New-York tribune., 1907-10-25
HARLEM BANKS CLOSE.
ALL DECLARED SOLVENT.
State Examiners Find the Three
Institutions Sound.

state bank examiner. announced that all three
institutions were perfectly solvent. The Hamfl-
,on and Twelfth Ward banks closed for lack of
ready cash. while the Empire City Savings Bank
took advantage of the thirty days clause
The run the Dollar Savings Bank IN The
Bronx, which began on Wednesday, continued
Yesterday and a similar scene was enacted at
the Harlem Savings Bank, 124th street and
Third Both of these institutions with
stood the strain. and paid their depositors until
the closing hour, when the announcement was
made that they would be ready again this morn
ing 10 continue nquidating all accounts
The Hamilton Bank made the announcement
early in the morning that 1t had decided TO sus-
pend payment until public confidence in fnan-
cial institutions had been completely restored
Assurances were also given Of its solyency r
r. shears' state bank examiner, took charge Of
the bank. William r. Montgomery. who suc
ceeded + X Thomas president of the bank
less than-a week ago. when seen later in the
day At his home in The Bronx said.
During the three days run we have paid out
sZ'5eoVoV' The bank is absolutely solvent, and
well able TO pay all demands. / have found no
cause to call meeting Of the directors and tba
action TOOK in ordering a suspension was en-
tirely OF my own volition I was simply taking
precaution. We VIII open up again as soon as
the bank examiner is ready"
Inc oank has six branches in Harlem and
The Bronx which were closed also. The post
ing Of notices the doors Of the main estab-
hshrlent and its dependencies attracted large
crowds Of depositors and idlers, but all of
them were dispersed withou: much trouble by
the police.
There had been considerable Withdrawals
from the bank on Wednesday. and, fearing
even larger demands yesterday because of the
positors. IT was deemed advisable to suspend
payment. TIE officials would have found II
impossible. it was said, to raise large enough
amount OF ready cash on the collaterals held
by the bank to pay all demands as fast as they
came.
The Hamilton Bank is not one of the large
banking institutions of the city, nor has It ever
been regarded as representative New York
bank although it carried many good accounts
for Harlem business concerns
The bank statement Of August % shows the
hanks financial status as follows: Loans and
discounts. S5,366 737; due from trust companies,
banks, bankers and brokers. 81 O16 515; mort
cages owned, 500. 900; stocks and bonds, S132,-
n21; specie. 1894 46O: legal tender notes and ma
tional bank notes. S196, ,225: cash items $685.
'94; other assets. S44.554; total resources, ST.
512.672- The capital is 100000 and the surplus
fund 100000. Its deposits on that date
amounted TO S6,911s14
The Hamilton Bank clears through the Mer-
camille National Bank. It's directors and Off
GERS are Martin d. Fink. OF the Dimock & Fink
Company, wholesale plumbers: William A. Mar
tin. real estate: Frederick D. Ives, vice-presi-
dent; F. W Kinsnnan. jr. = r. w Kinsman &
Co. druggists; William L. Ward of Russell
BurdsaH & Ward and the National Bolt Works.
Adolph Rosenberg. of H. c. F. Koch & Co.,
drygoods; Herman Aaron. Parker & Aaron;
George E. Brown. of Duff & Brown, real estate
William r. Montgomery, president; J. c. JOY
cashier.
The Hamilton Bank is a state depositary. and
the state has 100000 on deposit there.
State Treasurer Julius NJ. Hauser went to the
West l25th street police station in an automobile
about o'clock last evening and requested Act
Inc Captain Maher 10 accompany him to the
Hamilton Bank. He showed a check for 100000
which for the withdrawal Of the states
funds Acting Captain Maher did not know Mr
HauSer. and some time was lost while the State
Treasurer teephoned to State Controller GIynn
who identified him the satisfaction Of the
police captain. The two thereupon hurried 10
the bank, where Mr.. Hauser presented the check
Payment was refused by the president. William
r Montgomery
The Empire Savings Bank. Of which Isaac A.
Hopper, the Tammany politician. is president is
itor Bank. and the closing of the latter largely
influenced the savings institution in avaiing
itself of the thirty days clause. According 10
recenF statement, the bank owed its depositors
about s3.3o0.OO0 The intention of the directors
early IN the morning II said. TO pay all
the demands that might be made and after a
meeting of the directors before the opening hour
q messenger was sent to the Hamilton Bank to
get some OF the saving banks funds there with
Nhci- 10 meet the Withdrawals. When the mes
senger returned with the news of the neighbor-
ing Institutions closing II was decided 10 sus-
pend
throughout the day long line Of depostors
mostly women extended from the bank teller's
window 10 the street. All Of them served notice
# withdrawal Of their accounts in thirty days
Mr. Hopper said that ;he bank was entirely
solvent and that nobody would lose dollar. He
said that under present conditions. however,
there difficulty in getting money
The directorate Of the Empire Savings Bank
follows Isaac A Hopper. president: Brad
iey l. Eaton. vice president, both Of them
trustees Arthur T Timpson. secretary, and
srthur s Van Wrinkle. assistant secretary The
remaining trustees are Charles w Dayton jus
ice Of the Supreme Court: George w. Thomp-
son retired merchant: William Moores. John II
Loos Benjamin 6. Mitchell, John Weaver. for
1ne- treasurer Of the Third Avenue Railroad
Arthur r Wood. John T. Johnson. real estate;
II. Hamilton, ". T. Koch, Jabez G watson
and Frederick ". Dresser.
The Bankers Directory for July, 1907, gives
the following figures for the Empire city saw
lngs Bank: Surplus and profits. s7O8o0' de-
posits. ss,51ssO0 Against this are shown bonds
stocks, etc, on hand 20 the amount of sS,2l7.19O;
cash and exchanges s33s,620.