New-York tribune., 1912-02-27
BANKS OFFICERS RETIRE
President and Cashier Out OF
First National, Jamaica.
HAVE OUTSIDE INTERESTS
H Woodward Says Retirement
Was Not Due to Way in Which
Ranks Funds Were Handled

Banks Funds were hahoie"'
strained relations of long standing amons
~. dtroctors of the First National BANK
~ Jamaica eliminated in reorgaili liN''''oi'
meeting held last Friday afternoon al
which the directors forced the reureInen'
NJ Dsvid /. Van Nostrand. of Flnshins'
as president, and David V mallory. aS
cashier Both men had held their ofhce'
with the bank since its organization III
,ao- Tbet were succeeded by Starr Brlnch-
erhoff. as president, and Richard van Sio-
len. as cashier
II was rumored yesterday that tho re-
organization Of the bank had been orous"'
about bv the finding of unsatisfactory
financial conditions by an examiner OF the
national banking department Peter H..
Woodward, vlce-president Of the bank saio
last night that no criticism could attach
70 either of the retiring officers on account
Of the way they had conducted the analrs
Of the bank
1T IS true that the banking department
Vas looked into the affairs Of the bank
taid Mr.. Woodward last night but 1t was
a routine matter. The banking department
cid agree with the directors of the insutu-
Nostrand to retire, but It was not because
Of the way he had handled the oank
funds. 1t was simply that he was resi-
dent OF Flushing, some distance from ia
maica. and that his own private business
took so much of his time that he could nov
give proper attention to the bank. we
wanted a resident of Jamaica as head OF
the bank. and got such an officer IN MT
Rrinckerhoff. Mr.. Van Nostrand has never
borrowed more than S12.5OJ from the bank
AZ a time, the maximum allowed by law
on the banks capitalization Of $4,000
Neither was Mr.. Mallory involved in any
unsatisfactory way with the banks own
affairs 1t was simply that he was con-
nected with certain interests in Mammalian
that I did not care for; therefore sug-
gested that he give them UP. But Mr.. NAL
lory said his interests outside the banR
were more important than those in the
bank, so the result was that we obtained
his retirement. The bank is in perfect con-
dition, and no one is to be criticised
The objection TO Mr.. Mallory on the part
of the directors was his connection with the
Manhattan Securities Company, in which
Mr.. Van Nostrand was director, as was
also r. w. Jones, jr., one Of the organizers
of the First National Bank of Jamaica
The offices of the company were until re-
GENTLY at No. 165 Broadway. Two months
ago Arthur II. Jones, Of Arthur II. Jones
Co, bankers, at the same address, resigned
as secretary o. the securities company. MT
Haldane. of lockwood G. Haldane, attor-
news for the company, said yesterday that
Mr.. Mallory was still president of the COM
pany and that Messrs. Van Nostrand and
Jones were still directors. He declined to
give list of the directors or to say
whether or not the company had any ofhce
address at present.
Mr.. Van Nostrand is associated with Jo-
seph Cassidy in the Cassidy-Van Nostrand-
Chapman Realty Company, new organl-
zation. A bank examiner said yesterday
that Cassidy had paper in the institution
hut not 10 exceed $500, which was prooa-
bly, two-name money. He said that Mai
lory also owed the bank a small amount
Asked about the Manhattan Securities
Company, he said;
IF the Manhattan Securities Company
did have any paper in the bank 1t was
all history and charged off. We didn't go
into the banks past history. The bank is
now on a thoroughly sound footing"
II was learned yesterday that some time
ago Mr.. Van Nostrand offered to retire
from the presidency Of the bank, but re-
mained in office in compliance with the re-
quest of Mr.. Mallory, who was his close
friend.
MIR Van Nostrand when seen last night
at his home. in Flushing. said his retire
ment from the bank was entirely due 10
the pressure of his own business. which he
could not give up for the banks business.
When Mr. Cassidy was asked at his
home, in Far Rockaway. whether he had
ever put any of the Manhattan Securities
Company's paper through the First Ma
tioual Bank of Jamaica, The replied that he
had put very little through. He said the
same in regard to his own paper.