New-York tribune., 1901-07-26
A PLAN TO REORGANIZE.
THE CAPITAL. STOCK TO BE INCREASED
S20OOO0O-TO PAY DEPOSITORS
IN FULL.

The board Of directors OF the Seventh National
Bank. at the office of William Nelson Cromwell.
special counsel Yesterday decided upon plan for
the reorganization OF the bank. II was announced
that depositors would be paid in full. Mr.. Crom-
well said at the close OF the meeting that sub
stantal amount of the new stock. of which g 900
COO par value. is to he issued. had already been
taken. The present stockholders may subscribe
for the new shares at $3.50.
The following is a statement OF the plan given
out yesterday:
Frst-The cash proceeds of he assessment upon
the existing stock and of the cf the stock
than provide ample means with which to pay all
obligations Of the bank restore it solyency and
any previous period Of is long existence;
tx stoekhoidfTs & OF the bank to be
upon their holdings by the Controller OF the Cur
Third-The capital stock of the bank is to be in
creased from five hundred thousand dollars (S5O0 =
co0 to two million five hundred thousand dollars
&,5OGc0; said two million dollars par value OF
new and additional stock to be sold one hun
holders being first offered privilege OF purchas
Fourth-Edward R Thomas Edwin Could Will
lam ian Nelson Cromwell Frank Ray, William H.
committee Of the subscribers with penary power
TO fully consummate this plan and the subscrip-
best to obtain subscriptions hereunder and gen
erally to represent the subscribers in all matters
relating 70 the affairs of the bank.
Eth Fifth-The e new board of directors and executive
the subscribers hereto. AT a meeting to be caued
by the committee. and the present directors and
officers Immediately to place their resigna +Ions In
the hands of Mr. Cromwell for use in CARRYING ont
this plan. ''S '"'
Sixth-This plan shall be binding lpon all s,,h
scribers when subscriptions satisfactory 10 the cor,
mittee shall be made to the amount of On ner cnnt
or such new and additional stock. and when soid
assessment upon existing stock shall he naid ~
the amount of so per cent thereof i "
seventh Payments under the subioined sIhscryn
Mons snail be made to the committee upon its cali
ten days notice being given thereof
When asked If the plan of reorganization as ,,-o-
sented by the directors would bring to an end tho
Investigation Of its affairs by the eoverrr,ent
United States District Attorney Henry l. Rnrnott
said: " 'uii'e'o
Not Not In the slightest As long as tbera !,
d dVrIaln law on the statute books which n e - ID d
ty ~ TO enforce. and violaors whom II is no, d.y .y
20 see see Drought to justice, shall go on regardIees
oa y any plans that may be made by tb6se 'IaeHS no
cerned. lf there be mitigating circiImstanco con- n
concerned to make restitution those arc y, oi 1iose
sideration. ' ~ tdAe INTO con-
member Of the firm of Lindsay Kremer Eo
hsh q Palmer, attorneys for number of creditors
who have proposed bringing a suit against Pres,-
dent Thomas, yesterday said:
The plan is good one If consummated -
Would amply provide for the full payment of oil
the oepositors If consummated before Thrrsfa, :,
next IL would be a valid response to the demanS
OF the Controller Of the Currency