The sun., 1896-08-14
TO SAVE THE MURRAY HILL


| A Proposittou thss the Director. Co.,,
ute eSO.OOO and that the Depo.,,a'
Take g95o,OoO OF New Stock tor N5oo
ooO-sorne Depositors Making Trous,,
The effort tn bring about an arrangement \,
which the Murray Hin Bank nigh ". enAbl.i
to resume business and avoid liquidation ,.,.
continued yesterday. Several conference, v.-.
held by the directors and stockholders O, N.
bank and some of the larger dep siturs In ~.
onlce OF Lawyer Samuel Unternyer wh, a,
counsel for depositors representing about som
600 OF the 81, 600 held BY the bank II vs,
the earnest wish of those present at these con.
ferences that the bank should continue f., hu.L
ness and plan was finally drawn up 70, ia,
rehabilitation.
This plan was ubmtted last night to a fn.a,.
ing of depositors. held at Renwick Hal hrd
after some discussion 1t was unanlm,u.lv
agreed to by those present About $50 " ~.
], 700 depositors were at the meeting. J ,,ne.G.
Patton was elected Chairman and Louis O,
Bach secretary.
Mr.. Untermyer submitted the plan for A re-
organization. II proposed that the pres.n,
directors should contribute $50, 600 in cash for
which they would expect no return what.
ever; that the present stockholders should
surrender one-half of their stock; and
that the depositors should convert one.La,f
of their present deposits into new stock at
n1ty Cente on tne uOllhr. Mr. ntermyer
said that he believed that under thi.
plan the bank could resume business on a safe
and conservative basis. and one that would 10
satisfactory to State Superintendent OF Bank
ing Kiiburn. The directors stood ready to carry
oat their part of the programme.
Under this PLAN" said Mr.. Cntermyer
"the depositors will become the owners Of u,
bank. and will control its operation hereafter
1t will thus be To their interest to leave the re-
manning $500. 900 OF deposits In the bank and to
carry on the business with It. The bank Will
start In business with a large surplus, and
S5OO.00o more OF it's debt will be can.
ceiled. as against which only s25o.Ooo
Of new stock will be issued and $4,000
OF Its present stock will be cancelled. This
win furnish 100000 Of additional capital
BY the dlrectors making SO @S350ooo % of new cap
written OF from the present nominal assets
there would still remain a surplus Of 81 SO 600
for the bank. Depostors will be expected to
leave the remaining so per cent. OF their de.
posits in tho bank for a Die time, and a,
they become stock holders II will be t. their In
teIe.! to continue pin doing nusinss. with T.,
condition be made that depositors should not
withdraw more than fifteen per cent. month
OF their remaining doposits. but a good deal OF
drawn. '''''
point q committee to work out the details OF the
plan and 70 agree upon them with the directors
com consist Of the seven 40 lsrEett ''tf depos,or.'
with Mr.. Patton and Mr.. Bach ex-ofticio,
The committee is to report at q meeting 10 10
held at the same place next Tuesday night.
Superintendent Kil6urn was requested to defer
action looking TO the appointment OF receiver
until the committee should have reported
The examination into the affairs OF the bank
went on yesterday under the personal SUPER
port will be ready to submit to the Attorney
General early next week; The regular course
but this may be obyiated IL q plan for the re.
habilitatlon of the bank is finally agreed upon
and II 1t is satis tisfactory to MIR. kilburn and Al
torney-General Hancock.
The officers OF the bank maintain that there
has been no impairment Of its capital. the chief
difficulty being the impnssibilty OF realizing at
tress, IL was said yesterday, WAS the fact that
many OF its depositors were liquor sellers and
owing to withdrawals to meet the increased
liquor tax under the Raines law.
The difficulties in which the officers fnd
name e withheld; went to Assistant Dis
plaiut upon. which he wishes to have
indictments found. He, alleges that Just be-
h
was accepted by one OF the officers. who knew
that the bank would suspend the next morning.
There is siso ( prospect Of litigation to s.c.r-
which acted as tho Clearing House agent OF tho
ON Wednesday. the day after the suspension,
sionHl Bank. They wero paid and ,hsn re-
reeiamation. Cheeks amounting 70 siao, 900
were redeemed. but other banks refused 10
myer said last night that 0;' the ot1icer. Of tho
Clearing House ASSOCIATION As had ruled that tn: