New-York tribune., 1908-03-09

ton. There still remain, however. on the Ori-
entails loan books the following loans:
TO 10 Wan Wan eo G3~ .-.,...... Is 900 ~
TO Wiam 2oee. %
Darlington and jenkins 5lZ2s "
Total. 5se -
Thus 1t is seen that on December 81 1907 be-
fore loans were charged Off. the Gow-Jenkins-
Maxwell Darlington crowd indebted 70 thu
Oriental Bank to the amount Of sl0s139s.
Original loans to Darlington and Jenkins. the
OrientaTs books show. amounted to sS1-22s o.
OF this amount $4,000 was charged TO proft and
loss, thus leaving balance still due the bank
and not charged of Of s31.229 o.
Among the original loans to William Cow ara
two aggregating OO,0O0, one for s500. goo and
another for 100000 The bank has charged or
$50 800 20 OF the Cow loans There IS also a
record OF Cows having paid by another nots
5000. .000 The bank has also charged or over
$4,000 standing against Jenkins Cow Burr and
Maxwell Jointly, and over that amount standing
against Jenkins. Darlington and Maxwell Jointly
An examination OF the books OF the Oriental
Bank has shown. according 10 the examiners.
perfect maze OF puzzItng transaction
Notes have been paid by other notes. and thess
in turn by others, It is said. and much of the
paper Of this nature is secured by collateral thst
is said to be OF doubtful value; some in fact
is secured by collateral at all
DIRECTORS BORROWED LARGE SUMS
Hundreds Of thousands OF dollars have beer
lent either TO the directors Of the Oriental in
their own names or to their relatives OF firms
In which they were directly Interested
An examination of the books shows the follow
ing figures:
ans 1@ans to to sFseo alTsss9T elssss or 1880
Total loans made directly or indirectly 20
Oriental directors
The bank authorities assert, however that al
loans of such character were more than amply
protected by collateral OF undoubted value The
temporary receivers in their preliminary report
to the Attorney General said that some OF these
loans we're not sufficiently protected by collateral
and that some were not protected at all
The temporary receivers have CausticaIly crit
icised the charging off of the now famous
Borough Bank note for s25o,0oo. which the ORR
entail holds This note was cancelled and dis
charged by vote Of the OrientaTs directors
November 5, 1907 On December u this action
was set aside and the claim retained On JanU-
ary s. 1905 the board OF directors OF the ORR
entail again voted TO cancel the note
BOROUGH BANK NOTE EXPLAINED.
An official and director OF the Orienta, Bank
explained the reasons for the conflicting actions
was secured by stock Of the International Trust
Company. Of Brooklyn" he said. "of which
re hold three-quarters Of the total issue
When the Borough Bank went under the Inter
national Trust Company had deposit with q
1854 5I4-I think the figures are exact officials
of the Borough Bank appeared before our Off
Gals and directors and urged US not 70 press
this note. as 10 do so would seriously hinder
their chances of reopening- They represented
that Il we acted as they urged US 10 there would
be good prospects of the banks reopenins-
"As We had other notes secured by Thterus
tionaI Trust Company stock. II appeared to u.
that it would be far better for US to cancel this
$3.50 Oo0 thereby helping the Borough Bank TO
reopen and permitting the International Trust
Company TO get its deposit back from the Bor-
ough Bank thus seemingly benefting ourselves
more than by putting pressure the Borough
Bank as we held three-fourths OF the Interna-
tiona Trust Company's stock issue
Later conditions changed. and IL appeared TO
our directors that the Borough Bank could not
reopen so they rescinded their original action
and voted to hold the s25O.O00 claim against the
Borough Bank Still later, affairs OF the Bor-
ough Bank took another turn and again Il
seemed that it might reopen; accordingly ~
again voted 10 cancel the note IN each in
stance we acted. after careful consideration. for
what seemed 10 be our best interests"
TO FIGHT JACKSON To BITTER END.
5 Stanwood Menken and Charles X Beellmau.
OF counsel for the Oriental. had long conference
with counsel for the depositors' COM
nittee and decided TO fight the Attorney Gen
eral 10 the bitter end. AS the first step in This
legal warfare Mr.. Jackson served with
tain papers in connection with getting re-e,-
te1nent OF Justice O'Gorman's order vac.,,fns
the receivership.
This action. II is understood. hinges on the pe-
sition Mr. Jackson took in arguing before Ju<-
tice O'GOrman that question Counsel f0r
the bank hold that Mr. Jackson then said he
would consent TO the discharge of the temporary
receivers II the court approved the proposed
agreement Saturday the Attorney General had
Justice O'Gorman's order amended
read the Attorney General opposing" instead ii
"the Attorney General eonsenting." COunsai
will attempt TO hold the Attorney General so
the latter.
other legal action viii follow soon
al for the bank are served with notice Of