New-York tribune., 1894-03-16
ST. NICHOLAS BANK LOANS
HOW ITS QUARTERLY STATEMENT WAS
CHANGED.
a CORRECTION DEMANDED BY THE STATE
EANKING DEPARTMENT-PR -PREsIDENT GEANEs
MAKES AN EXPLANATION

y tOKKE'llDN DEAANDfb bi 4iiH '''''i>
EAXKING DEPARTMENT-PREsIDENT GRAVES
MAKES AN EXPLANATION.
further investigation into the affairs Of the 81
Nicholas Bank may be deemed worthy the attention
Of the DistrlctAttorneys Office. although IL IS re-
ported that the officials have been unable 10 ma
evidence that would warrant criminal Indictments
An instance has come light in regard To the last
statement OF the bank to the State Banking Depart
ment which would to merit some eNpI&ha-
ton from the state authorities. Prior to November
IS last the ST. Nicholas Bank borrowed SV'cVo eacn
from the National Bank of the Republic and the
Gallatin National Bank. 1t understood at the
time that the loans were made to enable the ~.
, Nicholas Eank TO pay Off the Clearing House io'h
certificates taken on; by II, among many otheF
banks. to weather the financial storm Of 1872 The
loans are said to have been secured b. the deposit
Of warehouse receipts AMI bits receivable. ana 10
have been ndorscd 10y Arthur Il. Graves presl'eh'
Of the 81. Nicholas Eank.
In the statement Of the banks condition on No.
venbcr g. lS93 fled with the State Banking Depart
nen the bank officers sworc TO deposits amounting
to SOil 29 gS whit, the cola, 'ra, given for the od
10000 from the Ga.la;in and IN" National BANK
of the Republic were retained among the - Ncho-
les Banks assets. This was the case with the
statement as advertised in THE J0urnai OF COM
mercc" Bank Examiner Julson. who was aware
OF the S910O)o loans. wrote to tho - Nicholas OH
GERS demanding q correction Of the statement The
81. Nicholas Bank made the correction by reducing
It's item Of deposits $.Sl?.-}9 5S and transferring
the $2r4. - loans 10 the item "due trust COM
panies .';ate AMI National banks raising ina
amount f.om S2g ill =. ~ II 322erel IN tre ga
ver.iscl statement $lC9i q in the report 10 'h'
II Is conten'icd that the State Eanlsng Supcrin-
tcndpni should have enforced further correction
50 that the S2coap snOu,d appear IN the u'n OF
loans and discounts" and not as lu" ttist c'i'-
nlrics STAT" ana National banks va.ch Is an
r,. hy way Of absolute debt The stat" autnoii i-
ios however we're satisfied win the parlfI rpI-
roction made by the - Nicholas Rink put "r'I
This correction WAS not mad IN ~" a.iF"r''s.' !
s.atan,.r. of December =. 1896 III" SlN'"' iphhs
,nado hy thc National Bank ~ the Republic an ne
Ga.Iatin National Bank wrr" "phstqueni4f raii on
10y IN. -. Nicho,as Bank ami Tho i"'m"r ZIP i
know nothing rf the way tn lnSn" Nfi ~ .,'i'"
ia..i -. ~. 60 t..rier, ~ tne - >t"f l's banF
V-iIiiar, 7 Gardner the cashier Of the St Ni"h9-
las bank refused Yesterday To Discus itS aUa'fS
Arthur H. t;rAye~. tn" president. vas qGotpd A's-
tcr,av afternoon as follows.
II did not make 10 ia" yia;cm'nt. - WIS h'nl =
up bv the cashier Mr.. Gardner Ny. bl'ih"r hl y
h,, I'm the banking business for thirty N,ars. HNi
l,,c,y much more about IL than dl WI n. iH,',-
fore h. brought the statement q me-. 'itur'l ~
Nr G,rlnc~ and discussed this question or
whether th, Sa,HpD should hr pat among IN" 10
/ rosits or among the amounts in" banks. was m
cl.n,d t. think iha q belonged In the nti'r 'a'"-
CORY and told Nfr. Gardner $50, hut y" was c'ariy
IF GIinion that should q I'm tho former and ~
courso deferred To him
~ Mayor Grant. th" receiver of III" Nank. yes-
tcrday paid dividend - 80 u'v cont io ~" " h.
uosit1rs' lie sent out - c1ecks. amounting 10
I se-0t.0