The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-09-27
BR00KLYN'S BROKEN BANK.
DEPOSTTORS RESOLTING TO ACCEPT
TvE TRUSTEES OFFER.
Poor Women Eager aud Anxious TO secure
their Money-Mr Rciiiy's RESOLUTIONS
Adopted-An Old Man Wants his Money.

- -, NJ, -
The Long Island Savings Bank was
,hr,nood ,.os,or,,ov ,,,,, denositors nripcipn,lv
.''onkou WV w ,'.' ,,7',i. -,
women, VINO were eager 10 sign tnelr hsscht 10
the agreement 10 accept eighty per cont Of their
donosi,s. or to give their consent TO thc winding
u'p'S"s' VI w t'No ''i,'i 'O"'.'' W. Wv
up oi the bank by the trustees, under thoir
proposition to pav nil claims in full in two
,'" ,rh, ,aa,aS W ',,, ,,'a, haI ,,,'nt w.,
''"iS no 'a9n,oi 9''''' "'"' u. ''," ,'""'' -
conversing with the depositora. that they were
averse 10 any out.of-town receiver. The bank.
p,.oi W i9'p' wv ',' sp,,'"' s.
ness, receiving deposits payaDleon demand ior
wsa hnr nrS oweo ,U"r per se ,SrTT , ,nor
700 "eio MuS " i"h WI ,n'7 "'"''.n VI ,'','
business. ana Tor tim" II threatened 10 cripple
tho institution. but the trustees paid all de-
m,nds nnJ ,,o, ,brouob ,yi,bout lnss Thev
',",' ",, -, ".,,io .,'', i.a1h ., ,,,.
business because OF the risk attending IT, and
sinc. tho, ,bov have copepod ,bems.Ives to n
,a',,,,", ., '.', =" na.,' ,,'ai,.aa
The trustees saw that rival savings banks have
dope much ~ i,,ure tbe Long Island Rank bv
,u, ', ,,,s,,,i,,,', -, ,,ajr hrs,,ass
and tha, some depostors have gained the i'm
,rassio, ,hn, ,hair ,,an,rra into :, s,oc,oi de
piess'on ,. ,u"' ',.ei, 'oI'.,e N''' ,,.
post business had something TO do with the
present insolvent condition OF the bank. The
millstone about their neck il their freestone
hmiidinu anJ th.v Ala no, hint nm ibev md
erred in erecting it when they did They could
not cai.ulate on the ulsastrous ueprecl,ht,omh n oi
rehl estate. Dullulng was f'com,lehieu tiieh
because II was som" evidence OF u bdnk belng
substantial. and the Bank Superintendent at
that time was profuse in the declarations of his
h.Iief i'm the wisdom of erect NO nu only n I'M ild-
= - -. =. -. = - :, t......
ing iOf the rank ssrrommountiOn but on" lnrge
ideas were followed ont by the trustees.
About 400 out OF the 4 OUD unfortunate per-
sors who have ,nonev tied uu IN tne Long
Ii. ua..,.ass, n. ii -, L., ,h . W. Na,aransf
dn1 rh r,ns h, rnnrt nai and ID nroeon srcns
last night. Dr. ID. d. smith was elected Chnlr-
man und 4. II. Limberger Secretary, The
/ thrnnp in the room inrludrd merchants day Ia
l.rnr- bo,,vo,nan ynung and oil ,vidnvs
SciNiS, "uSh', "v.i'm' ioi"s ~ "" Wwi,'.
None ol tr pdhk onlclHIS h',ehucu, u"hyuEH
many depOSitors expressed desire to -" them
there. Mr. T.. i. Day said that IL was necessary
for the depositors To decide whether they would
unite with the trustees in their plan To- wind up
the affairs oi the bank. or whether they would
trust the Attorney General To send man down
from Albany TO take charge of it, affairs.
From Srhenectadv. suggested dclu-itor.
Well" said Mr. Day. the smaller IN" village.
IN" greater the villain He was opposedto any
attempt 10 gObble UP the bank 10y a strange re-
ceiver. -
well suggested supervisor W Williamson !
haven't much confidence in thos" trustees; tut
suppose we would not do any better with the re-
ceiyor
Mr,Philip Reilly oNered series OF resolutions
re"iting the results OF the examination OF the
banks affairs and the offer of the trustees TO pay
dcpositors eighty per cent. in cash. and in full
in nstallments oi twenty-five per cent. cash IN t.
II. Is and "a months. and concluding us fol-
lows:
h,.ef That we the dcpesitors while believing that
the in,e.tug ui - iarse sum m a bank buding a.