New-York tribune., 1908-05-13
BROOKLYN BANK AGAIN
TO OPEN WITH OLD NAME.
1t Least Plan of international Trust
Com panu Seems assured.

The initial steps were taken yesterday
carrz, ant q plan which provides for the imilieoi
ate reopening of the Brooklyn Bank the pay
r,ent i'm full of all the depositors of uif' Jam
and the cepositors Of the Brooklyn oi"
the International Trust Company, anu ''io
ouisitien of the Brooklyn Bank by the ii'etn @
tional Trust Company through purchase y! W
company of all the stock of the paih- Inv"
this plan the Brooklyn Bank the Oldest paHh-
ing institution in that borough VIII De com
pletelv reorsanized and will reopen Win d Capi. APP
tai stock of 100000 and approximately s4o''Voo
surplus. $40.
A meeting of stockholders representing s4so'-
600 of the capital stock issue of Soeo.oco Oh 'le
international Trust Company was heio yes'ef-
day afternoon in the offices OF y Stan"oou
Menken of the law firm OF Philbin. Beekinan q
Nenken. TO discuss the plan which was orlgl-
mated by MIR Menken and is being put through
hv him These stockholders voted unanimously
TO adopt it. and they own 40 per cent OF lie
stock of the Brooklyn Bank, all that remains 10
be done now before il goes into effect Is 10 nave
stockholders representing 80 per cent OF INC
stock of the Brooklyn Bank approve 1t ana vote
its adoption. A meeting of these stockholders
for this purpose VIII be heId IN MI hehheh
Office tomorrow
The capital stock of the Brooklyn Bank is
$4,000 of which 40 per cent, or S2lo,uoo, Is
owned by the International Trust Company
Under the provisions of the plan the remaining
stock Of the Brooklyn Bank, amounting to about
100000. is TO be purchased by the trust company
on a deferred payment plan. Mr.. Menken has
already made arrangements for the immediate
resumption Of business by the Brooklyn Bank
under its old name and not under the name OF
the International Trust Company, by which it
went after its supposed merging with that IN
stitution last September.
The Brooklyn Bank, or the Brooklyn branch
OF the International Trust Company dhe courts
have to decide which is the proper name), closed
in the early part OF the late panic, owing de-
positors something over S1So0000- Mr. Menken
said yesterday arrangements had been made TO
borrow a quarter of a million dollars
the resumption plan adopted Therefore,
upon reopening the Brooklyn Bank would have,
ne said. the following amounts Of cash TO begin
business and pay depositors with:
Cssa on hand, approximately $500 $500 GOO @eo
cash from trust company Observation-Disclosures $4,000
Total 81 100000
Besides this, the bank has in its vaults over
SsJooo0 of bills receivable, and will get through
the deferred payment plan in the course of the
next eighteen months 100000 which the
Borough Bank owes the Brooklyn branch Of the
international Trust Company.
The receivers for the Brooklyn Bank have
pressed their willingness to assent to and help
lUl through InlS pldn II the BROOKLYN ballh
stockholders agree said Mr. Menken yesterday
II believe We viii have the bank open and do
ing business within two weeks
Little difficulty is expected in getting the
sent of the Brooklyn Bank stockholders as
under the provisions of the plan they will
ceive par value for their stock although in de-
ferred payment. while, if they force the banks
liquidation, according to one of its receivers
they viii be lucky if they get anything at all
for it.
Under the provisions z the plan both the
depositors Of the Brooklyn Pank and of the
Company VIII be paid in full. T1iz IS III settle
all question to the legality of the so-called
merger Of the BROOKLYN Bank with the trust
company last year, which has been the subject
of bitter dispute since the bank closed its DOORS
and is scheduled TO be argued before Justice
Belts. in Kingston, May %. The consents of the
depositors are unnecessary to carry out the plan,
il provides for their immediate payment in
full
The receivers do not purpose to extend the
stockholders indefinite time for reopening I'm
less they consent TO Mr.. Menken'S plan, one of
the receivers said yesterday, it is probable that
the latter viii declare a 20 per cent dividend to
depositors the latter part of this month and
thus settle forever the question of resumption
Even if We forced to liquidate the bank"
said this receiver yesterday, the depostors will
get 100 cents every dol e.. but it will be
time before they all