Salt Lake Herald-Republican | 1910-04-06 | Page 1 | Brooklyn Bank Closes

BROOKLYN CLOES I Condition of Certain of the Assets in I Bad Condition According Accor to toI I Statement of Directors I I New York April 5 The doors of the Union Bank of ot Brooklyn were closed clo ed this thu morning The bank has seven branches O 0 H Cheney state superintendent of banks has taken pOM of the tha bank bonk The assets and liabilities of the bank hank have not been made known Superintendent Sup Cheney issued a statement saying that a 8 meeting of or its directors on Monday evening decided that the bank was in an unsafe con condition condition because of certain of its assets for Ute tHe character of which the present management Is not responsible and reached the decision that the bank should not continue its business The president of the bank is Edwin EdwinM E M lI Grout former controller of the cur currency currency rency roncy of New York Tork The bank has hils a capitalization of with de deposits deposits deposits posits of than x The Union bank took over the busi business business business ness of at the Mechanics Traders Bank of Manhattan which closed two years ago S The banks predicament had only a n negligible effect affect on the stock exchange as the institution was vas 88 said to be only a small lender of money on stock ex cx exchange exchange change collateral The Union Bank of Brooklyn was or organized organized organized in 1908 and according to its last official report had a n surplus lus of at deposits of loans baits and discounts of and cash holdings of