14888. Lafayette Trust Company (Brooklyn, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: April 15, 1908
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: b095b2f2

Response Measures

None

Description

The Lafayette Trust Co. (reorganization of Jenkins Trust Co.) reopened April 15, 1908, then on Nov 30, 1908 officers decided to liquidate and the State Superintendent of Banks took charge. There is no evidence in these articles of a depositor run causing the final closing; the stated reason is failure to raise additional capital and decision to liquidate. I corrected OCR minor typos (e.g., 'Lafayatta' -> Lafayette) when extracting snippets.

Events (3)

1. April 15, 1908 Reopening

Newspaper Excerpt: The Jenkins Trust Company, of Brooklyn, under its new name-the Lafayette Trust Company-reopened its doors yesterday ... It reopened on April 15 and one hour after it had resumed business it was announced that $100,000 had been deposited. The withdrawals were said to have been less than $4,000.
Source: newspapers

2. November 30, 1908 Receivership

Newspaper Excerpt: The main office ... were closed yesterday, and Clark Williams, state Superintendent of Banks, took charge. President Davidson and A. K. Alford ... were appointed special deputies to proceed with the liquidation under the new banking laws.
Source: newspapers

3. November 30, 1908 Suspension

Cause: Voluntary Liquidation
Cause Details: Officers were unable to obtain required increase in capital for branches under new banking law and decided to give up the struggle and permit liquidation; Superintendent of Banks took possession to effect liquidation.
Newspaper Excerpt: The Lafayette Trust company ... did not open for business today. An announcement was made that the officers of the institution had decided to liquidate. The superintendent of banks took charge of the trust company today.
Source: newspapers

Newspaper Articles (20)

1. April 16, 1908 New-York Tribune New York, NY

Article from New-York Tribune, April 16, 1908

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OPENS AS LAFAYETTE TRUST CO. The Jenkins Trust Company, of Brooklyn, under its new name-the Lafayette Trust Company-reopened its doors yesterday and received many deposits from persons who had gathered long before 9 o'clock. The institution closed on October 26. The opening was preceded by a thanksgiving mass in a Bath Beach church, the funds of which had been tied up in the bank since its suspension. At Coney Island, prior to the opening of the branch there, several hundred persons held a parade. There was no crowd on hand when the main office was opened. but the depositors arrived shortly after the doors were thrown open. One hour after It had resumed business it was announced that $100,000 had been deposited. The withdrawals were said to have been less than $4,000.

2. November 30, 1908 Albuquerque Citizen Albuquerque, NM

Article from Albuquerque Citizen, November 30, 1908

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TRUST COMPANY FAILS TO OPEN FOR BUSINESS New York, Nov. 30-The Lafayette Trust company. the reorganization of the Jenkins Trust company, Brooklyn which went down in the financial panic a year ago, did not open for business today. An announcement was made that.the officers of the institution had decided to liquidate. The failure to obtain an increase in capital was given as the cause of action. It is said that depositors will receive dollar for dollar.

3. November 30, 1908 The Fargo Forum and Daily Republican Fargo, ND

Article from The Fargo Forum and Daily Republican, November 30, 1908

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BIG TRUST BANK QUITS FOR GOOD New York, Nov. 30.-The Lafayette Trust Co., a reorganization of the Jenkins Trust Co. of Brooklyn, which went down in the financial panic of a year ago, did not open for business today. Instead there appeared on the doors of the bank a brief formal statement, confirming the announcement made last night to the effect that the officers of the institution had decided to give up the struggle and permit the institution to go into liquidation. John G. Jenkins, jr., who was the president of the Jenkins Trust Co., is now on trial in Brooklyn on a charge of grand larceny, growing out of some of his acts while he occupied that po-, sition.

4. November 30, 1908 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, November 30, 1908

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GIVE UP THE STRUGGLE. Officers Will Let Reorganized Trust Company Go Into Luiquidation. New York, Nov. 30.-The Lafayette Trust company, a reorganization of the Jenkins Trust company of Brooklyn, which went down in the financial panic a year ago, did not open for business today. The officers of the institution decided to give up the struggle, and permit the institution to go into liquidation. Failure to obtain an increase in capital, which the officers maintain was essential to the continuance of the bank, was assigned as the reason for this action. An officer of the bank said that the depositors will receive a hundred cents on the dollar.

5. November 30, 1908 The Marion Daily Mirror Marion, OH

Article from The Marion Daily Mirror, November 30, 1908

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Brooklyn Trust Company Suspends. New York, Nov. 30.-The Jenkins Trust Company of Brooklyn, which suspended during the financial crisis of October, 1907, but resumed business in April of this year as the Lafayette Trust Co., will definitely close its doors Monday.

6. November 30, 1908 New-York Tribune New York, NY

Article from New-York Tribune, November 30, 1908

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LAFAYETTE TRUST HIT DIRECTORS CLOSE DOORS. Deposits Are Too Low to Keep Up Its Branches. The Lafayatta Trust Company, successor to the Jenkins Trust Company, which opened its main office in Brooklyn and five branches on April 15, will theo Its doors this morning because of the inability to increase its capital steck to meet the requirenients of the new banking law. Three of the branches were closed some time 860. The main office and two branches which stop doing business this morning are at Nostrand and Gates avenues, Coney Irland and The deposits now held amount to $1,500,000 About $3,000,000 below normal. This action follows a rureting held yesterday at the home of Charles A Boody, at No. 137 Joralemon street, president of the People's Trust Company, at which were present President Harold A. Davidson of the Lafayette Trust Company, and Almet R. Latson, its counsel: A. T. Sullivan, president of the Nassau Trust Company: Edward Merritt, president of the Long Island Loan and Trust Company: Nathan Jones, president of the Citizens' Trust Company. and others. The following statement, signed by President Davidson and Mr. Latson, was given out: The proposed increase of the capital stock of the Lafayette Trust Company to meet the requirements of the new law for the operation of existing branches has proved unsuccessive Three branches have already been closed, and for the lack of the addition of capital two more must now be abandoned. A. continuation of business under these circumstances is impossbile. The advice of a number of the presidents of Brooklyn trust companies was sought at a conference held at the residence of Charles A. Boody. and it was the consensus of opinion that liquidation must ensue. and that this could be accomplished more expeditiously and more economically through the Banking Department under the recent statute than otherwise. The Superintendent of Banks has been consulted and will take possession to-morrow morning for the purpose of effecting such liquidation. The capital stock of the Lafayette Trust Company is $500,000. On October 25, 1907, during the panic, the Jenkins Trust Company closed its doors and much excitement resulted. John G. Jenkins was president of the trust company. He is now on trial before Justice Kelly, in the Supreme Court, Brooklyn, on the charge of the embezzlement of $50,000 from the trust company on October 23, or two days before it closed Its doors. The trial has been going on for about a week. When the Jenkins Trust Company was reorganized an effort was made to eliminate all Jenkins influence, and new directors and officials were elected. It was confidently expected that the capital stock would be increased without difficulty. President Davidson said last night that under the deferred payment scheme the old depositors in the Jenkins Trust Company had received about 75 per cent of their deposits. but it would not say how much more they would get.

7. November 30, 1908 The Sun New York, NY

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JENKINS TRUST CO. TO QUIT HAS NOT PROSPERED UNDER ITS NEW NAME LAFAYETTE. Superintendent of Banks to Take Possessien-Trust Company Presidents or Brooklyn Advised Liquidation-Depositors' Prospects Are Not Stated. The Lafayette Truet Company. under which name the Jenkins Trust Company of Brooklyn was reorganized, with its main office at Gates and Nostrand avenues and branches at Coney Island and Ridgewood, will go into the hands of the Superintendent of Banks this morning for liquidation. Inability to raise additional capital for its branches under the new State law is assigned as the reason. The company has already paid 75 per cent. of the amount due to old Jenkins Trust Company depositors, having anticipated the last payment two months. The decision to go out of business was announced last night at the Brooklyn Club by Haroid A. Davidson, the president, after a conference lasting nearly all day at the home of Charles A. Boody, president of the Peoples Trust Company, who lives at 137 Joralemon street. This conference was attended by the heads of all the Brooklyn trust companies and was for the purpose of deciding whether it would be worth while for the other trust companies to try to pull the Lafayette Trust Company through. The conference broke up at about 6 o'clock,` when it was announced that a statement was being prepared. At 11 o'clock President Davidson gave out this statement: "The proposed increase of the capital of the Lafayette Trust Company to meet the requirements of the new law for the operation of existing branches, has proved unsuccessful. Three branches have already been closed and for lack of additional capital two more must now be abandoned. "A continuance of business under these circumstances is impossible. The advice of a number of presidents of Brooklyn trust companies was sought at a conference held at the residence of Charles A. Boody. It was the consensus of opinion that liquidation must ensue and that this can be expedited more economically through the Banking Department under the recent statute than otherwise. "The Superintendent of Banks has been consulted and will take possession to-morrow for the purpose of effecting such liquidation." It was learned that the deposits of the trust company have shrunk from $4,000,000 at the time it opened last April to $1,400,000. President Davidson declined to say whether or not he believed the old depositors of the Jenkins Trust Company and the new depositors in the Lafayette would be paid in full. The Jenkins Trust Company was one of the chain of Jenkins banks which closed in the week of the Knickerbocker Trust Company run last year, and for which the Attorney-General had a receiver appointed on November 16, 1907. John G. Jenkins, Jr., now on his trial in Brooklyn for embezzling the company's money, was the president. On April 5 last Supreme Court Justice Betts handed down an order permitting the company to resume notlater than April 22. His decision was based on a report by Banking Superintendent Clark Williams, that the company's assets were $4,302,712.46, and the liabilities, including the estimated expenses of the receivership. $3,756,524.22. leaving the capital intact and a surplus of $46,188.24. The board of directors were required to deposit jointly a directors' fund of $100,000 prior to the resumption of business. This a fund was to be made repayable only out of a surplus which might be accumulated in excess of $150,000. Harold A. Davidson was elected president and the institution reopened on April 15. The new officers. in addition to Mr. Davidson and Mr. Adams. were H. B. 1 Scharman and Lewis H. Irwin, first and t scond vice-presidents. and Joseph Lough1 lin secretary. The old company had 8 about 6,000 depositors. most of whom had assented to an instalment plan of drawing F upon their deposits. Banks were to be renaid within ninety davs and depositors

8. November 30, 1908 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, November 30, 1908

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LAFAYETTE TRUST CO. Does Not Open Its Doors and Will Go Into Liquidation. New York, Nov. 30.-The Lafayette Trust company, a reorganization of the Jenkins Trust company of Brooklyn, which went down in the financial panic of a year ago, did not open for business today. Announcement was made that the officers of the company had deicded to permit the institution to go into liquidation. It was said that the installment payments to depositors in the Jenkins Trust company, provided for by the re-organization plan had proven too severe a drain on the resources of the company and also that the new officers had been embarrassed in their efforts to obtain new capital by members of the former management. John G. Jenkins, Jr., who was president of the Jenkins Trust company, now is on trial in Brooklyn on a charge of grand larceny growing out of some of his acts while he occupied that position. The superintendent of banks took charge of the Trust company today. An officer of the bank said depositors will receive 100 cents on the dollar.

9. November 30, 1908 The Topeka State Journal Topeka, KS

Article from The Topeka State Journal, November 30, 1908

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GIVES UP THE FIGHT. Lafayette Trust Company Fails to Open Its Doors. New York, Nov. 30.-The Lafayette Trust company, a reorganization of the Jenkins Trust company of Brooklyn, which went down in the financial panic of a year ago, did not open for business today. Instead there appeared on the doors of the bank a brief formal statement confirming an announcement made last night to the effect that the officers of the institution had decided to give up the struggle and permit the institution to liquidation. Failure to obtain an increase of capital, which the officers maintained was essential to a continuance of the bank, was assigned as a reason for the action. It was said that the installment payments to depositors in the Jenkins Trust company which were provided for by the reorganization plan had proven too severe a drain on the resources of the company and also that the new officers had been embarrassed in their efforts to obtain new capital by memories of the former management. John G. Jenkins. jr., who was president of the Jenkins Trust company, now is on trial in Brooklyn on a charge of grand larceny growing out of some of his acts while he occupied that position. The decision to close the Lafayette Trust company was reached last night after a conference between officers of the institutions and a number of Brooklyn bank presidents. In accordance with a request made at that time the superintendent of the bank took charge of the trust company today. An officer of the bank said depositors will receive 100 cents on the dollar.

10. November 30, 1908 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, November 30, 1908

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JENKINS TRUST CO.'S SUCCESSOR CLOSES. Lafayette Trust Company Calls In Bank Superintendent. New York, Nov. 30.-The Lafayette Trust company of Brooklyn, successor to the Jenkins Trust company, which falled in the recent panic and whose former president, John G. Jenkins, Jr., is now on trial for forgery, did not open its doors today. Harold A. Davidson, president of the Lafayette, issued the following statement: "The proposed increase of the capital stock of the Lafayette Trust company, to meet the requirements of the.new law for the operation of existing branches, has proved unsuccessful. Three branches have already been closed, and for the lack of additional capital two more must now be abandoned. "A continuation of business under these circumstances is impossible. The advice of a number of presidents of Brooklyn trust companies was sought, and it was the consensus of opinion that liquidation must come, and that this could be accomplished more expediently and more economically by the banking department under the recent statutes than otherwise. "The superintendent of banks has been consulted and will take possession for the purpose of effecting such liquidation." The deposits are $1,500,000.

11. December 1, 1908 The White Pine News Ely, NV

Article from The White Pine News, December 1, 1908

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EFFORT WAS IN VAIN REORGANIZED JENKINS TRUST CO. CLOSES ITS DOORS-MANAGEMENT CLAIMS OLD OFFICERS PREVENTED SUCCESS. NEW YORK, Nov. 30.-The Lafayette Trust Co., a reorganization of the Jenkins Trust Co. of Brooklyn, which went down in the financial panic a year ago, did not open for business today. Announcement was made by the

12. December 1, 1908 New-York Tribune New York, NY

Article from New-York Tribune, December 1, 1908

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LIQUIDATING LAFAYETTE TRUST. Treasurer Says Depositors Will Receive 100 Cents on the Dollar. The main office of the Lafayette Trust Company, at Gates and Nostrand avenues, Brooklyn, and its two branches in Ridgewood and Coney Island were closed yesterday. and Clark Williams, state Superintendent of Banks, took charge. President Davidson and A. K. Alford, a state bank examiner, were appointed special deputies to proceed with the liquidation under the new banking laws. The Lafayette Trust Company succeeded the Jenkins Trust Company, whose former.president, John G. Jenkins, jr., is now on trial for the embezzlement of $50,000. There was little excitement, although one depositor forced his way to President Davidson's office and when told that he could not have his money became abusive. He was taken out by the porter and a policeman. Many depositors were on hand at 10 o'clock in the belief that they were to be paid off at once. Asked how long It would be before the depositors would be paid. and whether they would receive 100 cents on the dollar. Mr. Williams said that any answer now would be more or less guesswork. H. F. Adams, treasurer, said that the depositors would be paid in full. A statement of assets and liabilities as of the close of business on November 28 will be given out to-day or to-morrow. The cost of the liquidation under the new laws will be triffing in comparison with receivership fees.

13. December 1, 1908 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, December 1, 1908

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BANK CLOSES DOORS LAFAYETTE TRUST COMPANY GOES UNDER AGAIN. This Bank Which Went Down In The Financial Panic Last Fall Was Only Recently Reorganized. / New York, Nov. 30.-The Lafayette Trust Company, a re-organization of the Jenkins Trust Company, of Brooklyn, which went down in the financial panic of a year ago, did not open for business today. Instead, there appeared on the doors of the bank a brief formal statement confirming an announcement made last night to the effect that the officers of the institution had decided to give up the struggle and permit the institution to go into liquidation. Failure to obtain an increase of capital, which the officers maintain was essential to the continuance of the bank, was assigned as a reason for the action+ It was said that the installment payments to depositors in the Jenkins Trust Company, which were provided for by the re-organization plan, had proven to be a severe drain on the directors of the company and also that the new officers had been embarrassed in their efforts to obtain new capital by memories of the former management. John G. Jenkins, Jr., who was president of the Jenkins Trust Company, is now on trial in Brooklyn on a charge of grand larceny growing out of some of his acts while he occupied that position. The decision to close the Lafayette Trust Company was reached last night after a conference between officers of the institution and a number of Brooklyn bank presidents. In accordance with a request made at that time, the superintendent of banks took charge of the trust company today. An officer of the bank said depositors will receive 100 cents on the dollar.

14. December 1, 1908 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, December 1, 1908

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TRUST COMPANY QUITS. Former Bad Management Proved Too Much of a Handicap. New York. Nov. 30.-The Lafayette Trust company, a reorganization of the Jenkins Trust company, of Brooklyn, which went down in the financial panic of a year ago, did not open for business today. Announcement was made that the officers of the company had decided to permit the institution to go into liquidation. It was said that the installment payments to depositors in the Jenkins Trust company, provided for by the reorganization plan, had proven too severe a drain on the resources of the company and also that the new officers had been enibarrassed in their efforts to obtain new capital by members of the fornier management. John G. Jenkins, jr., who was president of the Jenkins Trust company, now is on trial in Brooklyn on a charge of grand larceny growing out of some of his acts while he occupied that posttion. The superintendent of banks took charge of the trust company today. An officer of the bank said depositors will receive 100 cents on the dollar.

15. December 4, 1908 The Hartford Republican Hartford, KY

Article from The Hartford Republican, December 4, 1908

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FOR THE BUSY READER. Rebbers blew open the safe of the Olpe State Bank, at Olpe, Kan., and secured $2,000. The Atlantic battleship fleet under Rear Admiral Sperry has sailed from Manila. The next port of call is Colombo, Ceylon. Indications are that there will be a clash between miners and anthracite coal operators when the present agreement expires on April 1. Controller of the Currency Murray has issued a call on national banks for a statement of their condition at the close of business November 27. ... A cablegram from Che Foo, China says that two Japanese steamships collided off that port and it is believed that 700 persons were drowned. *** The La Fayette Trust Company, a re-organization of the Jerkins Trust Company of Brooklyn, which went down in the financial panic of a year ago has closed its doors. *** Mme Steinheil will be examined today by Magistrate Andre at Paris and it is expected that there will be some interesting developments in the now famous mystery. * * * Attorneys for Ray Lamphere have appealed his case to the Indiana Supreme Court. Lamphere was convicted of arson the case growing out of the Guinness tragedies at Laport, Ind. The recent rains have made it possible for tobacco to be prized and the members of the Burley Tobacco Society are rapidly delivering their crops at the warehouse where it is to be inspected. Jim McCarty and Tom Bryant, two white men and both employed at the same coal mines, in Daviess county, had a pistol duel last Friday night in which both were dangerously wounded. The trouble arose over family affairs. Col. Phil B. Thompson, 88 years of age, and at one time Lieutenant Governor of Kentucky, died at his home in Harrodsburg last Saturday. He serv ed one term as U. S. Senator, was a noted lawyer and a gallant exconfederate soldier and was prominent both politically and socially in his younger days.

16. May 5, 1909 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, May 5, 1909

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No matter how much indignation is directed toward Mr. Maybray and his pals, his method of separating "Mikes" from their money appears decidedly raw when contrasted with the smooth work of financial experts. Possibly the fact that "miking" Is not sanctioned by law gives the taint of rawness to the scheme. Under guise of legal sanction the game of collusive robbery is no less rank, but It takes a veneer of cleverness in keeping within the forms of law while canning the spirit of the law and making off with the goods. But to the point: The Brooklyn Eagle relates that the Jenkins Trust company of that city, organized in 1905 with a capital of $500,000 and a surplus of $150,000. went into the hands of a receiver in October, 1907. with deposits of $4,500,000. On the following January reorganization was affected with the approval of the state's attorney general and the state superintendent of banks. In April, last year. the Lafayette Trust company reopened for business with capital stock increased to $800,000. In seven months the concern was again in the hands of receivers. But between April and November favored depositors got in their work, drawing out 75 per cent of the deposits, leaving 25 per cent to hold the sack. That was the purpose of the reorganization and the managers made good. Recently the receivers filed an inventory with the supreme court. in which it is shown that the nominal assets were $600,000 in excess of liabilities, but that of such assets more than $700,000 are doubtful or impossible of collection. In the detail of this report it is set forth that loans to the amount of $100,746 are of problematical value, and that there are other loans amounting to $677,618. on which it is impossible to realize anything at the present time. Another detail is that this total of bills purchased and past due amounts to $220,528. of which only 10 or 15 per cent is collectible. Here there is nearly $1,000,000 of assets, at least, pronounced doubtful by the receivers.

17. September 22, 1909 New-York Tribune New York, NY

Article from New-York Tribune, September 22, 1909

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TOPICS OF THE STREET FOREIGN TRADING.-Foreign houses dealt in shares in the local market, buying on bal$0,000 In the London market American stocks ance. irregular, with a heavy tendency in the afterwere operations, while in the general list prices noon steady. without important change. Call easy at the firm. Continental money counts were were was British discounts capital, further also strength. and were diswith indications pointing to firm, money conditions promise to develop rates as a consequence for GROSS higher London demand RAIEROAD gold. EARNINGS. of the for Continental the Aggregate fourth of twenty-five roads gross were $13,256,059. as for the same week of the fourth week 860,444 week $12,667,631 in earnings during August July, of compared 1909, August, fourth and week with 1908. $11.Further comparison is made with the 1907. during which time the total rewas $13,853,987. or only same week of the year. of ported August, for the about present $600,000 more The of than for the month was $40,368,248, an increase total over the figures for July, this year, and cent more than the total for aggregate for August, was a 10.8 year. $2,966,000 per The 1907, August for little last the $230,000 in excess of similar figures corresponding over month of the current year. Furtherthe exception of October, is the highest since aggregate more, with the panic 1908, of August's 1907. DIVIDENDS DECLARED.-Dividends have been declared as follows: Central Railroad of New quarterly 2 per cent. 15: Trust Company of America per ember Jersey regular Telephone payable 21/2 and Nov- Tele- cent, payable October 21; American graph regular quarterly 2 per cent: Title Guarantee Trust Company 5 per cent, payable September Products Refining Company 1 cent on the preferred, 30: and terly Corn per payable regular October quar- semi11; American Agricultural Chemical regular annual 3 per cent on the preferred, payable-OctoNational Bank of Commerce 2 cent. payable October 1: terly her 15: per Manning, regular quar- Max- paywell & Moore regular quarterly 1 1/2 per cent, able October 1. and E. W. Bliss & Co., regular quarterly 2 per cent on the preferred and 2 1/2 per cent on the common, payable September 25. STEEL PRICES ADVANCED.-Prices for all classes of steel and iron continue to advance. A sale of 500 tons of low phosphorous iron was made by an Eastern mill at $17 a ton. Since then the price has been advanced to $18 a ton. Sales of billets were made by the same mill at $28 a ton. Several of the independent companies are selling steel bars for immediate delivery at $1.50 for 100 pounds. The base price of certain independents is now $1.45 for 100 pounds. Premiums ranging from $1 to $2 a ton are being paid for shapes and plates for immediate delivery. THE COPPER MARKET. Producers and selling agencies report a better demand for the metal from domestic consumers. Sales have not reached large proportions as yet, but consumers are taking more interest in the market. While copper is quoted as low as 13c a pound. the United Metals Selling Company is making fairly large sales on a basis of 13% a pound. This is taken as an indication that very little business is doing below 131/c EXTRA NICKEL DIVIDENDThe directors of the International Nickel Company have declared the regular quarterly dividend of 1 per cent on the common and an extra dividend of 1/6 of 1 per cent. They also have declared the regular quarterly dividend of 14 per cent on the preferred CORN PRODUCTS DIRECTORS The directors of the Corn Products Refining Company have elected George M. Moffett and Frederick Fisher to the board of directors in place of the late F. Q. Barstow and Joy Morton resigned NEW YORK MORTGAGE AND SECURITY COMPANY DIVIDEND INCREASED.-The New York Mortgage and Security Company has declared a quarterly dividend of 3 per cent. payable October 1. This raises the rate from 10 to 12 per cent a year COTTON EXCHANGE SEAT SOLD.-The Cotton Exchange membership of the late Thomas J. Brophy has been sold to Edward M. Weld for $16,500. This is an advance of $1,500 over the last preceding sale. LAFAYETTE TRUST IDISTRIBUTION-Announcement is made by the receiver of the Lafayette Trust Company, of Brooklyn, of a payment of 20 per cent to depositors on October 1. This will be the second payment. PETITION TO CLOSE STOCK EXCHANGE.The members of the Stock Exchange have petitioned the board of governors to close the exchange on Saturday next

18. October 1, 1909 New-York Tribune New York, NY

Article from New-York Tribune, October 1, 1909

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BROOKLYN FIRST NATIONAL DIVIDEND First of Banks Closed in Panic to Resume Payments to Stockholders. The First National Bank of Brooklyn, one of the institutions that were forced to close their doors during the 1907 panic, resumed dividend payments on its stock yesterday, when the directors declared a quarterly disbursement of 2 per cent, payable on October 5. This placed the stock on an 8 per cent yearly basis, as compared with 16 per cent paid before the panic. The First National is the first of the banks that closed during the panic to be put on a dividend basis. It was formerly one of the chain of banking institutions controlled by the late John G. Jenkins, as was the Lafayette Trust Company, once the Jenkins Trust Company, of Brooklyn, which is about to make a dividend payment of 20 per cent to depositors. The last named institution is still in the hands of the State Banking Department. It has already made one payment of 10 per cent to depositors.

19. October 2, 1910 The Sun New York, NY

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Lafayette Trust Co. Stockholders Sued. A suit has been begun by Superintendent Cheney of the State Banking Department against the stockholders of the defunct Lafayette Trust Company of Brooklyn on behalf of the depositors for the recovery of the 100 per cent. assessment levied on each sto. kholder A committee of the stockholders has been appointed to resist the collection of the assessment and Almet R. Latson has been retained as counsel. The amount of stock involved is $50,000. The Lafayette Trust Company had a brief and unsuecessful career following the 1907 panie.

20. January 22, 1911 New-York Tribune New York, NY

Article from New-York Tribune, January 22, 1911

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"Justice Aspinall, in Brooklyn, decided that Augustus C. Scharmann, one of the stockholders of the failed Lafayette Trust Company of that borough, is civilly liable to the full amount of his stock in the institution. It was the first decision under the 'panic amendment' to the state banking act, and as a precedent is regarded as of the greatest importance to all of the financial institutions in the state. The case will be fought up to the Court of Appeals. "The directors of the Corn Exchange Bank elected William A. Nash chairman of the board, and Vice-President Walter E. Frew was promoted to the presidency. Mr. Nash served as president for twenty-eight