulated yesterday
by the fact that motion was made in Supreme
Court Chambers in behalf Of the Apgar estate for
the appointment Of a receiver for the bank. Ar
gumcnt of the motion postponed until Mon
day to give full opportunity for any possible adj
justment of the banks difficulties. The board
of directors was in session in the afternoon for
more than two hours, and last evening issued
circular to the depositors asking their assurance
that deposits to the amount Of 81, 600, 900 would
be left in the bank for ninety days. The directors
possibility of securing additional capital
DEPosIToRs LOSING FAITH.
Comparatively few people gathered in front
of the locked doors of the bank, at Dcy and
Greenwich sts., yesterday morning. The force Of
policemen in attendance was reduced to two,
while on the other hand the signs and notices
plastered to the doors and walls had greatly
increased. Among the depositors who gathered
lar, No c,>tr frnu
that of the day previous seemed to prevail They
had lost faith in the fair promises so freely made
by the bank officials. They had been repeatedly
assured that at the regular hour Friday morn
ing the doors of the institution would be opened.
but on the contrary, satisfactory Adjustment
seemed as far off as ever. This feeling prevailed
largely among the smaller depositors whose
business interests have been seriously crippled by
the SUSPENSION of the. bank. The effect is prob
| ably most marked in fhe neghborhood of WASH
| ington Market
At a. IN. the cashier, F. r. Lngersoll, and
| the Assistant State Bank Examiner, Edward II.
| Cabill. entered the bank building. They would
say little as to the probable course OF action during
| the day. Several owners Of private safe-deposio
| boxes were there, desiring TO remove
their property. The fact that such property
was leaving the building seemed to arouse Mr..
|
office could give him. lie called B. T. Renne.
the manager Of the safe deposit vaults, TO one
side. and ordered him to refuse access to the
vaults. Mr.. Renne protested and said that the
boxes were purely private property, over which the
| bank had control.
1T makes no difference" said Mr.. Cahill, =" /
| declare these vaults closed" Further protess
against this dictum was unavailing. until the ar
rival. at noon. of Charles VI. Preston, the Super
| intendent OF the State Banking Department..
The case was laid before him, but as the issue had
been raised he said he would not determine It,
and referred the matter to Acting Attorney-den-
| eraI Jones' The latter at once ordered the Vaults
| onened and notice to that erect was posoeu
| upon the bank door. Mr.. Renne SAID tnat Uho
| safe deposit vaults were the property OF zoe
North River Bank, and not under separate
| ar,,oni,o,;on as is usually the case Not
n box out of several hundred that are rented, ne
said. had been taken out on Thursday, and none
was lost, as had been rumord.
IN THE SUPREME COURT
Mr.. Prestons arrival at the bank had been de-
lavcd by a summons to attend the Supreme Court,
| Chambers. where motion for the appointment OF
| n receiver for the North River Bank was 10 DE
| argued before Judge OBrien. This motion was
| made on behalf of the estate OF Lew +. Apyar'
| former president of the bank. The oanS was
| represented by eX-Judge Fancher ana Iheodore g
| Miles. The State Bank Examiner, Mr. freS'oh'
| onnos.d the motion, and was present as Q
defendant, being represented by exJndse IL N.
| MAYNARD. The District-Attorney was represented
bv Dc,uty Attorney General Post When the cise
was called Mr. Post said that, as efforts were
icing made to restore the financial standing OF
tho bank. he would consent that the argument OF
4 tho motion be adjourned until next Monday NJ
| ,o.3O n. m. Judge O'Brien accordingly post
| noncl tho case until that time. Tie Apgar estate
controls one-tenth of the capital stock Of the
North River Bank.
| A meeting of the directors of the bank was he a
| at 2 d. IN. There were present John ii. Star'n,
| William f. Tefft, T.. L. Hed,len, D. r. Ireason'
| T. y. Motley James L. Wise, NJ H. Jones, Aaron
Close and Edward f. Gedney. the president OF the
hank. The meeting lasted for over two hours ana
| was it is declared, entirely harmonious Inc direo-
| tors however. were manifestly unwilling to talk
and adopted the rIse of escaping from the build
| inc one by one, each asserting that the Board
was still in session. and that he himself would
return shortly. John II. Starin was the last to
emerge from the building. When asked what
action had been taken, Mr.. Starin replied: 40
tion? We are acting all the time
| But what has been done =
| Done Why we are doing all the time With
which Mr. Starin abruptly closed the conversation.
MR. PRESTON TALKS.
Mr.. Preston, who had been present at the meet
ing of the Board. said that the directors had CON
| sdered ways and means for re-establishing the
bank under its present charter. and had resolved
| to make active efforts to that end The directors
were working harmoniously. and had arranged o
plan. the nature Of which Mr.. Preston would nos
divulgc.
heavy dcpositor in the bank. however, was
| also present at the directors meeting, ana was
| said that a circular had been prepared asking
dcpositors to enter into contract TO leave their
nroyiding such assurance could be obtained
| Tor at least $l,OOO,O0O. The circular.
| il was said. will he presented for
| morninr. and the directors will meet again -
D. NJ to-day to consider the feasibility OF secur-
| ing additional capital. The depositor said that