New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-28
RUMORS OF RUIN DENIED.
NO RUN ON THE MECHANICS AND IRADbhS''
IDLE WALL STREET STARTS AN UGLY REroRr
AK INDIGNANT BANK PRESIDENT.


1nrr WALL STREET STARTS An UGLY RErORI
! AN INDIGNANT BANK PRESIDENT
Although the financial and commercial exchanges
ero closed Yesterday and only those business houses
remained open which felt the necessity oi WorA' wan
Street was not idle in breeding 7imora. IL was re-
,orted earlv that National bank was In trouble inc
nox+ nbase was the ruInOr that some BANK had peeh
| discovered in overissunG its Stock ana many inc
gossip mentioned the name oil The he'ha'os anu
Traders, Bank a state institution occupSIhh hii"
some building at No 466 Broadway II was said tha'
there had been meeting Of tie directors Ihirsuay
EVENING 70 make ND an impairment in capital and
ala ,bot tho Clearing House authorities had determined
q, IDOL, into It's condition The stories became com
mon propery By the afternoon and most oi Importers
besicged the bank building to receive rom INC ple
dent positive assurances that the H7'I'uuo" "d'
perfectly sound. - ,,,,o.. r
The only run we have had said Presidcht l.
Roshowitz has been from you gentlemen OF the pres
Thor, i no oueston abont the condition OF the hthR
ops think II will be an outrage to print anything
Our payments to-day have been small ana We are
creditors of the Clearing House to inc amount VI
s37 600 Our capital is practically S4oo'ooo' ohiS I"
small amount remaining to come In on the suosc'p
ons to the increase In the capital stock ana our
| surplus is Sloo,Ooo' lhc r''no' ' ~
to us ,., T.,
Tho Mechanics and Traders Bank was chartered III
Aprl. 1880. It's capital was T2OOOOo ana II coh'
ducted a large business among woods merchants
A large and important Hebrew constituency 'N oce"
scented by IT, The predecessor Of President bo'Ko"iH
was NJ ThameSsingcr. who retired last an'umh al'c'
the November money panic. The bank at mat ume
was among many others scUnizcd by The clearing
tou.o and after the examination il was permitted 10
lake ont a large amount of loan certificates. 1hcre
WIS no weakness discovered or the ceruhcaeS "oni"
not have been issued but the loans we're EXPANDED TO
a liberal extent. The bank, however, was among inc
ers 70 retire the loan certificates issued in that critical
perod and in December the directors deciucu " III
crease the capital stock from $2oo'ooo TO F4oo'ooo'
, dsrruniIcd stockhodcr opposed the Increase IN
the courtl but he was defeated and on January ~
1901 a second circular issued which eA'ehocH t'o
time for full payment of subscriptions from FEBRUARY
Is which had boon the date fixed by hrrt crcurt'
until today. There IS now paid up t""'o'o oi INV
total 100000 The original capitol consisted Of
. 600 eb,res NJ n par value Of SO each and the in
crease WAS To he of the same amount The additional
stock was offered at so per share. 80 "i "hI'h w"
70 20 TO the capital account and tie remainder To INC
surplus.
There have been heavy mercantile FAILURES since
,h hognnin- NJ the wear and probably the Mechanics
ond Traders has borne its share But bank oihcer"
Yesterday expressed their conviction that the institution
was solid and the directors largely men Cd prom
nonce and wealth in mercantile circles. The b"uu
az direction is composed follows lgaA b"Nh""i|'
~ / A. A. Bo>kowitz: George W. Roosevelt, OF hose
Welt A. Grfiths: Thoma, +. Tripcr. the large dcutr
in building materials: Thomas J. Mckee L'o
schlc>1ncer Oh Leo schlc~neer q Co.. samuel
COIN, - : Cobn A Bro Edward IIils0n, of Poster
UiIsop A. Co.: l. D. Ein-tcn, OF Einstcin, Woli 20;
K NandcIl Of K. Maudc q Co., John y, h'y"aNt,
lain p O'Bricn Of John =. O'Bnen q" 70 ANN
Ios.pb of Alfred benjamin a Co. Joseph " Noley'
of Mason Hanson Isaac stelcl oi l'% f InIi,,5o
.,n Tornpauv John g. Prague, architect ad fcIldntp
parcs tie la,t-uamcd being cashier oil me PAM
President Boskowitz denied that there h@d ntcu
any meeting Of the directors Thursday night hit
VA, tlc usual meeting YESTERDAY m'rlilhE I'D H.i,'
discounts. We always pay ont heavy inns Oh -,
n,,,sv he s,id and II VOu here g. morrow N"h
Viii SEQ a long liuc from the plyingiellcr "iu""'
DON'T fancy that means a run beg oi YOU