New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-06
A BANK REVIVED.
BROOKLYN TRUST COMPANY pRosrEc rs


| rrs STOCKHOLDERS DECIDE TO RESUME BUSHES
II THE CAPITAL TO BE MADE GOOD
II The stockholders of the Brooklyn Trus:
II Company held an important meeting last evening. and
finally resolved upon tbs resumption Of business The
II meeting opened at p. M by 8. b. Chtenden, who
H nominated Seymour L. Hustled Chairman and Sidney
II V. Lowell Secretary. The Chairman taking his
seat said that there need for him 70 enter into
details II certain that every trustee ought to en-
ter into this thing with the mind. Some persons
may feel inclined to crcise the trustees but the latter
II were all determined to stand by one another
IN the matter He ventured To say that the stock
holders would all come in every depOstOR would be
\ paid The trustees did at first wish to have the
\ Company suspend. They having investigation
made OF its affairs and IL until the ourfhsday
that they discovered the doubtful character Of OF
the securities. TleY met the Friday preceding
suspension. and thinking that the hand wou9d
not enable them 70 support run on the Company,
they therefore suspended. considering this the
policy. They had met during the day, and would
give the result OF their abors.
Mr. Litchfeld arose. and moved that none except
stockholders be permitted be- present during the
meeting but he oyerTuled. Judge McCue then read
the report OF an investigation OF the assets and abH
ties Of the Company, made during the day. It varied
but little from that OF the Receiver Daniel Channcey
printed time The sos 900 OF bills receivable
the latter report had changed to s5s5O0
loans reduced from s,7Isaol "a to si,O27ol2 40
MI. McCue stated that the securities had been
examined and found sufficient, and among
those indebted to the Company, directly in
directly there trustee. The trustees, he went
say state that the capital is impaired 50 per cent. The
stockholders should subscribe their respective amounts
according the number OF shares held by each a
loan subject TO the risks OF the business. until the
doubtful securities be converted into cash A re-
duction OF the loss had been made account Of the
value Of the doubtful securities in order TO bring the
loss down to so per cent of the COmpanys capital He
believed that the Company would IN two or three years,
Dc able 10 DacK the amounts subscribed beside hav
Ing It's capital untouched
Demas Barnes said that the investigation had seemed
10 MN from the start to relate merely 10 the
ment OF the Directors. IL showed, beyond doubt, In
capacity and dereicness the part or the Board IL
seemed to MIN that the investigation should have
begun by report OF the Board stock
the institution In condition regain capital
and resume business It should be done. The smaller
the institution, and there necessity
date action, to relieve their anxiety.
B. D. Chttenden, Judge Reynolds, ana Others DIS
cnssed the pfOpfety OF reslmlng, ana the methods
whereby this could be accomplished. Mr. MeCue stated
In answer to question, that the amount OF cash
hand s0OOOO about 81 cent Of the entire de-
poss They could pay out by next Saturday the
cent dividend decided on by the Trustees and would be-
enabled to the stockholders paid up only
so cent Of the amount OF their stock. After much
debate. the following resolution was finally passed;
otUed That tbs undersigned stockholders Of the BROOKLYN
Company per capital by respectively
recommended BY the Of meeting
Tlies half Of board joint several
bond the Of $500 600 to make the capital until The
be U the
This resolution immediately subscribed 20 by per
representing 325 OF the 500 shares OF the Com
panys stock. IL is proposed by ths Company 20 resume
business on Saturday next after securing ample re-
sources TO meet any run which may be made.