New-York tribune., 1901-07-02
EXPOSITION WILL NOT SUFFER BY THE
FAILURE.


FAILURE
Buffalo. July 1.-The City National Bank. which
placed in the hands of receiver on Saturday
night by Controller Dawes. did not open this
ing. Not than fifty people were at the bank
10 o'clock. the usual opening hour. and a few
minutes after 10 o'clock OF these had left.
NJ D. Lynch. chief of the division OF insolvent
banks. and ". A Mason. special bank examiner.
took charge of the bank pending the arrival OF Mr.
Vaughn, the temporary receiver.
In interview to-day Pascal P. Pratt, president
of the Buffalo Clearing House. said:
have just glanced over ;his mornings reports.
and l must say that there is nothing alarming
banks are in a healthy, prosperous condition.
banks so far as / can see II seems TO me that
the only ones who will be injured, il any are in
}aI1f BaHf WI" De the oePoS''0'S OF the CITY N'i0nAi
At / p. m. the following statement was issued
by President W. c. Cornwell:
did not know anything about this until Friday
afternoon when a meeting OF the board was re-
which meeting held at 10 o'clock in the
considered some Of our assets doubtful. and that
the bank would have 10 go into a receivers hands
good before that time. but we cannot do so. I be-
lieve the assets OF the bank ample 10 pay the de-
fore long | saw the Controller in Washington on
Sunday, and he will extend every help possible for
a fair realization assets in the interest of de-
positOrs and stockholders.
the directors are making energetic efforts TO have
morning was in reference to this.
Mr.. Mason. when asked to-day whether any Of
the loans referred made to the Pan-Amer-
lean Exposition Company, said: NO, they were
not nor 10 any Of the interests concerned directly
with the fair.
President Cornweu refused TO supplement his
statement by any additional information.
The Fourth National Bank. OF this city. is the
local correspondent of the City National Bank. of
Buffalo which closed doors last Saturday. Vice
President Cannon Of the Fourth National Bank
pressed his surprise yesterday at the troubles OF
the Buffalo bank, and unable to account for
them The Buffalo bank has credit balance
with the Fourth National of several hundred thou
sand dollars and has made appeal for assistance
from any banks here. William g Cornwell. preSt-
dent of the City National Bank OF Buffalo, is well
known among the bankers OF this city. He has
been prominent in the State Bankers Association.
has written and spoken much or financial topics
and recently has taken much interest IN the estab-
liShmen of Institutes for the instruction in their
calling of bank clerks.
NO LIKELIHOOD OF MORE FAILURES.
In spite OF many reports to the contrary. it is
learned that there was no meeting of the Clearing
House committee yesterday and according to many
downtown fnanciers there is no likelihood of any
other failures. When the attention OF Manager
Sherer of the Clearing House was called yester
day to the rumor of another session, he said:
There has been meeting. has been called
and there is no intention or calling one
generally believed in Wall Street that the
rumors of impending failures were circulated by
certain bears with view TO depressing the market
TO a point at which they might advantaSeously
cover their short contracts