13164. Brooklyn Bank (Brooklyn, NY)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 25, 1907
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
2fdfb4e304609b3a

Response Measures

None

Description

Articles describe the Brooklyn Bank participating in the October 1907 panic: heavy withdrawals/runs leading to a temporary suspension (Oct 25, 1907), subsequent appointment of receivers (Nov 17–19, 1907), reorganization and reopening under a rescue/merger plan in May–June 1908. Cause of the run/suspension is the nationwide financial panic of Oct 1907 (macro news), not a discrete misinformation event. OCR errors in some articles were corrected (e.g., dates and amounts); no change to bank name or city.

Events (6)
1. October 25, 1907 Run
Cause
Macro News
Cause Details
Part of the general nationwide financial panic of October 1907; runs on multiple New York banks and trust companies created liquidity strains.
Measures
Bank announced temporary suspension of payments; invoked suspension amid heavy withdrawals and inability to secure ready cash.
Newspaper Excerpt
The Brooklyn Bank, at Fulton and Clinton streets, ... announced their temporary suspension.
Source
newspapers
2. October 25, 1907 Suspension
Cause
Macro News
Cause Details
Temporary suspension taken during the Oct. 1907 financial flurry when multiple small banks/trust companies were unable to obtain ready cash.
Newspaper Excerpt
The Brooklyn Bank ... announced their temporary suspension.
Source
newspapers
3. November 17, 1907 Receivership
Newspaper Excerpt
Justice Betts ... appointed receivers yesterday for ... the Brooklyn Bank ... all of which were closed by the State Banking Department in the recent financial flurry.
Source
newspapers
4. November 19, 1907 Other
Newspaper Excerpt
Temporary receivers have been appointed for six New York city banks and trust companies which recently suspended payment. The banks are ... the Brooklyn bank ... .
Source
newspapers
5. May 13, 1908 Other
Newspaper Excerpt
Initial steps were taken yesterday to carry out a plan which provides for the immediate reopening of the Brooklyn Bank ... purchase by [International Trust Company] of all the stock of the bank.
Source
newspapers
6. June 23, 1908 Reopening
Newspaper Excerpt
BROOKLYN BANK REOPENS. ... The reopening of the Brooklyn bank ... which suspended with half a dozen others last fall, took place today. Opening under a policy of payment in full on demand ...
Source
newspapers

Newspaper Articles (25)
1. October 25, 1907 The Washington Times Washington, DC
Article from The Washington Times, October 25, 1907

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Wall Street Financiers See End of the Flurry. Runs on Banks Continue, But They Are Prepared. Six, Day's Record The International Trust Company, 206 Broadway, Manhattan, announced its suspension until the restoration of public confidence. The Union Trust Company of Providence suspended payments. The Brooklyn Bank, at Fulton and Clinton streets, and the Borough Bank, on City Hall square, Brooklyn, announced their temporary suspension. United States Exchange Bank, West 125th street, today closed its doors temporarily. Crowds at the trust companies' doors were much smaller than yesterday. The Williamsburg Trust Company, Broadway and Kent avenue, Willlamsburg, Brooklyn, closed its doors at 1:15, being unable to cash a check for $10,000. Frank Jenkins is president. The bank had a capital of $700,000, liabilities of $9,676,484.

2. October 25, 1907 Perth Amboy Evening News Perth Amboy, NJ
Article from Perth Amboy Evening News, October 25, 1907

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Financial Cloud Is Now Passing Away. WEAK ONES GO. NEW YORK, Oct. 25: The finansituation is easier here today. cial The run on Lincoln Trust Company and the Trust Company of America incontinue to some extent, but both are meeting every obligaconfidence is Financial stitutions where tion and restored. being institu- everyreport that the outfavorable and no tions everywhere is that their one any fear about financiers at the home of J. which lasted earconference gan need look posits. last have night Leading it until P. held Mor- over de- a this morning. After was the they ly expressed their opinion that There of the flurry is over. worst four minor suspensions early today, were but they hand no effect United on general outlook. The States the Exchange Bank, a Harlem business. indid not open for of stitution, International Trust Company, The New York, and the Brooklyn owing Bank, of Brooklyn, closed their doors At their inability to secure cash. Providence, to R. I., notice was posted on the Union Trust Company, that by a run was made yesterday, which it had suspended payment temporarily. E. S. Sweetland has been appoint- It receiver for the institution. ed individual deposits exceeding the $25,000,000. has The first prices higher, on market were generally bestock in a few minutes they broke ralbut last night's close. Feverish nerlies low followed, but the market is vous. PITTSBURG, Oct. 25:-The exchange here is still closed. NEW YORK, Oct. 25.-As a result of latest developments in the financial the world the there is every indication that in the banking and trust company crisis situation has been safely passed. most Pierpont Morgan ended the J. erisis of the financial cyclone loans sinister by throwing $25,000,000 for here 10 per cent into the stock exchange loans at period when money on call the botat a not to be had at 150 and was tom was dropping out of the market. amountEquipped with a relief fund cash and to $60,000,000 in actual availaing an additional $50,000,000 the with Mr. Morgan, co-operating with John ble, Washington administration and preventRockefeller, succeeded in ining D. the collapse of many financial stitutions in this city. it not been for his appreciation Had the situation and his promptness resulted of would undoubtedly have exthere panic on the stock a For a few tense change. most serious moments the com- the indications strongly pointed to the excollapse of values on was plete That such a calamity decisive change. was solely due to the assoaverted of Mr. Morgan and his of the action ciates who were in command financial situation. the most serious situation of It has was arisen since the beginning fell off that panic. Standard stocks minutes. the and ten points in fifteen and in eight exchange was a bedlam, it must The quarter of an hour conanother been closed to avert a worse acthave of affairs when Mr. Morgan, Stillman of dition with President James presiing National City bank and the First Nathe of the Hanover, Chase, dents and other big banks. responded President tional dramatic appeal of and to Thomas the of the stock exchange $25,000,000 into the gap. poured market instantly responded upward to The treatment. Prices soared cheerthe and the day closed with exagain. Indeed, to such an Corful the anxiety of dinrelieved that he telyou instead of any momentous of ner ence tent prospects. was bankers. attended Secretary improved." confer- a are greatly sub"Conditions just before leaving the restorhe said "Confidence has been coned. treasury. and the outlook grows brighter tinually. (Continued on page 4.)

3. October 26, 1907 The Times Dispatch Richmond, VA
Article from The Times Dispatch, October 26, 1907

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Another Nerve Racking Dayon Stock Exchange and Several Failures. SAVINGS BANKS HAD TO SUSPEND / Larger Institutions Withstand Runs Upon Them, and Clearing-House Certificates Will Be Issued To-Day, Permitting Bettlements Without Cash. NEW YORK, October 25.-Another nerve-racking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it .8 true that several minor institutions have been forced to close their doors. yet two things should be said about them: first, that the amount involved was not so great as to exert any marked influence on the general situation, as those banks were located In residential quarters and did not come into touch with the larger financial institutions of the metropolis; and second, that there is every reason to believe that these banks and trust companies are entirely solvent, and that their difficulties will prove to be only temporary, and due entirely to inability to secure ready cash on giltedge securities in their vaults. Notice In Required. In the light of the general excitement the savings banks thought it wise to put into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits, and this will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from the national banks, thereby causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings Institutions was in anything but the soundest condition, as it was pointed out that the savings banks of this State are so restricted by laws as to investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. Those Which Suspended. The institutions which closed their doors to-day with the sums due depositors. were: The United States Exchange Bank, Harlem, $600,000. International Trust Company, about $100,000. The Borough Bank of Brooklyn, $4,000,000. The Brooklyn Bank, $2,300,000. Williamsburg Trust Company, Brooklyn, $7,500,000. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brooklyn. the Williamsburg Trust Company and the International Trust Company were allied institutions. None of these companies had any important business connections with the larger banks, which are representative of the city's financial affairs. Many Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust Company, the, two organizations which have suffered most from runs, have been slowly paying out their depositors, and closed to-day with all demands having been met. In the case of the Trust Company of America the run has well-nigh spent its force, as the great bulk of the dopositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust Company, but also there was a marked reduction in the number of anxious depositors. Had Plenty of Money.

4. October 26, 1907 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, October 26, 1907

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Quieting Effect on Market by Offerings of Wall Street Leaders ISSUES CERTIFICATES Clearing House Evolves a Plan to Help Big Companies NEW YORK, Oct. 25.-Another nerve racking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it is true that several minor institutions have been forced to close their doors, yet two things should be said about them. First, the amountinvolvedwas not as great as to exert any marked influence on the general situation. as were located in and did not come dential these banks quarters the resi- into touch with the larger institutions of the metropolis; and, second, there is every reason to believe that these banks and trust companies are entirely solvent and their difficulties will prove to be temporary and due entirely to inability to secure ready cash on the gilt edge securities in their vaults. Of course, the cessation by these companies caused trouble to many people, but not so great as it might seem, as the depositors are for the most part located in the well to do quarter of the city and many of them are people of wealth. who have suffered no great inconvenience. In the light of combanks thought it wise to put into effect the rule requiring 30 to 60 days' notice for the withdrawal of deposits. KEEPS MONEY IN THE BANKS This will prevent the withdrawal of money which would be otherwise put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from national banks, thereby causing an additional strain on the general banking situation. There was not the slightest hint that any one of the savings institutions was in anything but a solvent condition, and it was pointed out that the savings banks of this state were so restricted by law in investing their money that there could be no question that all securities in their possession were of good value and readily salable in normal times. The institutions which closed their doors today, with the sums due depositors, were: United States exchange bank, Harlem, $600,000. International trust company, about $100,000. Borough bank of Brooklyn, $4,000,000. Brooklyn bank, $1,300,000. Williamsburg trust company, Brooklyn, $7,500,000. First national bank of Brooklyn, $3,600,000. The First national bank of Brooklyn, the Williamsburg trust company and the International trust company were allied institutions. None of these companies had any important business connection with the larger banks which are representative of the city's financial affairs. FAVORABLE DEVELOPMENTS On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln trust company, the organizations which suffered most from runs, have been paying out slowly to their depositors and closed today, all demands having been met. In the case of the Trust Company of America the run was well nigh spent, as the great bulk of depositors have been paid off. At the close of business there were a good many in line at the Lincoln trust company, but there was a marked reduction in the number of anxious depositors. The stock exchange was provided with funds ample to meet its immediate necessities by a money pool, headed by J. P. Morgan, which sent $15,000,000 to the exchange during the afternoon. The stock market had held relatively firm all day, but when the pool of money was offered in the loan corner there was an immediate upturn of prices and the market closed strong at the best prices of the day. As all of the loans made today hold over until Monday the stock exchange situation will not be a factor in the problem that the bankers may be called upon to solve tomorrow. A very encouraging feature of the afternoon's development was a signed statement by Clark Williams, the newContinued on Page 5, Column 4

5. October 26, 1907 Hattiesburg Daily News Hattiesburg, MS
Article from Hattiesburg Daily News, October 26, 1907

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upon them. Several tions were forced to clos amounts involved were small and banks are believed to be solvent. The difficulty was their inability to secure ready cash. Several savings banks took advantage of the provision for thirty :0 sixty days' notice of withdrawal, although admittedly in a sound condition. The banks sed today were: International Trust Company. Borough Bank of Brooklyn. Brookly/n Bank. Williamsburg Trust Company, Brooklyn. First National Bank, Brooklyn. The Trust Company of America again met all demands of depositors, The Lincoln Trust Compan stood a small run, but both institutions spent its fore closing hours. The most favorable incident of the day was the sending of $15,000,000 to the Stock Exchange by the Morgan pool, which caused an immediate upturn in prices. This afternoon Clark Wilmer, newly appointed superintendent of bank ing, affirmed the solvency of all local institutions operating under the laws of New York. Among the further encouraging developments was the unofficial decision to issue clearing house certificates motorrow. This will enable banks to settle balances between themselves with these certificates, thereby releasing large sums for regular needs. It is believed that there will be no further anxiety regarding the supply of currency. Foreign exchange declined rapidly during the afternoon, and this was taken as another favorable indication. Financiers believe that conditions will be better Saturday and that by Monday the cloud may entirely dis. appear. The fact that the country has the finest crops in its history, and that the tide of gold from abroad will soon set in is the basis for the hope. The banks and the stock exchange will only be open two hours tomorrow, hence practically two days will e be given over to a study of conditions and remedies by the financiers.

6. October 26, 1907 The Weekly Iberian New Iberia, LA
Article from The Weekly Iberian, October 26, 1907

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ACTION IS TAKEN IN ORDER TO ALLOW A RESTORATION OF CONFIDENCE ON TRUST COMPANY OF AMERICA CONTINUED YESTERDAY-DEVELOPMENTS COME RAPIDLY IN FINANCIAL SITUATION BANKS ARE SMALL SOLVENT MANY UNCLE SAM. J. PIERPONT MORGAN AND JOHN D. ROCKEFELLER ( TOGETHER WITH MANY WALL STREET FINANCIERS, HAVE CONFIDENCE IN THE SITUATION. t New York, Oct. The Trust t Company of America opened for busi$ BOUDREAU'S LETTER ness as usual this morning. The line of depositors awaiting to with$ TO BROUSSARD draw money was much smaller than il yesterday. i The United States Bank, at 23d. Below we print a letter from Mr. t 25th and West 125th streets, has Joseph Boudreau to Congressman a Broussard, which has caused the posted a notice of temporary suspension. canceling of an address by the latter The Brooklyn Bank, located at to-day at Derouen. Fulton and Clinton streets, with a It will be recalled by our readers C branch at 601 Fulton street, that that about three weeks ago the Sanc 2 ders peeople were invited to attend Borough, closed its doors this mornre ing. The institution has a paid up the wedding festivities of a young couple which took place in the hall capital of $300,000, and its depositbe are estimated at $2,116,430. at Derouen, over which Mr. Boudde All the members of the New reau maintains supervision. The le York Stock Exchange made the daily Lieutenant Governor and several n settlements of accounts as usual togentlemen from New Iberia attended, g and made short addresses. The ocday to the Stock Exchange Clearing House. casion was referred to in some of the g: The Lincoln Trust Company rebl public prints as a Sanders rally, and th sumed payment to its depositors as to this allusion. many of the good W usual this morning. people who are identified with the br The International Trust Company Wilkinson faction, objected.: To one of the small and inconspicuous even things up, however, Mr. Brousst trust companies, closed its doors at to sard was invited to speak at the en same hall when practically the same10:40 this morning. do people would be in attendance as beA conference of prominent finanio fore-the crowd being about half, clers at the clearing house has adWilkinson and Sandersites. journed. James Stillman, president The letter bears the earmarks of of the National City Bank, said that inconsistency or cowardice-one or the conference had arranged to throw both. If political speaking was indulged in before to satisfy the San$10,000,000 into the stock exchange ders element, why not let the other of money market. faction hav a hearing. If the Sandre The Guardian Trust Company anders people are afraid to hear the of nounced its suspense this afternoon ar truth spoken-well, then, say so, and at its main office. Third avenue and be done with it. mc There is little doubt that Mr. 526 street, Brooklyn. The trust an Broussard will acquiesce in an invitacompany's money was tied up in the tion at some ffuture date to address in Borough Bank, and when that instidis these people, and when he doestation closed to-day, it could not do well-well-"just stand from unup budness. wi der." co Here is the letter: Berman Metz, comptroller, is me Derouen, La., Oct. 25, 1907. provident of the trust company has Hon. R. F. Brousard, New Iberia, above mentioned; William A. Maxfor Louisiana. well, secretary, and ex-Sheriff Wm. My Dear Friend:- had invited J. Buttline is one of the directors. Ibe you to attend the wedding ball to be ber It was reported this afternoon that given at my hall on to-morrow effi (Saturday) night, and to make a Secretary Cortelyou had deposited ma speech, as was done when Mr. Sanabout $8,000,000 in New York banks the ders was here recently. Since then. to-day, in addition to deposits which Cle Mr. Simonet Miguez, one of the ele that previously made. young men in honor of whom the The Jenkins Trust Company, of marriage ball is being given, who is a good friend of mine and of yours, Brooklyn, closed its doors this aftertells me, as he told you. the other noon. Its total of deposits is To day, that most of his friends $2,500,000. will not attend this ball if there is did The Union Dime Savings Bank, at any political speaking. As a favor to tio 32d street and Broadway, this afterhim and to me, I wish you would Jan soon posted a notice that it will repostpone the speaking until the 17th ati quire sixty days' notice from deposiof November, when I will have races par tors desiring to withdraw. It has and a ball. I shall be very glad $27,450,000 due to depositors. then to have you come here and The WHliamsburg Trust Company, speak. Broadway and ent avenue, WilliamsYour friend, I JOSEPH BOUDREAU. burg. closed its doors at 1:15 p. m., for to-day, being unable to cash a check ic for $10,000. Californians Want Dewey. Cou

7. October 26, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 26, 1907

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wracking day has passed, but the financial institutions of New York have shown extraordinary power of resistance to the pressure put upon them. While it is true that several minor institutions have been forced to close their doors, yet two things should be said about them. First, that the amount involved was not so great as to exert any marked influence on the general situation, as these banks were located in residential quarters and did not come into touch with the larger financial institutions of the metropolis; and, second, there is every reason to believe that these banks and trust companies are entirely solvent, and their difficulties will prove to be only temporary, and are due entirely to inability to secure ready cash on the gilt-edged securities in their vaults. Of course, the cessation of these companies caused trouble to many people, but not so great as It might seem, as the depositors are for the most part located in the well-to-do quarter of the city, many of whom are people of wealth, who have suffered no great inconvenience. Savings Banks Invoke Law. In the light of the commercial excitement, the savings banks thought It wise to put into effect the rule requiring thirty to sixty days' notice for the withdrawal of deposits. This will prevent the withdrawal of money which would otherwise be put in safety deposit boxes. The savings banks, if they continued to make payments, would be obliged to withdraw funds from national banks, thereby causing an additional strain on the general banking situation. There was not the slightest hint that any of the savings institutions was in anything but the soundest condition, and it was pointed out that the savings banks of this state are so restricted by law in investing their money that there can be no question that all of the securities in their possession are of good value and readily salable in normal times. Closed Institutions. The institutions which closed their doors today, with the sums due depositors, were: The United States Exchange bank, Harlem, $600,000; International Trust company, about $100,000; the Borough Bank of Brooklyn, $4,000,000; the Brooklyn bank, $1,300,000; Williamsburg Trust company, Brooklyn, $7,500,000, and the First National bank of Brooklyn, $3,600,000. The First National bank of Brooklyn, the Williamsburg Trust company and the International Trust company were allied institutions. None of these companies had any important business connections with the larger banks which are representative of the city's financial affairs. Favorable Features. On the other hand, a number of favorable features marked the day. The Trust Company of America and the Lincoln Trust company, the organizations which have suffered most from runs, have been slowly paying out to their depositors and closed today with all demands having been met. In the case of the Trust Company of America, the run was well nigh spent, as the great bulk of depositors have been paid off. At the close of business there were a good many in line at the Lincoln Trust company, but also there was a marked reduction in the number of anxious depositors. Wall Street Supplied. The most favorable incident of the day was that the stock exchange was provided with funds ample to meet its immediate necessities by a money pool, headed by J. P. Morgan, which sent about $15,000,000 to the exchange during the afternoon. The stock market had held relatively firm all day, but when the pool of money was offered in the loan corner, there was an immediate upturn of prices and the market closed strong at the best prices of the day. As all of the loans made hold over until Monday, the stock exchange situation will not be a factor in the problems that the bankers may be called upon to solve tomorrow. Solvency Affirmed. A very encouraging feature of the afternoon's deyelopment was a signed statement by Clark Williams, the newly appointed state superintendent of banking, affirming the solvency of the local institutions.

8. November 17, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 17, 1907

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RECEIVERS FOR 6 BANKS . ATTORNEY GENERAL'S ACT ! Sees Crime in Two Brooklyn Institutions-All Closed Before. Justice Betts of the Supreme Court, sitting all Kingston. on the application of Attorney General Jackson. appointed receivers yesterday for the Hamilton Bank and the International Trust Company, of Manhattan. and the Jenkins Trust Company, the Williamsburg Trust Company. the Brooklvn Bank and the Borough Bank. of Brooklyn, all of which were closed by the State Banking Department in the recent financial flurry. Evidences of criminality were found in the Borough Bank. the Attorney General said. consisting of forged paper, overloans and overdrafts, all of which would be laid before the grand jury. In the Jenkins Trust Company, Mr. Jackson said, there were evidences of illegal overloans. one to John G. Jenkins, jr., the president. being for $557,000. William R. Montgomery, president of the Hamilton Bank. denounced at his home last night the action of the Attorney General in asking for a receiver for the Hamilton Bank He said that Mr. Jackson knew that a plan had been partly arranged for strong banking interests to take over the institution. advancing at once $1,500,000 In the case of the Williamsburg Trust Company the application for a receiver was no Sure prise to the officers, as a committee of directors, headed by Charles Jerome Edwards, had made application on Friday to the local office of the Attorney General for such a proceeding. A.C. Scharmann, a director of the Jenking Trust Company, said that he knew nothing et the contemplated appointment of a receiver in the company when he left the offices of the company at noon He said also that he was unaware of the existence of any irregularities in the affairs of the institution. as charged by the Attorney General. William Gow. who was one of the organizer> of the International Trust Company and is a director of the Borough Bank, said of the latter institution that he was sure none of the things charged against the institution were true. The directors of the Borough Bank of Brooklyn issued the following statement last night: The result of the Borough Bank directors' investigation was given to the State Banking Department yesterday morning. This investigation developed the fact of irregularities so eleverly conceived and manipulated that the books of the institution failed to disclose them. As a result of this the directors were enabled to recover the whole of the discrepancies and through this directors' investigation the entire facts are now in possession of both the State Banking Department and Attorney General Jackson. The directors of the Borough Bank decline to make any statement further than to say that a thorough examination of the institution's affairs has been made by expert bank accountants of highest standing, with the result that the bank was found to be perfectly solvent and its capital unimpaired. The bank examiner in his report says: "Since the beginning of this examination the directors have secured from Mr. Gow, of Ward & Gow. and others an assignment of all their equities in real estate and other properties worth at least $700,000. and, if this additional collateral is allowed, all loans by this bank to Mr. Gow, either directly or indirectly. are amply secured, and instead of a surplus of $11,935 ; *303 my asset and liability sheet will show a surplus of $137,080 74." MR. JACKSON'S +STATEMENT. The application of the Attorney General for the appointment of the receivers was based on affidavits made by Clark Williams, the State Superintendent of Banks. The following statement in explanation of Mr. Jackson's step was issued at the office of the Attorney General here: Attorney General Jackson appeared before Justice Betts in Special Term of the Supreme Court at Kingston this morning and made application for the appointment of receivers for the Williamsburg Trust Company, the Hamilton Bank, the Borough Bank of Brooklyn, the

9. November 18, 1907 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, November 18, 1907

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RECEIVERS ARE APPOINTED Action Taken Against Defunct Banks and Trust Companies. Kingston, N. Y., Nov. 18.-Temporary receivers have been appointed for six New York city banks and trust companies which recently suspended payment. The banks are the Hamilton of New York, the Brooklyn bank and the Borough bank of Brooklyn and the trust companies are the Williamsburg and Jenkins of Brooklyn and the International of New York. Application for the receivers was made by William F. Mackey for Attorney General Jackson.

10. November 19, 1907 The Morris County Chronicle Morristown, NJ
Article from The Morris County Chronicle, November 19, 1907

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RECEIVERS NAMED FOR SIX BANKS Criminal Proceedings Likely Against Officers of Two Brooklyn Institutions. New York City.-On application of Attorney-General Jackson temporary receivers were appointed for three banks and three trust companies in Manhattan and Brooklyn, and the Attorney-General, in making the announcement, stated that criminal proceedings would be begun in connection with the affairs of two of the Brooklyn concerns, the Borough Bank and the Jenkins Trust Company. In the Jenkins Trust Company, Mr. Jackson said, there were evidences of illegal overloans, one to John G. Jenkins, Jr., the president, being for $557,000. The Attorney-General made his application for the appointment of receivers to Supreme Court Justice Betts, in Kingston, N. Y. The banks and trust companies, with the receiver for each and the amounts of the bonds, are as follows: Williamsburg Trust CompanyFrank L. Bapst, $300,000. Hamilton Bank-Frank White, $200,000. Borough Bank, of BrooklynHenry A. Powell and Isaac Cox, $100,000 each. Jenkins Trust Company-John Mulhall, $200,000. Brooklyn Bank - Bruyn Has brouck, $150,000. International Trust CompanyGoodwin Brown, $100,000. It is asserted by the trustees of the Jenkins Trust Company that they were ignorant of the loans to Mr. Jenkins, which were in the category of brokers' loans to Jenkins Brothers, stockbrokers.

11. November 30, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 30, 1907

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GOW'S DEALS HIDDEN. Continued from first page. gestion, and for which that company never paid a cent. The delivery of these securities to the trust company, Mr. Hasbrouck will report, was made without the knowledge of the stockholders, although the board of directors voted on October 11 to merge the bank with the International Trust Company. William Gow, stockholder and organizer of the International Trust Company, is indebted to the Brooklyn bank to the extent of $118,000. This is secured by collateral on which the receiver will report "much of it is questionable." Mr. Hasbrouck has found that many unlisted corporations owe the bank money. and also other corporations that have gone into the hands of receivers. He will report that John S. Jenkins, a director of the bank. overdrew his account on July 11 and let it remain overdrawn until August 29. Mr. Hasbrouck will recommend the appointment of a permanent receiver. as the bank needs $500,000 in cash to reopen, and he does not believe its condition warrants reopening Counsel for the directors of all the banks for which the Attorney General has appointed temporary receivers will be in Albany to-day to argue against making the temporary receivers permanent. The receivers will file their reports with Justice Betts.

12. December 9, 1907 New-York Tribune New York, NY
Article from New-York Tribune, December 9, 1907

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INDICTMENTS THIS WEEK. Brooklyn Bank Inquiry May Show Results To-day. Two separate sets of indictments have been prepared by the Kings County grand jury as a result of its investigation of closed Brooklyn banking institutions last week. One of the sets will be handed down to-day. it is thought, and it was said yesterday that some of the men already indicted are those against whom some of the new indictments are drawn. The first set of indictments was prepared as a result of the investigation of the affairs of the Williamsburg Trust Company. of which Frank Jenkins, already under indictment, is the deposed president. The secend set was prepared as a result of the preliminary investigation of the Brooklyn Bank and conjointly with it of the International Trust Company. Brooklyn branch. of which William Gow. already facing five indictments, was the organizer The grand jury this week will prosecute a searching and thorough investigation of the last named institutions. It was only a few weeks before the International Trust Company closed its doors that it was announced the Brooklvn Bank had been merged with it. As a result of the failure of the International Trust Company, the appointment of receivers and of counsel for the depositors and the directors as well. and their investigations of the affairs of the two banks, a poculiar situation has arisen. The depositors are opposing the merger. They assert that it was never legally consummated, and they have announced their intention to fight any twelfth hour attempt to make the merger legal. On the other hand. the directors of the two institutions express themselves as favorable to the merger. although acknowledging that it may not have been legally brought about. They will use every effort to make it legal. The transactions of the Brooklyn Bank and the International Trust Company are interesting the grand jury, and will be carefully looked into by that body. These are The alleged "shaving of collateral." The transfer of $254,000 of stocks and bonds of the Borough Bank to the International Trust Company. which deposited said stocks and bonds with the First National Bank of Manhattan to secure 2 loan of $150,000 from that institution. From information obtained from the District Attorney's office it would appear that good collateral was put up to secure certain loans made by the Brooklyn Bank and that later. through the alleged connivance of certain persons in the bank. this collateral was removed and replaced by poorer collatteral, the "good" collateral being used, presumably. as security for more loans from other sources. This is the transaction referred to as "shaving collateral." S. S. Menken. of counsel for the Brooklyn Bank and the International Trust Company, has been working with directors of both institutions to prepare a plan to make the merger legal. It is understood that the so called merger was never really legal, because notice of the proposed merger was not published in two newspapers in Brooklyn and Manhattan at least two weeks before the stockholders voted on the question of the merger. as required by law. and because no application was made to a justice of the Supreme Court, as is also required by law. In talking of the merger Mr. Menken said: "According to the plan, the International Trust Company was to buy the assets of the Brooklyn Bank, including $1,300,000 of the depositors' money and $300,000 capital stock. It was to take over the accounts of the depositors. It should have set to pay the stockholders. but money paid to the over not aside done. $300,000 The Borough this Bank, was $500,000. was principally depositors' money. All that is necessary is to legalize the merger. Then if we get back what the Borough Bank owes US we will have $900,000 over and above all liabilities. The International Trust Company is not hampered by any bad loans. Gow has paid his $25,000 is all realizable, and have promised to loan. of both The institutions collateral directors advance money to put the plan through. W. R. Jones, jr., deposed president of the Oriental, has two small loans." It was learned yesterday that of the depositors' Sparks. chairman Frederick committee W. of twenty-five of the Borough Bank, had given Howformer president of the to the purchase of four ard help Maxwell. finance bank. hundred a note lots at Holliswood, Queens County. Both of these men were members of a syndicate formed to speculate in these lots, and each had a sixth interest in the speculation. Mr. Sparks made out a note in favor of the Borough Bank, and this note Mr. Maxwell discounted. Mr. Maxwell in his confession to the directors told them the note was good and would be paid when it fell due. Title to the lots was taken in Mr. Sparks's name and he signed a declaration of trust acknowledging that each member of the syndicate had a sixth interest in the property, Subsequently he transferred his Interest either to Mr. Maxwell or Mr. Doolittle, Mr. Gow's secretary. for at any rate Maxwell and Doolittle conveyed a third interest in the property to the bank. and this, by appraisal, will net the bank $20. 000 or $25.000 over and above the mortgage liens that are on the property, which amount to about $50,000 at least. The District Attorney's office is still receiving daily reports of the physical condition of W. R. Jones. jr., and as soon as he is well enough to testify he will appear before the grand jury. The depositors' committee of twenty-five of the Borough Bank met at the Assembly, Brooklyn, last night and discussed the report of the experts who have been examining the books of the bank during the last week. Plans were arranged for a mass meeting to-morrow night of depositors at the Columbia Theatre. THE mann arean

13. February 9, 1908 New-York Tribune New York, NY
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ATTORNEY GENERAL VEXES RECEIVER Charles M. Higgins, one of the receivers for the Brooklyn Bank, in an open letter addressed to Attotrney General Jackson, declares that Mr. Jackson has made certain false statements regarding his connections with the Brooklyn Bank. and demands a public retraction from the Attorney General. He further intimates that If it is net forthcoming he will start legal proceedings. The statements to walch Mr. Higgins takes exception were given out in an interview by the Attorney General, among them being the declara. tion that "Higgins is not representative of Brooklyn Bank depositors." In replying, Mr. Higgins calls attention to the open meeting of depositors in Historical Hall which indorsed him as receiver, and further denies all of the Attorney Generally statements in which he is criticised.

14. March 2, 1908 New-York Tribune New York, NY
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receivership and obtaining the consent of the courts to the merger with the Metropolitan Trust Company. Bankers were greatly amused yesterday at Attorney General Jackson's statement that the "powers of the State Superintendent of Banks were too great as it is," and at his criticism of the banking legislation which is at present pending at Albany. Mr. Jackson called the bill which contemplates giving the State Superintendent of Banks the right to appoint a deputy to look after suspended banks, and relieves him of the necessity of calling in the Attorney General, "a most dangerous and ridiculous piece of legislation and almost infamous in its nature." This bill in particular has received the entire support of bankers and financial experts all over the state, as it gives to the State Superintendent of Banks powers similar to those exencised by the Controller of the Currency over national banks. When a federal bank suspends the Controller of the Currency has the power to at once a receiver at a fixed salary, cannot be more than a year, appoint which $25,000 is much and in the case of all save the largest banks below the maximum figure. In the case of suspended state institutions, however, the State Superintendent of Banks-must ask the Attorney General to apply to the courts when he dereceivers for a bank. The fees of the reso are fixed by ceivers sires appointed the court, the fed- and are usually much-greater than under eral system. The temporary receiver for the Hamilton Bank. for example, received $15,000 for one month's work. while counsel received $10,000. Under the proposed legislation all this would be done away with. DIRECTORS TO ACT WITH RECEIVERS. Paul Grout. counsel for the Mechanics and Traders' Bank, said last night that the directors of the bank would act with the temporary receivers in getting the bank on its feet and open again for business as soon as possible. He said he had no intention of opposing the action of the Attorney General in having receivers appointed. Attorney General Jackson, with several of his assistants, went to Albany on Saturday night, but he is expected back at his office here this morning Charles M. Higgins, one of the receivers for the Brooklyn Bank, said yesterday he did not know there was any movement actually started to draw Governor Hughes's attention to the close personal and official association existing between Attorney General Jackson and many of the receivers for banks and trust companies in this city whom the Attorney General has been instrumental in having appointed. Mr. Higgins wasn't a bit surprised. though, at the announcement that charges might be made against M Jackson for helping his friends to good berths and fees and salaries at the expense of depositbanks and trust companies. "There's enough for such ors certainly in the material charges," just said Mr. Higgins. "The Oriental is getting about the same dose we got in the Brooklyn Bank when Bruyn Hasbrouck, of New Paltz, a friend of Jackson, was appointed a co-receiver It was bad enough to have a receiver from upstate, but, despite my protest and against the wishes of the depositors, we have had an upstate counsel, Dolson, a Jackson deputy, of course, foisted upon us. Mr. Jackson is supposed to represent the depositors of the bank, but he never uttered a word of protest against Mr. Hasbrouck handing over a contract to Dolson for $80,000 for the latter's services. I got only a snap notice of a day about this fat contract. and Attorney General Jackson got no more. although according to law he should have had eight days. Yet he has no protest So far as the Brooklyn Bank goes, Mr. Jackson's conduct certainly demands investigation."

15. March 4, 1908 New-York Tribune New York, NY
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REFERS TO FORMER INDICTMENTS Mr. Jackson continued his attack upon Mr. Menken by saying that the depositors of the Oriental should not forget "that this is the same Menken who protested so loudly when I applied for receivers for the Brooklyn Bank and the International Trust Company. His protests then were followed by indictments." He said he saw no reason why this should be an exception. and he deemed it his duty to proceed upon the assumption that the affairs of the Oriental should be the subject of careful grand jury investigation. In ending his criticism of Mr. Menken, Mr. Jackson said: "I am informed that this man Menken has been haranguing public meetings of depositors and insinuating bad faith on my part, although privately he has been sending to me expressions of his great admiration and regard." The $200,000 bonus for the Metropolitan Trust Company was to be paid as follows: $50,000 down and $150,000 in three payments of $50,000 each at the expiration respectively of six, twelve and eighteen months thereafter. The ninth clause of the agreement provides "that as most of the assets of the bank are notes and bills receivable, some of which it may be necessary to renew from time to time, the trust company may, by and with the consent of the liquidating committee, renew or accept payment on account of any bill, draft or note held by the bank, or

16. May 13, 1908 The Star and Newark Advertiser Newark, NJ
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BROOKLYN BANK TO REOPEN. NEW YORK, May 13.-Steps taken today, it is believed, will insure the speedy reopening of the Brooklyn Bank, which closed in the early days of last fall's monetary panic, owing depositors approximately $1,800,000.

17. May 13, 1908 New-York Tribune New York, NY
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BROOKLYN BANK AGAIN : TO OPEN WITH OLD NAME. At Least Plan of International Trust Company Seems Assured. The initial steps were taken yesterday to carry out a plan which provides for the immediate reopening of the Brooklyn Bank, the payment in full of all the depositors of that bank and the depositors of the Brooklyn branch of the International Trust Company, and the acquisition of the Brooklyn Bank by the International Trust Company through purchase by that company of all the stock of the bank. Under this plan the Brooklyn Bank, the oldest banking institution in that borough, will be completely reorganized, and will reopen with a capital stock of $300,000 and approximately $450,000 surplus. A meeting of stockholders representing $496,000 of the capital stock issue of $500,000 of the International Trust Company was held yesterday afternoon in the offices of S. Stanwood Menken, of the law firm of Philbin. Beekman & Menken, to discuss the plan which was originated by Mr. Menken and is being put through by him. These stockholders voted unanimously to adopt it, and as they own 70 per cent of the stock of the Brooklyn Bank, all that remains to be done now before it goes into effect is to have stockholders representing 30 per cent of the stock of the Brooklyn Bank approve it and vote its adoption. A meeting of these stockholders for this purpose will be held in Mr. Menken's office to-morrow. The capital stock of the Brooklyn Bank is $300,000, of which 70 per cent. or $210,000, is owned by the International Trust Company. Under the provisions of the plan the remaining stock of the Brooklyn Bank, amounting to about $90,000. is to be purchased by the trust company on a deferred payment plan. Mr. Menken has already made arrangements for the immediate resumption of business by the Brooklyn Bank under its old name and not under the name of the International Trust Company, by which it went after its supposed merging with that institution last September. The Brooklyn Bank, or the Brooklyn branch of the International Trust Company (the courts have to decide which is the proper name), closed in the early part of the late panic, owing depositors something over $1,800,000. Mr. Menken said yesterday arrangements had been made to borrow a quarter of a million dollars as soon as the resumption plan was adopted. Therefore, upon reopening the Brooklyn Bank would have, he said, the following amounts of cash to begin business and pay depositors with: $800,000 Cash on hand. approximately 250.000 Cash from proposed loan 350,000 Cash from trust company $1,400,000 Total Besides this, the bank has in its vaults over $850,000 of bills receivable, and will get through the deferred payment plan in the course of the next eighteen months over $400,000 which the Borough Bank owes the Brooklyn branch of the International Trust Company The receivers for the Brooklyn Bank have expressed their willingness to assent to and help put through this plan. "If the Brooklyn Bank stockholders agree," said Mr. Menken yesterday, "I believe we will have the bank open and doing business within two weeks." Little difficulty is expected in getting the consent of the Brooklyn Bank stockholders, as under the provisions of the plan they will receive par value for their stock although in deferred payment, while, if they force the bank's liquidation, according to one of its receivers, they will be lucky if they get anything at all for it. Under the provisions of the plan both the depositors of the Brookiyn Bank and of the Brooklyn branch of the International Trust Company will be paid in full. This will settle all question as to the legality of the so-called merger of the Brooklyn Bank with the trust company last year, which has been the subject of bitter dispute since the bank closed its doors, and is scheduled to be argued before Justice Betts, in Kingston, May 23. The consents of the depositors are unnecessary to carry out the plan, as it provides for their immediate payment in full. The receivers do not purpose to extend the stockholders indefinite time for reopening. Unless they consent to Mr. Menken's plan, one of the receivers said yesterday, it is probable that the latter will declare a 40 per cent dividend to depositors the latter part of this month, and thus settle forever the question of resumption. "Even if we are forced to liquidate the bank," said this receiver yesterday, "the depositors will get 100 cents on every dols but it will be some time before they get it all."

18. May 13, 1908 New-York Tribune New York, NY
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THE NEWS THIS MORNING. CONGRESS-Senate: The Postoffice appropriation bill, carrying $229,027,367, was passed; Mr. Rayner spoke on his resolution directing the President to order a court of inquiry into charges against Colonel William F. Stewart. House: The conference report on the naval appropriation bill was agreed to and it was announced that the currency bill would be considered on Thursday. FOREIGN.-Two schooners engaged in tortoise fishing off the Isle of Pines have been seized, a revenue cutter firing a shot into one Secreof them before she would heave to. tary Taft left Colon for Charleston on the Prairie, having concluded a successful trip as Inhabitants peacemaker on the isthmus. of the village of Belleghem, near Courtrai, attacked and killed a man caught robbing a chapel Ambassador Reid presided at a luncheon given by the Pilgrims in London in Russian prishonor of Edwin A. Abbey. oners at Simferopol killed four officials and Judge Rodey dismissed the suit escaped. of the American Railway Company to get possession of lands occupied by army, navy and lighthouse services in Porto Rico. Great Britain, Russia. France and Italy have decided to withdraw their troops from Crete, peaceful Prince conditions prevailing in the island. Ito, in an interview at Seoul. said that Japan's object in reforming the system of government in Corea was to make that country an independent ally of Japan. DOMESTIC.-The men of the Atlantic fleet were entertained at a reception and ball by the exclusive California Club of San Francisco. Governor Hughes was welcomed by a crowd at Washington, where he went to attend the conference of Governors and the President's dinner The body of George Clinton, first Governor of New York, was exhumed in Washington and will be reburied in Kingston, N. Y. The welfare committee closed its conference by effecting a reorganization as the Woman's Department of the National Civic Federation; Mrs. Medill McCormick. of Chicago, was A resolution presented elected president. at the Methodist Episcopal General Conference at Baltimore provides for a twelve-year term Two robfor bishops and no re-election. bers, dressed as brakemen, attacked the express messenger on a Great Northern train between Seattle and Vancouver, and looted the strong box of a sum estimated at between $1,000 and $10,000 Gustave CITY.-Stocks were weak. Lindenthal, under whose directions the original plans for the Blackwell's Island Bridge were made. said he would not have approved the changes made. Governor Hughes said he could not serve even were he elected VicePresident The initial steps were taken in a plan to reopen the Brooklyn Bank under its old name, but as the property of the International Trust Company. The floor sagged beneath one hundred petitioners in Queens BorNew York ough Hall and caused a panic. Life records showed contributions of $15,000 to the Merchants' Association at the insistence of William F. King. The Knickerbocker Trust Company announced it would pay depositors two instalments. falling due later, under the resumption agreement, on June 1. President Hepburn of the Chase National Bank said he looked for a period of unprecedented prosperity. The Denver & Rio Grande sold $15,000,000 three-year notes to local bankers to finish the Western Pacific construction work. THE WEATHER-indications for to-day: Fair and cooler. The temperature yesterday: Highest, 81 degrees: lowest, 64.

19. May 23, 1908 New-York Tribune New York, NY
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S. S. MENKEN MUST SHOW CAUSE. Fight to Permit Meeting of Brooklyn Bank and International Trust Boards. S. Stanwood Menken, promoter of a plan for reopening the Brooklyn Bank and the International Trust Company, was directed yesterday to show why an order should not be issued to show cause why the directors of the two institutions should not be permitted to meet. The object is to give the two boards an opportunity to vote the adoption of the proposed plan. Before the plan can be adopted every stockholder of the International Trust Company and every minority stockholder of the Brooklyn Bank must agree to it. The stockholders of the trust company have already signed agreements, and up to last night all the minority stockholders of the Brooklyn Bank with the exception of stockholders owning or controlling 150 shares had also agreed to it. Mr. Menken expects to get the consents of these shares either to-day or the first part of next week. Unless this is done the plan may fall through, es one of the two receivers for the Brooklyn Bank has expressed himself as being against the proposed plan and the other, while indorsing it, has limited the time in which its advocates must consummate it.

20. June 20, 1908 New-York Tribune New York, NY
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TO HEAD BROOKLYN BANK D. O. Underhill Chosen New President-Resumption Monday. D. O. Underhill, formerly an assistant cashier of the Fourth National Bank, will be the new president of the reorganized Brooklyn Bank when it reopens Monday. Nelson G. Ayres, formerly the first vice-president of the defunct Oriental Bank, has been chosen as the first vicepresident. Mr. Underhill succeeds Henry E. Hutchinson, president of the Brooklyn Bank when it closed its doors in the panic last fall after its supposed merging with the International Trust Company. Under the terms of the plan whereby the Brooklyn Bank is enabled to reopen and stands ready to pay both its depositors and those of the International Trust Company in full on demand, all of the directors of the International Trust Company have tendered their resignations. The former directors of the Brooklyn Bank will hand in theirs not later than this afternoon, and a new board will be elected. Ludwig Nissen, a former vice-president of the Oriental Bank, will be on the new board. The receivers, Bruyn Hasbrouck and Charles M. Higgins, will turn over the assets of the bank to-day and on Monday to its officials. Mr. Hasbrouck said yesterday that the bank would open for business at noon on Monday. Charles M. Stafford, counsel for the stockholders' committee of the Brooklyn Bank, and also for Charles M. Higgins, has rendered a bill for $14,000 for his services. When Justice Betts approved the plan for resumption he made no allowance for Mr. Stafford. The Brooklyn Bank will for the time be administered by an advisory board, consisting of General Brayton Ives, president of the Metropolitan Trust Company; J. G. Cannon, vicepresident of the Fourth National Bank, and Erskine Hewitt.

21. June 24, 1908 The Morning Journal-Courier New Haven, CT
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BROOKLYN BANK REOPENS. New Officers and Advisory Committee in Charge. New Yrk, June 23.-The reopening of the Brooklyn bank, one of the oldest institutions in that borough, which suspended with half a dozen others last fall, took place today. Opening under a policy of payment in full on demanr, and with an allowance of interest on all deposite during the term of suspension, the event today was a popular one, and attended by old friends of the institution, who wished the bank prosperity under its new management. The bank's exterior and interior were hung with flags and bunting.

22. July 2, 1908 Lewiston Evening Teller Lewiston, ID
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BANKS REGAIN THEIR STANDING INSTITUTIONS THAT CLOSED DOORS IN PANIC ARE PAYING OBLIGATIONS IN FULL UNDER TERMS OF REORGANIZATION. NEW YORK, July 2.-Eight months after the passing of the financial troubles of last fall, the depositors of the dozen banks and trust companies which closed their doors have received their money, at least in part, or in the case of a few which have not reopened or have gone into liquidation, are about to receive it. The Hamilton bank, which was one of the first institutions in which the attorney general's department intervened to reopen, has already anticipated all of its deferred payments, which, under the original plan, were to have extended into November. The Knickerbocker Trust company, which was one of the largest of the suspended institutions that reopened, like most of the others, under a deferred payment plan, anticipated the first two deferred payments on June 1, paying then 10 per cent, of which one-half, under the original plan, would not have been paid until September. The Oriental bank, which was one of the four to close its doors in February, paid its depositors on the full preliminary to liquidation. One of the other three which then suspended. the receiver of the National Bank of -North America has paid depositors 50 per -cent in dividends, and the receiver of the New Amsterdam National has paid 25 per cent. The Mechanics' and Traders' depositors have practically agreed to s deferred payment plan, which will be put in force when the percentage of assenting depositors is brought up to 90. Of the Brooklyn banks which elosed, the Jenkins Trust company, reorganized under the name of the Lafayette Trust company, has anticipated payments; the Borough 'hank and the Homa bank have reopened, and the Brooklyn bank and the International Trust company have reorganized.

23. July 2, 1908 Lewiston Evening Teller Lewiston, ID
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BANKS REGAIN THEIR STANDING NEW YORK, July 2.-Eight months after the passing of the financial troubles of last fall, the depositors of the dozen banks and trust companies which closed their doors have received their money, at least in part, or in the case of a few which have not reopened or have gone into liquidation, are about to receive it. The Hamilton bank, which was one of the first institutions in which the attorney general's department Intervened to reopen, has already anticipated all of its deferred payments, which, under the original plan, were to have extended into November. The Knickerbocker Trust company, which was one of the largest of the suspended institutions that reopened, like most of the others, under in deferred payment plan, anticipated the first two deferred payments oh June 1, paying then 10 per cent, of which one-half, under the original plan, would not have been paid until September. The Oriental bank, which was one of the four to close its doors in February, paid its de-: positors on the full preliminary to liquidation. One of the other three which then suspended, the receiver of the National Bank of North America has paid depositors 50 per cent in dividends, and the receiver to: the New Amsterdam National has paid 25 per cent: The Mechanics' and Traders' depositors have practically agreed to R. deferred payment plan, which will be put in force when the percentage of assenting depositors is brought up to 90. Of the Brooklyn banks which closed. the Jenkins Trust company, reorganized under the name of the T.afavette Trust company. has anticinated payments: the Borough bank and the Home bank have reonened. and the Brooklyn bank and the International Trust company have reorganized.

24. July 3, 1908 The Julesburg Grit-Advocate Julesburg, Big Springs, CO
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Splendid Recovery of Banks Forced to Close by Panic 1 New York. June 30.-Eight months t after the passing of the financial troubles of last fall, the depositors of the dozen bank and trust companies which closed their doors have received their money at least in part, or in the case of the few which have not yet reopened or have gone into liquidation are about to receive it. The Hamilton bank, which was one of the first of the institutions in which the attorney general's department intervened to reopen, has already anticipated all of its deferred payments, which under the orginal plan were to have extended into November. The Knickerbocker Trust company, e which was the largest of the suspended institutions and reopened like 1 most of the others under a deferred payment plan, anticipated the first two deferred payments on June 1, paying then 10 per cent, of which one-half, under the orginal plan, would not have been paid until September. The Oriental bank, which was one of the four to close its doors in February, paid its depositors in full preliminary to liquidation. Of the other three which then suspended, the receiver of the National Bank of North America has paid depositors 50 per 1 dent in dividends and the receiver of the New Amsterdam National has paid 25 per cent. The Mechanics and Traders depositors have practically agreed to a de1 ferred payment plan, which will be put in force when the percentage of assenting depositors is brought up to 90. Of the Brooklyn banks which closed, the Jenkins Trust company, reorganized under the name of the Lafayette Trust company, has anticipated payments; The Borough bank and the Home bank have reopened, and the Brooklyn bank and the International Trust company have reorganized.

25. December 31, 1908 New-York Tribune New York, NY
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FEW EXCISE CONVICTIONS. Witness Tells Kings County Investigators of Magistrates' Courts. Magistrates of Kings and Queens counties will be called to testify before Governor Hughes's special commission for the investigation of the lower courts, because of testimony placed before that body in Brooklyn yesterday. William K. Van Mater, counsel for the state's excise commission in those counties, under a cross-fire of questions from ex-Attorney General Julius M. Mayer, who conducted the examination, said that conditions in the Magistrates' Courts and the Court of Special Sessions made convictions for excise violations a rarity, resulting in a big unlicensed liquor trade in Brooklyn and the subarbs of Queens. An affidavit by ex-Receiver Hasbrouck reviewed his work. his disagreements with Mr. Higgins. and took credit for originating the plan under which the Brooklyn Bank has resumed business. For the bank. Morton G. Rogue. of Philbin, Beekman and Menkin. said the bank took no position in the matter, but would accept any money returned. Mr. Stafford, in reply. said he alone was entitled to credit for the resumption plan. and deprecated the harsh language used during the hearing. Everybody thereupon deprecated the strong language used and advised the court to impose censure, but none of the statements made was withdrawn. Justice Betts extended the bank's time to examine the receivers' accounts until January 9. and reserved decision on Mr. Higgins's application.