New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-29
MAY GO INTO LIQUIDATION.
COURSE RECOMMENDED BY DIRECTORS
OF THE FRANKLIN NATIONAL BANK.

THE CAPITAL IMPAIRED TO THE EXTENT OF A
LITTLE LESS THAN so PER CENT-DEPos-
rroRs TO GET THEIR MONEY IN FULL.
The directors Of the Franklin National Bank at
Greenwich and Dey sts at meeting held on
Wednesday evening. unanimously adopted n reso-
luton recting that In their judgment II would be
for the best interests Of the depositors and stock
holders that the bank should be placed In volun-
tary liquidation and calling a meeting OF the
stockholders for March FOR the purpose Of voting
on the question OF liquidation. An official Of the
bank said yesterday that the institutions capital
was impaired to the extent OF a liitle less than 10
per cent II the stockholders should prefer 10
assess themselves to the amount CT the impair
ment the bank could continue In business; other
wise the institution must be put In liquidation IL
is believed that they will vote In favor OF voluntary
liquidation. President Charles +. James said
yesterday that there was possibility OF loss to
any depositor 1.-THE Franklin National Bank
is perfectly solvent" he added. THE ques-
ton that came before the directors was whether
IT is better when you are not making any
money to go out OF business before you lose money
and the directors thought best 10 go out OF busi-
That is all there is OF IT,
The Franklin National Bank organized In
1893 its capital being $780, 900 Its hrst president was
Ellis H. Roberts. who retired from that post 10
become Treasurer OF the United States. soon AFTER
the Mckinley Administration came into office, his
being
/. James formerly Postmaster General and now
president Of the Lincoln National Bank. The
Franklin Bank has been falling behind for the last
year During the period between December 10 1897.
and December 49, 1895. the loans and discounts de-
creased from sn45o5 to s276,6sl. and the deposits
from 1897 600 10 1922 o5s. 1t Is said that the bank
suffered a considerable loss last summer through
unfortunate investments in the central part OF the
State. The Market end Fulton National Bank Is
the Clearing House agent OF the Franklin Natiohai
Bank.
President Gilbert OF the former institution SAID
Yesterday that he held $4,000 cash on deposit to
the credit Of the Franklin Bank. and knew that
the latter bank had In It's possession 100000 worth
OF securities which could be instantly turned into
cash IL necessary and he added that If occasion
should arise although he did not believe there was
any likelihood Of IT, his bank would not hesitate to
advance the Franklin National Bank as much ad-
ditionaI money as It might need In his opinion
the Franklin Bank entirely solvent, and It's
depostors had no cause TO worry about getting
their money in full. ,,,,
T. " Cutler Is vce-president OF the Franklin
Bank and Jacob II. Van Deventer cashier. Among
the directors In addition TO Messrs. James Cutler
and Van Deventer. Philip Carpenter. Joseph
Peckel Theodore =. Huffman, William James, Johr
r lanes George West and Washington L. jacques
The directors at their last meeting adopted resolu-
tons thanking the officers for their hdehy 10 the
The last formal statement OF the Franklin Ma
tional Rank made on December l, 1870. 10 the CoH-
troler Of the Currency was as follows;