New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-03
FR4NKLIN National BANh arr A1"''
SIT FOR 4 PERMANENT mi N'IioS -
VENT INTERFERENCE WITH lhh
LIQUIDATION.

L1QllrAIION.
Henry J. s. Hall Frank X kohier anu 's',r
Carpontcr constituting a majority ol '"' r.,.
to- committee of the Franklin National Dam
, ,os,,,utod proceedings in the uni'eh o'"''9
c.,,,,, court IN restrain Charles +. James 'ie
rsidont Of the bank; John +. James. the cus'o"'-
a, Of the safe deposit vaults. jacob H. '"" r.
Ter. cashier. and William James. Iheou"r' ''-a .,
man Washington l.. Jacques w. > H'''o''' -'
Iso,,, ReckeI directors and David Gerber 'ou'iHe'
for the other defendants. from in'eTlei''s WIN
,horo IN carving out the work of quidating the
o,,oirs Of the hank In the complaint which WAS
filed bv Philip Carpenter as counsei. II i ""'e,
that the complanants constitute "aJoi'' "a w.
Iiouidating Committee, the other members pe'"e
Charles + James and William James lhey "'te
annointed in July and on September = mao inauo
such progress that the outstanding accounts ~
haen reduced TO forty-four representing less IMAM
81 CO.. and the amount of notes due was Tess '''"
eco 900. that they decided TO dispense win 'le on
vices of Mr. Van Deventer as cashler IL a." ""'''
90 STA and to reduce the salary of President
Charles + James from si1G 10 $50 a month SUD
seouen,ly they were informed by Mr.. James that ne
was entitled to a salary of 5000 year until Jahu
ary 1860 Mr.. James denying the authority ol 'ne
committee to change the salaries or any Oh '"o
banks officials and alleging that the committee
was illegally selected Mr.. Van Deventer had also
refused to recognize the authority or the commit
tee The complaint further recites that on OctoDei
q a special meeting Of the Board Of Directors was
held at which a resolution was adopted 10 'he
effect that the Iiquidating Committee had no au-
thority to wind up the affairs OF the Dank anu
authorizing the officers and directors TO llqudate
its affairs. David Gerber was also employed as
counsel and instructed to bring proceedings to WIND
up :hc affairs Of the bank. Charles +. James was
continued in his position as presneni IN; ana Tn d.
post vaults where the books keys and funds OF the
bank are kept The complainants recite that John
T. James refuses to give up the custody or thc
books and keys to permit them 10 have access 10
the vaults OF the bank. They also allege on IN
formation and belief that President James has re-
ceved and retained possession of funds which
should have been turned to the custody of the
Lquidating Committee. An injunction Is asked re-
straining the defendants from interfering with the
committee in Quidating the affairs Of the bank
from conducting such proceedings themselves.
Judge Iacombc granted "A temporary injunction.
with an order snow cause why ii should not be
made permanent returnable this afternoon.
There rumor yesterday that some Of the
former stockholders of the Franklin National Bank
were giving serious thought TO a scheme TO start
another bank the old headquarters of the Frank
| lin Bank at Dey and Greenwich ss. II Is said 70
be unlikely. however. that any move will be made
until the affairs Of the Franklin Bank are settled
| by the courts