The New York herald., 1878-03-31
Its Affairs Discussed by the Indig
nant Depositors.
THE BANKS PROPOSAL
Ninety Cents on the Dollar Offered by
the Officers.


who cung the bars across the entrance Othors
were huddied together. upon the steps or groul ed
about the sidewalk rehearsing tho story OF their dis
aster. Old men aud women as well young men
aud girls peered into tho bank At the solitary clerk
IN charge there, as II 1t might be in his power TO
alleviate their distress. Their various mistortunes,
as related to the HERALD reporter, wore touching in
the extreme An old man, whose bent figure AM
horny hands gave ample evidence OF toll said that
he had deposited $780, the savings OF twelve years.
the broken bank and now had nothing left pay his
rent A poor widow had deposited $40 n few hours
before the bank closed. Another, whose husbands
body lay at homo awaiting burial, had $500 in tho
bank, but penny dciray the funeral expenses.
DAVID BREKHs'
Ono OF the heaviest dcpositors OF the broken b.nk
is said TO DO Dr. Brekes Of No. 259 East Tonth street.
reporter to the physicians residence to have
q talk with him. Before no could bo eecn Mrs
Brekes had a conversation with tho writer ana said
that her husband In an interview with President
Milcs, Of tho Slxpcnny Bank. was
sured by the latter that II receiver could
be avoided ho would bo enabled TO pay
to tho depostors at once $7Oo. 900. Mrs. Brekcs
not at all sangune other OF the capabilty
esty OF the officers Of the bank and expressed herself
IN the strongest terms against them. DR.. Brekos
whom questioned later. said that committee OF tho
depositors appointed by the Gcrmania Assembly
meeting had started for Kingston at a quarter
to twelve for the purpose OF appealing to Judge West
brook. The members OF this committee were Mcssrs
Gibbs. Raicr, McAicer and Marshall. man named
Rowan had been named the committee, but no did
not think he started DR.. Brokes cited some pccu-
liarly hard cases which had occurred In his mme.
had inherited $500 each, and had deposited entire
sum in tho bank day or two before II failed,
aud very poor woman had deposited 500 tho
very day beforo the institution closed. Dr..
Brokes stated that no went with . committee
appointed for tho purpose during tho morning down
10 Lawyer Wakcman's Office in the Bennett building,
where he understood there would DO meeting OF the
trustees Nobody was visible but tho Office boys, ana
the committee retired; but before this action IL
vaguely bintcd that at four O'Clock dopostors might
hear OF something to their advantage by calling
No. 90 Nassau street. the business abode Of the coun
sol OF tho bank
BoIsTBROUs MEETING.
Judge Callahan having allowed tho depositors OF the
bank tho First District Court room ut the
of Chambers and Centre strees, as pi0co OF meeting
at three O'Clock the room crowded with men and
starways and halls blocked by the crowds OF anxious
depostors. Mr.. Morris +. D0wley was called TO
the chair and Mr. r. 9. Brill appointed Soc
retary. Tho Chairman madc very strong address
in opposition 70 the appointment OF receivor
tor the property Of the depositors ol the bank,
and resolution was Immediately thereafter offered
by Mr.. Foreman in consonance with the vows at
the Chairman. BY this time dozon depositors were
on their feet with remarks desires recognition.
Mr. Langbein afserward proved very useful In assist
ing tho principal manager Of the meeting.
/. II. ROWAN ArPKARs.
Mr., Rowan, depostor, next obSaned rccogp iton
from the chair and made long speech He saId:-'I
was al a meeting In the Gcrmania Assembly Rooms
depostors a committee appointed to 60 to
Kingston to Judge WosibroOk and ask him
eonsder ns action 70 M 20 snS
man Is a lawyer. am glad OF IT, for no man under
stands better than he about rcceivors am selfish
In my action l como here 70 got the most can gcs
of the money deposited IN that bank" applause
al was present at meeting Of tho directors to-day,
enough Of the old Board would resign so that major
iy Of the Board should DO composed of tho
OF the depositors"
"who gavo you authority TO mako any b.rgainsY"
cried another.
They should all step down and out" said the chair
These aud like Interruptions and exclamatio were
hurled at the speaker, who declared over and
again. In explanation that he WAS true friend Of the
washer womon, ncwsboys and others who had money
In The bank, but no thought IL well to carry the
bank II possible, II not they should got their money
and let The bank go TO the devil"
He concluded his irst spcsch by Offering q rosolu-
ton, which was accepted in place OF the original
placed before tho meeting, the purport OF which
that committee OF seven be appointed to cooperate
with the Gernana Assembly Rooms committee, to
take measures set aside the receiver, II
TO be appointed TO havo him selected from among
themselves and to pay 1U0 cents the dollar.
VOICE
Mr. G. Stebbins, depositor, arose aud said II
all very fine talk about paying 100 cents but
thsro deficiency OF 5000 now you to do it?
AS old officers stay ing in-and II looks TO
like effort to retain theuI am opposed TO u. In
these bankrupt concerns thcro always something to
come up, and the moro experts and new bookkocpcrs
hunt the backer are tho discoveries.
Another depositor applaadcd these remarks. He
haa dono business with the bank sincc 1888 and he
did not believe the concern had been solvent Tor Ave
years. 'One old man named sloan used TO the
whole thing, said he. I won't there two weeks
ana asked tho directors If they ma.iug money,
and they answered Yes. nave no latin IN them
now
Alter good deal OF delay tho following committee
wus appointed 10 act with tue Germana Assembly
Rooms commtlec and attend the meeting at Coun-
sellor Waksman's oilce --Mcssrs. George W Parsons
Henry Mumiord, j. c. j. Langsein, Washing
ton Rodman. c. stcobins, Morris y. Dowley
and L H. ROWAN UnascountaSy tho names Names
proposed to and accepted by the nccng were LETT out
in the cierks rcading, ana Mr. Rowan's nnmo substI
posed by psss Of the audience. Two ladlos
added TO the commntco from among the depositors
charcn, all of whose money IN tho bank aud Mrs.
Fanny Nelson, German deposition
MEETING AT Mr.. wAKEMAy's OFFICE.
AZ hali-pist iour o,ciock tho FIRST District Court
room meeting adjourned and The committee repaired
to Offices Of tho cofnpany's counsel followed by
large crowd OF the depositors who seemed TO neglect
csts The crowd was addressed by Mr. WakemaD,
who stated briefly tho proposition OF tho bank
oflccrs-viz., that they (bc trustees) should yield
u majority Of tho Board 10 the depositors; that
II the bank can be rescued from tue receivership
fTcBidcnt htes VIII WhVe MS sutaIy Ot SojVD pcr
annumn and serve for notning rho secretary also
agrees do the same But the depostors shall agree
10 abatc their deposits len per cent until the
abatcd shall reach 800, 900. whcn the deficiency
claimed will be made up. They would therefore, re-
ceivc ninety cents on the dollar.
Mr. RoDMAy, one Of the comittcc-l understand
trustee hore would like TO ask question. Ihero
is ono Item OF $4,000 loaned in the Sponord sugar
house. Is this true
Mr. Hyatt, a trustee-Ycs there are four different
mortgages OF ss7 500 apiece oaucd by the bank
properly. tScnsatoD and marmurs.
mo trustee explained tuat the government, ho un-
dcrstood, hnd offered 100000 tor the property in
1872 Homer Morgan mad valued II at 81 200, O0O
Mr. hyatt IN conclusion said that ho had been
ty-nve years in the bank and nothing had been dono
tnat not "high toned.p
the BANKS PROPOSAL
The following resolutions adopted by tho bank Off
wero read:-
Whereas II has bccn sugges,ed that majority Of tho
depostors are willing TO have their accounts charged
ten cent on such sum the deposors determine
upon OF the amonnt oi their accounts, now IL IL
Resolved That this bank does Of tho suggestion
anu recommend that tho same be carried into effect
Resolved, furthcr Ihat majority Of the present rus
toes Will resign and that their be 6eI by
H..