New-York tribune., 1907-10-26

i'ii ". jenkins, ST., president of the First
Nauonal Bank of Brooklyn said before ne was
."heh SICK that his bank was perfectly solvent.
Ou' would not open again until il had sufficient
money TO meet all demands
6oRoUGH AN INTERNATIONAL BANK
The Borough Bank Of Brooklvn was organ
i@ed In 1S02 Howard Maxwell its president
was one OF the organizers of the International
1lust company, which started business on Oc-
tooer :. All arrangements had been made to
turn the Borough Bank over to the Interna-
uonal Trust Company. but the formal transfer
had not been made
About five days ago the Oriental Rank If
Manhattan, which had been the clearing agent
Ior the Borough Bank refused TO act any long
er IN that capacity, as it had learned that the
Borough Bank had been losing deposits rapid |
~ II was great surprise. however, TO most of
those interested in the Borough Bank when its
ofhcers issued the following statement yester-
day:
The unusual demands Of depositors during the
ldSt IeW Gays. amounting to S1,500OGD, have /
exhausted the banks supply of cash
me BANKING Department is expected to make
ana complete an examination of the bank at
once. When it is completed. a statement of its
condition viii be made
There was a meeting of the directors Of the
bank. starting at , o'clock yesterday and last
ing for three hours When it was completed |
Paul Grout, acting counsel, refused to answer
any questions. and said that no statement OF
any kind would be madt
Among the depositors with the Borough Bank
is ex-senator William IT. Reynolds the realty
promoter. 1t may be that building and realty
operations Of a number Of operators on Long |
Island may have 10 be curtailed. Mr.. Reynolds
said that he had personal accounts and the ac-
count of the MontaGk Theatre in the Borough |
Bank. He denied that he had borrowed money
from the bank. There was a report. however. |
that it had discounted the notes of many CON
tractors and politicians in Brooklyn. This was
denied by the officials.
The connection between the International
Trust Company of Manhattan, which opened for
business at Broadway and Fulton street, Man
haitian. on October ,. and the men in control
Of the Borough Bank and the old Brooklyn
Bank, now a branch Of the International Trust
Company, best be shown in the following
lists Of directors:
DIRECTORS COMPARED
Borough Bank:
Howard Maxwell, president; Herman Wisch-
mann, vice-president; William S. Hurley, vice
president; Arthur n. Campbell, cashier; di-
rectors. William J. Euttling, Robert J. Cud6ihy /
Warren T. Diefendors, John J. Fitzgerald, Will
lam Cow, William S. Hurley, A D. Campbell
Gustave A Helm, David B. Hutton Albert e
Kleinert Charles f. Levy, Thomas F. Martin
Howard Maxwell and Hermann Wischmann.
International Trust Company:
Howard Maxwell, president; Henry F. Hutch
inson, Nelson B. Burr, John S Jenkins and
Oliver NJ. Denton, vice presidents; J. F. Bouker
secretary; directors. Henry f. Hutchinson pres
ident Of the Brooklyn Bank Howard Maxwell
president of the Borough Bank; William Cow
a director in the Borough Bank; Oliver NJ. Den
ton, vice-president of the Brooklyn Bank; Will
lam S. Hurley, Robert J. Cuddihy and David
B. Hutton. directors in the Borough Bank; Mel
son 3. Burr and John s. Jenkins directors in
the Brooklyn Bank; Stanley f. Gunnson
rliY ,crfa
bald c. ShenstOne.
William Cow was one Of the leading organ
izers Of the International Bank which has a |
capital of S5O0,O00 and surplus of the same
amount. In closing the doors OF the institution
the announcement was made that it had been |
unable to get cash. and had closed for the
benefit of its depositors. No official statement
was made. Mr.. Cow was seen after the meet
ing Of the Borough Bank directors. but refused |
to talk at length about the situation He said
he did not know that any politicians had been |
accommodated by the Borough Bank He would |
not discuss the details of the financing of the |
International Trust Company.
BROOKLYN AN OLD BANK.
The Brooklyn Bank, which was organized in |
1892, is one OF the oldest financial institu- |
tions in that borough. and had always been |
regarded as extremely conservative Henry z. |
Hutchinson was elected president in 1890. With |
ternational Trust Company had obtained control |
Of the Brooklyn, and it no surprise when |
two weeks ago It was announced that the |
Brooklyn Bank had been absorbed by the young |
trust company, and would be continued as one |
OF the trust companys branches. Mr.. Hutchin- |
SON as yice-president Of the trust company, re-
rnained in charge On Thursday the Brooklyn
Bank paid out some 100000 to depositors. but
Mr. Hutchinson had no idea it would be neces-
sary TO suspend. When he reached the bank
Yesterday morning he astounded TO hnd
the notice of suspension signed by Thomas NJ.
Halsey cashier, on orders from the lnterna-
tional Trust Company, on the door. Up TO the
time of its merger with the International Trust
clearing agent.
The Brooklyn Bank had furnished the pay
rolls for about sixty manufacturing concerns
Not heing able to furnish this money, 1t was
thought best to suspend. There were large
number of industrial concerns on the books OF
the First National md the Williamsburg ana
Jenkins Trust companies, and thousands or
T2rooklvn workrnen will go without their wages
this week. 1t is feared there may De uouoie S'
some Of the factories to-day.
rrbrorgs OF depositors gathered at the doors
NJ all the closed institutions, but there was no
great amount OF excitement
FOLLOWING the closing of the Williamsburg
r,rue+ Company and the other institutions IN
the Eastern District there was rush 10 ii@Ae
,T,,tbdrav, walls from the Nassau Trust Company
at broadway and Bedford avenue. but every
Sodv got all the money he asked for One OF
l.1Iev