New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-22
TO SUCCEED Mr.. BALTES.
LEO sCHLEsINGER, NEW PRESIDENT
OF THE MECHANICS AND TRADERS.

Vice President Leo Schles'nger was electeu 'o
succeed Fernando Baltes as president OF the
Mechanics and Traders Bank. at Broadway ana
Broome-st at a meeting Of the directors heio
Yesterday afternoon. and Isaac Stebel one OF
the directors was elected vice-president fresi-
dent Schlesinger said after the meeting tha'
Mr. Raltes had been deDosed from the presi-
dency because he was incapacitated ana uhao'e
70 take care Of the bank
There was a run Of fair-sized proportions OH
the bank yesterday. which was due to the pup
Nshed reports regarding President Bates NOTES
and the probability that he would he deposed oy
the directors. The printed assurances Oh '"'
nank.s absolute solvency. reinforced by declara-
tons 10 the same effect by officials OF the oanK'
had weight with some OF the uneasy depositors'
who concluded not to withdraw their deposlts'
but others would be satisfied with nothing but
their money and they received IT as promptly
as the paying teller could attend TO them
WAITING FOR THEIR MONEY
ALL o'clock there were about four hundred
men in line waiting TO withdraw money from
The bank Vice-President Schlesinger was in
the bank but President Baltes was not there
Mr.. Schlesinger said lie supposed the president
did not wish to face the music" He added
that when the Clearing House discovered that
number Of the presidents Endorsements mad
been found in Wall Street selling at surprs-
ing discount and investigated the matter IT
had found the bank perfectly solvent The
Clearing House ne said had guaranteed the
bank all the money It wanted. and 100000 had
been sent to the bank for depositors
Mr. Baltes" added the vce-president. was
too easygoing
At the usual time for the closing of the bank
8 O'Clock. there were stil within the doors OF the
institution about two hundred depostors. The
big iron door at the Broadway entrance was
closed. while the door leading into Broome St
was kept open for the convenience OF those or
the unpaid depositors who had been in the bank
at the time for closing. It was roughly estirnat-
ed that fully S250O0O had been withdrawn dur
ing the run on the bank Large supplies OF
money came in by messenger to the bank
through the afternoon. and large number OF
those who in the excitement earlier in the day.
had Withdrawn their deposits returned to the
bank. where they handed their money over TO
the receiving teller.
After the meeting Of the directors the newly
elected president Air Schiesinger, said that the
bank had been found to have a surplus Of Nib
600 and that this surplus had been only slightly
inloa.red The bank was sound and had not
been Injured in the slightest way. and would
no: be injured by the Withdrawals OF the day
Late in the afternoon George LeventTtt
counsel for x-President Baltes. appeared IN the
bank building and reported having presented
the written resignation OF his client which he
seid had been accepted. This statement was
confirmed by Vice-Presdent Stiebel. who said
that after the directors had taken the action
referred t. by President Schesinger. who an
nounced the deposition OF his predecessor, II
was deemed best as a matter of propriety TO
accept the resignation.
Mr. Leventritt in his explanation of the stu
1ucn. said that Mr.. Baltos had been foolish IN
the matter Of floating bonds in Wall Street IN
;he expectation that the transaction would re-
suit in. securing to the bank deposit OF S3o0OOo
from a source which he refused TO name
The new president, Leo Schesinger. is head
&c the firm Of Leo Schlesinger & Co. dealers
in toys. at No. 129 Crosbyst. and has been a
director in the bank for several years. Isaac
Stiebel the newly elected vice-president, is
president Of the japanese Fan Company, at
No. 519 Broadway. There is no allegation from
any source affecting the integrity Of ex-Presi-
dent Raltes the only reason for his retirement
g. is said having been that the directors felt
that his reported connection with the Tacoma
railroad enterprise was not likely to promote the
hest interests OF the institution Of which he was
the head.
THE TACOMA AND COLUMBIA RIVER co.
George NJ Morton. vice-president Of the
Tacoma and Columbia River Railway Company
was seen yesterday afternoon at the Eastern
offices Of the corporation, at No 40 Wall-st., and
made a statement in substance follows re-
garding the road:
1.-THE Tacoma Railroad became the property OF
the WASHINGTON National Bank OF Tacoma,
which failed The Controller Of the Currency
took charge put in receiver and had the road
sold. A friend and myself put UP the money and
bought the property 1t was reorganized and
bonds were issued upon the part Of the road
which was in operation Important terminals
were secured, and according to the terms or the
mortgage bonds TO the amount or SZoooVo were
issued upon these terminals. Contracts were
made for disposing OF the bonds, but the war
came on and the contracts were not fulhlIeo
Money HAD to be raised Mr.. Battles assisted TO
q small extent in this work. This enterprise is
considered an excellent one by all who have ex-
amined it. Mr.. Rumrill. some Of whose notes.
Endorsed by Mr.. Baltes, have been oHereo III
Wall Street is a bookkeeper in this office
'"The stock OF the road" continued Mr.. Nor
ton had been placed in the hands of voting
trust for FIVE years. and the sole trustee was
William Bailey. the president. l have just re-
ceived word from the West that the road has
been reorganized by the election Of new officers
all Western men, and that probably means tnat
Mr.. Bailey has effected reorganization 10 suit
himself"
F H. Garrnan formerly treasurer OF the road
is quoted as saving that ne had put S19,BW into
the enterprise and that Mr. Morton had invested
500 900. The trustee Of the railroads mortgage
is the Continental Trust Company OF this city.
Otto T. Barnard. president OF that company
said yesterday that the mortgage was an un-
limited one the line being allowed TO bond Itself
for 500 600 on each mile Of the present route and
possible future extensions Bonds to the amount
Of $4,000 had been issued-$250WO on the
road and $3.50 900 the deepwater terminals
Mr. Barnard knew nothing Of the reported re-
organization Of the line. and said that in any
case IL would not affect the mortgage The road
had defaulted upon its September coupons but
under the terms OF the mortgage no foreclosure
proceedinFs could be instituted within six
months from the date Of the default.
The Board Of Directors OF the Mechanics and
Traders Bank gave out the following state