New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-04-25
SHERMAN BANK ALL RIGHT
SUPERINTENDENT PREsToN's REPORT
THE CENTRAL NATIONAL WILL CLEAR FOR 1T
AGAIN THERE Is \ SURPLUS DEPOSITS

THE CENTRAL NATIONAL WILL CLEAR FOR II
Again THERE Is 4 SURPLUS DEPOSITS
To rG RECEIVED TODAY
The troubles OF the sherman Bank. which were
precip!tatcd by the unexpected action Of the Clear
ING House COMMITTEE last week. ended yesterday
afternoon when Charles NJ. Preston. the supern-
tendent Of the State Banking Department. made
an official announcement that the bank was solvent
and that the Central National Bank would act as
the Shermans clearing agent Mr. PreStons an
nouncement had been anticipated by the directors
Of the sherman Bank in view Of his statement
on Monday that II certain commercial papers held
hy the bank could be better secured he would d'-
clare the banks capital to be unimpaired Inc
paper, it was said yesterday, consisted o. notes
amounting to about $4,000 which had been signed
by three business men, and the notes were not
vet due The directors Of the bank had held that
the notes were worth their face value. but as the
notes had been objected to by the Clearing Hous"
Committee Mr. Preston declined to pass them until
they had been further indorsed. The additional
Endorsements were obtained yesterday afternoon
and then Mr. Preston made the following report:
Assets and liabilities Of the sherman Bank the 2si
day Of April. 1894. found upon examination mace
by direction and authority Of the Superintendent
OF Banks: -.
ICans and discounts suspended 81 sc sc = :,
Less probable loss -f+l4 - ., 40 =,
United States bond tGS3 G9
80 iri tx,res ........... G2Gl 30
Toto, asse,s ...............S 4o2 9Os 70
1''@' LIABILITIES ~
T,,a IN denosifors. ................. los 64S -
Due Due TO 10 Central National Bank. New .c.o
Due as'f United states National Bank. cn
New-Iork .....'t's-''' II % =,
C.st'n~ss oboc,s
ca-.i1s -, So,,si,e
Partial ravrnonts, ................ 2O29 II
47q "a
Total liabilities .....''.'''''''''' ,<
s, ....... 81 424 OF
THE surplus is small" Mr.. Preston said put II
may soon be increased by good Arrangements
have advised the directors decrease the expenses
of the bank and l understand they VIII 90 tha' pE
sub-letting part Of the now used
Clerks in the bank busy late in the AFTER
noon mailing to depositors copies of the iohoWihs'
NOTICE TO DEPOSITORS.
Irnfopnde1 rumors concerning this bank caused
refusal of clearing privileges 10y the lra' NJ .sa
and brought about examination DS INC ''A''
Banking Department. ,.tor having
A rigid and very searching examination haNlms
established It's sOvency clearing pilNieSes nav
been restored. and this bank now nothes us Gus
toners Of its resumption of business; l,,.,.
HENRY d. NORTHRUP. CASHIER.
President W. L. Strong Of the Central National
Bank had declared his willingness to have his bank
again. act as the clearing agent for the Sherman
Bank and had made the usual application to the
gearing House Committee Word sent TO the
Sherman Bank that the Clearing House comm zee
had granted the application by q UNANIMOUS VOC
DEPOSITS will be received ~ the sherman bahk 70
day There was run on the bank yesterday.