New-York tribune., 1905-08-11
MERCHANTS TRUST BIDS.
Highest, S2,2I5, 900 = Depositors
VII Take 90 Cents ON Dollar.

At the meeting of the Merchants Trust Company
Depositors Association ct No s17 sth-ave' last
night Isaac Pennermacour. president of the asso-
cation reported that the committee. of which he
was chairman. appointed at previous meeting of
the association meet the receivers of the trust
company. had succeeded in meeting Douglas Rob-
inson one of the receivers. yesterday afternoon.
and found him busy signing checks to pay to the
depositors 40 per of their deposits.
Mr.. Pennermacour said that Mr. Robinson asked
the committee IL it could make good It's promise
TO get the proposition of 81 10000 for the assets of
the company. The chairman said that the re-
ceiyers did not think that enough, and then the
committee raised the bid to s2.215.ooo. According
the committee, the receiver said that he thought
the assets should bring s3,oOoOoO. The amount Of
fered by the committee declared to be enough
10 pay all the depositors in full and leave balance
OF Sloo.oO for the expenses of the receivership
b. leVinson made proposition that the commit
tee be authorized TO tell the receivers that the de-
postors would be willing to take 96 cents on 81.
say TO Robinson" said Mr.. L>evison. you want
2.SO0o0o. Now, you have an offer of s225ooo We
will pay the balance. We will even do better; we
will take 95 the dollar If it Is paid within
two weeks"
This proposition raised a storm of protest, diff
ferent members declaring that they should receive
all their money that they had deposited; that they
were emitted TO IT, After some discussion it
declared that that was not a wise propostion as
there were more than five thousand depositors who
would nave TO consent to that arrangement, and
lnere were only about forty five
Mr.. LevisoR. who appointed on the commit
tee to District Attorney Jerome said that the
committee had talk with Acting District ATTORNEY
Cans, but would disclose the result of the CON
versaton.
The committee was authorized to see the receiv
and demand that they Immediately accent the
bid OF S22l5ooo and pay off all depositors This the
committee will do Monday. when they again
meet Mr.. Robinson.
The meeting will be held on Tuesday night
at the same place.
The Pennemaeour committee of depositors
OF the Merchants Trust Company, at a con-
ference yesterday morning with the receivers
had some of their misapprehensions as to the
work of the receivership cleared up. The
mittee announced that according to their in
formation E. Clarence Jones & Co, various
offers from whom for the failed trust companys
assets have been reported, were now prepared
to offer s2,300000 for the entire assets. They
were greatly surprised at being told that that
firm had earlier in the morning of yesterday
made an offer of s2,150 600. A representative
OF the Jones firm was sent for, who came over
10 the conference and repeated that his bid
would be s2,150000. The depositors' committee
expressed the opinion that the bid was too
small and urged the receivers not to accept 1t.
The committee, on leaving the conference. ex-
pressed their satisfaction with the handling of
the affairs of the defunct company by the
ceiYers.
E Clarence Jones & Co. also made an offer Of
s1.SO0,O00 for the Merchant Trust Company as
sets, exclusive of its holdings of securities of
the receivers are not favorably impressed with
the offer and are not likely to recommend to
the court that it be accepted. The receivers, 1t
is learned. are in negotiation with interests
whose identity cannot be learned for the sale
to them of the Rutland holdings for $3.50 900.
1t is not probable that any bid for the assets
as an entirety would be accepted, as a large
part of the assets have already been converted
into cash, out of which dividend of 30 per
cent VIII be paid next week to the depositors,
and the receivers do not perceive any advantage
to the trust company in selling cash for cash.