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This Bank is Closed Temporarily J.J. VAIL, Cashier. There had not been the slightest rumor that the bank was in any financial strait. and even until the closing hours on Friday depositors kept putting in their money. The people who mainly do business with the Commercial are builders. contractors. and boss mechanics. and the closing of the bank on Saturday was a source of special inconvenionce to them. as the money to pay their employees is usually drawn out upon that day. There was consequentiy a small army of depositors around the bank doors at the accustomed hour of opening. and they indulged in varied adjectives on reading the announcement of temporary suspension. Inasmuch as the institution was regarded as one of the most solid in the State. the surprise extended be. yond those directly interested and caused a brief panic among the customers of the other banks. This quickly subsided. however. when it became known that no other local bank was in any way affected by the Commercial's trouble. The action of the directors was se sudden that even W. M. Dykman. counsel of the bank. was not consulted about the matter until resterday morning. He said: "This has been a complete surprise to me. as I knew nothing about it. and. for that mattor. nobody did until the exchanges had been made this morning. Then it was found that there was not enough money to transact the day's business." Mr. Dykman assured the anxious depositors that he was confldent the emburrassment would only be for a short time and that they would all get their money in full. t 11:45 o'clock this official statement was given out by David A. Barnett. who is law counsel for the bank: At the close of banking hours yesterday the National Bank of New York, National Banking Association, through which the Commercial Bank has heretofore transacted its business with the New York Clearing House, refused to act for the Commercial Bank after to-day The deposits at the Commercial Bank have decreased very largely for the last month. This decrease of deposits. with other causes. determined the directors 10 close the bank this morning About three years when Mr. Keeney became President. there were large overdrafts, which the previous administration of the aftairs of the bank had permitted to be made. These have been decreased. and the directors of the bank. under the lead of Mr. Keeney. made good the losses. Since Mr. Keeney became President the bank has lost considerably less than $10,000. The President and directors have been constdent of their ability to make the bank a success and have been prevented only by the unexpected with. drawal of deposits. There should be enough to pay ail depositors and shareholders. This was quickly followed by the posting of the following notice by Chief Bank Examiner A. C. Judson: This bank having closed its doors, I have takes possession of its affairs and commenced an examination into Its condition. CHARLES M. PRESTON, Superintendent of Banks. Mr. Judson told the reporters that his assistants were at work on the books but that he would not be able to make a detailed statement for at least four or five days. The overdrafts referred to were made about four years ago by ex-Alderman Paul C. Grening. an extensive real estate speculator and at present the proprietor of a hotel in Saratoga. and by G. L. Hassell. a teller in the New York Clearing House. When Mr. Seth L. Keeney became President three years ago ho and his fellow directors put up $80,000 to meet the notes. but just what loss they sustained by the overdraits has not been ascertained. Mr. Grening gave the bank as collateral $100,000 in mortgage. on all his property to secure the directors. It is said that it was not until yesterday morning that Mr. Keeney despaired of bridging over the present difficulties. He found that money could only be secured at a big premium. and that he could not dispose of his own valuable securities except at a low figure. This he did not think he could be fairly called up in to do This is the last quarterly statement of the bank. made June 1: