New-York tribune., 1908-05-21
TRUSTCOMPANY TOOPEN
WILLIAMSBURG NOW o. K.
Institution VII Be Doing Business
4gain IN T'7cO Uc6ks.

Plans have been perfected for the reopening
within two weeks of the Williamsburg Trust
Company, which suspended on October 70 1t Is
expected that the institution will be in better
condition than it has been for some time. Under
the plan the Jenkins interests, which formerly
controlled the company. will be eliminated, and
| there will be a general shake-up in the board Of
directors. Some OF the old directors will be re-
tanned. however.
To Messrs. Beekman & Menken OF the law
| firm OF Philbin. Beekman and Menken. must go
the greater part of the credit for the reopen
ing of this bank. Since It closed It's doors they
have worked hard over plan sor resumption,
| and at last have put through that met with
the approval of the depositors, the stockholders
and the State Superintendent of Banks
The president Of the reorganized Williamsburg
Trust Company will be who is at present
president of a bank in Manhattan. His name
Will be made public until the plan is actually
| carried into effect
The trust company at present owes depositors
approximately $6.OOOOOO. The plan provides for
| the immediate payment of all depositors in full
although depositors representing considerable
portion of the total amount on deposit have
| sured officials of the company that they Will not
withdraw their deposits its reOpening. To
meet the demands of its depositors and others
the company will have the following on
hand the day it reopens:
Cash in vaults tsppTo1,nasIy3 -: 81 20" 600
spc%s and bonds convertible / 500 900
Total 700 900
There are also other assets which can be con-
verted quickly into cash should occasion de-
mand
The proposed plan has been submitted TO
Clark Williams. State Superintendent of Banks.
.-;-k-
the approval of Frank L. Bapst. temporary
ceiver. To make it effective the approval of
court of jurisdiction only is necessary, and this
is considered certain.
It was necessary TO borrow 81, 500. 900 from
the Metropolitan Trust Company. which agreed
to lquidate the Oriental Bank. The great ma
jority of the stock of the trust company will be
controlled by General Brayton Ives. president of
the Metropolitan Trust Company; ]. Edward
simmons. president of the Fourth National
Bank. and William n. Dykman. who will act
trustees until the Metropolitan Trust Company
loan is repaid. and they practically have the
power and will nominate and elect the
president of the company.
Frank Jenkins. former president of the COM
pany. indicted by the Kings County grand
jury last year for his banking transactions and
despite the protests of his counsel he was
dragged off to police station. photographed for
the Rogues' Gallery and measured. although do
ing this led to n small sized riot He finally
released on $1,000 bail. Mr.. Jenkins is the son
of the late John G. Jenkins, who also in
dcted by the grand jury.
The Williamsburg Trust Company opened in
1890 with a capital, stock of 100000. In 1907
It's deposits aggregated more than SSOOOONO
During the recent panic IT went down with the
other Jenkins banking companies and Frank l..
Bapst of Buffalo. was appointed receiver by the
Attorney General.
This is the second banking company that
Messrs. Beekman and Menken have been instru-
mental in Iiqudating Despite strenuous oppo-
sition the part of the Attorney General they
put through plan for the immediate payment
of the depositors of the Oriental Bank. and they
have also perfected plan for the reOpening of
the Brooklyn Bank and the International Trust
Company, which will probably so into effect
shortly.