New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-15
NORTHERN BANK TO PAY
Court Approves Dividend OF 30
Per Cent for DepoSitorS.
MANY AWAIT DECISION
Committee of Creditors of Platt
Iron Works Expects to Re-
store Prosperity.

| Depositors in the Northern Bank flocked
| to the County Court House yesterday to
| learn the outcome OF motion on behaii
of Superintendent Cheney that 30 per
cent dividend he declared from the assets
OF the bank. Justice Blanchard heard the
motion In his chambers, and granted IT.
| except In the case Of those claims OBJ
| jected to. which were referred to Ernest
! Hall as referee. Mr.. Hall will make a re-
port to the court later on.
According to the Banking Superintend-
ents petition, s5.3H.s07 had been filed I'm
| claims against the Northern Bank, or
which s4l1,72t had been rejected. At the
| close OF business on December a. 1910. the
! last business day enjoyed by the bank. the
institution owed depositors, 90 Mr.. Cheney's
petition said. s6,13l,s76. The Banking Su-
perintendent filed additional accepted
claims with the County Clerk yesterday or
s7s,l72 and additional rejected claims OF
s--5054
Among the additional rejected claims was
one Of 1854 put in by Charles II. Hyde.
City Chamberlain. which was rejected "as
to the extent of preference demanded"
Another claim Of tss1S presented by the
lily ,lldUlDtIlulH b'l Rplll was iNJ'"e@'
on the same basis. Joseph G.. Robin filed
protest against a claim OF Clifford. Hobbs
& Beard on account Of legal services,
which. he said had already been paid for.
The law firm OF Sullivan &, Cromwell. No.
~ Wall street, issued the following state
ment Yesterday with regard TO the credi-
tors committee of the Plat Iron Works:
The creditors committee OF the Platt
Iron Works Company organized yesterday.
The committee elected it's chairman
William ". Taylor. formerly vice president
Of the Bowling Green Trust Company and
now vice-president Of the Mercantile Ma
tlonal Bank. Mr. Taylor has personally In
spected the plant Of the Plat Iron Works
Company and familarized himself with the
present status Of its affairs. In accord
ance with the suggestion made by the SUI
perntend Il OF Banks through his counsel.
J. ". fairfield, OF Messrs White & Case.
who represent the Superintendent Of
Banks in this matter, the committee passed
resolution to the effect that n did not
desire to exercise the power given to the
committee 10 borrow money upon assigned
claims except for necessary expenses not
10 exceed $4,000. without giving to the
creditors assigning their claims an oppor-
tunity TO be heard in respect to the OBJ
jects and purposes Of any such loans
THE Bankers Trust Company is the de-
positary named in the agreement. The
chairman Of the committee and the secre-
tary will go to Dayton in the course of a
day or two TO take up actively the initial
steps leading to the rehabilitation of the
| companys affairs. Various plans were sug-
gested and considered looking 70 the I'M
provement of the company's financial con-
! dtion SO as TO continue its business unin-
terrupted. II was the feeling of the COM
mittee that with proper and conservative
management the large and growing bust
| ness of the company could not only be
| successfully maintained. but continued ad-
vantageously and made productive of good
returns. not alone to the creditors, but TO
the stockholders OF the company"
The Assets Realization Company, II was
learned yesterday. has offered TO share on
an equal basis with the depositors Of the
| Carnegie Trust Company any profits made
| above the 100000 it has offered for the
! assets of the trust COMPANY