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Show ANOTHER FAILURE The Borough Bank of Brooklyn Forced to Close Its Doors New York April 7. The Borough bank of Brooklyn closed Its doors today to-day and the superintendent of banks has taken possession. Tho bank has a capital of 520O,iiou. with deposits of j more than $2,000,000. 11. R. Shears Is I president of the Institution. This is j the second bank failure In Brooklyn within a week, the first being the Union bank. Superintendent Cheney said that the conditions attending the closing of tho bank were almost identical with those which led to the closlog oILtbe Union bank. Aa was the case with the Union bank, the Borough bank was obliged to toispend during the panic of l!u7. and was reorganized later. The new management was obliged lo asumo liabilities which have been a heavy load, and the suspension of the Union bank had a bad effect on the Borough, which was known to be In the snmo position The Borough bank closed its floors in October, 1907, and on the charge that the institutions funds had been misappropriated. Its president, Howard How-ard Maxwell, and its cashier. Arthur D Campbell, were indicted. President Maxwell committed suicide a few days later by cutting his throat. President Shears of the Borough bank said: "The effect of the closing of the Union bank has been severely felt by , the Borough bank during the last few i days, and showed itself in a quiet but constant withdrawal of deposits which . resulted In exhausting the banks cash. "The bank s assets, which, it is believed, be-lieved, are more than adequate to pay all depositors and stockholders In full, were to a great extent Inherited from the former management, which caused Its suspension two years ago The assets as-sets are to a considerable extent In real property, both In borough of Brooklyn and the suburbs, a large portion por-tion of which Is unimproved. "The bank's Inability to market this property, which It held at the time of the resumption, and the exhaustion of its cash supply resulting from tho closing of the Union bank on Monday, explains the suspension. |