The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-20
ROAT!NG FOR A RECEIVERSHIP
J>TEENATTONAL BANK OFFICERS
CHASE JUDGE TO SEA.
van, q Dclawarean to Supersede the
Mexican Receiver Already Named
Jerome starts an Inquest In This
(Cunty on The InsOlyent Corporation.

H..
DOVER, Del, Oct. 1a.--Offcers and drec-
tors Of the International Bank and Trust
Compaay Of America. whose bank in the
Cj,y of Mexico WIS closed on Saturday,
lett Dover by train tonight and at Lewcs
embarked Oh boats in search of Chancellor
Nicholson, who is somewhere on the At
Lr',c Ocean cruising on the pilot boat
Philadelphia. Prior to going. the party
had fled with Register in Chancery A. A.
Wa.sj4 of this county the application which
they Tonight carried TO Chancellor Nichol-
son III person, praying for receivership for
the company
In tie party which left Dover this even
Ing after filing the preliminary applca-
ton with the register were Charles D.
Philips, vice-president Joseph G. Deane
of New York, director and general
counsel; James L. Wolcott of Dover local
counsel and director; Henry Ridgeley, Jr..
Of Dover counsel for the applicants,
william G Cooling OF Dover, special
co nsel for the company and others. Ex-
GOV. William T. Watson. another director,
did not join the party before it reached
Milford. his home. The receivership is
believed to have been secured before mid
night and as the banking cor pany is a
corporation of this State it is expeo ted that
receivership granted by Chancellor Mich
olson will supersede a similar action in the
Republic of Mexico, where Don Jacinto
Patteres Il lawyer, has already been ap-
roiated by Mexican authority.
Il is expected that a Delawarean will
be named with power to go into Mexico
and take charge of the assets of the COM
pany. The application filed here sets
forth that Herbert Compton, the orator,
is stockholder in the company and be-
ieves that the corporation is insolvent.
AUSTIN. Tex. Oct. 1O--Up to the tine
he launched his big scheme, William Hill
Hunt, president of the International Bank
and Trust Company. got what little financial
training he had in San Antonio, Tex, where,
after having been a dry goods clerk and
foorwalker, he ran on a small scale real
estate and loan and trust company business
This concern failed, and Hunt was next
heard of in the City of Mexico. where he
had formed a connection of some kind with
banking institution. He is of pleasing
address and makes good impression, and
Mexico he put his project of establishing an
International banking institution on foot.
lie obtained the services of good and capa-
bic men in this enterprise. and for a time
1t seemed that the institution was to have
much financial strength. The cause of
tie failure has not been made public be-
yond tie fact that there was run on the
bank in the City of Mexico due to rlmors
that it was shaky. Mr.. Hunt came to
San Antonio from Mississippi few years
ago,
District Attorney Jerome has directed
his assistant Mr.. Miner to investigate
tie failure Of the International Bank and
Trust Company of America, whose bank
in the City Of Mexico stopped on Saturday.
The District Attorney has been informed
that after the concern suspended on Satur-
day between $4,000 and 100000 worth Of
its paper, held for loans made in this city,
went to protest. 1t has been represented
10 Mr.. jerome that the company's branch
Office at "a Wall street was established
without certificate from the State Super
lntendent of Banks.
Mr.. Miner says that the office was estab-
lished as an agency but that a
general banking business was transacted
there. This, Mr.. Miner believes, was
violation of the law. He is going to ask
the courts to decide whether the agency
was really bank.
The District Attorney will also try to
find out what has been done with the
81 800 900 which the concern got from the
issue of that amount of stock
A page advertisement OF the concern
in theROctober U9O3) number of Modern
MericO states that the International Bank
and Trust Company "transacts general
banking business, draws bills of exchange
Oh every part of the world. issues letters
al credit and acts as a trustee and financial
agent for corporations and individuals.
This advertisement contains the names
Of the officers and directors Of the COM
pany. Among the latter are still pub
lshed in this month the names of j. w.
Huxley, j. Sloat Fassett and W. L. Sawyer,
clon of whom told THE sun on Sunday
night that he has no connection with the
company.
Mr.. Hinkley said that he had not been
director for a year, Mr.. Fassett not since
last February and Mr.. SAWYER not for
some time. The advertisement states that
tie company has United States agencies
az "a Wall street, New York; at Az Mont
gomery street, San Francisco, and branch
banks at sl4 Market street, Wilmington,
Del, and at Seattle Wash, besides eight
in Mexico, all of which we're closed after the
suspension was announced in the City OF
Mexico. The advertisement states that the
authorized capital of the concern is 5lO,-
5000 and that the outstanding capital Is
81 800 900.
The only officer of the company who
could be found here was John Fl. Vaughan.
the second vice-president. He said that
lie was only salaried junior officer ana
was not authorizedto talk. Information
from other sources was that the parent
company, the Mexican Trust Company,
WIS organized by a man named Sercomb;
Then v illam Hill Hunt became Interested
in it, The capital was raised to something
$3.50 600. A year ago Mr. Hunt said that
h. had been authorized to sell S5,0O.VCC
Of the stock. 1t was learned that me did
seil, mostly in the West, about Sl,sOO,OOO
worth About this time the Mexican
Trust Company was. consolidated or amaga-
mated or cohesively joined in some way
10 the Corporation Trust Company of Della
ware, of which Charles Francis Phillips
was the president. and the union brought
forth the International Bank and Trust
Ornpany of America. or this Hunt be-
came the president and Phillips the first
vrc-president.
Phillips is an elderly gentleman, who
was, once upon time, the president Of
the Snap Hook and Eye Company OF
America, which had Offices at rs Broad
street and which was begotten Of the Snap
Hook and Eye Manufacturing Company
Of the Snap Hook and Eye Company OF
America was selling on the curb for $40
share, Two days later it had dropped
TO 81 share. chiefly because somebody,
supposed to be the treasurer OF the COM
pany, W. Alexander Ellis, who had given
ORDERS to curb brokers 10 buy the Stock