New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-27
THE TRADESMEN'S TO REOPEN
PRESIDENT BATES AND TWO DIRECTORS
APPOINTED LIQUIDATORs.
THE BANK TO re REoPENED on DECEMBER FOR
PAYMENT or DEPOSITS AND THEN TO
RE REORGANIZED on A SUB
sTANTIAL BASIS.

President David II. Bates Of the Tradesmen Ma
tiona Bank. al Beach-st and West broadway.
which suspended business on October y rece'.e'
the following communication from the Controller
of the Currency Yesterday:
oince u wash,netnn D. G.. November 25. 1893.
David II. Bates. Tradesmens National hanA' >e"
Sir: in accordance with the report Of the con- m
mttee appointed 10 appraise me asset , y" ~ the
Tradcsmen'S National Bank and the report nl we
receiver upon the condition OF the bank to the rs
feet that al the appearing that
The bank has now cash and cash asses on NAV "" he
presented have decided to permit the bank 10 go
into voluntary liquidation. -,s,,,o,s i'm.
In accordance. therefore. with the conditlos IN, ~,
posed AT the time the Committee Of Directors calen
upon me that should name TIE Iiquidat,ng I"mr
,nn and Julius Kaufmann directors OF the Trades
men's National Bank as hquiaa1'' hI and the
to take charge 81 the assets OF the oanR anu ''''
The bank must be open for purposes Of quidaion
of tho bank a notification 9i ms ao naWrs
respectfully. CHARLES w. Gon,roiIer
The committee it was learned Yesterday. has
accented the appointment. and a hurried meeting
was convened in the bank building In the afternoon
The chair was occupied by President Bates. ana
James W Clawson. the cashier acted as secretary.
At the close Of the meeting president bates Hia"'
the following statement:
National Bank Examiner and Receiver William
H. Kimball mas to-day turned over TO the lqui-
dating committee all the assets including lhe sum 1
OF 81 J9} 100 j.. in cash. The amount owing 10 d'-
posors - date is S22l So S. leaving s6lS9 ~ dc
posts in the names Of parties who have agreed 20
accept certificates deposits running four months
hence. thereby giving us sufficient time In wh'cil
to collect the balance Of our loans. which amount
to more than the sum named. exclusive OF other
quick asscts-thc latter amounting TO from S5Vlce
10 ssoovop. they may he realized upon. Tho com
lnitioe has voted to reopen the bank for business
Thursday. December l. for the payment on de-
mand OF all deposits. excepting In the case OF dc-
ferred payments. Meantime several syndicates
are forming considering the question OF the re-
organization Of tho bank substantial basis.
such Will he acceptable TO the Controller OF the
Currency.
Aside from the losses sustained through the I'M
wise loans made by the former president. James
Macnaughtau. the bank appears TO 10 in thorough
~ good condition This Is evident from the ABOVE
figures. and by the fact that since October !. the
date Of suspension. the examiner and receiver in
charge has collected from loans over 81 C0oC0 main
~ i'm small amounts, from hundreds of borrowers
and without the loss OF single dollar.
President Bates said that the plans for the reor-
ganization Of the la nix were In charge of Adams &
Adams. lawyers. at No 321 Broadway. who are also
counsel FOR the Garfield National Bank, In West
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