The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-08
BOROUGH BANK FAILS AGAIN
LND tSTENED ~ THE ONION
BtNh'S QUITTING.

%. saglEsd. Nas recn taken in charg,
a. r" Sat@ Banking Department tn.
.r.. ris'" Cau-' - the trouble Vas the
-ug - TIE Union Bank % BROOKLYN
a-' l.r-ilv Tho two ranks. cXcsp,
r" IDENTITY of one or two members
'.-.r direct CRATES, have almost ",
O., r.mon interests. A run on the Borough
E,rA followed tn" news that the Union
Buh was in trouble and the 81. sing
. r.-,l''i more remote hut euualIr
i I,-fIl cause was the fac that IN,
R1rough Rank had among its assets an
y. ..e Gmoun' % real estate which IL
Inherited from the prepanic regime of
Huward Maxwell and William Cow
when the hank closed before Maxwell
: .i himself and Cow was indicted on
,n,rgs AZ larceny II - said that the
.rr-rnt assets Of the Borough Bank ar,
- -NceSs Of ia liabilities and that IN.
4 d.posltors won't suffer.
The city 10 Que Of the depositors IN the
B'roush Bank and the amount is con-
C1-raoly in excess Of the sum which Law
uith the Union Bank az tho time OF a.
suspension. AT tho beginning Of the
present administration the Compfrollsr
had deposits aggregating 500. T5S 10 in
the Borough Bank. Mr.. PrcnderRast re-
dYced Mr.. N~tz's credits there 10 $40. 55S TO-
The Comptroller's deposits with the hank
now are made up OF 81 500 81 the school
teachers retirement fund. 90 500 Of rapid
transit security deposits and slS. as. 10
q ether security deposits These deposits
are not secured.
Charles X. Hyde. the City Chamberlain.
has a deposit Of $4,000 in the Borough
Rank. which. however. IL secured by
surety bond. Mr.. Hyde placed the depos,,
there himself In response to a plea from
the hank that II paid out that sum weekly
- city employees and ought 10 have
compensation in the form Of a deposit
~ city money. The Peoples surety
company paid the full amount Of the
s!rety bond yesterday.
Herman A. Metz. Who vas Comptroller
Q, n time the deposits were made in the
unon Bank and in the Borough Bank
ss.f ast night that he was under thu
IMPRESSION that the city's money had
teen Withdrawn prior to the close Of hls
ADMINISTRATION. Anyhow ! understood
from McCooey tina, It was said he
Either McCooey told me he had taken
II ONT or else he told me he was going 10
2Ae II out. don't remember which
No oucy tad charge oft-
vi Me.z said that mos. Of the money
IL the tWo banks he'd lain there from a
TINE r-.pr - The panic and was IA tho
h.'Ir" IT credit "a the accounts owing
90 the city wtsH tho hacks su=pcn!ad
- ~ niel ne reorganization they
-sr' A'esl gna ."1 he ,ald -1rout
na1e a. GppiIcA IDn for he lrion ard
% We granted an the pane the-. ~,
IN" Vue'-.on about n" deposit we had
lA1 ".;1 the Borough and guar nt"ai IL
mysaIf
A. 3d., 49,. 1917. &c.,
90 - az '"
NJ IVY mons ~ me ranks a. ta-' ~
- ,1uli witnou; untIly embarrassing
i''1 \. a's o i., ;, was ,''d that ~ q.
d. ,0,r,,,.-,,u.- a., - -. - ~.
80 -
--'1le' ION a. - A''y - me city ~
ta~s Ut trouble cnd A. general auNHa-
Lass - the CIV banks
Urrn "A I'ne, state S,n.-,n-.o5a-.
~ a.uu,.,, h.. 80. -, ,r.. Ic,.L..... g.
-, 80 ~. -, ,s,,,.y,,, -. -.
-. -. 80, go 90, ~, ,,i',, ~,
=, he ttorc,,gh Sans va m,,cb tn.. r..,,a,
,ha - ~. N Sp.,r. ,,, -
80. poro,,1h Re,t A., n, a,',,.s.t'...,,,
any r,tsr-a-.ment uniii the rsnirr CO..
vonday he re,Sa~ssd % oos ~ ,ns ,,ss,ar.
Z the ,nstitiition ina, the nrCsnslts ~
me hank hadn been 50 bright sIuc@ the
Organization. II was only matter
= l Few hours. however betore the same
'''cer called Mr Snelr- by telephone
1un toid MN that me directors "t tn"
nIon hAn osen SAh'.n t"sether 10 CON
- 'IT1s ..!is u pt.
o., -. IS's....-.h NJ. ~ 10y u,oIH
k...aLt,., A. -, ~. a.. I.,, -,
80 rba nc,ica ncstsd la, r,,sII.,, ~,
'7s door az the Union they v.Ikad Avn
me Borough Most Of the withdra waIs
wee N small amounts hut in the TAO
Tsv- the amounts taken out az the main
Mo- and a. the Eighth Ward branch
N On was at Third avenue and Fifty
80 street aggregated siO.ms'- On the
HI.-Tn'oh 81 WEDNESDAY caii from The
amen Wnich ieh the burden 81 the
~, rs, SAfne INTO me nam
=. ta,,nI - i''"''''" hau 70
- u.I,..A v, A.,
-, sr.,, ,sL.d vr Sha,rs Iii :. ,,'I..'.
II h. I,yer, orata an the yc.. n 49,. S,n,s
Banging Departm ent az 10 Eyoadwsy
- directors considered means Of saving :
80 hank from am until 10 o.clock and a. ,
80 voted 70 place the institution IN Mr. .
rs0@v- hands Help from Manhattan ,
- IN ran been hoped for didn't mate
AN0aFg