New-York tribune., 1908-01-05
HEADS HAMILTON BANK.
F. L. Grant, of Carnegie Trust
Com pany, Succeeds Montgomery.

It was learned last night that meeting of the
directors of the Hamilton Bank was held on New
Years Day, at which W r. Montgomery resigned
president, place he has held since the Thomas
interests withdrew. and that Frank l. Grant, vice
president and director of the Carnegie Trust Com
pany was elected in his stead. Five new directors
elected, who are expected to qualify at a
meeting be held on Tuesday. Frank ". Kins-
man. jr., had withdraw director
The directors John P. Leo, director of
the Clare Realty Company: Postmaster Edward NJ
Morgan. E. Theodore Haebler. secretary of the
Eblns Brewing Company; Charles A Donohue,
president of large firm of coffee merchants, with
offices in Front street, and Frank L. Grant, the
president of the bank
With the meeting which is TO be held on Tuesday
the affairs will be placed in such condition that
immediate reopening will be possible, it is said
Frank White. receiver of the bank, received the
order yesterday which compelled him to hand over
the assets to the officers and accountants
Immediately put TO work going over his ae-
and investigating the condition of the bank
AS soon as the accountants finish their work the
bank will open. This is likely to take place on the
Wednesday following the next meeting of the
directors the following Friday. The bylaws
of the bank will permit the electing Of only one
third of the directors at any one meeting. Conse-
quently the ranks will be completed Tuesday
when it is expected that five more directors will
be elected.
While this election has taken place the only men
Thomas withdrew will be Frederick D. Ives, who
will remain vice president of the bank, and Will
lam A. Martin and Adolph Rosenberg The resg
nations of an those connected with the Thomas in
terests received some time ago. and these
do not hold share of stock of the bank now.
The directors at the meeting were unanimous in
demanding the resignation of Mr.. Kinsman, be-
cause 1t learned that previous to the receiver
ship for the bank he had sold nearly all the stock
he possessed in it the Thomas interests for
$3.50 a share, retaining for himself only eleven
shares more than enough to enable him to
qualify director. He did not have any personal
accounts in the bank, but the firm of F. w. kins-
man, Jr., Company. of which he officer
withdrew October %. the last day that the bank
was open, s1,57S 81, leaving s37S % deposit.
Mr. Grant, the president, is understood to
be of those who came to the relief of the bank
through his influence with the Carnegie Trust Com
pany. Altogether s5.4Oa0oo has been promised
the bank when it opens. OF this amount it is
understood that the Carnegie Trust Company has
furnished a fair share, while the National Copper
Bank is another institution TO the relief of
the Hamilton Two other institutions whose names
could be learned have united with these banks
lending support.
The new directors of the bank hold at present
1.334 shares. all of which were obtained from the
Thomas interests. The report of the receiver,
furnished the State Superintendent of Banks
showed that at the close of business on October %
the total loans and discounts were S,677,44 So;
secured by real estate, s22132S3 Sc; amount
secured by collateral other than real estate, ST.
323 422 Sc; amount of paper with two or more names
without other security 81 49, amount of single
pasr without ther security, s496 427 30 Since the
bank closed ST. 2O7 of these loans have become
due and s2o7 040 "a have been paid. There is now
in the bank S1,c19,204 SO. No demand for the pay
ment of the demand notes has been made