New-York tribune., 1908-08-18
UNION BANK OPENS
old Mechanics and Traders N0zo q
Brooklyn Institution Solely.

The Mechanics and Traders Bank, which sus-
pended on January 80 last a result OF the panic.
tying up over $4,000 900 Of deposits reopened
yesterday the Union Bank of Brooklyn The
main office, at No, a Court street. Brooklyn. was
thronged all through banking hours by depositors
who wished to deposit money. and there were few
Withdrawals Edward NJ. Grout who succeeded
David A. Sullivan as president, said that the days
deposits were over two and one-half times the
amount Of the Withdrawals
Mr., Grout was we'll pleased with the opening
days business. both at the main Office and at the
seven branches all Of which in Brooklyn He
said that he had received the promise OF the hearty
support of large number of influential Brooklyn
business men. The bank starts business with
capital of s.. 700 and surplus Of over $4,000
When the Mechanics and Traders Bank closed
its doors its main office at Broadway and
Prince street, Manhattan. and it had two branches
in this borough and eight in Brooklyn. Prior 10
the panic it had total deposits OF over $2iG0c0o.
but the heavy Withdrawals of the panic period re
duced the deposits by over one-half The bank
was q consolidation of the old Union Bank OF
Brooklyn and the Mechanics and Traders Bank
of this borough. Through the latter bank it had
a membership in the New York Clearing House
Association The capital was increased to 100000
at the time of the merger
The depositors the old Union Bank OF Brook
Iyn did Ike the idea Of having the headquarters
removed to Manhattan and many left tks bank
After the suspension It decided that the best
thing TO do would be TO quit the Manhattan Helu
altogether. and this end the capital was reduced
to s. 10000 The mair Office Broadway and
Prince street was given up and the headquarters
OF the reorganized bank was transferred back 10
No. II Court street, Brooklyn. which was the old
home OF the Union Bank OF Brooklyn before the
merger. The old name was also restored The
branches at Times Square and Madison avenue
and seth street this borough, were discontinued
az was one OF the Brooklyn branches.
Manhattan depositors OF the Mechanics and Trad
ers. Bank will not however. be Inconvenience by
the dropping of the Manhattan end OF the banks
business They will be paid off the old main
Office and at the Times Square and Madison avenue
branches lust as If the new bank actually
oDeratfnR in this borough The plan under which
the bank was reopened provides that depositors
may withdraw 10 per cent resumption OF bust
ness II per cent in four months, % per cent IN
eight months. 25 per cent in twelve months and
the remaining go per In sixteen months. Presi-
dent C;rout expects to be able anticipate num-
Der of these payments.
The bank will now be conducted purely as a
RrookIvn institution with no connections outside
the borough II Is not member Of the Clearing
House the membership having been the property
of the old Mechanics and Traders Bank, and haN-
ing been forfeited ut the time the bank suspended
There has been an entire change Of control ana
ma ma eernent A majority Of the stock is in the
hands OF three voting trustees-Norgan J. o'Brien'
Mr. Grout and William II English. vice president
Of the Empire Trust COMPANY The ne" poat" Vi
directors consists of Henry Alhers. William T.
C,oru.itb Rarth 5 Cronin c. f Donnelon. William
II English E A Filter, Jacob l.. Greatsinger' h'i-
,.srd NJ Cro,lt Paul Grout 5. J. Harding, Samuel
N Jarvis Nathaniel II. Levi, William II Lynn
Thomas J. O'Donohue. Henry OllesheiT'er, Edwin j.
ctaIL,er lanes w Stevenson John r. slime. VIII
ian, Strasser and Dr. Frank f. Wilson.