New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-25
DEPOSITORS MAKE 4 FUSS.
STORMY MEETING OF THE NATIONAL BANK
OF DEPOSITS CREDITORS.
cOARD or TRUSTEE: TO sL~TLE TIE AFFAIRS
OF THE OBSERVATION-DISCLOSURES RAN
SUMS ST\TTMENT

OF HE CONtFEN KIM
SONS STATEMENT
As result OF tho meeting Of the dcpositors Of the
National Bank OF Deposit. held yesterday afternoon
in the rooms Of the Board of Trade and Transpor'a
ton, at No. o03 Broadway, the affairs Of the bank
TO be placed In the hands Of board OF trustees. 10
be appointed by the dopostois. The bank will assign
the trustees all it, corporate property and assets.
with power to realize upon the same and 10 pay th"
dcpositos and other creditors pro rata The dcpoipr,
and creditors practically agree to release the bank
from all liability and responsibility. but no, rccas,
the stockholders OF any liability now provided by law.
The meeting held at the suggestion Of The bank
officials 1T was long and noisy one. and on" In
which the dcpostors made all kinds Of random
| motions, without regard TO parliamentary order. There
were probably about 800 delosors present. and all
cried for their money but offered feasible plan hr
getting II. Most OF them made lots Of noise. Had I,
not been for the calmncss Of few men, well verscd In
the law OF finance little would have been accom-
plshcd
william ". Goodrich, OF No. 80 Wallst. was made
chairman Of the meeting, and J. X. Hayward secre
iary. The first motion that committee be -
pointed to inform the bank officers that tho depo,ors
would receive any communication from them. Anthony
p. Porter counsel for the bank announced that that
would be unnecessary. as he had the communication
with him. lie said that the dcpositOrs world realize
more II the bank were not placed In the hands Of Il
receiver and tina, the best way 10 overcome thi,
would be 10 appoin five trustees, including the pref
den, OF the bank, who would be empower 10 take
charge OF the assets Of the bank and realize what they
could on them lie said that the assets OF the BANK,
including loans secured BY notes and checks out for
collection amounted TO 81 10G,ofl go. the llablitic
exclusive Of stock, TO S66s,335 90, and cash hand
about 5000 900
Mr. Porter informed the dcpostcrs that they must
sign paper releasing the bank from all their claims
The question then raised II the stockholders were
TO be released from all liability. and Mr.. Porter prom
scd that they would not be. The depOsit0rS did not
take kindly to Mr. Porter's ideas AT first, and then
spent an hour In making all sorts Of motions which
amounted 10 nothing. Mr.. Porter said that unless
the deposiors came TO come satisfactory agreement
within twenty four hours "A receiver would BE- APP
pointed
W. = Smyth, small depositor. Then began the
noise OF the afternoon. II, wanted 10 know how
he could get his money and at what cos. "Of
cours, every institution la, lot OF eats AMI dogs
hanging TO it, he said. but cannot wait for
money We want II tight of. We want MI
get, ana quickly
shouts OF SIT down. and " Don't get ~ your ora
tory u.s." stopped Mr.. smytl for the time. but
throughout the rest Of the meeting he seemed to i.c
the disturbing element.
President hanson came IN shortly ancrward. lie
looked pale and somewhat concerned at the noisy
cepositcts. who were all trying 10 talk at once lie
read the following statement about the condition OF
the bank:
Cheeks out, SI3o. sss: cash in bank ai547O The
liabilities amount to 100000 50 that IL woild take
only $6ss 900 10 pay all dcpostors. There are over
Sl.OCO0OO worth OF coed assets 10 do II with, and
without court delay you could settle up In sixty or
seventy days. The examiner has reported 10 the
Controller that everything /, .atisfactory.-
Many questions were then asked OF Mr. Ransom.
Men became excited and conflicting motions were
offered from all parts Of the room During the noise
the irrepressible MIR. smyth shouted "Give me
money, and give It TO me quick lie was soon
forced 10 sutside, amid Kisses and jecrs When the
10 order motion made 10 accept the plans
offered by IN" bank, and committee was appointed
10 examine the paper before it was signed The
committee Is J. X. Hayward Edon Pisbce F. y.
Taylor. a. L. IOYer and Thomas Kilver The
meeting then adjourned until this morning nj
o'clock. The committee met at the Office OF Mr.
Porter later In tho evening. and drew up new agree
ment, In accordance with the pan already outlined.
Mr.. Klmball, the Bank Examiner. oaii YESTERDAY
tina. the checks and drafts Of the banks customers
were being presented. and In where the drawers
had made no special provision for their payment sine
he fnilurs they were being protested. Mr.. KimbaIl
did not think that other failures wous result from
the failure OF the bank. Many OF the country banks
Which deposited with the National Bank OF Dedoslt
rave secured other New-York agents +
The BANK OF the Republic has given motto. that Il
viii pay for the Bnnk OF Columbia, Columbia, :. G.
The Hanover National Bank will pay for the Mer.
chants and Farmers Bank, OF Maiicn, + G.. for The
Adams County Bank. OF Ritzve, Washington: the
HERE National Bank. Of Pierre, S. D.. and for