The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-10-05
T~RADESMENS BANK CLOSED
CAPITAL OF S7So.Ooo AEPoRrED ~
BE BADIK IMPlmHp.s

No Suggestion That the sSeOo'SCe Dus -
Dspositors and Banks Will FOt Ne baid
in Tims-Bank Examiner sAla ~ Have
Passed the Bank as Sound on Aus. l.
Loans That We're Made on Bad Paper
and to Concerns That Are Now InsOlysnt.
The Tradesmen's National Bank, which
occupies offices in the Wool Exchange building
at West Broadway and Beach streets, and 10
closely connected with the Wool Exchange
and its allied concerns under the manage
mont Of tho three MaonauEhtan brothers. was
forced to close its doors yesterday because Of
the action OF the New York Clearing House
committee. and It went ut once into the
hands Of United States Bank Examiner W. Il.
Kimball for an official examination.
Rumors detrimental 70 the credit Of the
bank have been current for several months.
These became 80 rife that Inquiries began to
como In 10 the Clearing House from many
sources asking II the bank was sound, AS q re-
suit Of this the Clearing House committee. at
its regular meeting last Friday, decided to
examine the banks condition on Monday. AZ
the close Of business at 8 O'Clock on Monday
the committee appeared % the bank. without
having given any previous notice, and made
the examination Of its assets and general con-
dition.
The members Of tho committee who son-
Quoted the examination were Frederick D.
Happen. Chairman. who is President Of the
OAllatin National Bank; J. Edward Simmons.
President Of the clearinghouse Association
and Of the Fourth National Bank; Robert M.
Galloway, President OF the Merchants Ma
Jtonal Bank, James stillman. President OF the
National City Bank. and W. A. Nash. Presi-
dent Of the Corn Exchange Bank. These COM
Initteemen were accompanied BY President
n 3. Perkins. Jr., Of the Importern and
TfaderS' National Bank: William Shorer, man
lNeoE Of the Clearing House. and W. J. Gilpin,
ASsistant manager.
The examination developed In the minds
~ the commissioner Q conviction that the
kank'n condition was not only ono Of insol-
Nenoy. but that IL varied by hundreds Of thou
bands Of dollars from the condition indicated
b. the public statements which the Officers Of
the bank have put forth.
The first action which the Clearing House
Committee took after its examination was TO
forward this telegr am on Monday afternoon:
"Hon. Charles DatOes. Comptroller Of ns 0tarSnsV.
Hdshinrtsn, D. o.
"Th Clearing House committee have this
afternoon examined the Tradesmen's National
Bank of this eity. and In their opinion the
capital OF the bank is largely impaired. and 1t
bhould BIO placed in liquidation.
IF. D. TAPPEN. Chairman"
= Tho committee also decided that the bank
should not be permitted to mako any further
exchanges through the Clearing House for
the present. and requested Bank Examiner
Kimball to take possession until he should re-
ceive instructions from Washington. When
the hour came for the opening Of tho bank
yesterday morning. persons going there were
confronted with this notice.:
This bank is closed pending official inves-
t~iEation. w. Fl, KIMBALL.
National Bank Examiner"
The latest sworn statement OF the condition
nj tho hnnk WAS made on SnDt. 20. "a followa.