New-York tribune., 1905-12-30
BANK MERGER PLANNED
NEW. TO ABSORB OLD.
National Shoe and Leather To BE
MetroDohtan Branch.

The coming merger of the National Shoe and
Leather Bank, at Broadway and Cham6ers-st'
with the Metropolitan Bank State institution at
4th-ave. and 23d-st.. announced yesterday. IN
this case the old national bank is to be absorbed
by the new State bank 1t will be known. after the
merger is complete. the Shoe and 1eatner
Branch of the Metropolitan Bank.
This transformation is in line with that which
resulted in the establishment OF the Metropolitan
Bank May l of this year The Maiden Lane
National Bank at No 100 W1am-st. on that day
was converted into State bank as the Metropoii-
tan Bank with change of name and change OF
site. and its capital of s250,OOo was Increased 10
81 O0OOO0 with surplus of s250O0o. The change mas
been beneficial to the bank and the site OF the
old Maiden Lane National Bank is now the Aaloeh
Lane branch Of the Metropolitan Bank.
With deposits of less than 100000 the Metropoli-
tan Bank has earned II per its capital since
It was established. It's officers are Henry Oiles-
heiner. president, who is also vice-presldent OF
the Shoe and Leather Bank; William NJ Perkins
first vice-president: Gilbert B sayres second vice
president and Charles A. Belling. cashier Among
its directors are John R. Hegeman president OF tIe
METROPOLITAN Life Insurance Company; VIII
lam L. Meyer, president of the Shoe anu
Leather Bank; John D. Crtnmins, Johh D.
Mcdonald John Pierce. George W Rogers anu
H S Rothschiid. The stockholders Of the NleIro-
politan Bank are chiefly stockholders OF the Shoe
and Leather Bank. The syndicate that obtained
control of the Shoe and Leather Bank two years
ago was interested in the conversion OF the EHalue
Lane National Bank into the Metropolitan banh
Speaking Yesterday of the coming merger FresI-
dent Ollesheimer of the Metropolitan Bank SAID;
The directors of both banks consider it advan-
tageous to stockholders and depostors @ ALne F o+
unite under one head the conDe0 CON @ 1gsTnent the
Metropolitan Bank will have capital ana SUI tus s
more ample facilities for increasing business and
the same time offering greater security 10 ''''0e
The National Shoe and Leather Bank v'nnx WI o9
operated as branch he T ts nca ad Clerical foroe
Will with few exceptions, practically reIlls1n @ r11e
nnder its new tile as they have been during its
honorable career OF the last hfty-three years
Gilbert B. sayres, who has charge of the Maiden
Lane branch Of the metropolitan Bank salo nc
thought that stock OF the Shoe and Leather Bank
would be exchanged at par for stock of the Met
ropotan Bank in this merger There VIII be niue
change in the directorate Of the Metropolitan Bank
on account of the merger, since most of the dlrec
tors of the Metropolitan Bank are now also oirec-
tors of the Shoe and Leather Bank
varied history Il was established first in 1898 as
institution by merchants 4aentlned TOM %IN and
William It's capital then was $500 IN 5T, sS
Ghambers-st and in 1855 it became the Nation9 a
IN November. 1894 when the late John N. Crane
was president of the bank, the startling discovery
SsS4 ot5 bT samuel g seey trusted bookkeeper
and Frederick Baker. one OF me naLk s o 7a
country place at Sands Point and was supposed sG7
T0 he wealthy. Seely helped Baker TO steal from
the bank by transferring the ledgers large sums
from the accounts Of Of the largest depoSltoTs
to Bakers account When Baker presente9 clfChs 5
at the cashiers window, the ledger you'd snow
that he had large amount to mis- credit his pal-
ance was maintained in that way by eonstanuy
borrowing from the accounts of other qePosItorS5 5
eev got only about 81 600 for aiding Baker TO ROD
the bank and Baker lost what he got in specu-
The discovery of the bank defalcatton followed
the suicide of Baker. who drowned himself at
sands Point and the fight of Seely. Seeiy was
caught later in Chicago and was brought back TO
this Citv He made full confession ana pleaaed
guilty TO an indictment He was recently released
IF3 , ssIv was in prison in 1895 the discovery
was made that his brother-in-law Samuel ,o-Ts r
AyYnaT who had remained in the bank as a clerk
had robbed the bank of about $4,000 AynlaT fol
lowe his brother-in-Iaws example IN pleading
guilty and getting a light sentence when ne was
Caught and he also is al liberty again The
Seeiy- and Ayuar defaIcatons were made good by
assessTnents on the stockholders. Present officers
of the bank said yesterday that the banks pros
perfty had not nterfered with by the defalca-
tons
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