Home Bank (New York, NY)

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BANK SUSPENDS NEW YORK, February 1.-The Home Bank of Brooklyn has suspended.

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HOME BANK OF BROOKLYN CLOSED Special by United Press Wire: NEW YORK; Feb. 1:-The Home Bank of Brooklyn failed to open its doors today. A run has been in progress for several days. The bank officials announced that the State Banking Department has taken charge. It has a paid up capital of $100,000 with deposits estimated at $389,000.

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BROOKLYN BANK CLOSES

Small Institution Could Not Withstand Run. New York, Feb. 1.-The Home Bank of Brooklyn, a small state institution. on which a run was started yesterday, closed its doors today. Its closing is without bearing upon the general financial situation.

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SMALL BANK IS CLOSED Failure of Home of Brooklyn Wild Have No Effect on Situation. New York, Feb. 1.-The Home bank of Brooklyn, a small state institution on which a run started yesterday. closed its doors today. Its closing is without bearing upon the general financial situation.

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Another Bank Closed

New York, Feb. 1-The Home Bank of Brooklyn failed to open its doors this morning. A run on the bank has been in progress for several davs. A bank official announced that the State Banking Departmenthas taken charge of the institution. The bank was organ'zed in 1905 and had a paid up capital of $100,000, Its deposits are estimated at $389,000.

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HOME BANK OF BROOKLYN FAILS By THE JOURNAL'S Special Wire. NEW YORK, Feb. 1.-The Home Bank ,of Brooklyn, failed to open its doors this morning. A run on the bank has been in progress for several days. A. bank official announced that the State Banking Department has taken charge of the institution. The bank was organized in 1905 and had a paid-up capital of $100,000. Its deposits are estimated at $389,000.

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The BANK OF PINE BLUFF THE HOME BANK HAS CLOSED Hearst News Special to the Graphic. New York, Feb. 1.-The Home Bank in Brooklyn closed its doors to day, after an all day run yesterday. The bank had deposits aggregating $800,000, much of which has been withdrawn.

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BROOKLYN BANK "PUT ON THE BUM

" NEW YORK, Feb. 1.-The Home bank of Brooklyn, a state institution on which a run was started yesterday, did not open for business today. The Home bank is a small institution located in South Brooklyn.

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COULDN'T STAND RUN

NEW YORK, Feb. 3.-The Home bank of Brooklyn failed to open this morning, a run having been in progress several days. The state banking department has taken charge of the institution. It organized in 1850 and had a capital of $100,000 and deposits estimated at $389,000.

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NEWS OF THE WORLD SHORT DISPATCHES FROM ALL PARTS OF THE GLOBE. A Review of Happenings in Both Eastern and Western Hemispheres During the Past Week-National, Historical, Political and Personal Events. The Home bank of Brooklyn, an institution on which a run was started Saturday, has failed. David Yerkes, for years a weigher in the United States mint at Philadelphia, died at Spokane recently, at the age of 76 years. The grand jury at Kansas City returned 200 indictments against actors, actresses and theatrical managers and attaches charged with violating the Sunday law. It required $54,000 to cover the necessary bonds. Milton D. Purdy, assistant to the attorney general, "chief trust buster," and originator of the receivership innovation in trust prosecution, will shortly retire from the department of justice. Purdy is said to be slated for a circut judgeship in the eighth circuit. Gil Blas, a paper of Paris, says that Mme. Anna Gould intends to sell her property in Paris and return to America. The monthly coinage statement issued by the director of the mint Saturday shows the amount of coinage executed at the United States mints during January 1908, to have been $15,431,120, as follows: Gold, $13,044,950; silver, $2,129,000; minor coins, $257,170. Mrs. Annie Ackerly, the first woman ever convicted of arson in Brooklyn, has been sentenced to serve 14 years in prisón. It is reported important steps will be taken within the next few days in the effort to cause the removal from office of Lieutenant Governor Dunsmuir. The most disastrous blizzard of the winter passed over Chicago and vicinity Sunday. Oldtime residents of the Northwest have been astonished by the news that "Jack" Lavelle, for many years chief of police in Butte, is dying of cancer of the stomach in a Reno (Nev.) hospital. The memory of John Muir, California's writer and nature lover, will be perpetuated in a forest reservation near San Francisco, made up of giant redwoods and towering douglas firs, thousands of years old. It has been designated the Muir national forest. The trial of Mrs. Dora McDonald, widow of Chicago's millionaire gambler king, for the death of Webster Guerin, furnishes the first instance in the history of Illinois jurisprudence of a dying woman being placed in jeopardy of her life. Chief counsel for the defense of Mrs. McDonald is Colonel James Hamilton Lewis, former congressman from Washington state. The shipbuilders on the northeast coast of England have given notice that the services of all workingmen will be dispensed with on February 10. This action is an outcome of the strike inaugurated January 2, the men refusing to accept a reduction in wages. After the suspension of construction work for the last two months, the Harriman lines are to resume the building of Oregon railroads. General Manager O'Brien issued orders yesterday to assemble men and materials

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NEW BANK LAW'S OPERATION

State Superintendent Takes Control of Brooklyn Bank. New York, May 1.-It was learned this afternoon that Clark Williams, superintendent of banks, had taken possession of the Home Bank of Brooklyn ,which suspended on February 1 last, under the new law which has just gone into efféct. permitting the superintendent of banks to undertake the liquidation of all closed institutions. This action by the banking department has precipitated a very intéresting situation, which will undoubtedly come as a complete surprise to Attorney General Jackson who for some reason failed to appoint a receiver for the Erooklyn bank, and has therefore been deprived of selecting a man to set the fat fees which, under the old law, could be charged in such dissolutions.

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BIG CUT IN BANK FEES New Law Has Done Away with Fat Pickings. effected in the liquidation of state law, making the State SuperBanks the official liquidator of failed institutions, as compared with the receiverships, is startlingly shown in Home Bank of Brooklyn, which is come under the operation of the which will reopen for business toafter having been in charge of Banking Department forty-two days, at of only $1,200. This includes the Special Deputy Superintendent, cleriand miscellaneous expenses, such as etc. advertising. receiverships, under Compared the the saving with law to the is stock- little cost depositors new sensational, and proves the new method state banking institutions, which resembles the federal system, to be a most of Brooklyn is a small institucapital of $100,000 and total deposits but as the state receivers are paid redo not and services their for of the money they handle, as in receivers, the cost of liquidating institutions would be at the same rate, the expense depending upon the duration of the Under the new system the cost of Williamsburg Trust Company would $4,200, as compared with $40,000 receivers of the institution and their Justice Kelly last Monday. This $40,000 include the expenses of administering the represents only the fees of the receivers counsel-who, by the way, asked $200,000 services It is said that the saving to the company would have been even greater than above if the work had been done by the examiners, from the fact that they accomplished it more expeditiously. Clark, of the Supreme Court, allowed Rives. Ernst Thalmann and Henry C. for their work in connection with the Trust Company. This amount has been paid, however, as the Attorney Genobtained an injunction preventing the paythe case is now pending in the courts, however, that the receivers in this get. ultimately, not less than $200,000. the cost of the receivership for Knickerbocker would have been about $4,200. following table shows the cost of some rereceiverships compared with that of the Home

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RECEIVERSHIP COST LITTLE

Administration of Affairs Under New New York State Law. ,New York, June 6,-The Home Bank, in Fifth avenue South, Brooklyn, which closed its doots on Feb. 1, and has been in the hands of the state banking department since April 22, resumed business under an order handed down by Judge Dickey of the Supreme court. The papers submitted by the state banking department show the first results of the working of that part of the new state banking laws relating to the management of failed institutions which was fought through the Senate largely by the arguments of Superintendent of Banking Clark Williams. The new law empowers the state superintendent of banks instead of receivers Appointed on the recommendation of the attorney-general to liquidate defunct financial institutions. The new law follows elogely the plan that has ,been employed so suecassfully in the national banking system. George S. Leonard, one of the state examiners, was designated by Superintendent Clark Williams as a special deputy superintendent to liquidate the Brooklyn institution. Mr. Leonard has presented his bill for the forty-two days of service in handling the bank's affairs. It is $666, the amount of his salary as a special deputy. The total cost of the management of the bank's affairs under the department was $1,190,80. Of this $405.04 for clerícal assistants and $129.76 for miscellaneous expenses, including advertising. Deputy Leonard's bill does not contain & penny's charge for counsel fees. The deputy regarded the problems that have heretofore required the services of one and sometimes two and three lawyers as so elementary as to need only the attention of one of the lawyers who are deputies in the department. A comparison of the cost of this receivership with the cost of some of the others under the old system is interesting: Duration Fees to Re:

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The effect of one of the bills Governor Hughes forced through the New York Legislature will be appreciated by business men in general. This measure authorized the State superintendent of banking to settle the business of suspended banks. The Home Bank, of Brooklyn, suspended and it has been reopened, under the new law, at a cost, of $666 for the liquidator, nothing for lawyers, and a trifle more than $1000 for other expenses. The expense of liquidating the Knickerbocker Trust Company, the affairs of which were not settled under the new law urged by Governor Hughes, may reach a large sum. Under the old method $40,000 was considered a moderate fee for fixing the affairs of an impaired bank.

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H. C. IDE WILL GET $20,000 AND NOT $75,000. Receivers Fees in Knickerbocker Receivership Cut By New York Courts. New York, June 6.-The appellate division of the supreme court in Brooklyn yesterday handed down a decision rerelueing the fees of the receivers for the Kniekerbocker Trust company. The three receivers, Ernest Thalmann, Henry C. Ide and George L. Rivas asked for and got from the supreme court a fee of $75,000 each for their services in reorganizing the Knickerbocker Trust company. The attorney general believed the fee to be exorbitant and appealed from the award. In the decision which it handed down yesterday the appellate division reduced the fees from $75,000 each to $20,000. Special Deputy Superintendent of Banking Leonard who reorganized the Home bank of BrookIvn put in a bill of $666 for his services.

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Receivership Fees

New York lawyers are aghast. The best thing going is going away from them. Gov. Hughes drove through the New York Legislature a bill authorizing the State Superintendent of Banking to settle the business of failed banks. Under this the Home Bank, of Brooklyn, has just reopened after forty-two days of suspension at a cost of $666 for the liquidator, nothing for lawyers and $1190.80 for other expenses. The receivers and their lawyers want $300,000 for liquidating the Knickerbocker Trust Company: $40,000 each was paid for liquidating the Borough Bank, of Brooklyn, and the Williamsburg Trust Company, and $25,000 was demanded for ten days spent in settling the affairs of the Oriental Bank. Council for a receiver of a big financial institution has been one of the great prizes of the Bar, and now deputies of the Superintendent of Banking are going to wind up failed banks without any help from lawyers.

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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.

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DAMRON TRIED FOR USING BANK'S FUND AS HIS OWN. The trial of William C. Damron, former President of the Home Bank of Brooklyn, which went down in the uncertain days following the panic, was continued to-day in the Supreme Court, Brooklyn. An adjournment was taken yesterday when a jury had been obtained. District-Attorney Cropsey opened the case for the prosecution. He said Damron appropriated to his own, use $2,500 belonging to the bank. There was an account in the bank known as the WillIam C. Damron, President, special account. This was a sort of surreptitious account, he said, into which were dumped small profits taken by the bank on deals which might not be considered in accordance with good banking. such as taking bonuses on loans and exacting fees. Damron, Mr. Cropsey said, in October, 1907, when the panic was at its height, drew a check of $2,500 on this account and paid it out on his personal account. The first witness called was John W. Waller, who was cashier of the Home Bank. He testified to the special account, why It was started, what went into It and what was done with It prior to 1907.