The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-08-12
DEPOSI90RS UNEASY.
Assets Of the Murray Hill Bank
Are Not Immediately
Available.

NEW YORK, Aug 12. iS96.-Tshe clerks
employed by the State Banking Depart
ment are busily employed today in ex-
ainining the accounts of the Murray Hill
Bank
In his investigation yesterday Superir-
tendent Kilburn found that the total
amount due depositors was above 81, ,170f-
600. The cash in the bank as shown hy
the books. did not exceed S135, 600 There
was $4,000 in the First National Bank.
the Murray Hill Banks Clearing House
agent BY Mr.. Kilburn's order the pay
ment of Yesterdays clearings was pre-
vented The amount of money in the
bank yesterday seemed to indicate an
improvement over it's condition on August
8. when 1t had only s130,O00 in cash and
$4,000 in the First National Bank
Mr.. Kilburn said that the best evidence
of the banks unstable condition was thak
Ia two months its deposits decreased
100000. The item of 1885, ,9ss, designated
as exchange" and placed among the
resources of the bank was the amount
of checks deposited in other banks 70
its credit. This could be called a re-
source only in the event that the bank
refused to pay checks issued against it
which on Monday amounted to Ss5.
Among the resources were s108 752 in
stocks and bonds. Mr. Kilburn said that
none of these We're worth their face
value-scarcely any worth more than so
per cent, while s5S,G00 was in Bavariar n
Brewing Company bonds, which would
not bring per cent. of their face value
If they were sold tomorrow. This is ow-
ing to the fact that the Bavarian Brew
ing Company is just now, undergoing re-
organization. After the reorganization
was effected Mr. Kilburn thought that
the Brewing Company bonds would in
crease in value. They are not available
now, however, as is the case with all
the other stocks and bonds placed among
the resources OF the Murray Hill Bank
The most valuable of them are hy-
pothecated as partial security of loan
of $S4, 900 obtained from the National Bank
OF Commerce not long ago.
Mr.. Kilburn said that the s122, ,1f6 in
ponds and second mortgages also placed
among the resources of the bank were
equaliy unavailable as immediate assets.
OF this amount 100000 is a second mort
gage on an uptown block of flats which
has first mortgage of 100000 on 1t.
The cost Of erecting this block was
slS5,oeo The estimated value. of the real
It would seem from this statement that
the property were worth $220, 900
Ine S1U0.0 OF the banks discounted
paper is hypothecate6, 5000 900 TO secure
It's clearing house agent-the First Ma
tional Bank-and 100000 as additional
security for the National Bank of Com
merce's $84, 600 lean
Mr.. Kilburn said that as far as he had
gone he had discovered nothing which
would indicate any irregular transaction
on the part of the bank or any Of its
officers
The general feeling among the deposit
tors. VINO are principally tradesmen and
workingmen, doing business or living IN
the neighborhoed is that they viii Iose
considerable part of their money. Cor
nelius Lynch. living in Third avenue, said
yesterday That ne would sell his deposits,
aggregating several hundred dollars. for
50 per cent F'leischer Lengel:s a Fifty
ninth street tailor, and Samuel Sosnowsks,
a musician, who have deposits OF $500
and $500 respectively in the bank, were
also. much. disturbed over the condition
of the bank.
From what Mr. Kilburn says such APP
prehension is not well founded A. L.
Pizer of No. 329 East Fiftieth street went
to Mr.. kflburn yesterday and told him
that on Saturday he had deposited a GER
titled check for $3.50 in the bank upon
the condition that he could draw ii out
yesterday to close a real estate deal. He
wanted his money. Mr. Kilburn said
that he had no authority to pay it, but
that if Mr.. Pizer waited he would in ali
probability receive his deposit in full