The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-04-22
SHERMAN BANK PAYS CASH.
DIRECTORS RAISE $685. 900 ron III ON
THEIR JOINT NOTE.

Kspt Fsyiss Ustn AGer q O'ciosh, Aithoprh
the RsahinE nay E,dsd ~ Neou-Nsv
Ciesring House Arrangements 60 BE Made
The directors OF the Sherman Bank. at Eish-
teenth street ami Broadway. came forward
like little men yesterday. supplied the bank
with plenty OF money. and kept It open until 3
o'clock. three hours after the legal closinR
hour, and paid all demands made upon It.
The run which began the day before was
continued as soon as the bank opened. and at
noon there was a pretty big crowd waiting to
draw money. At that hour II was announced
that the bank would be kept open. and that all
who were waiting would be paid. Some who
had come for their money concluded not to
draw II. Few came in after that hour. but
those who did were paid. No deposits were
taken. and none will be taken until the exam
ination by the State Banking Department IL
completed and Its results are known.
Altogether. the bank people said. about
$4,000 had been withdrawn. partly over the
counters and partly through checks that went
through the Clearing House. The Central Ma
tionsl Bank cleared for the Sherman yester-
day. and may reconsider It's determination not
to do so In future. now that the bank has been
strengthened. The directors OF the Sherman
Bank. however. hope that the Clearing House
Committee will eventually allow the United
States National to clear for the bank. Super
intendent Preston said that no Clearing House
arrang EN- ents could be made. probably. until
finish IL on Monday. Until that time he would
make no statement beyond saying that the
bank was still in the hands Of it's officers and
It is probable that either, Mr.. Preston or the
officers OF the bank will tell on Monday some
duced the assets until It is a question whether
the whole. OF the 100000 surplus. or even
tR 0 sq aad ysstspGsS that these 81 had loans
ffesdent sstteriso. IN the iirst year Of the
"Duri1s that time" said one OF. the dlrec-
tors. Mr. satterlee ran the bank; and the
heads Many bad loans were made. and finally
this was discovered and we ended his man
aV Wbese p pap This money sS Was lent upon has
the directors relieved the wants OF the bank
United States National Bans' to discount a
Joint note for SOS 600 and adding the money
the directors said there was money enough in
the hank to pay all demands; The sigpers OF
i. Il. Vandsyeer. William K. smith. George p.
Johnson. Even Mcintyre. II. ID. Northrop.
Peter Duy and George ot , 1hSns These
ment:
Tho bank will pay ali dspostors in full as fast pay
Ally furnish Whatever iand. may Dc n,cos,.Iy g NEE.
=, they are made There !, no ~ Of
sHsr S'ss Ssnss
un impaired The bank will continue business usual
excepting that no further deposits will be received
pending the KAN alton now IN progress BY the Bank
Examiner and his report thereon. which 10 expected
on the 23d Inst
The amount due to depositors, nv. Preston
said had been reduced by the run Of Friday to
about s260.OO0. The 5000 drawn yesterday
would leave about 900 still due.
II was also said at the bank that no director
had borrowed OF the bank, either az maker or
endorser OF paper, more than $4,000. and
that the total loans to directors did not exceed
S25UOO.