New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-10
THE CONSOLIDATED BANKS.
STATEMENT OF w. p. ST. JOHN.
PINKHAM RELEASED ON B,II-coSpIr1oN OF
THE CORPORATION

Inc formal consolidation of the Bank Of Harlem
and the Hamilton Bank will be made This morning
rev fornales VIII have TO be compiled with later
William p. ST. john president OF the Mercantile Ma
'ional Bank and Charles NJ. Preston, Superintendent
OF the Banking Department. were at the Bank OF
Harlem yesterday and it is understood that after OK
aiming the condition Of affairs they approved the
consolidation. Mr.. st. John last evening said tina,
he did not wish 70 declare that Mr. Preston had given
formal consent 10 the consolidation. but lie at the
same tune announced that tho statute had been com
Piled with. ana the new bank would begin business
| to-day. Checks drawn on the Harlem Bank would
| be cashed by the consolidated bank speaking on the
criticism passed on the directors of the Bank of Ia
lem, Mr.. st. John said
am not the natural defender of the directors of
the Bank Of Harlem. Their institution has been The
| rival OF the Hamilton Bank. in which am Interested.
The fact therefore, that myself and associate director
Mr.. 70 h. persist In inviting liberal r.pr .scntatIon
OF the Bank OF liarlcms directors into the assolted
board and still intend to offer their president and vice
president these complimentary Offices is the best evil
dence that can submit Of opinion of the integrity
of these gentlemen Notwithstanding Mr.. Pinkhams re-
Wted strlctureS.'
lie added that he believed the criticism Of the
Bank Examiner in March. 1890, was the first evidence
the directors had of irregularity and he believed that
that led to the retirement of Mr.. Plnklam. The
bank had been attempting to realize. and had realized.
on securities received from Pnklam lie believed
the directors did not suspect the worhessness Of two
important items which his special information made
him reject The Superintendent Of the Banking De-
partment had kept himself informed about the bank
ever since the Pirkham disclosures. II would have
been impossible for the examiner 10 make dis
coveries In the customary examination Of n bank The
reduction In value Of real estate from the
figure al which it had been accepted from Pnkham,
caused considerable shrinkacc
Charles H. HDkham, jr.. formerly president OF the
iank of Harlem. released in i6 800 bail yesterday
District Attorney NiColl consented to q reduction of
$1,000 In the former figure IF 81 800 and Plnkham's
friends deposited the cash with the City Chamberlain
lie Is rnccr Indictment charged with the larceny Of two
notes from the hank lie pleaded not guilty in Part
] OF General Sessions Yesterday.
Mr.. It. John and Charles T. Fosdck president
OF the Hide AID Leather National Bank. the com.
mittec appointed By the Hamilton Bank to Investigate
the whole trouble. last evening made public The fol-
lowing statement:
Anticipating natural inquiry Of dcpostor- and shay
holders in the Bank Of Harlem and natural inquiry
on the part Of dpostors and shareholders in Hamilton
Bank Of NcwYork City before and after c'nsol!dation
the undersigned committee appointed by the board Of
directors Of the late Hamilton Bank report follows:
First-The undersigned committee has Official con-.
ncction with the indictment and arrest Of Charles II.
Pnkham. jr formerly the president of the
lem That incident is due to the State Superintendent
The Banking Department in fulnlment of his obligation
Second-Thc debts to profit and lbs, account which
have reduced the capital and profit Of the Bank
Harlem from about sI20 900 TO about i27 coo invoke
AL EXPENSES including NEUTRALITY-SUSPICIOUS.. 800
view of possible removal under The procedure
ap 1Sf' aSd i'm y a IL .o cb S%a" the
f1lni furniture. and aNturr account on the books Of
a-Ths sum Of sundry notes for some time over
HnG b senn iScc THh o on %Sds a 'n,.
not 70 be estimated accurately. and Of which
one lt'n OF - 600 discovered u b.,
worthless In this Investigation ............. IS 900
"A reduction IN he valuation Of parcel Of real
nominal i 2'ai1 STI IRON iar S 1nd ct Others as
nj po,t,i to have made g worthless partSs $4,000
wOrtlless or Of little value ate n'' mi. special
examination had begun. 49,. $500
Endorsement -. 2oooo
Total ........ .............. ........... 500 900
This sum- together with caIIt,l intact (.27 Oot
accounts for the nominal capital and surplus appearing d
$4,000.
T1d-Thcse Items charged profit and loss except for
the matter Of real estate furniture and fixtures and c
penscs will be collected possible by Hamilton Bank On b.
half OF tho present shareholder, Of Bank Of Harlem
FOURTH The shareholders Of the Hamilton Bank OF
ord the day before consolidation hereby al.
viscd that items In proat and loss tccount fo?
collection will be recovered possible for their benefit
Likewise, the actual surplus Of assets in hand
the but agreed the consolidated asso
citation will BE- paid out TO the shareholder, Of record the day
before consolidation IN payments dividend
RESOLUTION Jhptu bN inc rtlring board.
Fifth-The consolidated entitled 'II0miton
Bank Of NewYork City, begins business Tuesday
Ing NAV 10. 1892, free Of anything In the nature Of
doubtful asset with it, real estate obtained hercnbfofc
stated valued III real worth; with it, furniture and
fixture account standing AZ the very moderate u
5000 per statement 0! condition officially proclaimed
follows:
HAMILTON BANK OF NETWORK CITY.
Conden ed statement Of condition te morning May
TO- 1892. -
RESOURCES.
and discounts .sJ13S71 %
Initd States and other bonds. 200 90
Real estate. furniture and nNtnrcS.......... l500o 90
23.fOJ -
Cash banks subject TO check............ .f9O'S -
~ 033,ii6 10
LIABILITIES.
C,nital stock nm. 500 600
Individual 1S34fO 80
bankers dcpOtT ~ 3nj ~
and certificates. CO -
IL .033.ii6 Il
CARROLL ST JOHN, Cashier.
IRMY TNTET LTGENCE.
WaebInoton Nav o-C,pfain Henry c Wnrd.