The sun., 1898-10-07
MAoNAUeHrANs BUSTED" IT.
Examiner Kimbnll Lays Tradesmen'l
Banks Downfall to That Family.


Banks Downfall to That Family.
"The borrowings and the lendings of money
BY the Macnaughtans have busted the Trades
mems National Bank" was the declaration
made to a group Of reporters yesterday FORE
noon by United States Bank Examiner Kim
ball. Mr.. Kimball afterward asserted that
the loans President James MacnauRhtan had
made to himself. his brothers and their asso-
ciates In the various MacnauRhtan enter
prises under the roof OF the Wool Exchange
were all made since the Examiners exami-
nation OF the bank In July. Just when
they were made. he said. he did not know
There is only one series OF these loans
which Mr.. Kimball has investigated as yet
This Is the one for $350.000 altogether.
which has for its basis block OF 1000 shares
Of the Wool Exchange stock worth at par
100000. This stock was issued at so cents.
When Mr.. Kimball was asked yesterday how
much Of the New York Wool Warehouse stock
had been spouted to'the bank..he said
II do not know. but have not been through
one-sixteenth Of the banks assets yet. know
that it has $4,000, or S500OO worth Of the
FrssidsDt 'G GeorSe G. Will William of the chemi
Written to Presdent Sis Macnaashtan: h '"'' 'e''eF
DEAR SIR: Permit me to disabuse your
thn mind db q the impression you have conveyed to
mems Bank by the Clearing House Commit
tee took place in consequence of my state
The simple facts are briefly these: A meeting
Of The Clearing House COMMITTEES took place at
bad Fd As s9 eSs fSs o
OF the Tradesmen's Bank came up before us.
credit end i p stated fhat n T
TTradesmePs Bank: had not called upon the
Chemical Bank for any loans for some years
past and that. having long been neighbors, It
was my impression that whenever they wanted
m p9rrow they had this bank After
tion should take place at 8 o'clock On Monday. :,
After my return to my desk at the Chemical
your letter asking for loan Of 500, 600 70 TO
100000. which promptly declined. studi
y He6 sne % y9as
he an employee Of this bank Of The contents
thereof. until after my return from the coun-
This bFei %eeia reoita of facts will show you
clearly that the Clearing, House Committee
loan until efter the examination Of ffSHt your bank t
VeFE TssPeCtIqy u
s8id g2i 70 be in the Adrondacks for his health.
York Wool WarehoGse Company. " was s'iS said TG to
be at the MacnauGhtan summer home at
81 be ds fna aSS Th
Vice PRESIDENT Bates and Examiner Kimball
said that he was resting and that he could be
found at an hours notice II wanted
AS IT was there was no one with authority
to tell what the condition or the assets were OF
the New York Wool Warehouse Company or
Of the other MacnauRhtan concerns whose
obligations have heen loaded upon the bank.
Il was said yesterday that the New York
Wool Warehouse Company has on hand 49,
100000 pounds Of wool upon which II. has
amount to $1.5000OO or more. Yesterday
the Sheriff received an attachment for
$2664 81 against the company IN favor Of H.
p. Campbell Il Co, for rent due on Oct l for
premises l2a-135 Charlton street. The COM
pany is a New Jersey corporation.
tans. said:last night that the attachment would
probably be vacated to-day by the payment Of
the rent due
1t is expected that as the examination OF the
Tradesmens Banks assets continues there
will be found obligations Of some Macnaugh-
tan concerns whose names have not been men
toned before. One Of these is Macnaughtan 4
Co. corporation. with offices In the Wool Ex-
change building. whose capital stock is $1OO.-
600. Beyond the fact that James Macnau1htan
Ia its-President and sAllan the Secretary. moth
ing is known publicly OF It's affairs. The stan
dard LthoRraphing Company OF 32 Lafayette
Clawson, the cashier Of the TTadesmen's Bank.
is Secretary. and David Il. Bates. Vice -Presi-
ent OF the bank. Is a director The Merchants
Safe Deposit Company. which has the vaults
under the Tradesmen's Bank and Is capitalized
at 100000. has James and Allan MacnauGh-
made to reorgani2e the Wool Exchange. with
the Macnaughtans out. Ohicers OF the ex-
change declare hat the property can be made
to pay handsomely as an Office building.