Year: 1873




Companv to Proceed with Business.


A meeting OF the stockholders OF the Brooklyn
trust Company held last night ut the Brooklyn
Academy Of Music, for the purpose OF hearing the
repOrt OF the directors and deciding to whether
or not the affairs OF the company should be wound
up. The matter was pretty well discussed through
put the day, and the conclusion arrived was that
At would be to the interest of all concerned to
make good the capital OF the company and proceed
at once with the business.


The stockholders assembled in answer to the
call about eight O'Clock.


Mr.. 8. b. CHITTENDEN called the meeting to order
and moved that Mr.. Seymour l.. Hustled preside
over its deliberations.


Mr.. Hustled declined on the ground that he was
trustee, and, therefore, 1t would not look well
for him to act as chairman The call
for him to preside being unanimous he
took the chair, saying that he did
not think it would be necessary for him to make
ANY detailed statement OF the affairs of the COM
pany. He believed every trustee faced this thing
with one leeng. Some or the stockholders might
ibe disposed to crticise the trustees Of the bank
ar they were so disposed he could not
help it, They were determined, however.
ITO stand by one another in this matter,
land il necessary, pay the depositors themselves
and in that way promote the harmony and interest
in the institution 1t was the determination OF the
frustees from the first to save every deposltor.
For the first three days they hardly knew where
they stood BY the end OF that time they found
they had some doubtful loans in the instI-
tuition, and two or three OF the parties to
whom money had been loaned they were
in doubt about. They met on Friday, the day
before the suspension, and on examining into the
affairs found, that they would not have money
enough to carry them through the following day,
and therefore they concluded to suspend, and he
thought they took the wise course. They had met
early this morning and until they came to the
meeting they had scarcely left their seats at the
bank.


A stockhoder thought it would be better for them
TO hold private meeting He noticed number OF
the members OF the press present and he was Of
the opinion that while these gentlemen were In
the room many OF the stockholders would not feel
like expressing their views as freely as they would
were they confident their remarks would not be
spread before the public.


Mr.. BUSTED said that he thought the members of
the press should be allowed to remain. There was
nothing now that should be private.


Ex-Alderman BERGEN was OF the same opinion.
He said 1t would be better to have public meet


General CRooKE said by all means let the mem.
bers OF the press remain. If not these gentlemen
would rely upon their imaginatiOns.for their
port and the matter might be misrepresented.
The objection to the reporters remaining was
Judge MCCuE, one of the trustees, read state





and already published, except that the former
showed that over $l2oO,ooO in money is IN the COM
receivable are reduced from ST. to ST. COO


The Judge SAID that all the!securities were good,
not trustee. Not one was In debt to the bank
either directly or indirectly Upon careful
was ','A not IMPAIRED N over v' fifty per cent.
He then referred to the Georgia State bonds, on
which they had loaned siS9 GOO upon $780, and
on, and on which they would suffer loss 1t was
for the stockholders to say whether in their
judgment they would go on. The affairs
Df the institution were in much better
condition than they supposed Mr.. Rodman's
bonds to the amount of $50 900 on the Wilianantic
Railroad. Two years ago this Summer, he said, a
they had collected $4,000, and they held stock in
sewing machine company for the balance He had,
he remarked, given his undivided attention to the
affairs OF the company and was familiar with
all the details. lie was ready TO answer
any questions which the stockholders might
put to niin. 1t would be better for the stockhold
ers to come forward, make the capital good and
60 on with the business at once. The Board Of
Trustees were ready to tender their resignation If
1t was deemed advisable Tor them to do so.


Mr.. BARNES thought that the Investigation should
have first been made by the directors. III the IN
Btitutonswas in a position to proceed with the
business IL should be done promptly, for some OF
The small deposltors In the bank had suffered
great inconvenience.


Mr. j. b. Chittenden said he was in the country at
the time of the unfortunate affair, ana had only re-
turned yesterday. II was not his intention to be
present at the meeting Tor ne Thought nothing
could save them but now he thought differently.
Every man who lived IN Brooklyn and cared lot
Brooklyn interested IN seeing this com
pany reconstructed In one week its credit
might be restored and The Institution put
upon it's feet agaiu. There We're no better
men in Brooklyn than those IN this board.
IL was impossible for them to protect the bank
when the President and secretary combined to do
wrong and the stockholders had every confidence
in their officers; and Ii the directors were allowed
TO resign, then there was a line drawn which
seemed to reflect upon somebody. The report was
not such as he would have made, yet he was satis-
fed, and they should now make arrangements
TO go before the people tomorrow pled9ng the de.
pOstOrs that they should have their money. Most
OF them were satisfied that they had nothing to
risk.


A committee of five should be appointed to act
with committee OF five OF the trustees, for the
purpose OF calling upon the stockholders Tor what
ever assessment was necessary. There were three
vacancies III the Board OF Trustees, which should
be filed up.


Judge REYNOLDS asked what would be the charges
Of the receivershlpf


pany anything For the future he could not say
Those VINO knew him knew that he would no. take
advantage OF his situation


Judge MCCuE said they felt safe IN leaving that
matter with Mr.. Chauncy.


General BROOKE said he had been struck by this
kind Of lightning for this last two or three sum
mers, and in regard TO the sentiment outside knew
pretty well what 1t was They were iretting and
EroaDing instead Of taking the matter IN hand and
pushing ahead they should 99rS the a6 dead horse rise
bank to go into bankruptcy all they would get out
OF 1t would be the fragments, and the
carcass would 90 30 the Courts. IL was not an un-
heard OF thing ior a bank to burst up but III this
instance they should not let IL go under. lie was
ready to double his stock If necessary to start
AgaM at once.


Judge MCCUE was of the same sentiment.


The stockholders finally resolved 10 pay hfty per
cent on Their stock when called for II the directors
can procure money enough TO pay ali the depos-
ttOrs ana opeu the bank Tor business on saturday
morning.


The meeting then adjourned