13256. Williamsburg Trust Company (Brooklyn, NY)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
5c8683dcb46c1ca1

Response Measures

None

Description

Contemporary articles state the Williamsburg Trust Company was subject to heavy withdrawals/a run which used up available cash and suspended payment on Oct. 25, 1907. Temporary receivers were appointed in November 1907 and later made permanent, but capitalists and a voting-trust arrangement enabled the company to resume operations (materials through 1908 and later). Reports also document serious internal irregularities and suspect loans that contributed to the failure. Dates are drawn from newspaper dates and textual statements.

Events (4)
1. October 25, 1907 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals during the 1907 panic; bank had large questionable demand loans and insiders withdrew funds just prior to suspension; run used up available cash.
Measures
Suspended payment/closed doors; later examiners and receivers involved.
Newspaper Excerpt
he did not propose to open the Williamsburg Trust Company's offices until he was satisfied he could do so without closing his doors again. He said that his bank would never have been compelled to close up had it not been for the run which used up all the available cash.
Source
newspapers
2. October 25, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy withdrawals and was linked to allied institutions' failures and internal irregularities (questionable loans, insider withdrawals) revealed by later receivers' reports.
Newspaper Excerpt
The Williamsburg Trust company, which suspended payment today, were directly responsible for the closing of the doors of the First National bank of Brooklyn.
Source
newspapers
3. November 17, 1907 Receivership
Newspaper Excerpt
appointed receivers yesterday for ... the Williamsburg Trust Company ... all of which were closed by the State Banking Department in the recent financial flurry.
Source
newspapers
4. May 1, 1908* Reopening
Newspaper Excerpt
An argument for issuing an order requesting the State Superintendent of Banks to examine the condition of the Williamsburg Trust Company ... to furnish statistics to capitalists who are said to be ready to put up sufficient funds for the reopening of the institution. ... OFFER TO PAY UP DEPOSITORS ... advance $1,500,000 ... to pay off all the depositors ... if eighty per cent of the stockholders ... would consent ... it was believed the bank would be able to resume business soon.
Source
newspapers

Newspaper Articles (25)
1. October 26, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, October 26, 1907

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BANK WAS CLOSED TO PROTECT ITS DEPOSITORS. Washington, Oct. 25.-Comptroller of the Currency Ridgely stated this afternoon that the Banking & Trust company and the Williamsburg Trust company, which suspended payment today, were directly responsible for the closing of the doors of the First National bank of Brooklyn. It appears that the latter bank cleared for the two trust companies and the closing of the bank doors today was for the pui. pose of protecting their depositors, inasmuch as otherwise it would have been held responsible for the paper of the two trust companies that might come in any time up to tomorrow morning. The following statement was given out late today from the comptroller's office: "The First National bank of Brooklyn closed its doors this afternoon and National Bank Examiner George T. Cutts has taken charge by order of the comptroller of the currency. The First National bank cleared for the WilHamsburg Trust company, and the Jenkins Trust company of Brooklyn, both of which failed today. The national bank was closed to protect its depositors against the checks of the trust companies which might be presented through the elearing house."

2. 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.

3. 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.

4. October 26, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, October 26, 1907

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CLEARING HOUSE. TRIES TO STEM TIDE OF FINANCIAL DISASTER BY ISSUING CERTIFICATES. AN ACTION SELDOM .TAKEN. Six Banks and Trust Companies in Brooklyn and Vicinity Suspended Payment Friday-Savings Banks Enforce 60-Day Rule. New York. Oct. 26.-Friday was another nerve racking day, but the financial institutions of New York showed extraordinary power of resistance to the pressure put upon them. While several minor Institutions were 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 in touch with the larger financial institutions of the metropolis; second, that there is every reason to believe that these banks and trust companies are entirely solvent and their difficulties will prove to beconly temporary and due entirely to inability to secure ready cash. In the light of the general excitement the savings banks put into effect the rule requiring 30 to GO 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. The institutions which closed their doers Friday, with the sums due denositors, were: The United States Exhange bank. Hariem, $600,000. International Trust Co., about $100,100. $ The Borough bank. of Brooklyn, $4,00.000. The Brooklyn bank. $2,300,000. Wflliamsburg Trust Co., Brooklyn, $7,500,000. The First National Bank of Brooklyn, $3,500,000. The First National Bank of Brookyn, the Williamsburg Trust Co. and he International Trust Co. were allied Institutions. None of these companies had any important business connecions with the larger banks. On the other hand a number of avorable features marked the day. The Trust Company of America and the Lincoln Trust Co., the two organications which have suffered most from runs, closed the day with all demands having been met. 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 bott 000 to the exchange

5. October 26, 1907 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, October 26, 1907

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Runs on Two Banks. Brooklyn, Oct. 26.-The Terminal Bank of Brooklyn closed its doors this morning as a result of the failure of the Williamsburg Trust company yesterday. A slight run on the Nassau Trust company of Williamsburg was started this morning but it is being easily handled.

6. October 26, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 26, 1907

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NEW YORK PASSES TRYING DAY (Continued from Page One.) issues occurred in 1873 and 1884. The last occasion on which they were used was in 1893. The clearing house certificate is practically a guarantee byal banks in the clearing house that the certificates shall be redeemed at par, but the clearing house banks are protected against loss by the fact that first class securities, either commercial -paper or stocks and bonds, are required before the certificates are issued. The certificates are used only be tween banks. They do not appear in general circulation, but by relieving the banks of the strain of large debit balances, they enable them to keep their cash reserves comparatively in. tact It is believed by competent bankers that an issue of $50,000,000 will be the outside requirement at present. It is believed also that the mere fact that they are to be issued will so far re store confidence that runs upon banks win cease, so that it will not be necessary to keep certificates outstanding for any considerable time. Already the strong city banks are receiving large deposits from persons who have withdrawn their money from institutions which have fallen under suspicion. This does not preclude the fact that considerable amounts have been put in safe deposit boxes and thereby withdrawn from circulation, but it is believed that renewed confidence will cause the return of this money to the banks within a short time Imports of Gold. Late in the afternoon a favorable light was cast upon the prospects of imports of gold by a sudden fall in foreign exchange. The market has been practically at standstill for several days with large offerings of bills and few takers This afternoon, how ever, the rate dropped to 4.85. which practically makes imports of gold possible at a profit. Leading bankers and foreign exchange houses have been looking for this development but hardly expected that it would come so soon. The tide of gold, once it sets on. the way, will undoubtedly reach a large volume, in view of the considerable amounts due this country for the outgoing crops and for securities. While the present market is one to encourage the general public to buy American securities, there are always shrewd observers in Europe who are disposed to buy at times like the present and some of them have been in the market during the past few days. It will be possible even by the process of Joans to transfer a part of the burden of carrying stocks from New York to London and Paris, but this has been tone thus far to only a limited extent The fact that the banks and the stock exchanges will be open for business but two hours tomorrow and that Sunday with all its opportunities of calming public sentiment will intervene, added to the more hopeful view taken by leading financiers tonight will do much toward clearing the financial skies before next week. At a meeting of the directors of the Lincoln Trust Company tonight, Louis Stern, a director, was authorized to make the following statement: (The directors of the Lincoln Trust Company are justified in stating that the company is in a position to meet every demand that may be made upon it and that the company is In a strong. et position tonight than any day this week. Furthermore, the withdrawal of funds has been less day by day At a meeting late today the direc. tors, of the Knickerbocker Trust Com. pany appointed a committee to take steps to bring about a resumption of business The committee later announced that an agreement providing for the deposit of claims of depositors and of shares of stock of the company was being prepared The committee will meat Monday to pass on this agreement Run Continues Baltimore. Oct. 25. The run on the East Branch of the Home Bank, continued today and shortly before noon, the depositors who were in line waiting for their money were notified that the bank would take advantage of a chare ter provision which permits the institution to demand sixty days notice of a positor's intention to withdraw his or her account A member of the firm of Bernstein, Cohen and Company, owners of the bank, today admitted that the run has been of much larger proportions than had been reported. Runs on Pawtucket Banks. Pawtucket R. I. Oct. -Follow ing the posting of the ninety day notice to depositors by the local branch of the New England Trust Company, of Providence runs were started today on all banks in Pawtucket. With the exception of the New England Trust Company all the banks met the demand without difficulty GOVERNOR APPEALED TO. A Legal Holiday to Relieve Financial Situation Asked For. Albany, N. Y., Oct. 25 -Governor Hughes today received a number of telegrams suggesting that he proclaim a legal holiday during which the financial situation might be relieved. The Governor acknowledged the receipt of all of these messages without indicat ing his intentions. He would not dis. cuss the question tonight, but there is a good reason to believe there is no immediate probability of his taking this step. COMPTROLLER OF CURRENCY GIVES OUT A STATEMENT. Washington, Oct. 25.- The following statement was given out today by the Comptroller's office: The First National Bank of Brook lyn. N. Y., closed its doors this afternoon and National Bank Examiner George T. Cutts has taken charge by order of the Comptroller of the Currency. The First National Bank cleared for the Williamsburg Trust Com pany and the Jenkins Trust Company of Brooklyn, both of which failed to. day The National Bank was closed to protect its depositors against the checks of the Trust Companies, which might be presented through the Clear ing House.

7. October 28, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 28, 1907

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any other institution for the time," he said. "All of the other members of the Clearing House received the same instruction regarding the banks for whom they were clearing That order left us without means of getting cash. We have as good securities as any other bank in the country, but when we were unable to get money upon them we had no alternative but to close our doors. The Clearing House is doing everything that it can to improve the present situation, and as soon as this flurry is over I suppose it will rescind its order regarding clearing. Of course only a certain number of banks can be members of the Clearing House, and the other banks have to clear through them. "The state accountants are still going over our books, and they will not report probably until Tuesday or later. Our bank is entirely sound. The rumor that politicians have had preferences shown them by us is entirely unfounded. As for the International Trust Company, we had never gone into that concern. The action was only proposed, but was not carried out, and now will not be." The Jenkins Trust Company, the First National Bank. the Terminal Bank, the Williamsburg Trust Company and its branches, generally known as the "Jenkins banks," it was generally understood yesterday would reopen on Tuesday. The federal and state examiners, according to the directors, have found the institutions solvent and in a position to continue doing business as soon as the ready cash was obtained. President John G. Jenkins, jr., said yesterday he did not propose to open the Williamsburg Trust Company's offices until he was satisfied he could do SO without closing his doors again. He said that his bank would never have been compelled to close up had it not been for the run which used up all the available cash. A movement is on foot, according to Jullan D. Fairchild, president of the Kings County Trust Company, to bring the banks and the trust companies closer together. "We do not need a clearing house in Brooklyn, as has been suggested," he said yesterday. "We want only one such institution. What we do want is a closer connection between the banks and the trust companies. The trust companies should go into the clearing house, either as regular or as associate members. The trust companies, like the banks, should make weekly reports concerning themselves. That would give people a reliable understanding of the banking situation of the city's institutions. The trust companies have as much. if not more, money on deposit than the banks have, and yet at present they do not take steps to keep the public informed concerning themselves. This crisis may result in bringing them into closer relation with the banks. I do not think that they should be compelled to keep on hand such large reserves as the banks. The banks must have 25 per cent of their deposits, but the trust companies are not required to keep more than about 12 per cent on hand. Their deposits are slower. not so liable to be paid out and their securities are better. The Clearing House and the trust companies should be able to determine upon some equitable arrangement whereby the trust companies could become members or associate members of the former."

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 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.

10. November 22, 1907 New-York Tribune New York, NY
Article from New-York Tribune, November 22, 1907

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THREE BANK ARRESTS. Continued from first page. $ of him, however, and were still trying to find him when he walked in to surrender himself. I 9 Mr. Maxwell reached Headquarters while Mr. s Gow was being measured. The two prisoners did not speak to each other, and apparently did not notice each other. Of the two, Mr. Gow was far the more cheerful. Mr. Maxwell appeared to be dazed, and did not seem to know what he was doing. MR. LITTLETON PROTESTS. Leaving Headquarters, they were brought back and arraigned before Judge Fawcett. Mr. Gow was first brought to the bar. He pleaded not guilty to each of the five indictments. Then Mr. Littleton, his counsel, addressed the court. "Your honor," he said, "the fact that the prisoner has deeded everything he has in the world to the Borough Bank to settle his obligations should be an argument for admitting him to moderate bail. Remember, he lives always under the presumption of innocence until proved guilty. But I want to protest against the action of the police this afternoon. They took him from the Assistant District Attorney's office while I was out arranging for his bail, and had him measured and photographed for the rogues' gallery. It was an outrage. It was unjust. There is no excuse for such action on their part, and I cannot protest too strongly." Mr. Maxwell was then arraigned. He, too, pleaded not guilty to each indictment. His counsel, in addressing the court, asked that bail be set at $20,000. Judge Foster, however, made it $10,000 for each indictment. He permitted the prisoners to return to the office of the Assistant District Attorney while final arrangements for furnishing bail were made. As some of Mr. Maxwell's friends were out of town he was unable to furnish it and spent the night in jail. Mr. Oeland said that bail would be furnished to-day. Mr. Gow was released as soon as the final formalities in giving ball were finished. He himself furnished $7,500 of the required amount in cash. Neither Mr. Gow nor Mr. Campbell seemed especially depressed. Mr. Maxwell furnished a marked contrast. Great depression was evident from his manner. Captain Kuhne, head of the Brooklyn bureau of detectives, said that his men had only complied with the law in bringing the prisoners to be photographed and measured MAXIMUM SENTENCE UNDER CHARGES Under the provisions of the Penal Code Mr. Gow could be sentenced to a maximum term of twenty-six years in the penitentlary; Mr. Maxwell, twenty-five years, and Mr. Campbell, fifteen years. The maximum penalty for grand larceny in the first degree is ten years; for forgery in the third degree, five years, and for a misdemeanor, two years. After the grand jury has finished its investigation of the affairs of the Borough Bank it will investigate those of the Williamsburg Trust Company and of the Jenkins Trust Company. The stockholders of the latter company, at a meeting last night, appointed H. T. HIII chairman of a committee to examine the books of the bank and the report of the state bank examiner and report on them. If the report shows the condition of the bank in any way favorable the stockholders will fight the appointment of receivers. A resolution was passed expressing confidence in the present management. Frank L. Pabst, who was appointed receiver for the Williamsburg Trust Company, took charge yesterday. There was a report yesterday that officials and directors of the company had secured enough cash to reopen. Meetings of both directors and depositors will be held to-night and a plan for reopening will be submitted. The depositors of the International Trust Company held a meeting yesterday. An examination of the books of the company is being made by counsel for them, and if they make a favorable report the depositors will ratify some plan by which it is hoped the company may resume business.

11. December 1, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 1, 1907

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committed suicide, having been president of both institutions. William Gow. a director in the Borough bank and the International Trust company, is charged by the temporary receivers with dominating the International company and SO controlling its financial operations as to make large sums of money. Loans Made to Clerks. Frank L. Bapst, temporary receiver of the Williamsburg Trust company, in his report says that the company made demard loans to the amount of approximately $222,000 to five clerks in the employ of Frank and J. G. Jenkins, jr., the stock brokerage firm. These clerks also figured in loans from the Borough bank of Brooklyn. The receiver also states that the Williamsburg company made a demand loan to C. H. Reuter for $171,500, which is not guaranteed, and for which there is held collateral of the estimated value of $73,148. A loan of $25,000 was also made by the Williamsburg company to James Hart, a son-in-law of J. G. Jenkins, sr., for which collateral is held of the estimated value of $12,400. Concerning other loans aggregating $476,000 the receiver states that collateral only to the estimated value of $275,000 is held and upon these loans there is an estimated loss of $200,000 placed by the bank examiner. Directors Had a Tip. Mr. Bapst, in his report, shows that within the four days immediately preceding the closing of the doors of the Williamsburg company, several of the company's directors withdrew practically all their deposits. Goodwin Brown, temporary receiver of the International Trust company, states in his report that the book value of the demand loans of the company is $43,750 and of this sum, $32,250 is doubtful. The receiver charges that William Gow, a director, paid $307,000 for a lease which he sold to the trust company for $457,545. The receiver states that Gow withdrew from the company $325,852 in cash on October 21, 1907, a few days before the institution suspended.

12. December 1, 1907 New-York Tribune New York, NY
Article from New-York Tribune, December 1, 1907

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BIG SUMS DRAWN OUT. BANK RECEIVERS REPORT. Trust Company Accounts Almost at Minimum Before Suspension. Reports of the temporary receivers of the Williamsburg Trust Company and the International Trust Company were made public by Attorney General Jackson yesterday. They show that large withdrawals were made from both institutions just prior to their suspension on October 25. The array of accounts that were drawn down almost to a minimum in the International Trust Company is startling. It would appear that William Gow made some $150,000 by the transfer of the lease of No. 206 Broadway, where the company did business. Deputy Attorney General Robert J. will before District all the facts he has in to-morrow Steele Special place Attorney connection and Jerome ask with the International Trust Company, that some action be taken on them. At the same time the Kings County Grand Jury for December, take which is to be sworn in to-morrow, will up the Williamsburg Trust Company Attorney General Jackson said last night that the loan committee of the Williamsburg Trust Company might be responsible for loans amounting to $220,000, which went to five clerks in the employ of the F. & J. G. Jenkins, jr., brokerage in which this corporation, all which is held by the concern. the stock farm The of ly, way members of dollars of Jenkins borrowed thousands from the Jenkins Trust Company has already been told. It is understood that it also had large loans from the First National Bank, of Brooklyn, which is in the hands of a federal receiver. More evidence has been found to show how some of the accounts in the Borough Bank were drawn down just before its suspension. Arguments were heard yesterday by Justice Bette in Albany on an application to make the receivers of suspended Brooklyn institutions permanent. The application was strenuously opposed by counsel for the banks. All the arguments were adjourned, the Borough Bank to December 10, the International Trust Company. the Brocklyn Bank, the Williamsburg Trust Company and the Jenkins Trust Company to December 12. ORGANIZED OUT OF WIND In giving out the report of Goodwin Brown, receiver for the International Trust Company. Attorney General Jackson said it would seem as if the concern had been organized largely out of whid. "If the report of the receiver is correct," he said, "there was a falsification of the books of the Borough Bank and the Brooklyn Bank and a manipulation of their securities, in order, apparently to give the International Trust Company a surplus and capital of $1.000,000. It was organized only a few weeks before it went up, and when it closed its doors had only about ninety depositors, with deposits of between $110,000 and $120,000. The report states that R. W. Jones, jr., the former president of the Oriental Bank, had a demand loan of $32,250, which was entirely unsecured. "This indebtedness has not been adjusted," says Mr. Brown. "Mr. Jones is ill, but his attorney has promised to confer with me in reference to the matter." An interesting transaction, where William Gow, the organizer of the trust company, apparently made $150,000 is related at some length. It seems that Gow paid to the trustees of the Henderson estate for the lease of No. 206 Broadway, where the trust company did businear, $107,000 in cash and gave a mortgage for $200,000. He apparently sold the lease to the trust company for $457,545 on October 21. or four days before the suspension, receiving $257.545 55 above the mortgage. He on the same day deposited stocks and bonds with the company and drew out $325,852. CONCERNING GOW'S DEAL Concerning this transaction the report has this to say: In another part of my report 1 have called attention to Gow windrawing from the company the $325,852 50 on October 21, 1907 This covered credit he received from the transfer of the leasehold of the building No. 206 Broadway, at a total cost to the company of $457,545 55. which, however, included a mortgage for $200.000 w hich Gow gave to the Henderson trustees at the time he purchased the lease from them. a He by taking out the amount he did, realized profit of $150,000 in disposing of the lease to the company On the other hand however, is to be noted the fact that on October 21 Gow also turned over of to the company stocks and bonds of the value $150,000, so that as a result of the entire transaction if the company had a balance left of about $82,293. we are to concede the full value paid by the compass for the leasehold. and that, as pointed out in another part of my report, is extremely doubtful. In my opinion, Gow originally had no intention of transferring the lease to the company Having paid $107,000 in cash on account of the purchase price paid by him to the Henderson trustees, the the rentals exceeded the charges of operating building by substantial amount It was good investment for him. but on October 21 he evidently needed money either for his own use or to put in the Borough Bank. By turning the lease over to the company on that date at the price of $257,545.65 over and above the existing mortgage for $200,000, and also turning over to the company stocks and bonds of the stated value of $157,600. he was enabled thereby to take on the Fame day from the company's cash at the Oriental Bank the sum of $225,852.50 In support of my opinion that Gow had no inten In tion originally of transferring the lease to the ternational Trust Company, call attention to the fact that the lease itself is not dated, although it The was duly acknowledged on October 21. 1907. original lease made by the Church Corporation contained a clause that in the event of an assignment of the lease being made without their consent, the Church Corporation could then re-enter. This conContinued on second page. CONGRESS OPENS DECEMBER 2ND.

13. December 1, 1907 Albuquerque Morning Journal Albuquerque, NM
Article from Albuquerque Morning Journal, December 1, 1907

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PROBE BANN FAILURES RECEIVERS UNEARTH GROSS IRREGULARITIES Insolvent New York Trust Company Directors Obtained I Institution's Funds By Loaning To Dummy Borrowers. M [By Morning Journal Special Leased Wire.] New York. Nov. 30.-Attorney GenI eral Jackson made public today the report of the temporary receiver# of the Williamsburg Trust company, of Brooklyn, and the International Trust I company. of New York, both of which 800 recently suspended. The matter will be taken before the grand jury of ( Kings county. The president of the Williamsburg I Trust company was Frank Jenkins, BAG who, with his brothers. John G. Jen8 kins. Jr., and Fred J. Jenkins, held X a controlling interest in the Jenkins 1 Trust company. now suspended. The International Trust company was closely allied with the Borough bank of Brooklyn, the late Howard Maxwell. who committed suicide, having Miss been president of both Institutions. I William Gow. a director in the Borough bank and the International ! a Trust company. is charged by the temporary receivers with dominating o the International company, and so controlling its financial operations as 1 to make large sums of money y Frank L Rapst. temporary receiver a of the Williamsburg Trust company. in his report says that the company 18 made demand loans to the amount of 1 approximately $222,000 to five clerks a in the employ of Frank and J. G. Jen0 kins, Jr., the stock brokerage firm. g These clerks also figured in loans T from the Borough bank of Brooklyn. The receiver also states that the WIIIlamsburg company made a demand loan to C. H. Reuter for $171,500. j which is not guaranteed, and for which there is held collateral of the 1 estimated value of $73,148. A loan of t $25,000 was also made by the Will1 lamsburg company to James Hart, a I son-in-law of J. G. Jenkins. Sr., for DE which collateral is held of the estiV mated value of $12,400. Concerning * other loans aggregating $476,000. the receiver states that collateral only to e the estimated value of $275,000 is held p to and upon these loans there is an estimated loss of $200,000. placed by the t) bank examiner. n Mr. Bapst, in his report, shows that 3 within the four days immediately prebe ceding the closing of the doors of the C Williamsburg company. several of the ( company's directors withdrew practir cally all their deposits. C Goodwin Brown, temporary receiver to for the International Trust company, P states in his report that the book value of the loan company is $43.750. and of this sum $32.250 is doubtful. b The receiver charges that William a Gow. a director, paid $307.000 for a b lease which he sold to the trust comg V pany for $457,545. The receiver states that Gow withdrew from the 0 company $325,852 In cash on October 21., 1907. a few days before the insti- u

14. December 1, 1907 Daily Arizona Silver Belt Globe, Miami, AZ
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CROOKED BANKING ON LARGE SCALE Temporary Receivers of New York Trust Companies Make Reports NEW YORK, November 30.-Attorney General Jackson made public today the report of the temporary receivers of the Williamsburg Trust company of Brooklyn and the International Trust company of New York, both of which recently suspended. The matter will be taken before the grand jury. The president of the Williamsburg Trust company was Frank Jenkins, who, with his brothers, John G. Jenkins Jr. and Fred J. Jenkins, held a controlling interest in the Jenkins Trust company, now suspended. The International Trust company was closely allied with the Borough Bank of Brooklyn, the late Howard Maxwell, who committed suicide, having been president of both institutions. William Gow, director in the Borough bank and International Trust company, is charged by the temporary receivers with dominating the International company and so controlling its financial operations as to make large sums. Frank L. Bahst, temporary receiver of the Williamsburg Trust company, says the company made loans to the amount of approximately $222,000 to five clerks in the employ of Frank and F. J. Jenkins Jr., a stock brokerage firm. These clerks figured in loans from the Borough bank. The receiver also states that the Williamsburg company made a demand loan to C. H. Reuter for $171,500 which was not guaranteed and for which they held collateral for $73,148. A loan of $25,000 to James Hart, son-in-law of J. G. Jenkins Sr., for which collateral held is estimated at $12,400. Concerning other loans, aggregating $476,000, the receiver states that the collateral estimated at $275,000 is held upon these loans, there being an estimated loss of $200,000 placed by the bank examiner. Bahst shows that within four days preceding the closing of the Williamsburg company several directors withdrew practically all their deposits. Goodwin Brown, temporary receiver of the International Trust company, says that the book value of its demands loans is $43,450, and of this sum $32,250 is doubtful. The receiver charges that William Gow, a director, paid$307,000 for a lease which he sold to the company for $457,545. The receiver also states that Gow withdrew from the company $345,852 in eash on October 21pm fewl/days before the institution suspended.

15. December 2, 1907 The Washington Herald Washington, DC
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FIND MANY ERASURES Investigators Are Probing Brooklyn Bank Affairs. COMPEL RETURN OF MONEY Receivers Will Bring Civil Action to Recover $200,000 Taken from Borough Bank After Closing Hours. More Indictments Expected to Be Returned by the Grand Jury. New York, Dec: 1.-The new grand jury in Brooklyn will take up the withdrawals that were made by insiders from the Borough Bank on the day before it suspended. It is estimated that $200,000 was taken out by the insiders and their friends after the close of banking hours on October 24. The notice of suspension was posted about 1 o'clock the next morning. Nearly all the checks that were cashed by the bank on that last day are missing, and erasures and other alterations were made in the books so as to include some of the after-hour payments in the entries for the regular course of the day's business. It is said that when the elerks appeared at the bank on the morning of the 25th they found entries by strange hands in the books. Demand Return of Money. The receivers of the Borough Bank also have started an investigation into these last moment payments, and they intend to bring civil actions to compel the return of every penny to the bank. The new grand jury will take up tomorrow also the withdrawals by directors of the Williamsburg Trust Company from that institution on the last day. It is expected that in the course of the investigation into the Borough Bank affairs by the new grand jury more indictments will be returned against at least one of the men who has already been prominently mentioned in the scandals. Since the publications of the receiver's report it has become apparent that the funds of the three Gow institutions, the Borough and Brooklyn banks, and the International Trust Company, were juggled about among themselves. Hurley Attacks Gow. Martin W. Littleton, counsel for William Gow.(the indicted Borough Bank director. issued on Saturday a statement in defense of his client, and attacked other directors of the institution, notably William S. Hurley. It was decided this afternoon at a meeting of Mr. Hurley's friends that'a statement should be issued telling the facts in the case. At the meeting of Mr. Hurley's friends at the Clarendon Hotel the statement replying to Mr. Littleton was prepared under the personal direction of Samuel S. Whitehouse, Mr. Hurley's attorney. The statement was. in part, as follows: "It is true that Mr. Hurley was abrupt in his treatment of Gow. It is true that Mr. Hurley went at Gow hammer and tongs. As a matter of unadorned fact, Mr. Hurley threatened to shoot Gow. Campbell, and Maxwell unless they made restitution to the bank. It is true that under Mr. Hurley's threats to shoot them, Gow, Campbell, and Maxwell turned over to the bank $767,000 worth of property." .

16. December 4, 1907 The Evening World New York, NY
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NEW INDICTMENTS ARE DRAWN FOR BANK WRECKERS Brooklyn Grand Jury Ready to Present More Bills in Scandal. POLITICIANS UNEASY. Men Who Expected Subpoenas Are Wondering Why They Didn't Get Them. The December Grand Jury investigathan into the wrecking of the Brooklyn banks has progressed so far that indictments have, been prepared and will be submitted "to the Court as soon as the evidence is all in. The Williamsburg Trust Company officials were on the Grand Jury rack to-day. Marshall Driggs, a director who was apposed to the control of the conqern by the Jenkins family, was called beSere the Grand Jury twice. The other witnesses were Directors Charles Jerome Edwards, J. H. Weber, J. N. Mobeidt, T. F. Jackson, R. T. Weber and Paying Teller W. A. Fields. District-Attorney Clarke has succeeded in burying his investigations under mound of secrecy that is causing a lot of uneasiness in Brooklyn financial and political circles. Certain directors of suspended banks who have not been called as witnesses before the Grand Jury are wondering why. They recall that none of those thus far indicted was called before the Grand Jury except Arthur Campbell, cashier of the Borsugh Bank, who turned State's evidenoe. Ald for Two Trust Companies. The controversy between the receive ers appointed at the instance of Attor ney-General Jackson for the bankrupt Brooklyn banks and the stockholders and depositors who are not willing to have the institutions go into permanent receiverships wages bitterly. It was announced to-day that two syndicates have been formed to aid the Williams. burg Trust Company and the Jenkins Trust Company to resume business, the former company to be advanced $1,000,000 and the latter $500,000. Stephen C. Baldwin, attorney for the three Jenkins brothers, against whom indictments have already been found, fearing his clients may be indicted on other counts, has addressed letters to Police Commissioner Bingham and Deputy O'Keeffe warning the Police De partnent not to put John G. Jenkins, Jr., through the workings of the Berfillon system if he is arrested. The report current to-day was that Indictments were expected against at least two of the Jenkins family for alleged fraudulent loans from the Williamsburg Trust Company. made through clerks. Frank Jenkins, deposed head of the Williamsburg Trust Company: John G. Jenkins, Jr., former President of the Jenkins Trust Company, and Fred Jen. kins, a director in the latter CO ern, have already been indicted for similar loans made from the Jenkins Trust Company. After their first indictments Frank and Fred Jenkins were photographed for the Rogues' Gallery and measured by the Bertillon system. John G., Jr., escaped this humiliation through a writ after surfendering in court. Mr. Baldwin has promised to surrender any member of the Jenkins family to court as soon as additional indictments are found. Sympathy for Jenkins, Sr. Two sons-in-law of John G. Jenkins,

17. December 5, 1907 The Sun New York, NY
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Institutions-Receiver Bapst Says He Isn't Here From Buffalo to Get Loot. Several indictments have been voted by the Brooklyn Grand Jury in the Jenkins and Williamsburg Trust Company cases. They will probably be handed down this week. It is understood that the indictments will be for felonies and that they will bring some new names into the Brooklyn bank scandal. Fifteen witnesses from the two trust companies were examined by the Grand Jury yesterday. They included these directors of the Williamsburg Trust Company: Marshall L. Driggs, John W. Webber, J. H. Schief. T. F. Jackson, R. T. Whalen, Charles J. Edwards and F. J. Lemmermann. Several clerks from the brokerage firm of F. + J. G. Jenkins. Jr., also were examined. These clerks have loans in their names "amounting to about $250,000. Albert Schaible. one of the clerks, borrowed $42,700; Fred C. Young $48,000, Fred Kaiser $53,000 and Waldo Hunter $49,000. All of these clerks had also borrowed from the Jenkins Trust Company. It was in connection with their loans amounting to $557,000 that the three Jenkins brothers were indicted for forgery in the affairs of the Jenkins Trust Company. Fred Jenkins, one of the brothers, also has a loan of $50,000 from the Williamsburg Trust Company, and C. H. Reuter, another Jenkins employee, is indebted to it to the extent of $171,000. It is said that the collateral on the Reuter loan amounts to only $73,000. James L. Hart, John G. Jenkins's son-in-:aw, also nas a loan from the Williamsburg Trust Company for $35,000, the collateral for which is said to be worth only $12,400. Steps have been taken by responsible bankers in Manhattan to organize a syndicate to furnish to the Jenkins and Williamsburg Trust companies and to the First National Bank of Brooklyn sufficient cash to enable them to resume business. The plan contemplates the taking over of these banks by the syndicate. The Jenkinses are the heaviest stockholders in all of these institutions, and it is understood that they are negotiating with the syndicate. Just how much cash would be required to put through this plan has not been made public. Receiver Mulhall of the Jenkins Trust Company has given it as his opinion that at least $1,250,000 would be necessary to enable that company to resume. At the same time he estimates that the resources which could be readily converted into cash amounted to only $835,000. The directors have disputed these figures, and the State Banking Examiner has certified that the company in his opinion, has a surplus of $197 000, with its capital intact. In the case of the illiamsourg Trust Company the receiver said yesterday that the company had only $400,000 in cash and that more than this amount was required to pay off the overdrafts in the First National Bank. which was the trust company's clearing agent. Mr. Bapst said that he had Received word from State Superintendent of Banks Williams that this claim of the First National Bank must be one of the first paid. The affairs of the First National Bank are in the hands of a representative of the Treasury Department, and its condition has not been made public. Any proposition by a syndicate will have to be made before December 12, which is the date set by Justice Betts for the arguments on making the receiverships permanent. Neither the directors of the Williamsburg nor of the Jenkins Trust Company have been consulted in regard to this syndicate plan. They are going ahead with their plans for resuming, and declared yesterday that they would be able to make a satisfactory show ing before December 12. Receiver Bapst of the Williamsburg Trust Company took exception yesterday to some of the criticisms that have been made of the Attorney-General's receivers "Some people seem to think." said Mr. Bapst, "that Ishave come down here from Buffalo to loot this company. I probably have as much money as some of the directors of this bank. I am not here to do any looting. The sooner I get through with this job the better it will please me." Mr. Bapst added that he believed there were some very competent men in the Williamsburg's board of directors. The trouble with them, though, was that they relied altogether on the Jenkinses. Mr. Bapst said he couldn't find that the board even had a loan committee. In regard to the $25,000 which the court had allowed him for receivership expenses, Mr. Bapst said it was all to be used in paying the expenses of keeping the trust company buildings going. Nothing would be paid out by him except under court orders, and not a cent of this money was going for personal expenses or legal fees.

18. December 10, 1907 Omaha Daily Bee Omaha, NE
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GRAND JURY WILL MAKE REPORT Isspended Jenkins and Williamsburg Trust Companies Under Fire. NEW YORK, Dec. 9.-The Brooklyn grand jury which last week investigated he affairs of the suspended Jenkins and Williamsburg Trust companies will make a report today and it is expected that sevral Indictments will be handed down. Then the jury will take up the affairs of he Brooklyn bank and the International trust company.

19. December 11, 1907 Bluefield Evening Leader Bluefield, WV
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TO BEGIN BANK HEARINGS / New York, Dec. 11.-Arguments on the orders to show cause why the temporary receiverships of six banking institutions of New York city, which succumbed during the recent panic, should not be made permanent, will be heard before Supreme Court Justice Betts. at Kingston, begining tomorrow. The cases of the International Trust company, the Borough Bank of Brooklyn and the Brooklyn Bank will be heard tomorrow. The Hamilton bank case will be considered on Friday and the affairs of the Williamsburg Trust company and the Jenkins Trust company will be investigated on Saturday On the latter date, the motion to appoint permanent receivers for the Knickerbrocker Trust company will also come up for hearing before Supreme Court Justice Clark. Edward M. Sheppard will represent the depositors of the Borough bank at the hearing and will urge that the institution is solvent and should be allowed to reopen. The plan announced by the depositors for a reorganization is to pay 10 per cent in cash, 15 per cent in four months, 20 per cent in eight months 25 per cent in twelve months and 30 per cent in sixteen months. It is alleged by representatives of the state that the bank is hopelessly Insolvent and that its funde have been managed in a criminal manner. The examination made by 'he receivers showed that, out of *3 3.186 863, bills discounted made hem feel obliged to deduct on acount of paper regarded as forged Actitious or of doubtful value, $1.382 842; that the realized value of the total amount is $1,804,021 of the $482,596 of loans made on demand, $78 584 had been deducte on account of worthless paper, such as collateral held in gold and silver mining stock, oil paintings, etc.; of the sums due from banks. given as $188,003. $158,104 had been deducted on account of offsets and recelverships; of the $148,000 credited to stocks and bonds, but one bond

20. February 4, 1908 New-York Tribune New York, NY
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CHANGE OF VENUE TO BROOKLYN. Albany, Feb. 3.-Supreme Court Justice Howard, of the 3d Judicial District, has granted the motion of counsel for the Williamsburg Trust Company. of Brooklyn, for a change of venue from Ulster to Kings County for the trial of the action brought for a dissolution of the institution. The matter does not involve the question of the receivership of the institution, which was made permanent several weeks ago.

21. March 12, 1908 The Evening World New York, NY
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BANKER JENKINS DIES SUDDENLY AT SON'S HOME Indicted Head of Brooklyn Financier Family Stricken by Paralysis. FOUNDER OF A BANK. Pioneer of Williamsburg Business Interests Cut off While Under a Ban. John G. Jenkins, sr., head of the Brooklyn Jenkins family of financiers, four members of which, including himself, were awaiting trial on indictments charging conspiracy and perjury, died to-day at the home of his son, John G. Jenkins, jr., Sea Cliff, L. I. Mr. Jenkins was sixty-nine years old. He contracted a severe cold two weeks ago, but had partially recovered and yesterday spent several hours in Brooklyn with his lawyers, talking about his approaching trial and the plans for resumption of business by the Jenkins Trust Company. After a hearty dinner yesterday evening he retired. At 1.30 o'clock this morning he suffered an attack of paralysis. Dr. Grant Stanley. the family physician. was summored. Mr. Jenkins suffered a second paralytic stroke at 4 o'clock. and S o'clock he died. He did not regain consciousness after his first seizure. John G. Jenkins, sr., was one of the best known men in Brooklyn. Up to the time of the panic, last fall, when the First National Bank of Williamsburg, the Williamsburg Trust Company and the Jenkins Trust Company, with all of which he was closely identified ailed. he was regarded as a leading example of the old school, safe and conservative financier. His wealth was counted in the millions.

22. April 19, 1908 New-York Tribune New York, NY
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HOPE FOR WILLIAMSBURG TRUST CO. An argument for issuing an order requesting the State Superintendent of Banks to examine the condition of the Williamsburg Trust Company, so as to furnish statistics to capitalists who are said to be ready to put up sufficient funds for the reopening of the institution, was made yesterday by William N. Dykman, counsel for the depositors, before Justice Crane, of the Supreme Court, in Brooklyn. The subject came up at the adjourned hearing of a motion to vacate the appointment of the receivers, Messrs. Van Wyck and Pabst. Justice Crane was much in favor of Dykman's proposition, although it provoked a heated argument. "If the Banking Department will make its examination on Monday," said Justice Crane, "apply to me for an order. If any one stands in the way of getting the money I will see about it. Communicate at once with the Banking Department, and if any one attempts to interfere with the examination get an order from me. You may report Saturday morning." Mr. Beekman, attorney for the capitalists interested in the reopening of the institution, said: "Everything depends upon the ability of the bank to resume. There is every prospect, I think, of that being the result of the action of Justice Crane."

23. April 26, 1908 New-York Tribune New York, NY
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OFFER TO PAY UP DEPOSITORS. Announcement was made before Supreme Court Justice Crane yesterday that Manhattan capitalists had offered to advance $1,500,000 in cash to pay off all the depositors in the Williamsburg Trust Company at par if eighty per cent of the stockholders in the company would consent to this plan for taking over the institution. A motion has been pending for the removal of Bapst and Van Wyck, the receivers, on the ground that they were illegally appointed, but this motion has been postponed and William N. Dyckman, counsel for the shareholders, declared yesterday that he believed the bank would be able to resume business soon, no matter what plan should be adopted for the resumption. Justice Crane postponed the case until May 4.

24. April 6, 1910 New-York Tribune New York, NY
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at 6 per cent interest, without commission. This credit, it is understood, has been repaid. Whether or not the bank will be reopened it is still too early to predict. Some of the larger interests, it is understood, are desirous of putting more money into it, but other important interests are said to consider that policy inadvisable. The wishes of the body of the stockholders have yet to be ascertained, and if they are willing to submit to a considerable assessment the institution may be reopened. Another possibility is that some other bank may make an offer for the Union and take it over. The Union Bank will benefit by having its affairs placed in the hands of the State Superintendent of Banks instead of a receiver. The first case of the sort was that of the Home Bank of Brooklyn, a small institution, which was reopened for business on June 4, 1908, after having been in charge of the Banking Department for forty-two days, at a total cost of only $1,200. Under the new system, it was said at the time, the cost of liquidating the Williamsburg Trust Company would have been not more than $4,200, compared with the $40,000 allowed the receivers and their counsel, which fee did not include the cost of administering the trust. The report of Superintendent Cheney last month noted that the creditors of the Lafayette Trust Company up to date had received 30 per cent and those of the Binghamton Trust Company 50 per cent, the costs of liquidation having been, respectively, 1 per cent and two-thirds of 1 per cent.

25. December 15, 1910 New-York Tribune New York, NY
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VOTING TRUST AT AN END Williamsburg Trust Company Now May Be Dissolved. Jacob C. Klinck, president of the Willfamsburg Trust Company, of Brooklyn, anhounced yesterday the termination of the voting trust agreement whereby the com-, pany was able to resume business after its suspension in the financial panic of 1907, and added that every depositor would immediately be paid in full. The voting trust held three-fourths of the voting stock of the company. This will be returned to the original holders and the hareholders then will decide whether or not the company shall continue in busiaess. The statement made by President Klinck follows: General Brayton Ives has returned to the Williamsburg Trust Company for distribution more than 1,100 shares of capital stock transferred to him in May, 1908. Yesterday General Ives and William N. Dykman, as voting trustees, terminated the voting trust agreement under which they held over 5,000 shares of the capital stock and arranged for the return of these shares to the holders who deposited them. The reult of this is to put every shareholder just where he was before suspension. To-day the directors have concluded an greement with the Metropolitan Trust Company whereby we borrow money enough to pay every depositor in full in cash at once, and the assets of our company will be liquidated by the Metropolitan company between now and July 1, 1912, but under the direction of the men who compose the executive committee of the WillLamsburg Trust Company. This will prevent the waste or sacrifice of our assets. The agreement provides that the shareholders shall meet and pass upon the agreement and also decide whether the Williamsburg Trust Company shall continue in business Gr be dissolved. We have been forced to lay this question before the shareholders by diminished deposits and profits, which has led the directors to believe liquidation. the shareholders will be benefited by The report of the company to the State Banking Department last month showed deposits of $1,312,640 and assets of $2,988,316. The company was organized eleven years ago, with a capital of $700,000. Its main fices are at No. 391 Fulton street, BrookP and It has & branch at Breadway and Williamsburg.