New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-08
LENOX HILL BANK OPENED.
CONRAD n. JORDAN IS ITS PRESIDENT.
P. j. CLAAsSEN RELEASED on BAIL-HIs WEE
AND BERNARD CoHN ARE THE sURErEsG

AND BERNARD COHN ARE THE SUREuEs1
The LenOX Hill Bank was opened late yesterday
afternoon for business under the management Of
Conrad n. Jordan, president of the Western Ma
tional Bank, and board of directors selected by
him. 1t was 30 O'Clock when the bolts and bars
with which the doors had been secured vera
lOOsencd and depositOrs were allowed to enter
They did not have much time in which to transact
business, however, as the opening Of the bank
was mainly matter of ceremony and to keep tho
promise made by Mr.. Jordan at the meeting of the
dcpositOrs at LenoX Hall Thursday night.
Within ten minutes the bank had been closed
again. Little good did it do the depositors to
open the institution, anyway for had all of them
presented checks for the amount Of their indi
vidual deposits they would have received only
certificate of the amount, payable within thirty
days This is what those who asked for their de-
posits yesterday afternoon got One check for
5000 was paid and dozen or 50 of small de-
posits ranging from 500 to $500 were received.
For the bank the ten minutes business
tirely satisfactory. 1t will not be so late to-day
when the institution is opened, for unless there
is some further and unlooked-fOr trouble the doors
will be open for business at the regular houri
Mr.. Jordan late in getting to the bank
yesterday that the depositOrs feared for time
that they had been imposed upon, and the widest
kind of rumors were a1oat Anderson's real
estate office, which is near by, the centre Of
inquiry In the morning II. c. Covell, the chief
Bank Examiner, teephoned to this Office that
$39s 900 Of the banks certified checks had been
cancelled lie also told the cashier to take down
the notice which had been fastened on the WIN
dows and doors and to put this one up in its
place:
10 the depostors OF the Lonox Hill Bank;
ilaIf in
ably open to-day.
II. C. COVELL, Chief Bank Examiner.
This announcement served to allay the fears OF
most of the depositors. In the afternoon Mr. JOr-
dan went to the bank. lie was accompanied by
Bank Superintendent Preston, the cashier Of the
Western National Bank, who carried yalise con-
tanning securities, stock and money; Dr. Otto
Wolf, chairman Of the committee OF deposltors,
and his lawyer, Mr. GOOdheart. lie made shore
statement 10 the effect that temporary board OF
directors had been elected and that the reslgna-
tion of Charles L. Wallack as president had
been accepted. Cashier Van Iandts resignation
is yet To be acted upon. The delay IN opening
the bank was caused by shortage OF S2o,OOo IN
the amount necessary to make the institution
solvent. This shortage did not appear untlI yes
terday morning and there was considerable rum
ming around to raise It. But when Mr.. JORDAN
and his friends reached the bank he turned over
to Mr.. Preston 100000 III cash, Whlch more tnan
Who the new directors are Mr. Jordan would not
say. All he would reply 10 the questions put 10
him was" have been elected president ana nave
enough money 10 begin on. / intend TO pay OF
all claims against the bank which have not al-
ready been assigned To me- ,,
Before Mr. Jordan went up 10 the LenoN Hul
Bank there was Il meeting of bankers and those
interested IN settling up the affairs or thls lnsti-
tuition at the Western National Bank Inc ldea
of the meeting was 10 close up the plan OF settle-
ment which had previously been agreed upon
Certified checks amounting 10 $39s.OOO had hrst
to he gotten ont Of the way before the oank
Vbn
meeting was Frederick ID. 1appen, president or
The Gailatn National Bank. disagreement as
to certain methods Of pFoGSSd1Gg6 Srd1T6t SEfh foTf
some pretty sharp criticism Mr.; Jordan
reto-trd hofly one word led 10 another. 10 "
said until both bank presidents became worked
ND to a high heat Blows were not exchanged,
but there was every prospect that would nave
been the result had not others present lnterfered
and succeeded in quieting both. II was TINS long
delay caused by the disagreement which, as much
as ANYTHING else, kept back the opening OF the
bank 10 the late hour when the doors were un-
Peter J. Claassen. who had been in Ludlow
Street Jail for a week on the charge of embezznnS
the funds Of the Sixth National Bank, succeeded
in obtaining the necessary pan YESTERDAY, shu n
was released from custody. He was taken TO the
United States Narshals Office early IN the DAY,
but the bond not completed untll apouu
; D. M The bond is for 10000. and there are
Two surctics Mrs Ella :. CaaSscn. wife Of the
accused president. was one OF the sureues. one
made affidavit that she owns the house at No 2oS
CLuton-aNe.. BrooklNn IN Whlcn size lNes' 'no
bought it in 1850 for Sls.500 There Is no
mortgage on il. and she considers 1t worth. at the
nrcsrnt time from S25 COO 10 $50. 600. She says
HAT there are no judgments against her, and that
She is worth not less than $4,000. She has
large amount of furniture in the house IN CIih-
ton-ave Bernard Cohn. the other surety for
Claasscn. lives at No. iG6 West Sixty-ffth-st.
lie owns that house and fifteen other houses IN
SiXtv-ffth-st between the Boulevard and Tenth
ave. lie bought them in April, 1889. when they
were partly fnishcd. for S304 900, and spent be-
tween Sl7o .oo0 and Sls0.o00. lie believes that
they are worth from $4,000 TO Si0,oOO eacn-
Thor, are morteagc, for 1855 900 on the property.
but Nr. Con believes that ne is worth at least
100000 lie went on the bond az the requeso
of Phlip Mover a friend of Claassen. Mrs.
ClaaS>cn who Ios faithfully attended her hus,
band in his Imprisonment. was extremely relolced
nj his release.