The evening times., 1898-10-04
Big BANK SUSPENSION
The Tradesmen's National of
New York Closed.
AN OLD CITY INSTITUTION
Its Failure Said to BE the Result of
Its Close Identification With the
wooI Exchange, which Recently
Gave Up 0perations-An Official
Examination Pending.

New York, Oct. At is announced that
the clearing house committee made an
examination of the Trademarks National
Bank last night and refused to allow it
to make clearances this morning.
At the Tradesman's National Bank
business is suspended this morning, and
considerable excitement prevails about
the building. President McNaughton
says that ne has no statement TO make
Tor the present
A notice is posted signed w. II kim
ball, national bank examiner, which
reads:
This bank is closed pending an official
examination"
Bank Examiner Kimball says that he
has not yet had time to go deeply into the
affairs of the Tradesmens National
Bank. From what he understands so far,
however. the banks trouble arose from
certain contracts 1t had undertaken with
the Wool Exchange.
The closing down Of the Exchange pre-
cipitated the suspension.
The Tradesmen's National Bank is one
Of the oldest banks in the city, and has
for a long time past been identified with
the Wool Exchange which some days ago
suspended its dealings in wool.
The financial status OF the bank was a
matter OF rumor some time ago owing
TO the known adverse trade position Of
The Wool Exchange.
An official of the clearing house said to-
day that at last nights examination Of
the banks affairs, bad debts were dis
covered which it is believed viii impair
the banks capital TO the extent OF $250,O5O
or $500. 900. No evidence of the defalca-
ton OF misrepresentation of funds, it is
stated, was found.
No other bank or institution is i'm any
way affected by the suspension and il Is
hoped that all depositors will be paid in
full
1t is said the bank is not likely to re-
sumo business.
The following dispatch was sent to the
Treasury Department at Washington
yesterday by Chairman Tappan, OF the
Clearing House committee:
The Clearing House committee have
this afternoon examined the Tradesmen' :
National Bank, of this city, and in their
opinion the capital of the bank is large
ly impaired. and il should be placed in
liquidation"
The capital Of the Tradesmen's Ma
tional Bank was $50, 600.
Tn first intimation the Comptroller of
the Currency received of the condition of
the Tradesmen's National Bank was this
morning, when the clearing house at New
York Informed the department that they
refused to clear the bank National
Bank Examiner ". H. Kimbau was al
once ordered to take charge.
The following is the last statement
made by the bank which was on Septem-
ber 20:
Capital. S75o, ,0t5; surplus and profits SIPS,
Os3: due TO banks and bankers, 1888. SO; in
dividual deposits, s2,O54.6u; loans and dis
counts, $209lS42; cash on hand and wit
other banks, $l.0S9, ,l69.
This statement" said Assistant Comp
troller Warner, may mean a great dea
or it may mean nothing. The value c
the loans and discounts depends entirel
upon the class of securities the ban
holds All we know is that the official
of the bank claim their concern is so
vent"
Until about six weeks ago the Colum
bia National Bank, of this city, had a
its correspondent in New York III
Tradesmen's National Bank. But tn
president Of the Columbia having hear
some statements regarding the conditio
of the New York bank. withdrew tn
Columbia's account and deposited
with the Phoenix Bank Of New Yorl
and that institution is now the Coiun
bia Nationals correspondent.