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con G. Jenkins, sr., president of the First National Bank of Brooklyn, said before he was taken sick that his bank was perfectly solvent, but would not open again until it had sufficient money to meet all demands. BOROUGH AN INTERNATIONAL BANK. The Borough Bank of Brooklyn was organized in 1902. Howard Maxwell, its president, was one of the organizers of the International Trust Company, which started business on October 2. All arrangements had been made to turn the Borough Bank over to the International Trust Company, but the formal transfer had not been made. About five days ago the Oriental Bank. of Manhattan, which had been the clearing agent for the Borough Bank, refused to act any longer in that capacity, as it had learned that the Borough Bank had been losing deposits rapidly. It was a great surprise, however, to most of those interested in the Borough Bank when its officers issued the following statement yesterday: The unusual demands of depositors during the last few days, amounting to $1,500,000, have exhausted the bank's supply of cash. The Banking Department is expected to make and complete an examination of the bank at once. When it is completed, a statement of its condition will be made. There was a meeting of the directors of the bank. starting at 5 o'clock yesterday and lasting for three hours. When it was completed. Paul Grout. acting as counsel, refused to answer any questions, and said that no statement of any kind would be made Among the depositors with the Borough Bank is ex-Senator William H. Reynolds, the realty promoter. It may be that building and realty operations of a number of operators on Long Island may have to be curtailed Mr. Reynolds said that he had personal accounts and the account of the Montauk Theatre in the Borough Bank. He denied that he had borrowed money from the bank. There was a report. however, that it had discounted the notes of many contractors and politicians in Brooklyn. This was denied by the officials, The connection between the International Trust Company of Manhattan, which opened for business at Broadway and Fulton street, Manhattan, on October 2. and the men in control of the Borough Bank and the old Brooklyn Bank, now a branch of the International Trust Company, can best be shown in the following lists of directors: DIRECTORS COMPARED Borough Bank: Howard Maxwell, president: Herman Wischmann, vice-president; William S. Hurley, vicepresident: Arthur D. Campbell, cashier; directors, William J. Buttling, Robert J. Cuddihy Warren T. Diefendorf, John J. Fitzgerald, William Gow, William S. Hurley, A. D. Campbell, Gustave A. Helm, David B. Hutton, Albert E Kleinert, Charles E. Levy, Thomas F. Martin, Howard Maxwell_ and Hermann Wischmann. International Trust Company: Howard Maxwell, president: Henry E. Hutchinson, Nelson B. Burr. John S. Jenkins and Oliver M. Denton, vice-presidents; J. F. Bouker, secretary; directors, Henry E. Hutchinson, president of the Brooklyn Bank; Howard Maxwell, president of the Borough Bank: William Gow, a director in the Borough Bank: Oliver M. Denton, vice-president of the Brooklvn Bank: William S. Hurley, Robert J. Cuddihy and David B. Hutton, directors in the Borough Bank: Nelson B. Burr and John S. Jenkins. directors in the Brooklyn Bank; Stanley E. Gunnison, Charles F. Darlington, M. B. Spratt and Archibald C. Shenstone. William Gow was one of the leading organizers of the International Bank, which has a capital of $500,000 and surplus of the same amount. In closing the doors of the institution the announcement was made that it had been unable to get cash, and had closed for the benefit of its depositors. No official statement was made. Mr. Gow was seen after the meeting of the Borough Bank directors, but refused to talk at length about the situation. He said he did not know that any politicians had been accommodated by the Borough Bank. He would not discuss the details of the financing of the International Trust Company. BROOKLYN AN OLD BANK. The Brooklyn Bank, which was organized in 1832, is one of the oldest financial institutions in that borough, and had always been regarded as extremely conservative. Henry E. Hutchinson was elected president in 1890. Within two years the interests that formed the International Trust Company had obtained control of the Brooklyn, and it was no surprise when two weeks ago it was announced that the Brooklyn Bank had been absorbed by the young trust company, and would be continued as one of the trust company's branches. Mr. Hutchinson, as vice-president of the trust company, remained in charge. On Thursday the Brooklyn Bank paid out some $300,000 to depositors, but Mr. Hutchinson had no idea it would be necessary to suspend. When he reached the bank yesterday morning he was astounded to find the notice of suspension, signed by Thomas M. Halsey, cashier, on orders from the International Trust Company, on the door. Up to the time of its merger with the International Trust Company, the Oriental Bank had acted as its clearing agent. The Brooklyn Bank had furnished the payrolls for about sixty manufacturing concerns Not being able to furnish this money, it was thought best to suspend. There were a large number of industrial concerns on the books of the First National, and the Williamsburg and Jenkins Trust companies, and thousands of Brooklyn workmen will go without their wages this week. It is feared there may be trouble at some of the factories to-day. Throngs of depositors gathered at the doors of all the closed institutions, but there was no great amount of excitement. Following the closing of the Williamsburg Trust Company and the other institutions in the Eastern District there was a rush to make a withdrawals from the Nassau Trust Company, o o at Broadway and Bedford avenue, but everyp body got all the money he asked for. One of that its balances
