New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-27
ANOTHER BUFFALO BANK SUSPENDS.

DOORS OF TIE " LIN ~
run OF TIMID DEPOSlTOEs
Buffalo, ~ Y. June 10 Tho Queen Ci'y Na'N'
which opened #, door, ior business Oh NAV =
with a capita; stock ii S:iopt0O. closed lh'm ~ =
o'clock this AFTERNOON and posted the following ho'e
~, oc,,r, ., - heavy Withdrawal this morning upon
an. cash sources caused bv fal>c statements earui"s
the condition Of the bank. deem it n"co'>'f! 10 ~"
/, nd bu.inc., Tor the present WITH We an '"o ui
our resources. when are a Indanty a"pc " '''D "
FRED C. NJ LAuIZ
] ~ ADAM.
EDWARD {. WARNER.
d. c. RALPH. cashier.
Mr. Lau,z Is The vlcc-prcsidcut Of the bank; Mr.
Adam Is second vice president, and MI warner 10 Z"
director.
The suspension WIS not entirely n shrPris'' i"'
it was forcshadowed by rumor on saturday. ms
fact however helped 10 hasten the catastrophe ior
when the bank opened this morning there WIS I"
steady run by dcpOsi0rS, who by noon had o'pc'''
the ca resources and nothing was lett but 10 o"s
the doors. The opinion prevails that 'h' s"Spe"
sion Is but temporary and 1t will have disastrous
effects upon other banking or commercial lhSu"'i"s
Of this city. More encouraging than TIL, OPINION
however Is the fact that there absolutely no
an xiety shown on The part Of the public at the other
banking houses. +. T. Pratt president of the Man
ufacturcrs and Traders Bank. said The banks IN
this city are IN rs god condition as they nave Dc"h
for several years Tue lont 'oH'lhu'u '"o'"'Ho WI
the money market has prompted them 10 put them
selves In good SHAPE, and they nave zone So
President W. IL. johnson. Of the Queen City Bank
resigned recently account Of Ill health ana th"
affairs OF the DanH were being manas"1 by com
miucc Of three whose namcs signed TO the notice
Of suspension. !. y. Adam, the second vlccpre'i
dent made the following statement:
The entire capit,l OF the bank SGuo,Ooo. Stands
hc, wcen the dcpo,itor, and any loss There i nearly
SEQ go I'm undivided profits Will Ii will BE- more than
ample 10 cover any JOS. Up 10 a few minutes De-
fore the bank closed 1t In fine condition.
Within a bric! space the amount OF currency own
died and left the bank without ready money. II Is
perfectly solvent Ten thousand dollars IN
the nick of time would have saved Us,
but could not gel ii Instantly; 80 ,n w,
the bank will rcsumc. mi, mornin: "" bean
business with the average cash on hand, the round
figures being s12,6o6 II In ca'h ANA checks on 'nc
clearing house. and also had about f-',0r;i W IN
banks to check upon. We had ASSURANCES that u"
MORROW should have clearing hol,. c'rilh1 ,'.
issued To us. That would have enabled uS To nave
I'm the saving, banks. hut could not get II.
Bank Examiner Creed arrived In the city M ) p
m and took charge Of the banks affair. me assets
and liabilities estimated at T:.od,, -ol %. A.,
Albany, June superintendent Preston OF lnc
state Banking Department. REGARDING the queen ''S
savings Bank. OF Buffalo. said:
Il have been following the operations OF TINS BANK
for some time. II had for It's first cashier 70. =
lIardcsy. who was large st'kholder IN the ,iarossy
Pelham Loan and Inv, stment Company. The bank
extended a liberal accommodation both TO the IN
vestment company and to T. W. Pelham, ana also
irrigatng companies stock These investments hay"
always been criticised 10y this department. and more
than Il year The department directed mat ms
class of loans BE- taken up and they were consd"ray
reduced These loans proved unfortunate for the
hank and led ~ The retirement OF Mr. liard"sty from
the cashiershp OF the bank