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DEPOSITORS MAKE A FUSS. STORMY MEETING OF THE NATIONAL BANK OF DEPOSIT'S CREDITORS. A DOARD OF TRUSTEE: TO SETTLE THE AFFAIRS OF THE CONCERN-PRESIDENT RANSOM'S STATEMENT. As a result of the meeting of the depositors of the National Bank of Deposit. held yesterday afternoon in the rooms of the Board of Trade and Transporta tion, at No. 203 Broadway, the affairs of the bank are to be placed in the hands of a board of trustees. to be appointed by the depositors. The bank will assign :0 the trustees all its corporate property and assets, with power to realize upon the same and to pay the depositors and other creditors pro rata. The depositors and creditors practically agree to release the bank from all liability and responsibility. but not to release the stockholders of any liability now provided by law. The meeting was held at the suggestion of the bank officials. It was a long and nolsy one, and one in which the depositors made all kinds of random motions, without regard to parliamentary order. There were probably about 300 depositors present. and all cried for their money. but offered no feasible plan for getting it. Most of them made lots of noise. Had it not been for the calmness of a few men, well versed in the law of finance, little would have been accomplished. William W. Goodrich, of No. 59 Wall-s was made chairman of the meeting, and J. K. Hayward secre tary. The first motion was that a committee be ap pointed to inform the bank officers that the depositors would receive any communication from them. Anthony P. Porter, counsel for the bank. announced that that would be unnecessary. as he had the communication with him. He said that the depositors would realize more If the bank were not placed in the hands of a receiver. and that the best way to overcome this would be to appoint five trustees. including the pre-ident of the bank, who would be empower d to take charge of the assets of the bank and realize what they could on them. He said that the assets of the bank. including loans secured by notes and checks out for collection, amounted to $1,196,241 62, the liabilities exclusive of stock, to $888,385.82. and cash on hand about $200,000. Mr. Porter informed the depositors that they must sign a paper releasing the bank from all their claims. The question was then raised if the stockholders were to be release 1 from all liability. and Mr. Porter promIsed that they would not be. The depositors did not take kindly to Mr. Porter's ideas at first, and then spent an hour In making all sorts of motions which amounted to nothing. Mr. Porter said that unless the depositors came to some satisfactory agreement within twenty-four hours a receiver would be appointed. W. S. Smyth, a small depositor. then began the noise of the afternoon. He wanted to know how soon he could get his money and at what cost. "Of course every institution has a lot of cats and dogs hanging to 11," he said, but we cannot wait for our money. We want it right off. We want all we can get, and quickly." Shouts of Slt down," and Don't get all your ora tory on us." stopped Mr. Smyth for the time, but throughout the rest of the meeting he seemed to be the disturbing element. President Ransom came in shortly afterward. He looked pale and somewhat concerned at the noisy depositors. who were all trying to talk at once. He read the following statement about the condition of the bank: Checks out. $139,888; cash in bank, 845,470. The liabilities amount to $200,000. so that it would take only $688,000 to pay all depositors. There are over $1,000,000 worth of good assets to do It with, and without court delay you could settle up in sixty or seventy days. The examiner has reported to the Controller that everything 1. satisfactory." Many questions were then asked of Mr. Ransom. Men became excited and conflicting motions were offered from all parts of the room. During the noise the Irrepressible Mr. Smyth shouted. "Give me money, and give It to me quick." He was soon forced to subside, amid hisses and jeers. When the chairman finally succeeded in bringing the meeting to order a motion was made to accept the plans offered by the bank, and a committee was appointed to examine the paper before it was signed. The comtrittee is J. K. Hayward, Eldon Bisbee, F. B. Taylor. A. B. Porter and Thomas Kilvert. The meeting then adjourned until this morning at 9 o'clock. The committee met at the office of Mr. Porter later In the evening, and drew up a new agreement. in accordance with the plan already outlined. Mr. Kimball, the Bank Examiner, said yesterday that the checks and drafts of the bank's customers were being presented, and in cases where the drawers had made no special provision for their payment since the failure they were being protested. Mr. Kimball did not think that other failures would result the failure of the bank. Many of the country banks from which deposited with the National Bank of Dedosit have secured other New-York agents. The Bank of the Republic has given pay the Bank of Columbia, National Bank will for chants The will Hanover for pay Columbia, notice the that S. Mer- C. it and Farmers' Bank, of Marion, S. C.: for Adams County Bank. of Ritzville, Washington : the Herre National Bank, of Pierre, S. D., and the for
