New-York tribune., 1908-05-12
BANK TO OPEN SOON
MECHANICS AND TRADERS
Nearly al of Required 1pWoUofs
Receired for Resumption Plan.

y,ono.,,ors renr.s.ntinr slightly over s. per cent
of the deposits of the Mechanics ana liau
Bank which suspended on January - nave sisieu ,
the nIan of resumption. and officials OF the pai'h
sre consdenf that il will be reopencd within thirty
davs The tentative plan Of reorganization IL is De-
iieved. will with the approval OF Inc S'at
surerintendent Of Banks and the court
Under this plan the board Of directors VIII oe con
sidcrahlv changed in personnel and numbers The
board consisted of twenty-five directors when 'he
hank closed Of:oials of the bank say that expert
ence has taught them that board OF snch size Il
too large David A. Sullivan, former president OF
,he hank will be practically eliminated. according
20 one Of its officials
Although n successor 10 Mr. Sullivan nan been
definitely selected. il is understood that Leo Sche-
singer president Of the Northern Bank of New
York is slated for the place We would like 10
have NJ Schlesinser as president Of the Mechanics
and Traders when II reopens. said n prominent Of
fetal Of that bank yesterday. hut the trouhl> VIII
he 10 got him to take the position In view ci
fhe fact -hat merger of the Hamilton the North
.-n and the Riverside banks viii he consumrnated
shortly il is believed by that Mr.. Schlesin-
ger -oul6 accept the presidency Of the Mechanics
and Trsders' Il ne were urged to do So
Mr.. Schlesineer resigned as president Of the Ne
chsnics and Traders some years agr, when It was
much smaller institution. While president he
huilt UP the deposits of the hank from less 3hsn
s2.ocan more than three times that
The bank now has on hand over S,enaao in cash
Since temporary receivers were appointed, all OF
its outstanding debts have been paid with the ex-
Ception the deposits. and the amount on deposit
has been reduced by offsets from approximately
sIs.ssa.eD0 "a Jess than se,eso.@tA
The new banking law requires state banks to
have on hand az least o per cent OF their total
deposits in cash Under the proposed plan the Me
chanics and Traders must stand prepared 70 pay
depositors 10 per cent the day IL reopers, ailn
sn those who do not sign the agreement in fun
Before the officials Of the bank can ask the Super
intenoent of Banks approve their plan for re-
sumption they have the following moneys on
hand in cash:
Tw-ntvhre per cent Of deposits required by 90, oo
Ten Ter stn5 of total deposits arlroxnaeiy 100000
Per Of total deposits fo non-ssree- ooo
Total .................. s.. So. 900
As soon as depositors representing 95 per cent Of
fhe total deposits have signed the agreement. tne
officials of the bank will to Mr. Williams state
Superintendent; Of Banks, and ask him TO approve
their plan for resumption They do not expect any
difficulty here, as similar plans have been ap-
proved in the case of the Hamilton Bank, the
RnickerbocSer Trust Company. the Borough Bank
Of Brooklyn, and several other institutions Inc
only other step wil be to get the approval OF a
court Of competent Jurisdiction and the dlscharse
of the temporary receivers
i do not belive there will be much difficulty in
getting the necessary 10 per cent 10 agree TO
The plan" said officer of the bank yesterday
We working over statement Wflch VIII SNOW
what has been done and the banks present condi-
tion and as soon get it out, which should
be within a week or days. and the depostors
see IT, they will all be willing TO sign the
agreement
Although tie Mechanics and Traders Will need
about 81 s0es in cash reopen. and have at pres
ont only something over s2eno0, no extra dithculty
is expected getting the full amount IL is un-
ters1ood that the bank has been assured that 1t
can easily borrow more than it Will need on Its
bonds and securities at reasonable terms
When the Mechanics and Traders Bank closed
t1sp-a vpvp ,esid
xsx thirteen branches Two have been
closed since the temporary receivers took charge,
the Hancock street and the Fulton street branches
in Brooklyn. It explained that the reason for
closing these that they were small and had not
been doins- iourishing business