New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-31

THE MOUNT VERNON BANK SOLVENT.
ITS SURPLUS At LEAST s3oOOo-AFFIDAvIT OF
W f. CREED, BANK EXAMINER.
TO tho Editor Of The Tribune
Sir: My duty to my clients, the Bank OF Mount
Vernon and its directors, compos ME 10 call your
attention very serions misleading statement con-
tanned in the article published In your Issue Of
sunday last respecting the legal proceedings lat
saturday before Mr.. justice Dykmnn. at White Plains
in tho OF Mr.. Reynolds against that bank The
article in stating the contention OF the plnIniih',
counsel. says: Mr. Prime argued to the court that
the bank inSolvcnt', and in giving the synopsis
OF my answering argument. the article falls To state
that | In any manner attempted Ia deny or even
to question Mr.. Primes assertion that the bank was
,usolvent The article. a whole. therefore amounts
to statement that the Insolvency OF the bank wd'
practically admitted before the court.
There IS not the least shadow OF foundation for
this statement. The facts that Mr.. Prime. In
opening Ii, argument for the plaintiff, distinctly
stated that the planlhS position had been msunder
stood that the plaintiff did not claim that the bank
Yas insolvent; that on the contrary, lie claimed
that 10 WAS grossly solvent having In addition 10
If, capital accumulated surplus CT more than l7o
Der cent without having distributed any of II In
dividend. In replying to NJ. Prime. | thanked MIN
,or hi, cNprcs ion grossly solvent, and stated that
1 thought that gross soVcncy was condition III
which any moncyel Institution need not be ashamed
to he. / alo read the following affidavit of Mr.
Creed the state Bank Examiner, " no made thorough
examination OF the bank on May 10, two days before
the action commenced
,upr,me Court, Westehcster County.
James L. Reynolds, stochhCMer OF tne iihnk OK
Mount Vernon, y. y, and all other stockholders who
may desire 10 come H. plaintiff, against Bank o!
Mount Vernon, y. Y, and Gouverncur Rogers, de
stat~ of New-Yort Fulton County,
William F. creed being duly sWoin, says; o,,.
reside at No. ~ columbia Heights, Ill me city
Urno
AZ 4" smrh ON the 10Th day Of May, instant | went
~ thS city Of Mount Vernon for the purpose OF
making complete and thorough examination OF tho
Bank o. Mount Vernon. n u, one OF the defendants
teudcd visit examination, whatever had been given
by 10 the bank or any OF ITS Officers. ana know
IL no means by which any OF It's officers could have
nld any information Of my Intended visit mado
a thorough examination OF all the book, and AFFAIR."
colater1, securities deposited with said bank to Sc
cure such loans. and also the quarterly nariisry o'ia
found the said bank be in entirely solvent and
.onnd condition. having surplus OF at least $4,000
S5 n.a '2S found its books kept in proper order
and its reports properly made both IN is accord
WIN WILLIAM F. CREED.
State Of Ncw.York Fulton County, SIS.
sworn TO and subscribed before me this 26th day
Notary Public. Fulton County. IL. S.
also read n sworn detailed statement OF the bank
officers showing that it had its capital intact aud an
actual accumulated surplus OF T.boo'o 30, WHICH, " tue
securities held by the bank were converted into cash at
urescnt market rates. would be increased TO SiT,-
s5O IS.
You will see from the above that the proceedings
cnve no pretence OF warrant for tie statement which
critici-o IN your article. The fact admitted by
both sides the entire solvency OF the bank This
portion OF your article cannot fail to greatly injnre the
hank ms The Tribune Is perhaps extensively read
an tho city OF Mount Vernon than any other paper.
have read It from CHILDHOOD and early learned from