New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-20
COLONEL SICKELSS DEr,.,
DEFENDING HIS RECEIvERsHIp m
HARLEM RIVER BANK
HE ADVISED DEPosIToRs AGAINST er,,
THEIR DEPOSITS WHAT HE HAS DONE s,x.-

THEIR DEPOSITs-wHAT HE HAS DONE s,v
TAKING CHARGE OF THE INSTITUTION
The stormy meeting of deposltors and sh.,.,.,.
ers OF the defunct Harlem River Bank 49,
Ienzs Hall. No. 2,0ll Thlrd-ave. on Wed,.,s
evening. at which It asserted tina, r.
David 3. Sickels derelict In his duty ~ -
depositors. provoked an Indignant reply y.,,ss
from Mr.. Sckels. who Is vice-president A, ~
American Surety Company. OF No l60 BrosAs~
"All this talk OF collision and shleldIn,
ticular officers OF the bank is nonsenss -.
without the shadow OF foundation" said w.
Sickes Il cannot help 1t II some OF -.
depostors who In need Of money see a, i.
sell their claims against the Harlem River p.s
to brokers. have from the beginning strenuou,.
advised against 1t. Very likely some Of them -
suffering from want OF money. and when they mai.
an assignment OF their claims IN legal mana,
and send me a proper rotce OF Il. ! am Obliged =
honor the transaction"
Then Colonel Slckels showed the reporter nm.
Der Of notices received from depos;ors selling sn,n
deposits at discount 70 different persons Cs,
tinu!ng. he said:
A number OF these deposltors came to me an
offered me their accounts but / refused 10 az
them and told them 10 hold on 10 them Tn,
asked whore they should 10 get ready mons.
out OF them. and / advised them 70 hypothecan
them One woman took my advice and got a ~
loan at per cent from n downtown bank on n,
deposit OF 1900 Tine aggregate amount OF depor,,
held by the persons prominent in last nights meet
agtator present had exactly - IS 70 his credit a
the banks books When | was appointed rec.lvr
that deposltors should refrain from foolshly Ei
ing their claims to brokers for ~ cents on tSs
dollar, as heard many OF them were doing an
then that they were certain to be paid in full a.;
that depositors had better borrow money on ,hes
deposits than sell them
Colonel Sickels then gave interesting N.
feha totov ~ he hapL Tro coff.
Kean the abscondng clerk, bonded IN A
bankrupt company. Cashier Hlnckley renewed Al
expired fidelity bonds covering 'he honesty Of Nh
clerks In the American Casualty Insurance Com
pany. OF Baltimore at much lower rate than that
offered by other fidelity or surety companies M
bond was in the form OF a schedule or blanket N
which Kean's name appeared with others K,as
guaranteed 10 the bank In the Of 500
The American Casuslty Insurance Company failed
last winter and nothing was done 70 secure nev
bonds in sound company; so that from the fin.
OF the year III April % last. when the bank failed
there was no security to the depostors In case Ia
clerks officers OF the bank went wrong.
The receiver said ne had sued the Baltnon
company with unsatisfactory results. We are do
Ing the best can 10 wind up the affairs Of the
bank" said he. 'In the seventy days since b.
came receiver ] have realized from the assets b.
tween 10000 and $1,000. and on July o the u
pos,tors will receive their first dividend OF % per
II that is not prompt payment from asset,
realized I am unfamiliar with the history Of bank
reCelNerSnips. nome OF tTe idfSff uFfV<tOIs de
dissatisfied. They express themselves satisfied viii
my course Of procedure"
James Gamble. a contractor, Of Nos. and .
Wllliam-st who has cashed some OF the deposl,orS
claims az Is cents on the dollar. SAID 70 the ~
porter: II heard that Of the depositors wanted
10 sell their claims and communicated with them
The circle grew. and bought their claims. ! ~
gard It a perfectly straightforward and honor
abe piece % business"
J. g. Patton. furniture dealer AZ No. 20l Third
ave was appointed on tho committee at the Wed
nesday evening meeting To employ counsel, invest
gate and report. To Tribune reporter yesterday
he said:
The depositors OF the bank have formed an assoc:
alton. We have 300 names on the roll now we ana
fault with Receiver Sickes principally because n
has allowed certain depostors 10 receive I'D centi
on the dollar while others have received nothing
Persons who owed money 10 the bank nave oeea
the bank in par, payment OF their debts. doisl
for dollar. This. the depostors claim Is Nrtual!
giving these favored paSiss 100 cents on tse aC v
ing TO give proper information 10 the aepostoiss
and in different instances deposItors who nav
tee will employ counsel and probably ask for an
order from the court for our counsel 10 ,nv.ss,,s
statement OF the bank examiners there ought 70
dollar for dollar for the dep9Sitors ana iuiyi y
per cent for the stockholders Hence the deposl'o.
cannot understand why dividend OF more than
per cent IL not paid at once. followed qlickIy y
others A meeting OF me lhNesNsaN"ne
viii be held Friday afternoon at o'clock a, 10
J. seI Thlrd-ave. a meeting OF the depostors
called for next Wednesday al 2. m. al NO. IW
Thiri-ave.
Senator Lexow. who is counsel for the receiver
said yesterday:
II these people propose 10 rush out ana indic
everybody who was competed with the bank tns
will never get their money. The trouble IS they o.
not understand the situation.
Asked II he did not think the charges made wen
rather serious. he said they would be 40 consdere
II they came from any other source than that iron
which they had emanated.