New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-19
FAILURE OF a LONDON BANK
IT'S MONEY TIED UP IN THE ARGENTINE.
THE ENGLISH BANK OF THE RIVER PLATE sus.
PENDS PAYMENT-ITs cAp1rAI. e. soo non

THE ENGLISH BANK OF THE RIVER PLATE sUs.
PENDs PAYMENT-ITs CAPITAL 81 100000.
London July 1s.-The English Bank Of the River
Plate Qimited) with offices at No. Is St. swlthins
Lane' this city, OF which A. Il. Smthers managing
director, has suspended payment in consequence Of It's
1allne 10 secure assistance needed TO tide over its
troubles The directors Of the bank have issued an
official statement announcing that the bank will go
into liquidation, owing to the mpossiblty Of collect
ing Its debts in the Argentine Republic. The capital
OF The bank is S7,b0000O. half Of which Is paid in.
The other half of the capital only applicable in
OF the banks liquidation and cannot be applied to
the purposes Of business. The institution has a re-
serve OF $2.100,O00. For three years the bank has
paid yearly dividend of 10 per cent The difficulty
In which the bank now finds itself arose from the i'm
possibility Of collecting debts due ii in the Argentine
Republic In consequence OF the moratorium decree
Gently Issued by the Argentine Government Among
the directors OF the bank the Hon. Carr Glynn and
Lord George Hamilton.
Wall Street was disturbed not q little by the
cable that the English Bank Of the River Plate
had announced its intention to go into liquidation
The effect stocks was comparatively slight, how
ever and the favorable character of the weekly state
ment from the Clearing House caused a rally from
lowest prices There attempt to belittle the
London failure and owing 10 the absence Of many
prominent bankers on account Of the halfholday no
the liabilities OF the bank or OF the extent of it's
qualifications. The suspension is another sequel to
the collapse of the Argentine speculaons. The Lou
don bank was unable to realize upon its hold
ings OF Argentine securities and failed to re-
ceive the financial assistance It needed, In
Quence. The English Bank Of the River Plate has
Office In the building of the Bank OF New York. at
Wall and William sts., and its attorney and American
representative is Charles NJ Fry president Of the Bank
of New York Mr. Fry was out OF yesterday, md
c. j. Leigh the OILY other representative of the Ameri
agency, refused positively, to furnish any infona
ton to the failure.
The English Bank OF the River Plate was organized
In 1881. The authorized capital is Gl.50o,oO0, OF
which one half, 100000, has been paid in. An
issue OF $4,000 shares was made IN December.
1885, at premium of Ga per share. This is included
in the present outstanding amount of E75oO00 Recent
reports placed the fund at G425, 0O0 and Its
net profits last year arc said to have been over
100000. The bank has paid the following dividends
SINGS its establishment IN 1ss1s2 Is per cent :;
1882 's3, s; 1sS3's4, G IA: 15e4s5. nearly IA ,
Iss5-'s6, and 1SeoJe7, 71-2; 1ss7'Ss, 1sse'89
1889 80, each year 10 per cent The balance sheet
for the year ended September 80, 1850, showed
Iiabiltes-Captal, G75OO0O; fund in British
Government securities, 235OOOo; deposits, s7,o92,-
All; bills payable, s2,39G, 1870; circulating notes.
e224,463 profit and loss Gl69,o75; total, E1o,-
0S3,O39 The assets were !. Cash. G2,50b,232. loans,
discounts etc. GS.0G3 $50, bank furniture and prop
erty, $113,572 total. &lO,9o3.039.
The managing directors of the bank G. A. Cater,
the Hon. 5. C. Glyn Lord &. Hamilton NJ p; NJ. ii.
Moses, W. Bodger, II. b. Sim aud a. L. Smithers.