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Justice Amend, of the Supreme Court, to-day appointed James H. Hughes, of Dover, Del., receiver for the International Bank & Trust Company, of America, a Delaware corporation, with property in this city, in an action brought by Warren L. Sawyer, a shareholder, to dissolve the company. The Court fixed the bond of the receiver at $35,000.
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(By the Associated Press.) New York, Oct. 21.-Judge Amend, in the Supreme Court, this city, today appointed James H. Hughes, of Dover, Del., receiver for the International Bank and Trust Company of America, to take charge of the property of the corporation in this city.
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SAVANNAH, GA.-Plans for the organization of the South Atlantic Bareball League have been completed a d a meeting of representatives from the six cities to compose the league, S vannab, Macon. Augusta. Columbus, Charleston and Jacksonville. has been called for November 24th at Savannah, when office S will be elected and articles of corporation drawn up. JACKSONVILLE FLA.--The United States dredge boat Jacksonville WAS launched this morning at the Tallorand shipyards at Culmers. She will be used exclusively for deepening the St. John's River, and will be ready for work in two or three months. NEW YORK.-Judge Amend, in the Supreme Court, this city. to-day appointed James H. Hughes, of Dover, Del., a receiver for the International Bank and Trust Company of America, to take charge of the property of the corporation in this city.
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, receiver of the property in this State of the International Bank and Trust Company of America of 64 Wall street, on the application of Warren L. Sawyer, a stockholder. Hughes was appointed receiver in Delaware on Tuesday. The assets here are estimated at $25,000. There is a suit for $9,800 pending here against the company and Deputy Sheriff Fogarty has received an attachment against it for $683 in favor of CharlesA. Gould for rent of offices at 64 Wall street. Nobody bid for forty shares of the bank's stock which were offered at auction yesterday in the Real Estate Salesroom.
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Syndicate of New York Capitalists Proposes to Back the Scheme With Two Million Dollars. I REPUBLIC SPECIAL New York, Dec. 19.-Efforts were made to-day by leading interests in the International Bank and Trust Company of America to reorganize the concern which Is now in the hands of a receiver. President Hunt called a meeting of the stockholders to lay before them a plan of rehabilitation which he has formulated. Mr. Hunt's plan was submitted and discussed. No opposition developed. One of the interesting features of the plan announced was that a syndicate of New York capitalists had agreed to advance $2,000,000 in Mexican money toward the re-establishment of a bank in the City of Mexico. It is also proposed to establish several branches in the cities where branches of the International Bank and Trust Company were located. The capItal of each of these banks, it is proposed, will be $200,000. The capital of the new bank will therefore be $3,400,000, Mexican money. A committee of nine was selected to make the plan effective. J. C. Birge of Boston, Doctor J. B. Murphy of Chicago, S. L Swartz of St. Louis, W O. Staples, City of Mexico: and David B. Helm, W. H. Hunt and C. A. Swope of New York are the members. This committee has power to increase its membership to twenty-five and expects to take in others as fast as practicable.
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The reorganization committee of the International Bank and Trust Company of America, which failed some months ago, after attempting to operate, with headquarters in this city, a chain of banks and trust companies in Mexico in connection with the Corporation Trust Company of Delaware, yesterday proposed a reorganization plan which will be submitted at once to stockholders for their approval.
By this plan it is proposed to organize a new bank to be known as the Pan-American Bank, with a capital of $2,000,000 United States currency, of which $1,000,000 shall be preferred and $1,000,000 common stock. Upon the preferred stock it is proposed to declare dividends of 8 per cent.
Participation of the old stockholders of the International Bank and Trust Company in the reorganization is provided for, and the following is the proposal for a settlement with creditors of the International Bank and Trust Company:
Depositors having deposits in excess of $500 silver are to receive 50 per cent. of their claim in the preferred stock of the Pan-American Bank and time certificates of deposit for such balance as may be available for depositors to be paid as follows: 10 per cent. in cash on the day of opening business in any locality; 20 per cent. in six months, and the remaining 20 of the 50 per cent. in nine months, the option being given of taking the entire amount of the claim in the preferred stock of the bank. Depositors having balances of less than $500 are scheduled, under the plan, to receive the entire amount of their claims within ninety days after the opening of business.
On the reorganization committee are William Hill Hunt, C. A. Swope, Frank D. Robinson, David B. Helm, C. F. Carrier, Charles H. Drew, John B. Murphy, and S. L. Swarts.
GENERAL BUSINESS ITEMS.
There was a sale on the Stock Exchange yesterday of twenty-five shares of National City Bank stock at 270.
Colorado Springs dispatches state that the December output of Cripple Creek was $1,200,000, the total for the year was $17,000,000.
According to dispatches from that city Chicago receipts of live stock last week were the smallest for the same period in four years.
Boston advices state that it is expected that within a few weeks at the longest the Massachusetts Trust Company and the Colonial National Bank will be consolidated.
According to Memphis (Tenn.) dispatches arrangements have been completed for the organization of a National bank at Yazoo City, Miss., with a capital of $200,000.
The total receipts of grain at Chicago for the week ending Jan. 2, according to dispatches from that city, aggregated 3,756,323 bushels, an increase of 609,496 bushels over the preceding week, but they were 230,377 bushels less than the same week in last year.
Glace Bay (N. S.) dispatches state that the output of the Dominion Coal Company in December was 256,383 tons, and the shipments were 198,071 tons.