New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-23
HENRY BUCKHOUT RESIGNS.
NO LONGER WITH THE THIRD NATIONAL
BANK
HIS CONNECTION WITH THE AMERICAN LOAN
AND TRUST COMPANY CAUSES HIS RETIRE
MENT BRoM THE BANKS WOE
PREsIDENC,

PRESI DENCY.
The affairs Of the American Loan and Trust Com
psny continued 10 attract much attention yesterday
There were few new developments growing out OF
the matter. One was the resignation Of Henry Buck
bout. the history of whose az 400 loan from the
American Loan and Trust Company was told yes
terdsy as vce-president Of the Third National Bank.
Ihe resignation was accepted but the directors Of the
bank voted to continue Mr.. Buckhout's salary until
the end Of the year. He receiving $4,000 year
Mr. BuckhOut did not visit the bank Yesterday being
detained at home by the illness OF his wife 1t was
said lie Is known to have visited at least one Office
In Broad-st however, and is understood to have de-
MED that he had offered his resignation.
Henry Buckhout has been known IN banking circles
Tor many years He has been vice-presdent Of the
Third National for about two years. Before that he
was with the Fourth National when o. d. Baldwin
was Its president. He went into that bank paying
teller when IL was organized, and was In fact one OF
those active in founding It, He was aterward its
cashier and was intimately associated with O. d.
Bhdwln In his management Of Its affairs Mr.. Buck
bout remained with the Fourth National some time
after Mr.. Baldwn's connection with It was severed.
The vacancy in the Third National will not be filed
at present.
Another interesting point that has come out is in
connection with the loan made to Mills Robson
Smith. According to the receivers report the firm
S1511o so with interest against which there
is the following collateral: Mobile and Ohio Railroad
Company, per cent general mortgage bonds s11 800
and receipts for st. Louis, Arkansas and Texas
Railroad Company, per cent first mortgage bonds,
$1,000. Tse original loan was for S25 000 and among
the collateral put up what appeared TO be eighty
shares Of Delaware and Hudson Canal stock On in
vest cation this item was found to be part Of the
stock for raising which Albert II. Smith vas sent to
state prison. The eighty shares were really only
eight. and had been raised to eighty by Smith. More
Of the same kind Of raised security found among
the collateral against Smiths personal loan.
Nothing has yet been decided upon to the pro-
posed suit Of the Brooklyn stockholders against the
directors Of the American Loan and Trust Mr.. Sim
mons Is still waiting for opinion from his counsel
and for more particulars from the stockholders. lie
says that he will not act hastily in the matter, but
he is satisfied that there is ground for action he will
bring the suit.
Mr. simmons, when questioned as TO the position Of
the Third National Bank, said that he believed the
bank never in better condition than at present
and added that banking men have the most perfect
confidence in the bank and in lie officers.
Henry Chaplin, IT,, cashier Of TIE Third National
Bank, was seen last evening at his home, and said:
Mr.. Buckhouts resignation was presented at the reg
was at once accepted. 1t was thought beet in view
Of the prominence that has been given 70 Mr..
Trust Company Of its creditors, that he should
no longer be an official Of the bank 1t is quite
unfortunate for Mr.. BucihOut that he should be caNt
up In this way, and his connection with the company
would have attracted no attention If he had not been
a bank official. / do not think that the transaction
reflects I'm any way upon Mr.. BuckhOuts character
or integrity and the directors did not think so when
they accepted his resignation, but there has been SO
much talk about II in the last two or three dnys
that it thought best to have him step out 1t
a surprise to me when ] heard about two weeks ago
that the American Loan and Trust Company had
Buckhouts notcf0r $1,000. No official Of bank
knew Of this transaction until a few DAYS ago."
Was the resignation voluntary ?" Mr.. Chaplin was
asked.
could not say about that. was not at the meet
ing Of the directors when it was received
Mr. Chaplin said that Buckhout Lad stated to an on
% 81 Iavr Shot fv ~,rTr Ia u
Indebtedness TO che American Loan and Trust Com
pany.
Mr. Chaplin Of the opinion that the vacancy
caused by Bnckhouts resignation would not be filed
by the directors.