New-York tribune., 1908-01-31

Amsterdam National Bank, said that every de-
positor would be paid dollar for dollar he
made the following statement;
We have ample means and are Thoroughly
solvent. All We have to do is to get casi Ing
receivers accountants are working on the BOOKS
now and it will not be great time before we
are resuning business Except for casn we are
in good shape There upwards of six thou
sand depostors to be paid, and all VIII get every
dollar of their deposits.
William Sheref, manager of the Clearing
House, gave out the following statement:
There are outstanding S5,59OO00 of Clearing
House loan certificates which are amply Sc
cured These certificates are for the account OF
the Mechanics and Traders Bank, the Nationat
Bank of North America the Oriental Bank ana
the New Amsterdam National Bank Ihe orr
entail Bank had debit at the Clearing house
this morning of 800 ZOO, WHICH was met NO
extraordinary action was taken at the Clearing
House meeting this morning
Mr. Sherer made it clear that no more loan
certificates would be issued by the Clearing
House at this time.
David A. Sullivan. president of the Mechanics
and Traders Bank, issued the following state
ment:
Mr Sullivan stated TO the press to-day that
the bank is absolutely solvent ana the deposlterS
will be paid in full; that he Will deVote an 81 MS
time and attention to the work OF rehahllltat1ns
the bank and bringing about resumption OF
business, and that after this mas peen accom-
pIished he will retire from the management OF
the bank as he feels that, not having plioteo
the institution through the present storm, sqc-
cess NAV be better assured under new manage
ment. and that he urges all depositors ana
friends of the bank to cooperate with the move
ment to reopen the bank
Clark Williams. State Superintendent OF
Banks took charge yesterday Of the Mechanics
and Traders, and placed one of his state hank
examiners, NJ. W. Hutchins, in control OF the
main offices. An examiner also detailed to
af fba branches. Expert account
ants were at once put to work by Mr.. Hutchins
to examine the condition of the banks assets
and report thereon. Mr.. Williams said last
night that he would have nothing to give out as
to the condition of the bank until to-day. The
State Superintendent of Banks, unlike the Con-
troller of the Currency, has not the power to
appoint a receiver, but this has to be done
through the state courts.
The depestors did not bother much with the
ten branches of the Mechanics and Traders
Bank in Brooklyn yesterday. Each Of the ten
had up the sign declaring that business was
suspended. The prevailing opinion among de-
positors is that the bank will be able to pay all
its debts
The WaIlabeut Market branch has on deposit
,aucf of the funds Of the marketmen. George
Dressler, president of the Waiiabout Market
Merchants Association. has called meeting for
to-day at which the situation will be discussed
ana help offered to members in urgent need.
1t is reported that the Brooklyn lodge of Elks
is badly affected by the closing of the bank,
It has on deposit about $4,000. 1t has also
$3S060 tied up in the Borough Bank, it is re-
ported.
There was little excitement at the Green
point branch of the Mechanics and Traders
Bank, at Manhattan and Greenpeint avenues.
yesterday morning, when 1t became known that
the bank had closed it's doors. but it soon
quieted.
Albany, Jan. 3G.-The Mechanics and Traders
Bank of New York has deposit of $4,000 of
state funds, according to authorized state
meHt made at the State Treasurer's office to-
day. The deposit is secured by canal improve
ment bonds file at the State Treasurers
Office.