New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-05
HODGMAN'S
MACKINTOSHES
Finish and Durability UncqunIIed.
BROADWAY. ~ WEST Did ST..
COR. GRAND ST. ADJ. 5TH AVE. lIOrEI-
BANK OFFICIALS SCORED.
DEPOSITORS IN THE COMMERCIAL, OF
BROOKLYN. TO TAKE ACTION.


LAX BUSINESS METHODS WHICH RUINED
THE COUNSEL TO BIZ EMPLOYED.
A meeting OF the depostors who not stock
holders in the suspended Commercial Bank OF
Brooklyn was held last evening at Havand Hall
at No. 1893 Classon-ave. There were hfty-nine per
sons present one of them was Horace Graves, who
appeared as counsel for depcsitors representing
$1,000. Colonel David r Lynch said that MS de-
posits amounted to 5000.
c. Augustus Havlland presided, and In calling the
meeting TO order said that the meeting was called.
not to prevent resumption of business d. tne pahk'
but to compel it to pay 100 cents on doliar. Inc
president cashier directors Superintendent or
Banking and the bank examiners were Responsible
for unheard-of system of banking. Inc pa"h
had been insolvent some time, ana was cdr''eu o''
not alone on false statements but by notes OF the
directors for $50 0 without interest ana no RECORD
made OF them in the books Of the bank IRIS sum anu
s5i ga a of directors notes on discount would nave
carried the bank through the day when IL suspenueu
II there had been cash in place OF paper i'S sum
would pay a fair percentage OF the depos'S MI
Haviland continued
I'VE are told that must not hod meetings.
that must not have any conferences 'ha' we
must not even allow a word TO get into print les.
we NAV be charged with seeking notoriety' tnat we
must sit supiney down and let these men WHO nave
handled our money for years for other people
benefit select their own servant to collect on their
slider worthless and to distribute as much or as
little as they f,e disposed collect for our bene-
NJ.
1T Is perhaps very kind In these gentlemen VINO
have 50 long handled funds to offer TO relieve
US for while longer of all responsbility-but some
OF us at least have thought 1t wise to ask YOU
gentlemen TO assemble here tonight to consider
matters connected with affairs IA which-by reason
of recent events-we have mutual interest IL
there any men in Brooklyn ready To become
apologists for bank wreckers. want 10 Know
who they are and what they are. There may be
some who think have done wrong In calling
this meeting II there be such, We desire to say In
all frankness that have called the meeting
to learn by mutual consultation the best way
TO money and in the hope that all de-
positors might their way clear To cooperate IN
securing justice themselves and punishment to
their oppressors We determined that the
1914 Of securities pawned by the. bank officers
that Black Friday. August II. shall be returned
| That the sl39i i3 due directly to the bank from
directors notes and all other securities shall be
turned into cash without unnecessary delay. ana
| that the attorney OF Seth l.. Kceney shall not be
! left in supreme control exercise his discretion
alone receiver to what is convertible into cash
and what IS worthless
we intend to see that every stakeholder is as
sessed the law provides. and. what Is more.
that every dollar deposited in that bank during
insovency-be IL day year-shall be re-
turned to depositors We ask you to cooperate
with us that the ablest lawyer In Brooklyn may be-
secured TO guard interests"
After John A. Schilling had refused the place
! Mr.. Haviand made chairman and r.. X. Van
| Buren, secretary. A resolution drawn up by Mr..
| Havilan1 offered by Thomas j. France provid-
Ing for n permanent organization and the employ
ment OF counsel 10 protect the interests OF the de-
postors who not stockholders COLONEL David
! T. Lynch moved amendment providing for II
committee of five consult with the bank drec-
tors the receivers and the Attorney General I'm re-
gard the best means OF getting the money.
After considerable discussion both adopted
unanimously. In the discussion Colone! Lynch said
he anxious for quick settlement Of the mat
/ ter. He thought that petition should be presented
10 the court for associate receiver with MIR Dyk-
But II would b" years before a receiver would
/ account or declare dividends. and II resumption
practicable II would b. far better in order to
get the money deposit.
Horace Graves said that the proposed scheme Of
resumption the most delusive Imaginable. II
imperillcd not only the deposits Of dcpositor, but
II he became stakeholder 1t also put him IN peril
Of assessments II not In good fiith toward
the drpositors represented at the meeting. II they
took on.-half of their deposits In stock and left
the other half in the bank they liable To lose
the stock and then the deposits In assessments. He
l thought that the matter should be- carefully can
| Vassrd bV "A committee.
secured bv an assessment Of onc-half of per
/ cent on the amount OF each deposit. Mr.. Hayiland
. thought that whatever done shouii be done
nuickly II was the right of the depositors 10
have an associate receiver, ana application should
| be made to-day or tomorrow. lie had written 70
the State perintendent OF Bankng' VINO nhu ~"
| yored the bank officials all the way through pu'
| no reply had been received ,.. stA
| The committee TO represent the depositors whicn
appointed was s srbSr 81 pedew and
| LYLE II was agreed TO meet 10 hcir t"e''
/ report tomorrow evening