New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-23
'hearsay" that he knew OF any alleged offer to
take up the loan.

"hearsay'' that he knew OF any alleged offer to
! take up the loan.
INDEBTED TO THE BANK OF THE REPUBLIC.
II Is said that one loan TO the st. Nicholas
Bank was made by the National Bank OF the
Republic to help the institution eXtinguish the
! Clearing House certificates it took out In the
summer panic There is a loan to the 81. Memo
las Bank Of 500 900 from the Bank or the Re-
public secured by $4,000 collateral consisting OF
900 represented by warehouse receipts ana
$4,000 of local commercial paper, no part OF
which falls due before January l. 1t IS also
understood that SIS. 900 Of the loan on warehouse
receipts paid on Thursday. The cashier OF
the National Bank Of the Republic said yester-
day that the bank was secured by collateral 10
the amount Of Sl45OO and that the bulk of that
security the personal guarantee or president
Graves.
The criticism heard in Wall Street with regard
to the refusal Thursday morning to clear for the
St Nicholas Bank on the part of the Clearing
House of the Associated Banks Is said to be
unjust. The Clearing House received WORD OF
the action of Superintendent Preston in closing
the st. Nicholas Bank before the THURSDAY
clearances were begun. Mr. Preston was asked
if ne would guarantee a debit balance OF the
St Nicholas Bank, and upon his refusal 70 90
so the only course left for the Clearing House
Association was to refuse to accept any Liability
I'm the case even though. It afterward turned
out the st. Nicholas Bank would nave mad a
credit balance at the Clearing House.
ASKING FOR RECEIVER.
Denutv Attorney General Hogan. accompanied
by Bank Superintendent Preston appeared before
Judge Truax in the Supreme Court. yesterday
and asked for the appointment Of a receiver for
the property Of the bank. William Allen Butler
and Frank G. Mathers appeared for the directors
and stockholders of the bank. They conceded
the necessity for the appointment of a receiver.
and urged that Levi C. Lathrop. vice president or
the bank be appointed receiver.
After Mr. Hogan had asked for the appoint
ment Of a receiver Mr.. Mather said that the
only way Of settling the difficulties or the bank
was by the appointment of n temporary receiver
If the stockholders had been aware OF the I'M
pairment Of the banks capital which at the
utmost was not more than 100000, the amount
would have been made up and the bank would
not have suspended. The bank still had more
than the required reserve Of p per cent There
was no question. he said. as TO the security OF
depostors the loss would affect only stock
holders. Mr.. Mather said that 1t was not YET
certain that there was an impairrnen, OF ,he
banks capital. Some OF the stockholders had
offered the day before to make up whatever
impairment there found to be. but the Bank
ing Department had not accepted the offer,
The directors and forty per cent Of the stock
holders Mr. Mather said united In asking for
the appointment Of Mr.. Lathrop as receiver.
Other stockholders would undoubtedly Join IN
the petition Mr. Lathrop. besides being vice.
president Of the bank, was a well-known member
Of the Cotton Exchange and man Of char
acter and ability. Besides. he was the largest
creditor of the bank. Mr.. Mather suggested
that there be a delay until after Christmas in
order TO allow those Interested to secure the
assent Of other stockholders to the appointment
Of Mr. Lathrop.
NAMES SUBMITTED FOR THE OFFICE.
Mr.. Butler seconded the request to have Mr..
Lathrop appointed receiver. Mr.. Preston arose
10 saw that no such offer that described by
Mr. Mather had been made to him. Mr.. Mather
explained that the offer 10 make good the I'M
pairment was made tO Bank Examiner Judson.
Mr. Hogan submitted to the Court the Follow
ing names for consideration in regard 10 the
recelvershp: D. r. Sckles. Henry ID. Hotchklss,
Simon II. Sterne. Arthur W. sherman, H. NJ
Galloway. and ex-Mayor Hugh j. Grant
Judge Truax granted an injunction temporarily
restraining any one from interfering with the
banks affairs and took the question OF the re-
ceivershp under advisement.
Charles NJ Preston. State Superintendent OF
Banks was last night at the Park Avenue
Hotel He said that the entertainments OF Hill
were first discovered on Thursday. and he inlme-
dIately reported the matter 10 the Dfstrct-At-
tornev Tls arrest I'm Newark. last night, FOL
lowed The amount Of the embezzlements, ne
said would aggregate about $4,000 and proof
of guilt conclusive.