The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-17
Supreme Court-Specsai Term.
Ra(nra Han IuH1a Rrcs.vaIt


IN THE MATTER OF THE KSIcKERBocKER BANK-IN.
JUNCTION AND RECEIvER-IMPoRTANT DECISION on
BANkING AND FINANCIAL AYHAiRs.
ROOSEVELT, J.-It il about three mouths, accord
ing to of the petitions presented since this nsttu
ton stopped payment. Its creditors sver-and large
body Of its stockholders join in the svermeutthat it
insolvent; and the directorsthose VIII, manage
its aarsadm that f the assets pass into the hands
of receiver and disposed Of according to the sta
tute, there will be deficiency, and the creditors will
not receive all that is due them" True the nomina
amount Of the assets is supposed to be about 5000
while the Indebtedness Is but little 100000 But
Of what avail such nguratlve statements In oppos
made In the afdAvitr How perfectly "nominal,"
too must be large portion OF that $500 0o0 When
find IL alleged in the leading petition of the stockholders
Ives and not denied by the officers that 900
and upwards s.s of indebtedness by the late D
reetors-and that, moreover, on capital Of only
$500 Oo0 Nor is this athe present directors anxious
they may be to retain the control OF AFFAIRS and able
a they may be TO manage them WE'LL do not pretend
that with all the nursing they propose TO bestow-
reasonable indulgence" debtors is the expression
they will be able to realize more than "some little
surplus to the stockholders The Law provides lact
such short notice az the Judge shall appoint,
he shall determine whether such corpor assoc,a
require the officers ereos to exhibit any aud all Of its
books psper accounts assets and effects and TO be
ference to be appon by him. And to obvate the nice
and difficult distinctions sometimes raised to what
constitutes insolvency whether II be absolute and pcrma
nent inability TO pay only immediate and temporary
The Legislature have further enacted
that IL the Judge determine that such poraon
ISOLATION sis not clearly solvent he shall make order
declaring the insolvent and shall Immediately APP
point receiver" On the facts then presented in the
papers they stand there be any doubt that this
If clearly nsolvent not clearly solvenH
Judged by ordinary rules there would to be
As the presen, directors, however, and Of
the stockholders, apprehend serious injury from a
sudden judicial declaration that effect and the
quent immediate appointment OF a receiver, have
concluded to make order the act provides, that
list Of the and OF the stockholders with the
specve values and amounts be produced aud that the
principal officers of the present and Of the late board
attend before me, Wednesday next, at 10
O'Clock, at the chambers of the court to be examined
on oath concerning the state of the bank, and
that the appointment Of receiver be, in the meanwhile,
suspended the injunction continued II is proper
should add that the statute In these contsmpaes
rapid and summary measures. Bllhoders, deposito.s,
and other bank creditors, to be promptly paid. And
for that purpose the assets necessary matter what
their character ordered by the judge to BE- sold
at auction, dividend, II possible declared within ninety
days, and the dec.ncy If any apportioned among and
levied on, the individual stockhoders and the entire
winding up, it is further declared shall Sin case"
be delayed beyond year. All idea OF increasing the
assets for the benefit Of the stockholders the injury
and delay not unfreq the most runous Of all
inuresto the injury, say, OF the bilhoders aud de-
posters is repudated by the whole policy Of the act,
and IL at variance with the entire spirit Of the judicial
decisions of the highest court Of the State in the anao
gous Of assignment made by insovent individuals