New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-05

From ali we know of the condition OF the bank i, II
seems than probable that u, al ep Exchamge
in decidng not continue its sales as anncuns e
spa wee ever ITS co oS and
steady withdrawal Of accounts sine ' hnt !, was
large sum. and it hurt the bank severely The WoG i
Exchange does not owe the bank my nnenq Of the
Institution The Wool Exchange orSani5eG to
conduct wool sales 1t has deeded rr TO which
consists largely of the Wool Exchange IN, Sn,q s7 200
Which the 0 the has the
tbn oftcers hope will prove good for 100 cents on
the dSaT be Among these account
Of the firm Of Sawyer Naming dSsconnts With
,Sn hank As to the reports that the bank was was
hard hit by this failure wou SoS Sy nothing 10 do
With the present embarrassment Of the concern
COVERED WITH NOTICES.
Rvan m the outside doors OF the bank were
oo,.orad with notices Some of these were an
nouncements from out -of-town banks ana loca'
denositors that checks drawn on the iraues
nen's Rank would be honored II presented d.
other banks named 1t was reported that 'iie'e
vou,d he in the course of the day meeting vi
Tire directors TO decide the question OF inahihs
good the impairment OF the banks capi'ai III
order that 1t might continue In business La'
in the afternoon 1t was given out AT tiie oi'''e
10 Rlur,enstiel & Hirsch that there had peeh
s,,.h meeting but that no action had been
taken pending an adjournment until to-day
A nro,ninent member OF the wool trade SAID
,.o..ordov that the announcement Of the banks
closing was complete surprise to him. ne re-
o,od tho tact that a business friend had pur-
chased some Of the banks stock last sprihs'
lust prior to the date when the Clinton BANK
was absorbed by the Tradesmen's Bank one
Of the principal reasons he said. that MS iriehu
invested was the splendid showing OF the nahA
in the total deposits. which were then more
than 100000.
According TO the statement issued ny the pahA
on July l. its officers and directors are as io'-
lows: James Macnaughtan, president: DaViu
II Rates vice president: James W. Cla"son'
"a shier: John G. Zabriskie assistant cashleI'
A swan Brown. Jerome F. Bates, Augustus -.
Bechstein Charles r. Flint, DAVID hunt' Jullus
Kaufmann Thomas b. Kent. David NJ, LOOK
FREDERICK F Pitkin. James Rowland, John a.
Tweedy. Clarence Whitman and William H.
Woolverton. Mr.. Brown and Mr.. Whitman re-
signed, however. some time ago.
THE BANKS CORRESPONDENTS.
The hank has the following correspondents:
Drovers' National Bank. Chicago; National
Rank Of the Republic, Boston; Columbia Ma
tional Bank Washington 1t Is one OF the oid-
est banks in the city, having been estaonshed
in 1928 1t was first in Chatham Square where
II did business in a small building whch u re-
placed with a white marble structure no" oc-
cupied by well-known pawnbroker FROM
chatham, Souare it moved to Broadway. where
Il was for many years. About five years ago IL
took possession of its present quarters ID wes YES.
broadway James Macnaughtan who mas Deen
its president for nearly four years was pre-
ouslv in the wool business. and the bulK OF
20 ic ho nj
wool men That fact II was remarked III van
Street yesterday, was source OF weakness, TOT
a bank is the more likely to thrive the more
widely distributed are the occupations Oh its
customers for men do not want to make state
ments of their affairs to boards OF directors
composed largely of their business competitors
The MaCnaughtans have been actlVe IN en-
deavoring TO make this city. instead OF Boston,
the centre Of the wool trade, and the suspen-
sion of the Tradesmen's Bank is attributed by
one of it's officers directly TO the rivalry between
the wool dealers Of the two cities. as one result
OF which deposits agSregating SJooU nave
within the last month been Withdrawn from
the institution. mainly by Boston depositors
The Macnaughtans have been interested IN
MANY enterprises relating to wool. They were
instrumental in forming the Wool Exchange, or
which Allan Macnaughtan. as already sald was
nresident: the New-York Wool Warehouse Com
pany a New-Jersey corporation. with a capital
of 81 100000 of which concern William Mac
naughtan is president and James s, ana , Allan
Macnaughtan are directors the Wool Record
Publishing Company. of which Allan Macnaugh-
tan was president and the Tradesmen's Bank
was the hacker. and which got out a paper
which suspended publication recently the Mer-
chants Safe Deposit Company. in which James
and Allan Macnaughtan were directors. and the
Wool Club All these institutions have been
housed in the Wool Exchange building. Last
winter the Tradesmen's Bank secured control
Of the Clinton Bank. State institution
NO EFFECT ON THE MONEY MARKET.
The suspension yesterday had effect upon
the money market and no other bank or insti-
tuition is likely to suffer because Of ii. The
bank is not a lender Of money for Stock Ex
change transactions. Opinions differ to the
amount which the depositors will receive. some
persons saying that payment will be made In
full and others declaring that not more than
50 cents on the dollar will be paid. The cap
ital according to one authority. will amount TO
between S25OUO and S3OOVD No evidence Of
defalcatlon or misappropriaton OF funds was
discovered
THE NEWS IN WASHINGTON.
WASHINGTON Oct. Nv. II. Kimban. bank exam
liner at New-York. has been placed in charge Of the
Tradesmen's National Bank OF that city, which
failed 10 clear a the Clearing House to-day. An
bapk hah