The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-07-21
Says Receiver of Valentine
Bank Is a Model Receiver
and Has Earned His
Allowance.
TO Get $1,000 MORE
You Can't Get First Glass
Men for Second Glass
Prices, But Perth
Amboy Kicks.

There was something Of a skirmish
over the allowance to Edward S. Camp
bell, receiver of the Middlesex Bank, Of
Perth Amboy, which was wrecked by
George NJ. Valentine. the cashier, in the
Court of Chancery this morning. Sherard
Dupree, counsel for Mr.. Campbell, asked
Vice Chancellor Pitney that the receiver
be allowed $1,000 for his services and
$1,000 for his counsel. This is the sec
ond allowance to the Receiver and his
counsel, $1,000 and $4,000 having been
allowed them respectively on a former
application
James S. Wight opposed the applica-
tion for the Common Council of PefSh
Amboy, which city had on deposit in the
bank when it failed the sum of $112,11I-
.36.
The amount which Perth Amboy had
in the bank when it failed Mr. Wight
said, was one-fourth of the total de-
posits. At the time of the failure Mr.
Mcclure was appointed temporary re-
ceiver and he succeedd in Strengthening
out the tangled affairs of the bank. For
this work he was allowed $1,000. The
present receiver had employed people to
go all over that work At the time he
made his first report it was thought
that the detailed work was over, and
and when application was made before
for similar allowance no objection had
been made.
MORE THAN HE SHOULD HAVE
The City of Perth Amboy thought
that the sum asked for in addition to the
amount already allowed was more than
the receiver should receive for the work
he had done. There was nothing to
show what had been done and some de-
tailed statement showing the Court what
had actually been accomplished should
be made
The Vice Chancellor said it was the
policy of the Court to encourage eriti-
cism of the fees and allowances awarded
by the court to receivers and their coun-
sci. He was glad that it had been done
in such satisfactory and agreeable man
ner as Mr.. Wight had done it.
Ex-Assemblyman John w. Beekman
said he wished to oppose the application
and depositor of the bank.
s.Who does Mr.. Beekman representa-
sweetly enquired Mr. Depue, looking up
from some papers he was reading
sI represent myself" exclaimed Mr.
Beekman with some warmth. Amt
got right to do that?'
Mr.. Depue replied that he undoubtedly
had. and Mr.. Beekman went on.
.At the time Mr.. Campbell was ap-
pointed receiver" continued Mr. Beck
man, she said he would not have time
to do much work in the matter and would
not take the receivership unless the
| books were brought to Newark so that
his experts could 90 over them"
you have no right to make such
statement as that Mr. Beekman," said
Mr.. Depue, but the ex-Assemblyman
| paid no attention to Mr.. Depue's pro-
| test and went on to argue that the work
which Mr.. Campbell had done was nos
worth what he asked for it.
A MODEL RECEIVER.
II have personal knowledge of the
amount and value of the work Mr..
! Campbell has DONE" said the Vice Chan-
cellor. He then dwelt upon various
phases of the matter which required
business capacity and knowledge and said
that he was glad to say that Mr.. Camp
bell had handled them well.
ssYou can't get frst-class men to de
frst-class work for second-class prices"
| tho Count wont on. 81 have never seen
a moment since Mr. Campbell was ap-
pointed that l have regretted his appoint
ment. He was in active employment at
| the time, and was recommended as a
practical business man. He must have
worked nights on this matter, and-E
won't say he worked Sundays. He has
made model receiver. Through his
hands has passed $267,000 Five per
cent. of that would be $4,000, but he
does not ask for any such sum. He has
been at work on the receivership three
years. l think the amount reasonable,
and viii allow it"
| Mr.. Depue also asked for permission
for the receivers to pay dividend Of fif-
teen per cent, which was allowed.
Make it eighteen per cent," said Mr..
! Wight.
| asked Mr. Campbell.
"A difference of $1,000 to Perth Ann
boy, replied Mr.. Wight. land the city
needs the money badly The. Vice
\ Chancellor, however, made an order for
a dividend of fifteen per cent. He also
allowed Mr. DeDue $1,000.
5{s43FEiT