New-York tribune., 1908-02-15
TO PAY FOR ORIENTAL.
BANK DEAL NOW ASSURED
Z. S. Mortgage and Trust Co. UM
Satisfy Al DepositOrs.

The United States Mortgage and Trust Com
pany, al No. 30 Cedar street, will take over the
assets of the suspended Oriental Bank in the
future, it is expected, and proceed 10 l1ql1-
date the bank Negotiations have been pending
between the directors of the two institutions for
several days, as announced exclusively in The
Tribune last Wednesday AS the bank is now
in the hands Of the State Banking Department,
the consent Of Superintendent Williams will be
necessary before the plan be carried out
This plan means that all Oriental depositors
who so desire will be paid at once The hqui-
dating agert viii receive a fee of approximately
100000 it is understood, and interest on the
money employed in paying off depostors After
the depositors are paid and the expenses OF
liquidating met there Will be a balance for the
stockholders sufficient, 1t is believed to give the
stock a book value of at least $500 share. Its
estimated value on December 81 last was S2O7
share.
The main banking house OF the Oriental, at
Broadway and John street. will be given up and
tie building leased. The branch at the Bowery
and Grand street will be continued as a branch
of the trust company.
As soon as the papers are signed the entire
assets of the Oriental viii be removed TO the
Cedar street office of the trust company.
Though the deposits OF the Oriental amounted
to 81 $50 537 :35 when the bank suspended,
January 20 it is not expected that much more
than 80 per cent will be withdrawn. many
depositors will merely transfer their accounts to
the Hquidatng agent
Expert public accountants have been at work
on the books OF the Oriental for the last two
weeks and by tonight President Hugh Kelly
will have q certified record Of the exact status
of the bank. The report is expected TO be de-
cidedIy favorable TO the Oriental. and 1t is be-
leved that the negotiations will be completed
II was rumored yesterday that another large
trust company and large national bank woule
act in conjunction with the United States Mort
gage and Trust Company in Hquidating the
Oriental.
The uouidation of the Oriental will mean the
rassing of one of the Oldest state banking in
stitutions in the city. It began business fifty
five wears ago with a capital Of Sototto AFTER
the seventh National Bank failed six years ago,
a number of its directors bought into the
Oriental Bank. and the capital was then raised
70 s750 600 and the surplus like figure. The
main banking office was transferred TO Broad
1yay and John street, the former home Of the
Seventh National and the original home OF the
Oriental was continued as a branch at BoWery
and Grand street.
When the Oriental moved its headquarters its
denosits we're in the neighborhood of S3orooVo
These were steadily increased until In Novem-
boro of they
re+ soon afterward the Oriental became in
ol,.ad with the unsuccessful Borough Bank OF
r,roolIvn which suspended during the panic
IT,, 7aroei+s of the Oriental began to fall away
.,,id1, last fall and in November the bank
nresident r. w Jones. jr. retired and was
s,,ooeaded bv Hugh Kelly. who was looked upon
ae the one director strong enough TO pun the III
.,f,,,tion through. The demands OF frightened
sosi+ors were too insistent. however. TO be
.,ccaesfulIv met, and January - the bank
closed Since 1901 the bank had made pronts
Of over $4,000. of which half was paid out IN
.;se,,de and half was added to surplus When
tt,o bank suspended it had surplus Of S'sS'-
s1OSS
1-he United States Mortgage and Trust Com
-, has a West End branch at Broadway ana
-qd street and Harlem branch at 12oth street
d Eighth avenue. It's officers are George NJ.
l.,,roy,jng. president: Luther kountze' John w
r,,...ep and Samuel S. Campbell, vice-presl-
80. calvert Brewer, secretary. and Carl u
D. s,,,,,s treasurer. II has a capltal OF @-'
ooooeo a surplus of s4,301,5T6 and deposits OF
goo aQf olf