New-York tribune., 1908-03-02
DEPOSITORS Up IN ARMS
BITTER TOU1RD J1CkSON.
U'M Plan Fight 1gainst Oriental
Bank RecfiTers.

Depositors Of the Oriental Bank. who expected
Ia go TO the office Of the Metropolitan Trust
Company this morning and draw out in cash
whatever balances they had when the bank
suspended on January 50. will hold an ndigna-
tfon meeting this afternoon in the rooms OF
the Board of Trade and Transportation. at No
2O3 Broadway. 10 protest against the action or
Attorney General Jackson in having temporary
receivers appointed for the bank just when its
troubles were apparently over Plans will be
prepared TO fight the receivership in the courts
: Stanwood Meukeu of PhiIbin. Beekman &
NenIzen. counsel for the directors of the ORR
entail Bank laughed hast night at the state
ment of Attorney General Jackson that the
Oriental Bank was a rotten institution ana
had been rendered 50 by those on the inside
How did the Attorney General know what was
the condition of she Oriental Bank. asked Mr.
Menzen If he didn't the Superintendent or
Banks? He never inquired what the condition
of the bank was and never saw any OF the
people connected with the attempt to Iiquidate
it. We we're never able to get at him / un-
derstand that the law schools viii add new
course 10 the curriculum entitled How 10 Find
an Attorney General II is certainly necessary
for lawyers be adopts in this line If they are
tc conserve the interests OF clients
Mr.. Menken said he wanted it understood
that as counsel for the Oriental Bank he vas
not fighting the Attorney General but was
bending every effort toward having the receiver
ship vacated when the motion comes Up IN
court tomorrow morning. as by such action
only would the depositors be paid of at once
why, said Mr.. Menkeu. .Brayton Ives. presi-
dent Of the Metropolitan Trust Company. tens
me that he is ready to pay OF every depositor
of the Oriental Bank inside OF two hours a.
soon as this foolish receivership is vacated
THINKS PLAN WAS LEGAL
Asked concerning the legality Of the proposed
deal bv which the trust company agreed 10 take
over the assets Of the bank and pay on the
deposftors Mr.. MenBen said that he had studied
the bankine, laws with great care and was
sure that the proposed arrangement was en-
tirely according 10 the statutes
Mr. Menken when asked if the directors OK
m. oriental Bank were Interested in the move
ment which is alleged 20 be under way to have
Attorney General Jackson impeached. said: Il
have heard a good deal OF talk about impeaeh-
mcnt but. as representing the oriental Bank.
am not at all Interested in such prOposttton
our sole interest at the present time. ne
continued lies IN proving To the courts that
the Oriental Bank is not in the condition Pur-
ported and that behalf Of stockholders anu
depositors We are acting 10 have the courts up
hold our proposed reOpenins plan. as We
projected and promoted 1t in connection Win
th. NetropoIitan Trust Company We make
our fissht upon those grounds. We might nSnI
upon others but it is not necessary. We are
confident that We convince the court thaC
we are entitled to have the courts approve the
plan and that the depOsitors VIII get their
money far sooner. and there viii probably be
more cf it for them and the stockholders. than
If the receivership is continued
SIC DEPOSITORS GET COUNSEL
Il was learned last night that a number %
large individual depositcrs in the Oriental Sank
had retained counsel and directed them - saFt
with the attorneys for the bank in oppo..ias the