New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-05
BANK CLOSES ITS DOORS.
CAPITAL OF THE TRADESMEN'S NATION
AL SAID TO BE IMPAIRED.

THE NATIONAL BANK EXAMINER IN
CHARGE AS A RESULT OF AN INVEsTl-
CATION BY THE CLEARINGHOUSE
CONTINGENCIES OF THE
BANKS TROUBLE.
The rraaesmens National Bank. in the Wool
rxchanye Building. at West Broadway and
essc,-st susnended business yesterday morn
,rr as q result of an examination of its aHairs
made ON Monday afternoon by the Clearing
House Committee. and the consequent reiusa'
n, the committee 10 allow the bank 10 MAKE
.learances Yesterday. William II. klmpai' va
uonal Bank Examiner. took charge OF the i"s''
tuition Yesterday morning, and posted U" ''e
doors this notice signed by himself;
This bank is closed pending official exaii''''"'
don
The SUSPENSION OF the bank did not cause any
surprise in the financial district. as II hau oee"
for good while generally supposed 'ha' '"e
stitution was not in a Thoroughly souiu WV"
ton. During the last three or four weehs ''a,''
INQUIRIES regarding IT had been addresseu " WV
various members Of the Clearing HOUSE No
mittee and at the last meeting OF 'ha' oou' va
Friday the decision was reached 10 man an -
vestigation Of the bank. decision piooa'!
FASTENED by the action last week OF the "oo'
Exchange in suspending operations. as the TWO
institutions were believed TO have intimate re-
Iations The president Of the Exchange AHa''
Macnaughtan and the president or the oahh'
-. Macrauehtan. are brothers. AT the time
OF the suspension Of the Wool Exchahee
,,.ona,sbtan vigorously denied current rumor
cha, the Tradesmen's Bank was TO De aosoroeu
nv one Of the larger banks in the financial ais
hat 10
affected by the Exchanges suspension
EXAMINATION ON MONDAY
The examination on Monday was conducted
nv J. Edward simmons president OF 'ie Nie
ing House Association eHd OF the Four'h ~"
tional Bank. and these members OF ''ie
ing House Committee: Frederick ~ Happen
president OF the Gallatin National BANK NUE.
NJ Galloway. president OF the Merchants
tional Bank James Stillman preSoeh' Oh 'ne
National CITY Bank. and ". A Nash, president
of the Corn Exchange Bank. George W. "
Jams president of the Chemical National BANK
.ho rome,rine member Of the committee. was
unable to be present. and his place was taken oy
II pert,ns ir president Of the Importers
and Traders National Bank who yesterday was
a,oc,sd o member of the Clearing House COM
xn,,,ao Ivil,,am Sherer and William j. Gllplh'
,.sne,t.vely manager and assistant manager OF
40 CLEARING House. were also present under
tho rules Of the Clearing House Association any
hank which is a member of that organization
must submit 10 an examination OF It's anars
whenever the Clearing House Committee THINKS
a. advisable to make such inquiry. NO previous
notice had been given the Tradesmens BANK
hut when the members of the committee
arrived at the bank on Monday afternoon
President Macnaughtan. IL is said, welcomed
an investigation and said he was gao
tbev had come as attacks had been mace
unon the institution and he wanted stop
nut TO them The examination lasted two
hours. and the committee found the banks al
fairs so involved that they recommended to its
officers that the institution go into liquidation,
and sent the following dispatch to Charles g.
Dawes Controller of the Currency, at Washing
ton:
The Clearing House Committee have this after
noon examined the Tradesmens National Bank or
this city and. in their opinion. the capital OF the
bank is largely impaired. and II should be placed
IN liquidation. f. ID. IAffhN Nhdirnldh
The committee also. as previously stated. re-
fused to allow the bank TO make its exchanges
at the Clearing House yesterday morning. and
the carrying into effect of that decision was the
first intmation to the public that the bank was
in trouble.
The latest sworn statement Of the condition
Of the bank sent to Controller Dawes few
days ago, showing how the bank stood at the
close of business on September 20. That state
ment was as follows:
LIABILITIES.