New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-07
TRADESMEN'S BANK CASE.
MR. KIMRALL HOPES TO MAKE A RE-
r,o1,.r cco>. Nd 1NIIIIAMS,S LETTER.

MR.. KIMPAII, HOPES TO MAKE RE
PORT sOoN-MR. VILLAINS LETTER
The examination OF the affairs Of the Iraoes-
mems National Bank In progress YESTERDAY
under the supervision OF W. H. kimoaii 'he Ma
tional Bank Examiner According 10 unoi''ciai
statements made by him last evening. there hau
been no unusual developments as a result OF the
DAVIS Investigation The examination of the DOCKS
has revealed a large number OF loans on secuii-
ties in which James Macnaughtan and MS orothers
have been interested. 1t appears 10 be recoenzeu
by financial experts that the four thousand shares
Of the Wool Exchange held by the bank VIII reaize
a satisfactory As 10 the securities OF inc
New-York Wool Warehouse Company there have
been many conflicting rumors. II was learned on
the best OF authority yesterday that the trades
mems Bank has $4,000 Of the stock OF THIS con-
Germ and about $4,000 of its commercial paper
The company is capitalized at Acoo,eN but all
the stock has not been issued. II is controlled by
the Macnaushtans. Yesterday afternoon deputy
sheriff served copies Of an attachment Tor Sz"f %
against the corporation IN favor Of II. +. camp
bell & Co. for rent due for the premises NO. lZs
Charlton-st. which are occupied by the company
for storage purposes. The attachment was OBJ
tanned in Supreme Court on the ground that
the company is a New-Jersey corporation 1t Is
estimated that the company has stored more than
100000 pounds of wool On this II has advanced
n large sum- 1t IS said by Of the officers Of
NE company that there exists a large margin be-
tween the money advanced and the value or the
wool Even II there a decline Of 50 per cent
IN prices he said the company would still be
SAFE
According 10 Mr. Kimban. he has found 1t diff
cult problem 10 estimate even the approximate
value Of the securities Of the warehouse company.
Although the work of making up statement for
the Controller may take two weeks, Mr.. Kimball
animated that he might give the directors rough
draft of the banks condition early next week. in
order 10 post them on the true situation
James Macnaushtan was not al the bank yester-
dav David II. Bates said that Mr.. Macnaughtan
had left word on Wednesday that he tired out
and would remain away until to-day. Mr. Bates.
Mr. Kimball and the treasurer of the Wool Ex-
change reported that they had each talked over
the telephone with Mr. Macnaughtan In the course
OF the day. The cash. amounting TO $4,000 which
the examiners found in the banks vaults was
transferred 10 the Clearing House yesterday.
The following communication, written by Presi-
dent George G. Williams Of the Chemical National
Bank was addressed yesterday 10 James Mac
naughtan. president of the Tradesmen's National
Bank
Dear Sir: Permit me 10 disabuse your mind of
the Impression you have conveyed TO the pubic
the Clearing House Committee took place in con-
sequence Of my statements TO 1t that the bank
A meeting Of the Clearing House Committee took
place at / o'clock on Frday After the routine
Of the Bank up before rea rs a2d
in circulation in wall Street. distinctly stated
10 the committee that the Tradesmens Bank had
not called upon the Chemical Bank for any loans
for some years past, and that, having long been
neighbors Il was my impression that whenever 1t
wanted 10 borrow Il had 10 come 10 this bank.
After full discussion It was decided, that an ex-
animation should take place at o'clock on Mon
day.
After my return TO my desk in the Chemical
Bank in about one hours time. received your
letter asking for loan Of 100000 to 10000 which
promptly declined. studiously kept the contents
Of your letter private and only one single person
was Informed (and he an employe OF this bank or
The contents thereof until after my return from
the country Tuesday morning. This brief recital
OF facts will show you clearly that the Clearing
House Committee knew nothing whatever Of your
request for a loan until after the examination OF
your bank and its suspension from the Clearing
House.
Deputy Sheriff Leavitt received an execution yes
ferday against the Tradesmens National Bank for
g 73s in favor of the Continental National Bank
on a Judgment obtained October 2S 1897. The
Sheriff went the bank and informed Mr.. Kim
ball of the execution, but could not levy upon any
thing II the bank. il is in the hands OF the
United States authorities.