New-York tribune., 1894-04-27
ITS DOORS CLOSED.
THE HARLEM RIVER BANK IN lhT
HANDS OF THE BANKING DE-
PARTMENT
THE CASHIER INSISTS THAT HIS INSTITUTION Is
SOLVENT. AND THAT THE GARflELp Ma
TIoNAL WOULD HAVE CONTINUED

TIoNAL WOULD HAVE CONTINUED
TO CLEAR FOR IT.
The state Banking Department took formal
20. session Of the Harlem River Eank. at NO -''"'
Third-aye.. yesterday afternoon and closed H.
pordinc an examination of its affairs. Although I
the action was said t. be the result Of reports IN
tho newspapers to the effect that the Garheld
National Bank had given notice that 1t would
soon cease to act as the clearing agent OF the
smaller bank 1t caused evident surprise al oo'h
banks. About 230 p m. A. c. Judson. the chei
examiner Of the state Banking Department; APP
peared at the Harlem River Bank ana shid ne
vas there 10 take possession IN the h"''e VI
Superintendent Preston and make an eXaml-
nation lie Immediately posted ihe l"Ilo"inS
notice on the front Of tn" hahk'
This bank Is closed ana I'm my possesSl9h e, prm-
Ing an examI alton into lis condition am "''"''
CHARLES VI. PRESTON,
Superintendent OF Banks.
April 26 1894
Robinson Gin. the president Of the Harlem
River Bank said hc was surprised. IL '""''u'-
atcly left the bank L. c. Hinclhey the cashier
remained with the other employees ana mace
ready 10 have the cash in the bank counted
Mr. hudson said to "A Tribune reporter later
'.Th. bank probably will 60 int" iiquddUoh'
as II has not been making any money :pi some
time and it is doubtful If it could get Gearing
house agent As soon "a took formal posse
sion II the bank cent word bN teleph"h" !" u'
Garfield National Bank and have .rc'l'r1 ""'u
that the Garfield has given notice 10 ,lie
Clearing House that the clearing privileges
would be withdrawn from the II iri"m h'Ner
Bank ! will proceed - make an examination
of this bank. but ! cannot tell at present now
!, rs a time will bc needed Tor Inc rNihHndu'H
I am not Inclined 10 think that the 'di!in 81
tho bank is impaired. mad" an 'N'm'nAuoh
II its affairs only two months ago ana 'h' 'HPi-
tai was not impaired At that um"
MIR. H1xcKI.rY SAYS THE RAHK IS SOLVENT.
I 4 ~.
the bank officials could no. prevent the bank
from being forced into liquidation. because there
were no wealthy men among the directors -
como forward and secure any loans with which
! fault might be found by the Banking Depart
mont There had been no good reason ne sall,
/ why The little bank should be- crushed "ut "' ~ ~
! istcncc. ~ it was solvent IN" "nF upu"'e ""9
! that on account II the great number "i loans On
! real estate security N" bank had been snort IN
| ts cash reserve. and advanidg" hdd h'cn tAk'h
| ~ that 10 crush the bank. although the loans
were well secured II there was no forced sale ~
! tbe real estate About three months ago the
| bank had borrowed $4,000 from the 'dr'leii "a
| tonal Bank. securing The loan by ample col
| lateral on account Of the shortness I'm the cash
reserve. One-half Of the loan had been repaid
and Il had been the intention of the officers o'
the hank 10 wipe out the rest of the loan At the
end OF this month. The latest statement made
by the bank to The Banking Department was on
March /. and was as follows:
RESOURCES
Loans ard dtscounts less directors $3.50 9T7 ~
Liability of directors. "s per 'ch"iai" o' ,o,ooc,
onlnaSS-s,. a.. go, .rh.lule .............. 1p4 81
Due from trust c,npanl-r. state and %a'ionai
s,ocEs ard ona. ~ per schedule = ,So .!
TTgT TTgni,r statis legal ,en,cr ana circulating
Current expenses
FURNITURE ana fixtures. '"""
sao7 'oi IS
LIABILITIES.
c,pae .,o.s paid IN IN iS.9 -
| SHlH'.. ,''.I