New-York tribune., 1907-12-05
,JENKTNSES HELD SWAY
Kings County Grand Jury Hears
More About Their PO7cer.

From what the Kings County Grand Jury has
learned ia fits investigations of the Williamsburg
Trust Company in the last few days the directors
OF that institution, in common %lth those oI III
stttutions in which the jenkins family were inter-
ested apparently allowed The Jenknses free scope
The tr1rression prevailed that the name Jenkins
stood for all that was wise and honorable IN paIh-
ing and what they did in their respective Instltu-
tIons was rarely questioned
so far as can see there was loan committee
of the directors thjs institution, said Frank l.
F3apsf temporary receiver of the Williamsburg
Trust Company yesterday. The directors seem
10 have allowed the Jenkins family to run things
much as they pleased. There many able men
in the board. bat / guess some Of them S1h not
want any experience as directors
Nj BaJst IS indignant the criticisms leveiled
al him because Of the $4,000 allowance he got
from the court for expenses. That money IS
needed" said. for the expenses Of the various
branches and TO run Office building that the
company in Fulton street. Not a cent OF II
viii 20 for counsel fees, and not a cent
can be paid without the proper order Some
Of these people seem "a think have come down
here 10 loot the bank. Why L own as much prop
er1y as these directors do not want THIS
Job The quicker I get through with it the better
] viii like II. But / want to handle the property
of this institution I would handle my own. do
Tot believe in selling stocks and bonds At a sacr1-
fee
I believe with the hank examiner that il viii
require 81 500Gs1 in cash and 81 10000 in Clearing
House credit TO reopen this institution under
stand the directors have been to all the banks IN
an effort get this money and have been unable
q do
MI Rapst explained that whereas there was
only s4o0090 in cash hand, money that has come
IN since suspension. there was one debt alone that
would entirely wipe out this cash balance on re
opening. II is $4,000 that is owed 10 the First
National Bank on overdrafts, overclearances,
the latter having acted as the clearing agent for
the Williamsburg Superintendent Williams. of
the State Banking Department. has told Mr. Bapst
that this s449Goe must be paid as soon as possible
Among the witnesses before the grand Jury yes
terday were the following directors OF the Will
iarnsburg Trust Company: John H. Scheidt. Theo-
dore T. Jackson, Marshall S. briggs. Charles
Jerome Edwards John W. Weber. + g. LennIner-
man and Robert T Whalen. Fenwick B. Small and
! 7, Hart sons-in-law Of John q. Jenkins. ST.,
were also examined. The former a director of
the jenkins Trust Company and the latter Is said
interested in brokerage house affiliated with
the firm Of Frank and John G. Jenkins, jr. Other
witnesses the five clerks Of the latter firm,
who acted as dummies in large obtained for
il from the Williamsburg Trust Company w A
Field. jr-, formerly paying teller, also testified
The grand jury is said TO be prepared 10 sign iio-
dtional indictments in the bank cases. but just
when they will be handed down could not be
learned last night.
A sad story was told os former District Attorney
James w Ridgway. Of Kings County, yesterday
He has been a director of the Jenkins Trust Com
many for some time but did not hold large block
Of stock until within a week of suspension. Frank
C. Jenkins, jr-. to him and said: I have
forty shares Of stock which worth go but 1
will let you have them for 210-'' So Mr.. Ridgway
Immediately snapped up the bargain" putting up
IS 400 mart of which belonged his wife. At about
the same time it is said. thirty shares of the
stock were sold for go in the Manhattan market
Mr. Ridgway has since expressed himself rather
forcbly on his financial venture
II is understood that attempt is being made
70 form syndicate in Manhattan TO take over the
First National Bank. the Williamsburg Trust Com
ranv and the Jenkins Trust Company If the plan
goes through the members Of the Jenkins family
will be asked to give UP their Stock and the insti-
t1tions will be entirely reorganized under new au-
spices.
Many cases OF actual privation as well as hnan-
ci3l loss among the depositors of the suspended IN
stitutions are coming TO light Yesterday woman
who had a weekly allowance from a trust fund in
the Williamsburg Trust Company told the receiver
she was going 10 be dispossessed- He made ar
rangements TO guarantee the woman's rent and
gave her SO out OF his pocket. A depostor in the
Borough Bank unable TO pay mortgage that was
due although he had money in the bank for that
purnose has had q notice of foreclosure served on
him.
c NJ Stafford acting for committee Of the
depositors of the Brooklyn Bank is trying TO legal
fze the merger between that institution and the In
ternationai Trust Company and reorganiZe the two
under another and management.
Frederick E. GGnnison has been mentioned as a
possible head the institution If the plans are
successful Some $4,000 is needed for that pur-