New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-14
FOR REORGANIZING THE BANK
THE PLAN OF THE MURRAY HILL DIREC
TORS AND STOCKHOLDERS.

IT Is APPROVED BY A MEETING or DEPosIToRs-
APPOINTMENT OF a COMMITTEE TO IN
vEsrIGATE AND REPORT.
There is every prospect that the affairs OF the
Murray Hill Bank the State institution at NO '6i
! Third-ave. which was closed on Tuesday will be
satisfactorily arranged and the bank put upon
fully as firm a basis before. The president
directors stockholders and depositors and the Su-
perntendent of Banking F. D. Kilburn, are all
working together in this direction.
A PLAN AND A STATEMENT.
A meeting Of the directors and stockholders was
| held Yesterday and the following plan and state
ment were drawn up to be submitted TO the meet
| ing Of depositors held last evening:
An informal meeting Of the principal directors
| held at to-day at the office of Samuel Inter
myer of the firm Of Messrs. Guggenheimer Inter
ests connected with the bank.
Al the conclusion Of the meeting Mr. untermyer
said: Il believe there Is fair opportunity for the
| Murray Hill Bank to resume business on sound
thus far co-operated with the directors in ear
nest effort in that direction and If the meeting g. Of
shall confirm the promises shey have made there
The plan Er which has already received the informal
approval of the largest depositors, and which will
The directors will contribute $4,000 in cash. for
which they will expect return whatever. This
they prepared to do for the honor Of the nstitu
tion TO which they have so long been connected
and which they are anxious TO protect against the
ravages of a receivership
The present stockholders will be asked to cancel
one-half OF their present holdings Of stock
THE depositors will be asked TO convert one-half
their presen; deposits into new stock at 80 per cent
on the dollar. which would mean that 100000 OF the
present debt due deposiors is TO be converted into
$4,000 of new stock making the stock OF the com
THE depostors will in that way become owners of
II viii thus be 10 their interest to have the remain
ing $4,000 in the bank and to do business with IT,
IF the reorganization can be effected or this basis.
| 1t would mean that the bank would start In bls-
ness with large surplus and 100000 or more OF rs
debt would be cancelled, against which only $4,000
would be issued and $4,000 OF ITS present stock
cancelled. This would furnish $1,000" OF additional
the directors making in ali $3.50 900 new capital
"Prosumng that 100000 ought to be written on. on
from the presen, nominal assets there would still
remain surplus of $4,000 for the bank as reor-
| ganized
torvicw but will course be subject to such modi-
hcation may be carried at the depositors meet
1T should further he explained that the deposiors
will be expected TO leave the remaining !" per cent
| and that as they become stockholders of the bank.
It would be found to their interests TO continue doing
| THE DEPOSITORS' MEETING.
At the evening meeting OF depostors. in Rer-
wick Hall Third-ave. and Elghty-sixth-st there
we're about 900 Of the total 100 present. repre-
senting about $1,000 Of the total Sl.l72'oo de-
posts. 1t was enthusiastic meeting An or
eanizatior of depositors was effected. with James
q. Patten president and LOWS 4. Bach secretary.
plan Of the directors and stockholders was
submitted and unanimously approved. com
mittee OF seven was appointed 10 look into the
condition OF the bank TO see that the directors
advanced the promised $1,000. and that the stock
holders cancelled one-haf Of their stock, and 10
make any suggestion which It might think ad
visahc This committee will report TO another
meeting of all the depositors. to be held next Tues
Gay evening ~ Renwick Han. when decisive
vote upon all plans proposed may he had. \ no
Of the meeting viii be sent 10 each depoSitOr
Every cxcrtion Is being made 10 keep the bank
out OF the hands Of a permanent receiver. ana II
this Is accomplished all concerned believe that II
| can resume business under favorable conditions
There IS talk of change In the Board Of Direc
tors but nothing could be learned In regard 10 ana
| IL. chAnre In nrneidcnCN