The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-06
CANAL STREET BANK CLOSES.
GOING INTO VOLUNTARY LToUTDA to-
-SfoJ.O0O DUE DEPOsITORS.
Pre.,a.nt R.r,n,. snr. ,h., p.ro,,tor. Wi

President RsHines Says that De rositors VIII
he raid In Full and that Stockholders
Win Get go Fer Cent. Anyway-A Long
Discount Line ana LcsseninH nusinrrs.
President Antonio Rasines and Directors
Vernon NJ. Davis. Harry W. Hall. p Campo
Street Bank met In tho bank at the corner OF
Canal and Mulberry streets after banking
hours yesterday and adopted tho following
resolution:
Whsrea'. Although this bank IL entirely solvent and
able TO pay II dopostors in full yet appears tn at ts
business improbable to It's stockholders: therefore
Re,oipoi That the Canal Street Bank 20 into volun.
tary liquidation.
This step was caused by tho refusal OF the
Shoe and Leather Bank Of 290 broadway to
continue to net as Clearing House agent for
the Canal Street Bank and the inability OF the
bank to secure another agent.
Shortly after o'clock In the afternoon It
had been reported that there was 0 run on the
Canal Street Bank. The President OF the
Shoe and Leather Bank. John NJ. Crane. sent
for President Rasines, and after an interview
notices wero sent out by the Shoe and Leather
Bank that the Canal Street Bank would no
longer clear through It
I'VE sent out these notices." said President
Crane to reporter OF The Sun. because
President Rnsines informed me that his bank
proposes to 60 into voluntary liquidation. and
will need no redemption agent. Tho Canal
street Bank has been little too liberal In the
matter OF discounts. and its deposits have run
down to something like $4,000 from $780,
600. 1t has thus been burning the candle at
Mr. Rasines Is an honest man. and no will con-
firm this statement"
an h1us after ne mode WS this his
s nS IN MIR h c RSaa paSd .s.
into the Council President Rasinss ness showed Sed
President Crane shat Rssoad Of there Seng
deposits during the day. against $1,000
Withdrawn, and no asked that the Shoe and
Leathes Bank cOntinpe its relatons with tho
agent failed. and that ended it ''A 1''
posoI s 'Ss VS. s'ns
swarmed into the bank. until the crowd grew
ss ss 4 asFs as sa had to b & fbs
would lose cent: Most OF them were Jewish
and Italian email mereh.nts q tho neishbor-
II was called up By President Crane BY tele-
phone this afternoon. end he told me Of the
mir. Grams Was AFRAID that the runor might
precipitate one. He wanted to know our
1a Sss % S. l. ad that sSf he h 4sus, %hs,
bank is perfectly solvent and will pay every
Whom the stockhoiders may have to sacrifice
stock is 100000 The fact OF the matter is
ns Ss SO good It i
side. jewish merchants and munufacturers.
has been bad with EVERYBODY. That means
e to n aSsa
thirteen months. It means also that We have
had to carry customers longer than usual. We
have had to be liberal In discounts. Money
W CuetOmera
meet their paper for that reason. We could
not afford to lose their custom. and their notes
TN a@ps
ELS IN
first mortgage bonds. We have no stocks. no
sinee M"rch H. One was asked Tor on satSr
time 10 make It. and now that the bank is to be
given oyer to the Bank Superintendent: #
to say that our March statement showed u
surplus OF something like $500. and that
our condition to-day indicates a deficit OF
as regards ist0skhH , The hank
paid in full"
Presiders flashes said that. the Twelfth
Ward BAL k and the Twelfth Ward Savings
Bank. Of both Of which institutions he is q d.
rector. will not suffer by the Liquidation Of the
Canal Street Bank. and that his individual
credit VIII be effected only by big l3ss on his
stock which WI t e. oniy a50St SSo The
something like S45O00O.
Under the Clearing House rules tho Shoe and
checks against the Canal Street Bank de-. t..
posted yesterday which may be presented for
election to day.