New-York tribune., 1908-01-30
TWO MORE BANKS CLOSE
Continued from f1rst page.

Individual deposits subject 70
Demand certificates of deposit. I2,sas 50
Cashiers checks outstandins,.:. 25s:ssa ss
United States deposits 100000 % =,
Reserved for loco 90
IiabiIit,es 'os other than those stated:
Clearing House account net balance--. ios'oo "'
Total .s5 es4 $50 90
The banks statement August 81, before
thepanic and Immediately following the state
ment of condition to the Controller on August
30. was as follows Loans. S4536SO0; specie.
SS9S 400 and deposits, S5.245,6O0.
DIRECTORS OF THE BANK.
William A. Nash, acting chairman OF the
Clearing House Association committee. said
that he had nothing to add TO the statements
issued by President Kinsman and the repre-
sentatives of the Controller. He declined TO
comment on the statement of the president in
regard to the New Amsterdam's relations and
balance with the Clearing House Association.
Louis Stern who a director Of the New
Amsterdam up to September said that since
that time he had not been director of the
bank. and that he had connection with it at
the present time.
The directors of the New Amsterdam. elected
at the annual meeting on January IA we're War
NJ Healey. r. V Lewis, Joseph D. Carroll,
George w. Wilder, Louis Stern, Frank W. kins
man, jr, John f. Carroll. F. G. Kinsman, j.
Romaine Brown end John G. Hemerich. The
officers F. w. Kinsman, jr, president; John
G.. Hemerich, vice-president; cashier, l. u
EIdredge All of these men, except Messrs.
Brown and Hemerich. were members of the
board last year, were Charles w. Morse, H
F. Morse, Miles NJ. O'Brien and the late Charles
T. Barney. Charles W. Morse for several
years vice-president of the bank but retired
from that office and from the directorate in Oc-
I,a off CiQI
nectlon with all of the financial institutions with
the management Of which he had been identified
FOUNDED TWENTY YEARS AGO.
The New Amsterdam National Bank was
founded about twenty years ago a state bank
under the of the Bank of New Amsterdam
Frank Tiford, of Park & Tiford, was one Of
the founders. Nine years ago it was changed
into a national bank and its name was changed
to the present one. Mr.. Tilford president
of the institution from the time 1T began bus-
until shortly after it became national
bank. He was succeeded by p r. Moore. who
remained at the head of the bank until about
year ago, when he retired to become president
OF the Commercial Trust Company. ard was sue
ceeded by F. w. Kinsman, 1r.
Charles W. Morse bought a large interest IN
the bank six years ago He brought IN
with him his cousin, Harry F. Morse. exMayor
housekeeping by the Clearing House Associa-
ton Mr.. Morse retired from the bank, and about
a month ago he sold his stock. amounting to
2,5OO shares, to F. NJ. Peet. president of the
Traders Bank of Philadelphia Mr.. Peet, how
ever, failed TO get any representation on the
board at the annual election on January IA
During the time Mr.. Morse was president OF
the institution large number Of theatrical peo-
pie became depositors in the bank and have
continued to patronize It to the present day.
MECHANICS AND TRADERS
At a meeting of the board of directors of the |
Mechanics and Traders Bank held at the bank |
ing office, No 565 Broadway last night the fol- |
lowing resolution was unanimously adopted:
Whereas The Clearing House committee in |
formed the officers OF this bank at o'clock this
afternoon that the Clearing House has deter |
mined to afford further assistance TO any |
bank, although the Clearing house holds some |
Sc 900 900 of approved collateral of this bank. |
against which owe them only about sl.9Oo,- |
900: and
solvent, the cash resources in the possession OF |
the bank make it appear inadvisaole for the |
bank to continue business without such present |
Whereas 1t is for the best interests Of the |
depositors, under the circumstances, to avoid !
any preferential payments to any depositors, all
of whom should be treated alike. 1T is
Resolved That this bank do not open IT'S doors
to- morrow, and that we communicate with the |
banking department forthwith
Further, That it is the intention OF the dl-
rectors TO reopen the bank at the earnest
possible date.
The main office of the Mechanics and Traders
is at Nos sos and 567 Broadway. but the bank
has two branches In Manhattan one in The
Bronx and ten In Brooklyn. The all-night
branch at 46th street and Broadway was not
open last night
David A. Sullivan of Brooklyn. is president Of
the bank and the board Of directors elected at
the annual meeting, January II. follows:
Henry Albers William o. Allison. James T. Ash
lev. E. E. Bogart James n. Brown. William J.
Buttlng w F. Corwith. B. c. Cronin. W. c.
Damron A NJ Dederer, c. E. Donnellon E. A |
Filter Edward NJ. Grout. Paul Grout, Louis H
Holloway Simon J. Harding, Thomas F. Nc
Cook Joseph Michaels. Pinkus Nathan, c. E.
Ring Isaac Stiebel, William Strasser, Charles
Strauss David A Sullivan and Thomas w |
Tompkins
UNION BANK MERGER.
Mr. Sullivan was formerly president of the
Union Bank of Brooklyn. which was merged last
year into the Mechanics and Traders Bank.
The Union Bank had a capital stock of ST.
100000 The capital stock OF the Mechanics
and Traders Bank was formerly 100000 but
at the time of the merger raised to ST.
100000 Its surplus and profits on August 22
were S943, ,257 and its deposits that date
s 10 59S. 600 The stock last quoted at $50
asked with no bid On October %. the last
day the bank statement appeared III detailed
form the Mechanics and Traders Bank re-
ported as follows: Capital, 50 OO0 900: net prof
it's $4,000; loans. S15I31 900: specie ST.
$4,000; IegaIs. S734OOO and deposits. S15-
SOS 600
The withdrawals from the bank for the last