The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-12-22
ST. NICHOLAS BANK SHUT UP.
ITs CApITAB or 100000 IMPAIRED
$3.50, 600 or MORE

superintendent Preston Orders II CLOSED.
Although President Graves and the NJ
pector- Protest vehsmsu,iy-De DO ,ttors
Likely to Bs Paid In FuiI-Tbs Bnnk
IL Not tn Resume, Mr. Prss,on says.
The st. Nicholas Bank, State institution,
vas shut up yesterday morning by order Of
Charles NJ. Preston, Superintendent Of the
Banking DEPARTMENT. The bank occupies
plainly furnished quarters on the ground floor
OF the northeast corner OF the Mills building
at Broad street and Exchange place. Mr..
Preston's order closing the bank was pasted
on the glass door OF the main entrance on
Broad street Just before 10 o'clock At that
tmo Mr.. Preston was In the bank listening to
q vehement protest from Arthur B. Graves
President Of the bank. Clustered around Mr.
Graves were u number OF his directors also
expostulating with Mr.. Preston. The
banks exchanges amounting to SAC. 900. had
been sent up to the Clearing House at Nassau
and Pine streets few minutes before and the
discussion between Mr.. Preston and Mr. Graves
and the directors was at it's highest point
when a messenger from the Clearing House
appeared and asked:
who will be responsible for any debit bal
ance Of the bank at the Clearing House2'
Il will not" sententiously replied Mr.. Pres
ton. There was no satisfactory response fro m
Mr. Graves or the directors, tho exchanges
were returned to the bank within q few min
utes. the doors were closed and locked. aud
the argument. which at intervals became hard
words on the part OF the bank officers. lasted
from that time on until dusk. Meantime Mr..
Preston had deposited the exchanges in q
bank close by. which will make the collections
and disbursements refused by the Clearing
House.
NJ ,oin aI hy IA.
Mr.. Judson, and the preliminary formal ex-
animation Of the banks condition was begun.
1t was easily ascertained that the capital of
tho bank, $500. 900, Is impaired anywhere from
500 900 to 100000. As the directors gave no
substantial evidence OF purpose to make
good the deficiency. Attorney General Rosen-
dale or one OF his assistants will apply for the
appointment OF a receiver.
Tho st. Nicholas has had an interesting
history. II ranked with some OF tho older
banking Institutions, and was organized first
as a state Tank on Feb, =. 1888: Tho capital
was SoOO0UU. and Edward J. Mellett was it's
changes In its management were frequent. In
later. TOOK Mr.. oaSiS's place as cashier. in
1855 Caleb Barstow vas made President.
Of wall Street From great wealth he ieii to
almost bsolute. poverty, and at one time was
wore on the bI!,erest and blsakest OF winter
days. In 1864 William II. Fordsiok was chosen
President. and on April ], 1865. the bank was
q. made IA national bank and the capital was In
creased TO $1,000 900. Just about that time
Il. X Graves. father OF Arthur b. Graves. be-
director. and was devoted to its welfare.
Eventually he became the dominant power.
and when, In 1879. MIR. Fordsick retired, Ar
thur u. Graves. the son. was elected President.
mainly through his fathers influence The
son remained at the head Of the institution
Meantime. on June l. 1899 the bank became
. state hank agnin and reduced It's capital to
$500 1000 Mr., Grgyss bad long resting spell
place he has since held rs President, The d.
feetors are: Joseph II. Parsons. Arthur Il
Graves. John u. Barrett William J. Gardner,
George 2, sheldon. Henry +. Hitch. William
II. Akin. and J.. c. Iathrop. John Straiton, at
been considered fairly substantial men,
Il Ia certain that the bank has passed
unframed through tho great financial up
heayais Of the last forty yenrs. The business
President Buchannn's ADMINISTRATION in 1887,
the violent SpeculationH OF war days. the Black
Friday panic OF lStjO. the collapse of 1873 the
1854 panic. and tho sharp depression Incident
10 the liquidation OF Barring Brothers affairs
IN 1880 were all successfully weathercd. The
IN the Equitable building. and for the last two
years II has had its present quarters.
The report OF the banks condition, hled Rt
the Clearing House on Saturday last. H. as
follows: Capital stock. S.AO.OOO; net profits.
legal tenders. S+7l 400; deposits, SOL 2UU.
The report iled on Now - ut Albany was:
IEsOtJECrS