The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-08

abou' the Borough Hank said that ther'
had been no withdrawal ~ deroait,
from any other INSTITUTION That - taken
ro meaH that the trouble "a BrOok.yn
- vrDhaNly over for m. present A.
the Borough Rank a. was - a YESTERDAY
7f'"rr 'On ma lh" tNo other hanks
which suspended Iu the panic and were
S,ibseG ,ientlv reOrEanI.ed have sub
S'ar'- a. MHnhat'an ha"kinc and are moi
snhi's'; 20 the same difficulties which
embarrassed the RorOIyk Rank and the
Tn on Rank
In Wal Street the Rrookiyn Susp~ns ons
were an a not IN he avmptoma'iC Of bus
mess conditions The trouble was taken
1" hc 4 ~ nCt'v local and unlikely to spread
across she rtver
The story 81 the Borough Bank prioT
To the panic 10 almost Identical with
that 81 Howard Maxwell Maxwell
had minor place IN the old Kings County
Bank which was merged with the mon
Rank. which IN turn was combined
the Mechanics and Traders. Maxwell
had a friend who was willing TO hack
him in the formation OF q new institution
He was william Cow. who. a. a member
81 The advertising firm Of Ward A Cow.
rad got together some capital for
which he was wanting good means 81
investment
With Cows help Maxwell organised
in 1879 he Borough hank TOW was
he cont trolling sfockhOld~r. Later Cow.
maxwell and others Interested IN the
Borough Rank organized the International
Trust COMPANY a, 20 Broadway Gov
was ~ to have control 81 'hs Inter
national too. bu' Maxwell was pres dent
In the early DAYS of tho raniC the
Borough Rank. the BROOKLYN Hank and
the International TrE. Company sis
pended The trust comTany had taken
over the BROOKLYN Bank a couple ~ weeks
previously and later II developed that
the Borough Bank was N the Couih'na-
ton also The Borough Rank and the
international Trust Company were visited
with Jackson recciyershlpS. and Smut
taneotSly with the appointment of the
RECEIVERS Mr. Jackson made public
report II Clark Williams. super .ntendent
Of Ranking. to the effect that Elegant -
had hsen rra"t sed IN the conduct II the
ala 20 the INST tuiion In the Borough
RAM "a 4 the report there has heen
found evidence of illegal oVe-loans
oveniratts. forged paper, nd other
or. mlnal transactions. all of which will
he presented 10 the Grand Jury
The Grand Jury handed down indict-
men'S ~ maxwell. Cow ard Arthur ID
Ia mp oil the asher rhev were charged
with larceny ~ he first degree Cow.
and Marvel had the add tionRi charges
made acc ms them II for-,ery IN the
bird de:rsc
According ~ the larceny Indictment
Ma Vw"l hti >,gnet \ note t"r $685. ~
with the O.le1til Rank and had reserved
N pE"y ou n WITHOUT IN" hnoNletR" II
The directors Inc mpn"y was alleged
D have been used - supply capital for
b.. Lew International irlf' company
Was al-pialleyet 90 have -@curet
money trur, an account N hI~ own hank
carries ~ IN" er'ate of Carr" Mcclure
Under the charge. of forgery MAJ
well and Campbell were alleged IL have
To the Bsrking Department
falsely stating that the total overdTar>
II me ant were tri'e more than 500
ste, 4 Of l,0ut SaaOU tampbe.i turned
states witue-s a. the trai of GO~ and
he parry disagreed. leaving the ultimate
tecision IN the AR A. lar a. amDhell
Ns~ concerned Maxwell committed /
,IIcid"
m. nHuA Wa rapr ganilad sirlv ~ 1873
Ai'u Bro y ~n~ tr- go. pres dent In" q
%, n"r officers II IN. hans are William = )
'lurlay and HERMAN n Iucke VICE
PRESIDENTS and \ n Moore. CASHIER
~ tho Cl,s. 1T business pu March IS
al ne. balance ,l.at ~ The hank ,hoWs
"a utilities and assets of sue sSI a"
The total dspO<iiS. unpTetsrrei. We're
gwen ~ = 770 go - and ~ addition
here vas 1ue 30 bRnk- au1 tTVist com
" ice t,5 - 20 The hank has capt
1hzatlpH e S'uoTp
4 civil action has been begun bv I'd
ward VI Gruut president of the Union
Hank - Brooklyn. which closed it, doors
~ Tuesday. against David : sullivan.
Who was president 81 the Mechanics and
Traders Rank the predecessor Of th"
mon, To recover the sum II SSOO OOi.
which ~ j. alleged sullivan borrowed
rom the hank during his presidency
ateral Al thar llr Grout would say
bout the suit was that the summons
FaS served on MT sullivan on Monday
he day before the Union Bank suspended