New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-16
LIQUIDATING ITS AFFAIRS.
THE LENox HILL BANK ABOUT TO CLOSE.
SINCE THE Observation-Disclosures
CONSpIRACY.

CONSPIRACY.
The Lcnox Hill Bank at No 1,o4s Thrdave,
is now qudatng its shares preparatory TO closing the
business. The bank has not been prospecting since
IL brought into such unpleasant prominence at the
tine 0f the Claassen kSimmons-Pell bank wrecking
conspiracy in January, 1890. The mSfortunes OF
that period nearly wrecked the institution and in
February 1890, it reOrganized with Lee Wolff
president in the hope of being able TO tide over the
crisis and continue business. The large depostors
who had been patrons Of the institution had lost faith
in 1t, however and the only trade that returned was
that Of small business men in the neighborhood of
the bank, who continued their dealings because the
institution was in handy place for them. business
has been kept going until the complications arising
from the trouble last year were to a great extent
Strengthened out and 1t became possible to realize
something the assets Of the institution
Two months ago it became clear TINT the business
was not paying, and that there was little probability
Of ii improving. IL then decided to give up and
since then all discounts have been refused, and the
bank has endeavored to get its funds in shape for
paying off its dcpositors. y meeting of the board
Of directors OF the bank WAS held on Wednesday after
noon and ii then decided that the time had come
to take action. On Thursday morning notice was
sent to each of the banks dcpoSitors. 1t read
Lenox Hill Bank Ncw-York,
August 10. 1901.
"The board OF directors of this bank have resolved
not to receive further deposits or make new discounts
You therefore requested to hand in your pass,
books that your account may CiOScu; "hSil any
balance In your favor will be paid. o.,,
CHARLES r. DE BARRIL. Cashier.
This notice created little excitement for wmle'
and during Thursday and Friday the teers were Kept
busy settling up accounts. There was no great excite
ment however. Each person got his money without
any trouble and many expressed themselves as being
perfectly willing to leave it deposit. Yesterday the
number OF people drawing money was much smaller
than on previous days. Since the reorganization Tile
deposits have usually been about $4,000. Az inc
close OF business yesterday about 100000 was sun
owing to depositors. This money, the officers say
now i'm the bank and IS waiting for its owners to go
and get it.
The officers Of the bank are Lee Wolf, president
Conrad " Jordan vlcepresident Charles B. DE Barrl'
cashier The directors are Lee Wolf, Conrad ~
Jordan Elias f. de Lima, Benjamin Russak Norman
Rdder, Edwardo GogorZa, Simon Gutenberg, jacob
Baiz and Francis j. Schnugg The president, Lee
Wolff. asked yesterday If he had any statement
TO make in regard to the banks affairs.
"Au l can say" said he, Z" is that we are Closing
business because IL does not pay to go on Inc puohc
lost confidence in the bank at the time OF the ClaaSSen
Pell troubles and that confidence has never Deen IT,
stored We have had considerable number OF small ae-
commits but tho aggregate has not been large enough
70 make n paving business. We have been considering
This stem for some time and made all our prepare
tons before we announced our intention we nave
money In the bank TO pay all we owe wiz
probably take time to settle all the accounts pu'
when that is done will realize on the assets io inc
benefit Of the stockholders We have paid of most Oh
or- denosors already The whole affair has been con-
ductcd Quietly There was 10 run on the DahK' OF
sensation of any kind. 1t Is simply giving up Vi
the business because it does not pay. we tmnA 1t
we'll IN eo out of business at time when we can 10 50
honorsbly. and when we have the money to pay all
claims against us. do not propose 10 uo ouSi'0
unless can make profit out OF IT,
Charles b. De Barril, the cashier, cOrrooo-
rated the presidents statements I'VE nave
beap keeping the matter of our liquidation
o ouiet as possible" said he, because we did not
want anv unnecessary excitement Inc Dahh mas
never recovered from the loss OF commence IL suS
tancd at the time of the PellClaassen troubles. "o
have however, cleared up our affairs great oeal soe
then At the time OF our reorganization III feDuas'
800 we were Obliged to borrow 100000 THIS was
oil maid some time ago. as well all our other indebt
cdoess We then hoped that could conduct the
,usness on profitable basis, but we soon 1Oupd tnat
wa were mistaken The best we could do was 10 pay
oxnenses Our depOstors have all been small ones
and the cost Of keeping each account was Just aou,
ha. TIE Interest on the account amounted to- There
has been no great excitement We PAID out 9o'ooo
,o.dov There is still $40 900 here owing to dcpos-
tors and they can have il whenever thew call Tor IT,
Tho stockholders are mostly satisfied with inc
ontco,no Of the reorganization. At the ume
90 orr t,oubles 1t was supposed that me
Stock was worth nothing at all, but now IL seems
probable that holders of stock VIII IereNe aPoIS %
cents ON the dollar. There are no lafge &
The stock is ali out in small blocks nifty ,h3te, mere
aud fifty shares there. IheiS Is ,abipnrh|cd The
&c., about here need bank. But there Is no
c6atce Of the Lenox Hill Bank being continued rs
soon as we clear off orr account, VIC viii III,
doors and II another bank IS started 1t VIII probably
he in ,notber location. People have been lather u
| in dealing with Us. and reason we coma not 40
mavin H,eness was because we felt IL necessary 10
keep considerable monel on hand 10 NC re"uS " INV
all calls.'