New-York tribune., 1907-12-15

IN WICK TO AID B4PST
Both Made Permanent Rece;7,ers of
" dtldmsburg Trust Com Manu.

sS'oh' N " Dec. 1I-Ar.er setting aside
granted by two other justices of the su-
,t-,,Ii H. staying further proceedings in the
trust Company case. Justice
ioe''s to-day appointed ex-Supreme Court ms
i've Augustus Van Wyck, Of Brooklyn. CO.
ei WIN Frank l.. Babst, of Buffalo and
liiaue poth appointments permanent Denutv
Attorney General William F Macke, annearod
as uSual for the Attorney General Karner
Mann q Gore appeared for the denositore,
committee. and asked adjournment for a few
uaNS IN order that the depositors' committee
"'u H''e'' names 10 submit to the court in
case permanent receivers were to be appointed
Up to this time. Mir Mann said the depositors
ildd rehed on the directors for formulating
pan OF reorganization. and had remained PAS
siVe. but now they realized that the directors
were not engaged in efforts of this kind John
J. Kuhn appeared especially to inform the court
that presiding Justice Walter Lloyd Smith, of
the Appellate Division. Third Department. had
granted an order staying proceedings pending
the determination of a motion for change of
venue from Ulster to Kings County which was
made this morning at Albany. Mr. Mackey said
this merely order granted by Judge in
chambers attempting to stay proceedings before
a regular special term. Mr. Kuhn thereupon
produced a similar stay granted by Supreme
Court Justice Carr at Brooklyn Friday after
noon. after a hearing at which the Attorney
General had been represented. Mr Mackey
stated that the Ulster special term had granted
an order vacatng the stays. which would be
served shortly These orders. he said. would be
a rebuke to sharp practice. with which he per-
sonally was unacquainted. Such practice he
characterized as 'shystering.
Mr. Kuhn called attention a resumption
plan contained In the banks answer to the At
tornev Generals complaint. by which the total
navnents REQUIRED on resumption would be
81 sioao0 He charged the Attorney General
with trying TO keep this institution in the hanos
OF a receiver and Receiver Bapst with oeI''hnS
the assets Mr. Mackey began reading the re-
port OF Receiver Bapst
rs he reading this on the hearing OF 'he mo
tion in which stays have been granted? asked
Mr.. Kuhn
Il presume he is reading II at the request VI
The court" said Judge Belts
Mr. Kuhn gathered his overcoat hat ana pa
pers together. Il ask the stenographer to take
notice Of the fact of my withdrawal from court
he said and he left the courtroom
Al the close of Receiver Bapsts report, Judge
Fetts said he would continue Mr.. Bapst and as
sociate former Justice Augustus van "Sch'
with him. requiring of each Souo""o Dohu'
Mr. Mann renewed his application for CO.
receiver from among the depositors to serve
without compensation. which was denied
The case of the Jenkins Trust Company. OF
which John Mulhall is temporary receiver. was
next taken up Hugo Hirsch, appearing for de-
positors with Almet Lanson, OF counsel, said ne
had definite. comprehensive and tangible plan
for res,,mption. Every director ready 10
resign should the Superintendent OF Banks re-
olIire it BY this plan the company would need
for the first month ST $4,000 in cash and &C
cording TO the plan this had all been provided
and a surplus OF S156000 In cash. To assist
tho rIan the directors. not of whom had
Withdrawn any deposits before the company
closed. have subscribed 100000 cash and will
leave 100000 of their deposits with the bank
for one year without interest. Aftidavits had
been made by persons whose paper the bank
held. that they would pay S225OOO Immediately
on resumption, and that on stock and bonds
$50 coo could be realized at once
Counsel for the depositors this afternoon gave
further details of the plan Of reorganization OF
the Jenkins Trust Company. The plan is based
on certificates of deposit by which depostors
will become entitled to a certain part Of their
deposits each month. The Guarantee Trust
Company submitted a report that the Jenkins
Trust Company had s1.770,15s the counter
and that only sl5l2377 was required on the day
The connanv opened its doors. Counsel for the
depositors declared that the liquidation Of the
con1pany's securities by the receivers worked an
Injustice TO the depositors. Deputy Attorney
General Mackey stated TO the court that the de-
positors' scheme incapable of being carried
out and that he doubted the legality of the GER
tificate plan.
Justice Belts announced that any plan looking
70 anv reasonable degree of success for the re-
openfng of the Jenkins Trust Company and the
Hamilton Bank would meet with favor lie
stated that if the plan proposed was feasible he
would adopt it, He directed that the Superih-
tendent of Banks examine the company S AFFAIRS
and the plan for the reopenfng, and make
report to him on December %
H,IIE INK RENERI EN