The sun., 1893-08-13
This Bank is Closed Temporarily.
j. j. NAit, Cashier

There had not bcon the slightest rumor that
the bank was in any financial strait and even
until tho closing hours on Friday dopositors
kept putting In their money. The people who
mainly do business with tho Commercial nrs
builders. contractors and boss mechanics. and
tho closing Of the bank on Saturday was q
source OF special Inconvenience to ,hem. as
tho money to pay thor employees is usually
drawn out upon that day. There WAS conse-
qucnty n small army OF depostors around the
bank doors at the accustomed hour OF OPEN
Ing. and they INDUCED in varied ad-
jectives on reading the announcement Of
temporary suspension. 1nasmuch AS tho
institution was regarded ono OF the most
solid in tho State. the surprise extended be.
yond those directly Interested and caused
brief panic among the customers OF tho other
banks. This quickly subsidized. however whea
1t became known that no other local bank was
in any way affected by tho Com mercars
trouble. The action Of the directors was Sc
sudden that even W. NJ Dykman. counsel OF
the bank. was not consulted about the matter
until yesterday morning He said:
This has been complete surprise to me.
as / knew nothing about 1t. and. for that mat
tor. nobody did until the exchanges had been
made this morning. Then it was found tnat
there was not enough money to transact tho
days business"
Mr.. Dykman assured The anxious depositors
that he was confident tho embarrassment
would only be for a short time and that they
would all get their money in full Att AS
o'clock this official statement was given out
by David A. Barnett who is law counsel for
the bank:
pnnk Of Sw OF Y"rs Sso%n ssntns nocason
!hrougM witch the ComnsTeiai @ Bsnk % has ne.etofors
House refused to ac: lOr the COMMERCIAL Bank after
The tn: the nps o e
p"s,s viii oher nc canses s de.erminea .ne dree,Srsao
close the hanS M. morning
% lie sa n,a nt
10 be made. These nave been decreased. and the
@ Of tns me bank unsr sI the sa Of r fssasy
rres,cnt III the bank has lost consderaeE l.s. tnaa
dent their ability TO make the bank sucnr.s and
have been ney,nsd only ,, by .hs nea?ee,ed with;
depositors and shareholders
This was quickly followed by tho posting OF
the following notice by Chief Bank Examiner
A. c. Judson:
This bank having closed Its doors have taken p,~
CuAaLE. NJ. PREsIoS Superintendent of Banks
Mr.. Judson told tho reporters that his assist.
ants were at work on the books but that he
would not be able to make detailed state
ment for at least four or Ave days. The over.
ago by ex-Alderman Paul C. Grening. an OK
tensivc real estate speoulator and at present
the proprietor OF a hotel in Saratoga. and by
G. L. Hassell. IL teller in the New York Clearing
House.
When Mr.. Seth Y. keeney became President
three years ago ho and his fellow directors
put up $4,000 to meet the notes. but just
what loss they sustained by the over lra'ts has
not been ascertained. Mr.. Grenins gavs tn,
bank as collateral 100000 In mortgage. on all
his property to secure tho directors. 1t Is said
that it was not until yesterday morning that
Mr. Keeney despaired OF bridging over tho
present difficulties. He found that money
could only he secured at big premium. and
that he could not dispose OF his own valuable
securities except at q low figure. This he did
not think he could be fairly called upon to do
This is no last quarterly statement OF the
bank. made Juno /: