New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-01

in Judgment confirmed my belief that the
transfer Of my interest had only served to Increase and
strengthen the business OF the bank trust that the
public VIII form It's judgment from the facts and not from
| mcclure.
/ There was a meeting Of the Clearing House
! Association yesterday afternoon, at when Jhe
action OF The Clearing House Committee III regard
! to the Sixth National Bank was IoIu"IN ,ap-
| proved, and the bank was expelled from melpcr-
| ship in the association The meeting was SHINY
attended, and the act OF expulsion Was s4Id
! aftcrward hy some bankers to possess niue slS;
nfcanCc President Booth, OF the ] lurd Ndil0nal
Bank made some EFFORT to have the posslpiil'N
of continuing the sixth National WIN 'Ht "SsiS'-
! ance o.. the Clearing House cohs!dcIc"i pu' tlc
! sentiment that the bank was now lnsolNent was
so general thtt Mr. Booths suggestions were
An EFFORT viii be made, however, to secure a
! liauidation of the Sixth National Bank by other
than the process Of wndine-up under inc cohlIol
Of the officers OF the NationaI uQNtiii ~ ti
| Those who favor this plan bellcNc iI't II tI'c
! duty were given to some bank III the Clearing
| House, with the consent Of the Comforter OF ttc
! Currency the depOSitOTS OF the suspended lIsu'
tuition could be paid of in full in "A few days
! To accomplish this, however II would oe heces-
! sarv for Mr.. Leland 10 shoulder the Response.
! bity for the piage which followed ms SAFE OF
control To the extent Of providing Tor any dehcit IN
/ the funds of the bank. Many experienced bankers
| believe that Mr. Leland can be held IN Jaw 10 a
/ rembursing OF the banks treasury owing 10 me
| peculiar circumstances attending the sale OF ms
/ stock Little doubt is entertained that SUITS
against him are likely TO grow out OF me trans rams
]
sentiment in Wall street may he said to be unan-
nous as 10 the moral responsibility Of Nj. Leland
Henry w Cannon. president Of the ChASc
! National Bank and formerly Controller oil the
| Currency. has suggested plan for the settlement
! of the troubles of the suspended institution. lie
said yesterday TO Tribune reporter
Referring to the statement of Charles II. Leland. in
which he saws that he received communication from the
cashier Of the Chase National Bank in relation to the pur'
chase Of the controlling interest Of the Sixth National
Bank he evidently under misapprehen,on, a. met
Mr. Leland his house and had conversation win MN
about purchasing his stock tsn year ago, and
have not met the gentleman since. Therefore II Is not
the cashier he refers Ny negotiations were in behalf
friends who had money to invest and became
satisfied that the price asked more than my ehas
desired to pay. and tho negotiations were dropped.
have a high regard Tor Mr.. Leland. and as indicated
n statements made heretofore, believe he did not
know that the parties to whom he was selling his stock
Intended to do anything to prejudice the d.po,ors 40
the same time he a certain extent trustee Tor inc
dcpostors. family gave credit 20 the in'ttn-
ton and the had The highest credit because OK his
| conservative and careful management. an Informed
Leland proposes 70 meet not only every legal but
every moral Obligation which he has incurred IN th'
r,u.,cr Of the control Of the II would b. com-
plratyry natter 70 settle all Of the obligations 4"
/ the sixth National From such Information a. can
/ obtain the dea,t amounts 10 Ju-t about th"
| sum received 10y Mr.. Leland Tor his stock.
and II proper arrangements were made hsvo
200 doubt Oh. Controller ~ the Currency would permit
the Clearing House Committee 20 undertake tho liquida-
ton OF deposit, u o sixth national through some mem.
hcr Clearing House although lv a., octou today
| the Sixth National Bank va, cAI.l.cd. In case Mr.
Leland 90 20 make arrangement with some Of Tie
banks who no1.bor- OF the Clearing House o. r'c,N"
q sufficient sum Of money 70 guarantee the G,1ct in m"
~Ntn National. aud te Controller would permit u' oN
make proper use ~ Che assets ~ hyIon">t"H
OF sale or BOTH with members Of the clearing House. n
order that sufficient sum might Doe REALIZED from such
sale together with the amount - money put rp by Nr
Leland. would Doe simple matter to uqu.dat' m" 'n.
tire Indebtedness 10 The dero.ots q tho Sixth National