New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-21
THE COURTS.
ENFORCING THE SAVINGS BANK LAW.
aIur nErwEEs TRUSTEES OF THE MECHANICS

ENFORCING THE SAVINGS BANK LAW.
arr,r arrwrEs TRUSTEES OF THE MECHANICS
-EI AND TRADERS SAVINGS BANK
A suit was brought, yesterday, in the Su-
preme Court under the authority OF the Attorney
era TO enforce the Of the State prohibiting trustees
Of savings banks from acting trustees OF more than
savings bank directors Of banks OF circulation
and deposit. The present actou is entitled William
Lloyd ct AL trustees of the Mechanics aud Traders
Savings Bank. AIT. Robert McMurray. trustee Of the
Peoples Savings Bank, Charles Peck, trustee OF tho
same and also of the Central Savings Bank j. Rosen-
berg trustee of the Harlem Savings Bank; Thos Wood
ward Chatham Savings Bank; and A. I. Conkling OF
the Eighth National Bank all Of whom also trustees
OF the Mechanics and Traders Savings Bank Ex-
Judge Davies appeared behalf Of the REALTORS, and
read the afdayis. showing that the defendants were
acting In violation OF the act Of 1870 and asked for an
order restraining them from acting managers OF the
Mechanics and Traders Bank.
In opposition to the motion Abraham r. Lawrence
read the affidavit OF the defendants. Thomas Wood
wards statement Is that he appointed Trustee OF
the Mechanics and Traders Bank by the Act OF Incor
poraon Of 1851 He elected Director OF the Chat
ham Savings Bank, but did not act, and Is not now
Robert McMurray states that he has not been
interested any other bank throe Alfred T.
Conkng President Of the Bank elected Director OF
the Eighth National Bank January, 1871 without his
knowledge, attended only meeting, and sent IN his
resignation similar affidavit from Mr.. Peck was read
and then argued that eight days notice was re-
qured application could be entertained that
this, being in the nature OF quo varTdnto to
determine whether the defendants were lawfully
in office, q preliminary injunction should not issue
before trial; that It would be unfair
to these persons confirm the preliminary inunctions
on mere adavits and with SO hours notice that the
defendants McMurray, Conklug. and Rosenberg, were
appointed Of the other banks by the Legisa
that each of tho defendants by resgnng his po-
son in another bank reinstated in the Mechanics
and finally that the act of 1870 only contemplated the
removal Of trustees acting In violation OF the law or
contemplating fraud doing whereas the
motion before the Court not for removal but for
stranng, aud there imputation on the honesty
of the deendant there could be and no
allegation that any ng-doing was intended.
ExJudge Davies replied that the atdayits of the de-
PENDANTS prove that each OF the defendants was ap
pointed elected director trustee Of another bank,
aud by accepting the appointment and acting under 1t
vacated Mis- Office in The Mechanics and Traders for
the two positions could not be held In defiance OF the
Legislature. Counsel thought 1t was high time the law
should applied. Recent events showed That II shoud
be rgdly enforced and that men intrusted with the
savings OF the laborlng classes should them
selves comply with the law. Judge Daniels reserved
decision