The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-17
BAD LOANS FORCED
NASSAU BANK SALE
President Earl Tells Indignant
Stockholders How 1t
Came About.
EXAMINER FOUND THE LOSS
More Than $500. 900 Concerned
New Committee to Dis
tribute Assets.

That the affairs OF the National Nassau
Bank were IN such state previous TO
Its being taken over by the Irving Ma
tional Bank that national bank exam
liner, Charles Starek. told Edward Earl.
the president OF the National Nassau.
that the Comptroller OF the Currency
would not consent to the payment OF the
annual dividend ON the stock and that in
addition to sl30.7S0 which the bank cx-
aminer insisted must be charged of there
was doubtful paper to the extent OF S16o,-
e44 were some of the things which Mr.
Earl told an Indignant body OF stockhold-
ers which gathered at the Nassau Ma
tioual yesterday to hear his report on the
b. nj and the details of the merger or,
more correctly. the sale of the bank
Tho stockholders met at the call or j.
T. Hitchcock. "A paper merchant and n
soclIholder who sent out q circular a
few days ago stating that as he believed
the directors Of the bank were di-
rcctly responsible for the drop in assets
and surplus he did not believe that they
should he permitted to conduct the liaui-
dating of s3.j0O.00 of tho banks assets.
which were not taken over by the Irving
National.
committee OF directors OF the bank
had already been appointed for this pur-
pose. They were Arthur c. Harris.
Laurence IL. Hendricks Henry &. Miller,
Newton u. Alling and John Munroe. Tho
stockholders yesterday oustcd some mem
hers of this liquidating committee and
named IA committee having seven mem
bers. Of whom four are their own repre-
sentatives. They arc II. $. Ramsey, chair
man. president of the East River Savings
Institution: Charles Schweinler OF the
Schweiuler Press, W j. klauberg, IA cut
lery merchant; J. j.. Hitchcock. Lnsrence
II. Hendricks. Theodore :. Haight. vice.
president OF the American Hide and
Leather Company. and Arthur c. Harris.
who Is engaged In q printing business
The first four arc the direct representa-
t'ves OF the stockholders interests, and all
are to serve without pay.
Mr. Earl in his statement TO the share
holders said he told the bank examiner
that he could raise the money necessar y.
70 straighton out the affairs OF the bank
~ given time and asked for ten days in
which to do 60 MIR. Starck agreed to this,
but stipulated that 100000 must be Sc
cured by "A guarantee of the directors sat
isfactory TO him or raised In cash. lie also
suggested that the National Nassau merge
with some other institution.
The merger was effected after receiv-
ing the consent of two thirds OF the stock
holders OF the Nassau National, the bank
assigning 10 the Irving National for the
liabilities assumed such assets as might
be necessary to protect it's interests. II
was further stipulated that the Irving Ma
tional was to pay the other institution
100000 for its good will as soon AS a
sum was realized equal to the liability II
had assumed for the deposits and that tn,
remainder of the securities should be
turned over to the Nassau National for
distribution among shareholders.
As result on May the Nassau Ma
finHgl turned tn the Irving National
si3,0O0.O00 in deposit liabilities and as
sets appearing on the books of the former
at sli,300,000, not including United
States bonds