The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-11-13

THE NAL Compromise
The Chancellor Will Decide
the Bank Case
Monday.
MANAGER CHESTER PROTESTS
But the Chancellor Seems to Have
Already Made Up his Mind to
Consent.
MANAGER CHESTER PROTESTS

Chancellor McGill sat in Chnncery
Chambers this morning to hear the de-
positors Of the defunct Mechanics and
Laborers' Savings Bank give their
opinions on the advisability of accepting
sl20.0o0 in full Of all claims against the
late managers of the bank
The CHANCELLOR was informed Of the
action Of the meeting on Tuesday night
and the decision at which the msetinG
arrived, to accept the $4,000 About
one hundred depositors were in the Chan
Gerry Chambers this morning. Vice Chan
celior kunyon, ex-Jndge Garrefson,
Counsellor w. A. Lewis and Receiver
Williams occupied seats near the Chan
cellor's desk.
A KICKING MANAGER
Counsellor McCarter. appearing for MI
Chester. who wishes to fight the matter
TO the end. spoke first. He Said
AT the meeting Of depositors when it
was decided to accept the compromises
ou1 sun Of Il .oo sS0 ds1asIsor. ss4us eisHss sSs
in attendance. Thin humber should
hardly be taken as representative. Tho
receiver in advising the acceptance Of
this sum was of course Obliged 70 pre-
sent the most discouraging side Of the
case After twelve years Litigation
or frightened. In view Of your
Honor's decision my client could afford
70 wait until the end Of the litigation
This is why he does not desire to accept
the compromise"
s.Au the depositors had an opportunity, =
said Chancellor McGin, in answer to Mr..
McCarter, TO attend the meeting Of Tues
day night OF course IL is not
the majority Of depositors but the holdcrs
of the largest per cent. Of the money
deposited whose voice will be influential
The deposit0rs who did not attend the
meeting win be regarded as leaving the
matter in the hands of the court. After
waiting a dozen years It may
perhaps be better TO accept the money
offered than wait six months surely, hve
wears possibly for Is or 20 per cent more,
and at the risk Of losing all The whole
question is one Of practical judgment,
and naturally l have my mind already
made up.
RECEIVER WILLIAMS REPLY.
Receiver Williams then arose and ad
dressed himself TO the court. He said;
II want to say / thank my learned
friend (McCarter) for the kind remarks
thrown out. ! want to repudiate the
statement that am tired / am not tired
or frightened was the phrase he used.
As TO the compromise sum say as have
said before, If it were q matter excIu-
sively personal. l would accept the com
promise. Some remarks have been MAZE
concerning my advocacy Of the acceptance
Of Sc, 900 offered year ago. In relation
TO this might say that at that time no
decision had been rendered by the Cham
cellor and the case was plunged In OBJ
scurity and doubt When the deposl-
tors appeared TO be willing TO carry on
the struggle, did not hesitate. Counsel
desires 70 put ms In discourRging view.
McCarter interrupted.
II didn't. / said you could not help
it.
Now, / don't think any criticism
should be made upon me,p Mr.. Williams
continued. 1T was necessary in my let
ter to the depositors 70 make everything
clear and Ineligible. l was nof wishing
10 lawyers and there was much to be said
in fav or Of the compromise"
Chancellor McGill said he would hear
any depositors who cared to express thefr
views
County superintendent Cannon took
advantage of the Chancellor's permission
10 say that be didn't 90 to Tuesdays
meeting because he thought he could
speak here Il am in favor OF
accepting the sum- be went
on. IF there was any use in
fighting any more I should be wi1l5Gg 70
continue. l should like TO say that H1&o
appreciated the labors of the receIvek
ever since his appointment by Chancellor
Runyon.
Chancellor McGill at the end said he
would be pleased to hear any other de-
positors. None arose, however, and the
Chancellor said he would give his decls-
ion on next Monday.