New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-06
70 CLOSEsITS DOORS
THE CANAL STREET BANK OF Ihlo |iii
WILL. GO INTO LIQUIDATION.
IT'S PRESIDENT SAYS THE BANK is SUN IN
AND DrpOSIToEs WILL BE PAID
IN fuIr.-BUsINEss NOT
PROFITABLE.

IN FULL-BUsINEss NOT
PROFITABLE
Tie Canal Street Bank. State oahNiie ''"-
corn az No goo Canal-st.. will close us ooorS W.
day and 60 into li1uidation ID" ln'''' ''"
cause OF the banks troubl" Is vi" ''g"l ''o"''
m,rlo, which imuellcd the officers of the National
shoe and Leather Bank. us clearing iiouS' ""-
rcson,atiyes. TO decline further 70 act in that ca
,o;,r voticcs 70 this effect were cent ont by
tho shoe and Leather Bank Yesterday afternoon.
1,ho ooicors of the Cana-s'. institution wer" IN
d;r,,r, vbcn they learned OF this. and meet
inc ~ .hc directors was cIllcd 70 b. hell y'St"r-
doy as soon after banking hours as possible. The
hanks officials declare that none Of tho drposifors
will loso n ncnny and that the stockholders
will not lose more than 20 per cent
Tho bank was established in 1890. and did falf
busincss in the dry goods district until TN" recent
s,,inocncy in the money market The president
is Antonio Rasincs. It's dcpostors recently began
n draw ont their money. and the calls Tor iund'
from the banks with which IL did business IN
creased it, capital stock is 100000, ana the
dcnosits averaged about 100000 Yesterday the
Canal Street Bank applied 10 the Shoe ana Leather
Ronl, for n loan Of $4,000. offering as security
papcr representing in value several times that
amount The reply that the bank received was
,hc announcement that the Shoe and Leather i'ahH
had scnt out circulars declaring that after to-day
il would not act a. it's Clearing llous" agent any
longer II was AT first the intention of the Canal
Street Eank officials TO secure another Clearing
House agent and 60 on, and the meeting OF the
directors was called for this purpose
The board Of directors is composed OF the Ioi-
lowing:
Simon Adler, +. Caponicri, Leon Cohen, Charles
: Fireman. Vernon VI. Davis. Albert u. fro't'
T, Forman Freedman. Harvey w. Hall, ;
Kgngerstrin. Antonio Rasincs. Henry 1. MinH'
George silva and Aquillno Zuricalday
Those present nj the meeting were Antonio
pas,ncs president: Harvey w Hall, Vernon VI.
Davis. A. II. Frost, p Caponigri and Charles
" DAYTON who appeared counsel John NJ
frame president Of the Shoe and Leather lank'
was also present The meeting lasted two hohis'
and n, It's close the following resolution was Is
sued:
~Whc,cas. Although this bank is entirely sol
vent and able 70 pay Inc dcpostor' IN iui' YET
i, appcars that it, business i unprohtaoc 10 "
stockholders: therefore be 1t
~pc.olvcd. Tha, the Canal Street Bank 90 INTO
liquidation.
Ibis must not be- regarded as SUSPENSION
said Mr. Rasine, We n" able to pay dollar Tor
dollar TO our dcpu-itorS and have no hc"u !" N''
pend But feeling that the business WIN ho'
ray we voluntarily GO into liquidation. fihah-
ciaIly we are ~ solid a. rocks. Now th" IIuida-
,ion has Of course Lccn brought about by u" re-
fnsal Of the Shoe and Leather Bank 10 c!rar Tor
rs OF late III. money market has deem 'N
trcmcly stringent our deposits decreasing ana us
cornts increasing. Whenever We were short oil
money the Shoe and Leather would clear Tor ~.
To-day we asked for m advanc" ~ S1"ooo, bH'
they declined 20 lct - have II, although our So
curi,i,s in stocks and bonds red the amount
Of the loan tcnloN Why they should have taken
;his step II i, difficult 10 SEQ. HE bank cAdih-
,ncr will mas. an investigation into IN" cncun'"
stances and in due course "A trustee VIII D" hp-
rointcd Whether we shall r"sum" depends upon
results but il is certain that every dcpositor VIII
hc ,,uid in fun In al probability when the az
fairs Of the bank are wound up the Stockholders
may lose 90 per cent.
The last statement 81 the banks financial con
dition was issued OH March -. IL was issued to
Charles VI. Preston. the State Superintendent oi
Banks. who will probably he called IN TO make
An examination. hat statement was ~ follows
ASSETS
Loans and discounts less due from directors SOL o ~
Due from directors ~ taS -
over diaf- per .ch,Fluc ...... - D.
| Que from true, COMPANIES, state and oatonal -. ~.
bank 80"