New-York tribune., 1894-04-27
LIABILITIES.
LOANS TO DIRECTORS.

Previous reports showed that loans 20 direc-
tors were first made in september. lS9- ana were
increased gradually IA follows September lsS-'
50 900; December. 1892 $1,000: January 1893 A2,-
900; March, 1893 So 500 The bank was organized
only four years ago. and IT has occupied the
ground floor of the thrcc-story building. NO.
. 007 Third-ave. at a comparatively small rental.
T'hn dcpositors are mostly small tradesmcn In
Harlem and the St OK IS held 10y many persons
of small means. The directors cf the bank are
Robinson GIL president, Henry Budclman wee
president; James j. Backman William H.
Burke G f. Schane. 4. 4. Stein. George lier"d
and Donald Mclean. Mr. Budclman. VINO was
AT fine bank in the afternoon. said that he dd
not think the directors would b." able 10 MAKE
any nght against the Banking Department. ana
tn. bank probably would have To - into liquda, d,
tion He was sorry ne said. because the forced
sale of real estate which was security Tor some
~ the loans might result in loss, but ne
thought the bank was perfectly solvent Ihe
depositors would undoubtedly receive every
penny that due them. but 1t was imposhDle
10 tell II the stockholders would escape loss
There was run on the bank Yesterday before
It was taken possession Of by the Bankihg pe-
parirncnt and early In the day the officers or the
bank denied that they had received official notice
that the Garfield National Bank would refuse
! 10 clear for them. Mr.. Hincliley. the cashier,
! declared that he was surprised at the circula-
| ton of the report
STRAINED RELATIONS BETWEEN BANK COM
MITTEEs
''Do you believe 1t to be the result OF the
strained relations existing between the State
and National Bank committees that has caused
the trouble?" was asked.
! 'J,ndoubtcdy" said Mr. Hinckey. "and more
/ over / believe that we are being made the vic
! fins This bank was never I'm better flnancial
! condition but | would not have had the state
! mcut that was made made public for $1,000.
There are q great many ignorant people VINO de-
noslt money with who cannot understand
! Inc posjtion Of things Ike intelligent people. ana
I.a. III
! nurntIy the bank is likely to experience a great
| dcal Of trouble. How the matter could have
| become known is more than can conjecture
and [ would be only too glad II nothing more
was said about IL for couple or DAYS, uhtl
! can communicate with the Garfield Nauopai
| RANK officials There Is no doubt that we can
| nuu through the trouble for we nave gone
| through purgatory during the last year. ana We
| have n greet many friends
| I-arlv in the day also. w. II. Gelshenen. pres
t,ent If the Garfield National Bank. at sixth
! ,.. and Twenty-third-st denied that any ON
! ci,l information had been given TO the Harlem
| pivor Tank as to discOntinuance or clearing
/ nrj,,Ilcees He also said that ne thouBnt the
! HARLEM River Bank was solvent just Derofe
! Tho close of banking hours he said; we nave
| recaived Information that the Banklng 'Dc-
! narttnent has taken possession OF the Hhrien
! ,,I,.or rank and we have accordingly sent ou'
~ M. ,ho, we will cease To clear for that bank
7 stiIl think that the bank Is solvent. we mao
| han talkIng OF giving up the business or clear
;no for tho smaller banks, because u was q
anod deal OF trouble and there was not hluci
,,roG, in Il We would have continued 10 cleai
,or tho Harlem River Bank until anotner agen
nor,d have been secured II the Banking Depar,
ment had not stepped In and taken possession