New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-16

months. with interest. The report that the nrm had
settled with creditors the basis OF 30 conts on the
dollar was incorrect
THE FUTURE OF THE NORTH RIVER BANK.
ITS DOORS MAY BE OPENED ON TUEspAY-THE
CIRCULAR TO DEPosrToRs BEARING FRUIT
SOME NEW DIRECTORS WANTED.
Edward E. Gedney, president Of the North River
Bank, which closed its doors Wednesday last, an
nounced yesterday that the bank would in all proba-
bity resume business under its present charter as
state bank on Tuesday Of this week. This opinion
was concurred in by the directors, and had also the
guarded Endorsement Of Charles d. Preston. the Super
lntendent of the state Banking Department.
The circular issued by the board of directors on
Friday evening had the desired effect in calling forth
the active support of the depositors Last evening
was said that depostors representing at least
$500, 900 had signed the circular. agreeing TO
allow the whole or part OF their deposits
to remain in the bank for ninety days. III Is
probable that the amount represented was mnch
larger though 1t has not yet reached the sl.oOoooO
that Is After the meeting OF the directors
In the afternoon, IL given out that the bank had
600 900 in available cash. and that capitalists were
ready to take at par value the proposed increase In
the capital stock. The question Of making such IN
increase will be decided at meeting Of the directors
tomorrow morning. Altogether the prospects OF the
North River Bank much brighter than thew have
been though 1t is not yet an assured fact that the
Institution will not pass into the hands OF receiver
Tho officers of the bank early began the task yes
terday morning of securing signatures to the circular
that had been issued to the depositors. Tie large
dcpositors were first seen, and were found rs rule
willing to accede to the terms proposed. One man
agreed to leave $4,000 deposit for ninety days
This was the largest individual amount the next being
$4,000. Among Others who signed the circular were
william Thompson. $4,000; James d. Hall, S12,ooo
owen Mccarthy. $4,000 John II. Starin. $4,000. and
Howard Carroll. $500. Mr. starin is said to have
advanced large sum in addition to the amount he had
ON deposit By noon the smaller depostors. the mer
chants butchers and merchantmen In the neighbor-
hood. were entering the bank in numbers
They seemed generally willing TO aid the
bank, and agreed to leave a portion, and, In
many cases. the whole Of their deposits in the bank
for the specified time. Tho reason given by most Of
the signers of the circular was philosophical one
Our money Is In there said they, "and we may as
we'll agree TO leave It there for ninety days more
the bank should 20 into the hands of receiver. wv
would possibly not get our money for year.
The directors were active in the work OF getunf
signatures, and were thus occupied for the greater
part Of the morning. At p. m they held meeunf
in the bank building, but seemed as usual, unwilling
TO give out any statement for publication BANK tx
omIner Preston summed up the condition OF affairs o.
follows:
"There have not been enough signatures obtained
make AN that the bank will open Its doors
The matter seems however 70 be in h0perul cohot'oh
The amount of deposits already represented must Dc
least $500 OOO There is proposition to increase u
capital stock to $500 OOO which can be done with INT
consent OF the Superintendent Of the State BANKING
nenartment 1t will be determined Monday whethe
or mt this increase will be made The bank has now
about 300 600 In available cash, notes amounting
$4,000 having been paid In since the doors Wort
closed"
Mr.. Preston said that some changes had been mad'
in his report Of the banks condition, owing to thu
ascertaned values Of some of the assets but ne at
not think that the difference would be sufficient to wip
ont the nominal surplus. He said, Also that II tn
hank were not resuscitated, 1t would be dimcui
matter to reorganize it on its present site as tn
building would then probably be in the hands OF 9
receiver for a year or more
To one depositor Mr.<Gedney said yesterday that h
was not satisfied with all the present members OF tn
board Of directors some OF tilen' NE saa' nan nU
in an appearance during the present crisis. Ex'Coh
gressman Nicholas Muller, 1t was alleged mad not Deei
The bank officers say that they do not fear tn
motion, made in behalf Of the Apgar estate; TOR tn
appointment OF reeelTe iDasmac s thu esat
The Apear estate own stock worth $4,000
day on behalf Of a depOsltOr named Williams. AbOl
TWO hours before the bank closed on Wednesday Will
T 1 Bank for $3.50 When the Yorth River Ban
suspended he stopped payment on the check and dc
manded return Of the paper TINS was reluse s MN
other checks have been sued for under similar con
ditiOns. A. -, =. ,. l., A.,
circular to the depositors. will 1t i said mature ever
sacnrity held BY the bank. including the S250, 900
notes indorsed by Paige, Carey Co.