The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-25


The surplus or amount Of undivided earnings OF tho
bank on May IA was $50 334 CO. The acquired and
eighihs per cent per annum, and only ono of the
present members OF tho Investment Committee Was
member OF !. prior 70 November II, 1874 MT
Crocker stated that, by passing one or two divt
dcnds there was doubt that tEo bink could be put
on sound footing. The depostors bad entire conl-
dence In the bank occrs and since the last hearing
petition which hnd not circulated outside the
bank building had been signed by zoos depositors
who represented bctween one.q uartor aud one
NTH oil all deposits, asking that the bank DO al
lowed TO proceed under It's management.
All the loans on personal property w.re sat
isfactory ana good, and IN placing mortgages
on real estate conservative policy had been adopted
tho bank connning IFS loans TO Boston and not going
out into country towns to be tempted by grest ratio
OF interest Most OF the mortgages hold by tho bank
were on improved property. Mr. Crocker then al
clergy In the matter, and IN conclusion, urged that
the bank could DO much moro econ omically managed
by It's officers than by receivers
. MODIFIED INJUNCTION ASKED FOR.
Ex-Governor CASTOR said the trustees OF the bank
were themselves Interested the bank and were
tremeiy anxious to extricaie " from It's present
ton because they wore largo dcposuors. Modified In
functions had been granted TO other institutions and
the learned counsel could sec no good reason Why
the snme course OF procedure should not DO applied
10 the Emigrant Bank. Nothing against the manage
tho bank could DO shown, neither could there
BIO anything said against the officers, VINO were
| all men oil honesty and integrity. One strong
there wore a. tho present time. ont Of Tue
twenty savings banks in tnc city OF Boston, only
five mat were doing business In tho ordinary
Institutions were not honest and capable men. An
otnor strong reason why tho modified Injunction
should issue that zoos OF the dcpositors had
signed petition requesting that the nj
fairs Of the bank DO allowed TO remain
la the hands Of the present trustees.
II tho institution placed in the OF receivers
the affairs would have TO DO wound up, ana by so
DONG II would be impossible to realize by twenty hvo
per cont much could DO realized by letting
present tain control and cious system
OF nursing.
REQUEST GRANTED.
Judge Colt said that although his convictions
very strong when tho case nrst camo before him.
against granting tho modified Injunction, no would
say, In Justice TO the otner banks. that IN in
stance had a representative OF any other bank ap-
preached him, directly or indirectly IN the matter.
Neither had the depostors OF the bank intmaod
hin that there any desire to have the present
trustees removed from Office. lie expressed himself
very much impressed with the considerations that
III offered by the bank Ii the modin fed injunc-
ton issued the dopositors would sill
have opportunity to be heard in the
matter; tho bank would DO under the con-
troll OF the Court, and, therefore, he was
very glad TO gay that he saw no good reason why
the modified Injunction should NOS ISSUE The pc
ttoncrs represented S30 900 or $500 900 Of tho
posits aud they were al anxious to have the pres
ent officers retained, and, they werc the persons
the most interested, ho should order q temporary
Injunction
In compliance wi the expressed wish OF the Bank
Com the bank authorities Will, Is under
Stood remove tho present treasurer, not Tor dts
honesty, but because they think the bank viii DO
benefited by so doing