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Close in Brooklyn. Brooklyn, Oct. 26.-The Terminal Bank of Brooklyn, closed its doors this morning as the result of the failure of the Williamsburg Trust company yesterday. A slight run on the Nassau Trust company of Williamsburg started this morning but is being easily handled.
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Runs on Two Banks. Brooklyn, Oct. 26.-The Terminal Bank of Brooklyn closed its doors this morning as a result of the failure of the Williamsburg Trust company yesterday. A slight run on the Nassau Trust company of Williamsburg was started this morning but it is being easily handled.
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NEW YORK PASSES TRYING DAY (Continued from Page One.) issues occurred in 1873 and 1884. The last occasion on which they were used was in 1893. The clearing house certificate is practically a guarantee byal banks in the clearing house that the certificates shall be redeemed at par, but the clearing house banks are protected against loss by the fact that first class securities, either commercial -paper or stocks and bonds, are required before the certificates are issued. The certificates are used only be tween banks. They do not appear in general circulation, but by relieving the banks of the strain of large debit balances, they enable them to keep their cash reserves comparatively in. tact It is believed by competent bankers that an issue of $50,000,000 will be the outside requirement at present. It is believed also that the mere fact that they are to be issued will so far re store confidence that runs upon banks win cease, so that it will not be necessary to keep certificates outstanding for any considerable time. Already the strong city banks are receiving large deposits from persons who have withdrawn their money from institutions which have fallen under suspicion. This does not preclude the fact that considerable amounts have been put in safe deposit boxes and thereby withdrawn from circulation, but it is believed that renewed confidence will cause the return of this money to the banks within a short time Imports of Gold. Late in the afternoon a favorable light was cast upon the prospects of imports of gold by a sudden fall in foreign exchange. The market has been practically at standstill for several days with large offerings of bills and few takers This afternoon, how ever, the rate dropped to 4.85. which practically makes imports of gold possible at a profit. Leading bankers and foreign exchange houses have been looking for this development but hardly expected that it would come so soon. The tide of gold, once it sets on. the way, will undoubtedly reach a large volume, in view of the considerable amounts due this country for the outgoing crops and for securities. While the present market is one to encourage the general public to buy American securities, there are always shrewd observers in Europe who are disposed to buy at times like the present and some of them have been in the market during the past few days. It will be possible even by the process of Joans to transfer a part of the burden of carrying stocks from New York to London and Paris, but this has been tone thus far to only a limited extent The fact that the banks and the stock exchanges will be open for business but two hours tomorrow and that Sunday with all its opportunities of calming public sentiment will intervene, added to the more hopeful view taken by leading financiers tonight will do much toward clearing the financial skies before next week. At a meeting of the directors of the Lincoln Trust Company tonight, Louis Stern, a director, was authorized to make the following statement: (The directors of the Lincoln Trust Company are justified in stating that the company is in a position to meet every demand that may be made upon it and that the company is In a strong. et position tonight than any day this week. Furthermore, the withdrawal of funds has been less day by day At a meeting late today the direc. tors, of the Knickerbocker Trust Com. pany appointed a committee to take steps to bring about a resumption of business The committee later announced that an agreement providing for the deposit of claims of depositors and of shares of stock of the company was being prepared The committee will meat Monday to pass on this agreement Run Continues Baltimore. Oct. 25. The run on the East Branch of the Home Bank, continued today and shortly before noon, the depositors who were in line waiting for their money were notified that the bank would take advantage of a chare ter provision which permits the institution to demand sixty days notice of a positor's intention to withdraw his or her account A member of the firm of Bernstein, Cohen and Company, owners of the bank, today admitted that the run has been of much larger proportions than had been reported. Runs on Pawtucket Banks. Pawtucket R. I. Oct. -Follow ing the posting of the ninety day notice to depositors by the local branch of the New England Trust Company, of Providence runs were started today on all banks in Pawtucket. With the exception of the New England Trust Company all the banks met the demand without difficulty GOVERNOR APPEALED TO. A Legal Holiday to Relieve Financial Situation Asked For. Albany, N. Y., Oct. 25 -Governor Hughes today received a number of telegrams suggesting that he proclaim a legal holiday during which the financial situation might be relieved. The Governor acknowledged the receipt of all of these messages without indicat ing his intentions. He would not dis. cuss the question tonight, but there is a good reason to believe there is no immediate probability of his taking this step. COMPTROLLER OF CURRENCY GIVES OUT A STATEMENT. Washington, Oct. 25.- The following statement was given out today by the Comptroller's office: The First National Bank of Brook lyn. N. Y., closed its doors this afternoon and National Bank Examiner George T. Cutts has taken charge by order of the Comptroller of the Currency. The First National Bank cleared for the Williamsburg Trust Com pany and the Jenkins Trust Company of Brooklyn, both of which failed to. day The National Bank was closed to protect its depositors against the checks of the Trust Companies, which might be presented through the Clear ing House.
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any other institution for the time," he said. "All of the other members of the Clearing House received the same instruction regarding the banks for whom they were clearing That order left us without means of getting cash. We have as good securities as any other bank in the country, but when we were unable to get money upon them we had no alternative but to close our doors. The Clearing House is doing everything that it can to improve the present situation, and as soon as this flurry is over I suppose it will rescind its order regarding clearing. Of course only a certain number of banks can be members of the Clearing House, and the other banks have to clear through them. "The state accountants are still going over our books, and they will not report probably until Tuesday or later. Our bank is entirely sound. The rumor that politicians have had preferences shown them by us is entirely unfounded. As for the International Trust Company, we had never gone into that concern. The action was only proposed, but was not carried out, and now will not be." The Jenkins Trust Company, the First National Bank. the Terminal Bank, the Williamsburg Trust Company and its branches, generally known as the "Jenkins banks," it was generally understood yesterday would reopen on Tuesday. The federal and state examiners, according to the directors, have found the institutions solvent and in a position to continue doing business as soon as the ready cash was obtained. President John G. Jenkins, jr., said yesterday he did not propose to open the Williamsburg Trust Company's offices until he was satisfied he could do SO without closing his doors again. He said that his bank would never have been compelled to close up had it not been for the run which used up all the available cash. A movement is on foot, according to Jullan D. Fairchild, president of the Kings County Trust Company, to bring the banks and the trust companies closer together. "We do not need a clearing house in Brooklyn, as has been suggested," he said yesterday. "We want only one such institution. What we do want is a closer connection between the banks and the trust companies. The trust companies should go into the clearing house, either as regular or as associate members. The trust companies, like the banks, should make weekly reports concerning themselves. That would give people a reliable understanding of the banking situation of the city's institutions. The trust companies have as much. if not more, money on deposit than the banks have, and yet at present they do not take steps to keep the public informed concerning themselves. This crisis may result in bringing them into closer relation with the banks. I do not think that they should be compelled to keep on hand such large reserves as the banks. The banks must have 25 per cent of their deposits, but the trust companies are not required to keep more than about 12 per cent on hand. Their deposits are slower. not so liable to be paid out and their securities are better. The Clearing House and the trust companies should be able to determine upon some equitable arrangement whereby the trust companies could become members or associate members of the former."
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TEMPORARY RECEIVERS FOR SIX BANKS Kingston, N. Y., Nov. 16.-Temporary receivers were appointed today for six New York city banks and trust companies which recently suspended payments. They include the Hamilton. Brooklyn and Borough banks and the Williamsburg, Jenkins and International Trust companies. Application for the receivers was made by William F. Mat for Attorney General Jackson.
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Receivers For Six New York Banks. KINGSTON, N. Y., Nov. 18.-Temporary receivers were appointed for six New York city banks and trust companies which recently suspended payment. They include the Hamilton, Brooklyn and Borough banks and the Williamsburg, Jenkins and International Trust companies. Application for the receivers was made by William F. Mackey for Attorney General Jackson.
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committed suicide, having been president of both institutions. William Gow. a director in the Borough bank and the International Trust company, is charged by the temporary receivers with dominating the International company and SO controlling its financial operations as to make large sums of money. Loans Made to Clerks. Frank L. Bapst, temporary receiver of the Williamsburg Trust company, in his report says that the company made demard loans to the amount of approximately $222,000 to five clerks in the employ of Frank and J. G. Jenkins, jr., the stock brokerage firm. These clerks also figured in loans from the Borough bank of Brooklyn. The receiver also states that the Williamsburg company made a demand loan to C. H. Reuter for $171,500, which is not guaranteed, and for which there is held collateral of the estimated value of $73,148. A loan of $25,000 was also made by the Williamsburg company to James Hart, a son-in-law of J. G. Jenkins, sr., for which collateral is held of the estimated value of $12,400. Concerning other loans aggregating $476,000 the receiver states that collateral only to the estimated value of $275,000 is held and upon these loans there is an estimated loss of $200,000 placed by the bank examiner. Directors Had a Tip. Mr. Bapst, in his report, shows that within the four days immediately preceding the closing of the doors of the Williamsburg company, several of the company's directors withdrew practically all their deposits. Goodwin Brown, temporary receiver of the International Trust company, states in his report that the book value of the demand loans of the company is $43,750 and of this sum, $32,250 is doubtful. The receiver charges that William Gow, a director, paid $307,000 for a lease which he sold to the trust company for $457,545. The receiver states that Gow withdrew from the company $325,852 in cash on October 21, 1907, a few days before the institution suspended.
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BIG SUMS DRAWN OUT. BANK RECEIVERS REPORT. Trust Company Accounts Almost at Minimum Before Suspension. Reports of the temporary receivers of the Williamsburg Trust Company and the International Trust Company were made public by Attorney General Jackson yesterday. They show that large withdrawals were made from both institutions just prior to their suspension on October 25. The array of accounts that were drawn down almost to a minimum in the International Trust Company is startling. It would appear that William Gow made some $150,000 by the transfer of the lease of No. 206 Broadway, where the company did business. Deputy Attorney General Robert J. will before District all the facts he has in to-morrow Steele Special place Attorney connection and Jerome ask with the International Trust Company, that some action be taken on them. At the same time the Kings County Grand Jury for December, take which is to be sworn in to-morrow, will up the Williamsburg Trust Company Attorney General Jackson said last night that the loan committee of the Williamsburg Trust Company might be responsible for loans amounting to $220,000, which went to five clerks in the employ of the F. & J. G. Jenkins, jr., brokerage in which this corporation, all which is held by the concern. the stock farm The of ly, way members of dollars of Jenkins borrowed thousands from the Jenkins Trust Company has already been told. It is understood that it also had large loans from the First National Bank, of Brooklyn, which is in the hands of a federal receiver. More evidence has been found to show how some of the accounts in the Borough Bank were drawn down just before its suspension. Arguments were heard yesterday by Justice Bette in Albany on an application to make the receivers of suspended Brooklyn institutions permanent. The application was strenuously opposed by counsel for the banks. All the arguments were adjourned, the Borough Bank to December 10, the International Trust Company. the Brocklyn Bank, the Williamsburg Trust Company and the Jenkins Trust Company to December 12. ORGANIZED OUT OF WIND In giving out the report of Goodwin Brown, receiver for the International Trust Company. Attorney General Jackson said it would seem as if the concern had been organized largely out of whid. "If the report of the receiver is correct," he said, "there was a falsification of the books of the Borough Bank and the Brooklyn Bank and a manipulation of their securities, in order, apparently to give the International Trust Company a surplus and capital of $1.000,000. It was organized only a few weeks before it went up, and when it closed its doors had only about ninety depositors, with deposits of between $110,000 and $120,000. The report states that R. W. Jones, jr., the former president of the Oriental Bank, had a demand loan of $32,250, which was entirely unsecured. "This indebtedness has not been adjusted," says Mr. Brown. "Mr. Jones is ill, but his attorney has promised to confer with me in reference to the matter." An interesting transaction, where William Gow, the organizer of the trust company, apparently made $150,000 is related at some length. It seems that Gow paid to the trustees of the Henderson estate for the lease of No. 206 Broadway, where the trust company did businear, $107,000 in cash and gave a mortgage for $200,000. He apparently sold the lease to the trust company for $457,545 on October 21. or four days before the suspension, receiving $257.545 55 above the mortgage. He on the same day deposited stocks and bonds with the company and drew out $325,852. CONCERNING GOW'S DEAL Concerning this transaction the report has this to say: In another part of my report 1 have called attention to Gow windrawing from the company the $325,852 50 on October 21, 1907 This covered credit he received from the transfer of the leasehold of the building No. 206 Broadway, at a total cost to the company of $457,545 55. which, however, included a mortgage for $200.000 w hich Gow gave to the Henderson trustees at the time he purchased the lease from them. a He by taking out the amount he did, realized profit of $150,000 in disposing of the lease to the company On the other hand however, is to be noted the fact that on October 21 Gow also turned over of to the company stocks and bonds of the value $150,000, so that as a result of the entire transaction if the company had a balance left of about $82,293. we are to concede the full value paid by the compass for the leasehold. and that, as pointed out in another part of my report, is extremely doubtful. In my opinion, Gow originally had no intention of transferring the lease to the company Having paid $107,000 in cash on account of the purchase price paid by him to the Henderson trustees, the the rentals exceeded the charges of operating building by substantial amount It was good investment for him. but on October 21 he evidently needed money either for his own use or to put in the Borough Bank. By turning the lease over to the company on that date at the price of $257,545.65 over and above the existing mortgage for $200,000, and also turning over to the company stocks and bonds of the stated value of $157,600. he was enabled thereby to take on the Fame day from the company's cash at the Oriental Bank the sum of $225,852.50 In support of my opinion that Gow had no inten In tion originally of transferring the lease to the ternational Trust Company, call attention to the fact that the lease itself is not dated, although it The was duly acknowledged on October 21. 1907. original lease made by the Church Corporation contained a clause that in the event of an assignment of the lease being made without their consent, the Church Corporation could then re-enter. This conContinued on second page. CONGRESS OPENS DECEMBER 2ND.
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PROBE BANN FAILURES RECEIVERS UNEARTH GROSS IRREGULARITIES Insolvent New York Trust Company Directors Obtained I Institution's Funds By Loaning To Dummy Borrowers. M [By Morning Journal Special Leased Wire.] New York. Nov. 30.-Attorney GenI eral Jackson made public today the report of the temporary receiver# of the Williamsburg Trust company, of Brooklyn, and the International Trust I company. of New York, both of which 800 recently suspended. The matter will be taken before the grand jury of ( Kings county. The president of the Williamsburg I Trust company was Frank Jenkins, BAG who, with his brothers. John G. Jen8 kins. Jr., and Fred J. Jenkins, held X a controlling interest in the Jenkins 1 Trust company. now suspended. The International Trust company was closely allied with the Borough bank of Brooklyn, the late Howard Maxwell. who committed suicide, having Miss been president of both Institutions. I William Gow. a director in the Borough bank and the International ! a Trust company. is charged by the temporary receivers with dominating o the International company, and so controlling its financial operations as 1 to make large sums of money y Frank L Rapst. temporary receiver a of the Williamsburg Trust company. in his report says that the company 18 made demand loans to the amount of 1 approximately $222,000 to five clerks a in the employ of Frank and J. G. Jen0 kins, Jr., the stock brokerage firm. g These clerks also figured in loans T from the Borough bank of Brooklyn. The receiver also states that the WIIIlamsburg company made a demand loan to C. H. Reuter for $171,500. j which is not guaranteed, and for which there is held collateral of the 1 estimated value of $73,148. A loan of t $25,000 was also made by the Will1 lamsburg company to James Hart, a I son-in-law of J. G. Jenkins. Sr., for DE which collateral is held of the estiV mated value of $12,400. Concerning * other loans aggregating $476,000. the receiver states that collateral only to e the estimated value of $275,000 is held p to and upon these loans there is an estimated loss of $200,000. placed by the t) bank examiner. n Mr. Bapst, in his report, shows that 3 within the four days immediately prebe ceding the closing of the doors of the C Williamsburg company. several of the ( company's directors withdrew practir cally all their deposits. C Goodwin Brown, temporary receiver to for the International Trust company, P states in his report that the book value of the loan company is $43.750. and of this sum $32.250 is doubtful. b The receiver charges that William a Gow. a director, paid $307.000 for a b lease which he sold to the trust comg V pany for $457,545. The receiver states that Gow withdrew from the 0 company $325,852 In cash on October 21., 1907. a few days before the insti- u
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CROOKED BANKING ON LARGE SCALE Temporary Receivers of New York Trust Companies Make Reports NEW YORK, November 30.-Attorney General Jackson made public today the report of the temporary receivers of the Williamsburg Trust company of Brooklyn and the International Trust company of New York, both of which recently suspended. The matter will be taken before the grand jury. The president of the Williamsburg Trust company was Frank Jenkins, who, with his brothers, John G. Jenkins Jr. and Fred J. Jenkins, held a controlling interest in the Jenkins Trust company, now suspended. The International Trust company was closely allied with the Borough Bank of Brooklyn, the late Howard Maxwell, who committed suicide, having been president of both institutions. William Gow, director in the Borough bank and International Trust company, is charged by the temporary receivers with dominating the International company and so controlling its financial operations as to make large sums. Frank L. Bahst, temporary receiver of the Williamsburg Trust company, says the company made loans to the amount of approximately $222,000 to five clerks in the employ of Frank and F. J. Jenkins Jr., a stock brokerage firm. These clerks figured in loans from the Borough bank. The receiver also states that the Williamsburg company made a demand loan to C. H. Reuter for $171,500 which was not guaranteed and for which they held collateral for $73,148. A loan of $25,000 to James Hart, son-in-law of J. G. Jenkins Sr., for which collateral held is estimated at $12,400. Concerning other loans, aggregating $476,000, the receiver states that the collateral estimated at $275,000 is held upon these loans, there being an estimated loss of $200,000 placed by the bank examiner. Bahst shows that within four days preceding the closing of the Williamsburg company several directors withdrew practically all their deposits. Goodwin Brown, temporary receiver of the International Trust company, says that the book value of its demands loans is $43,450, and of this sum $32,250 is doubtful. The receiver charges that William Gow, a director, paid$307,000 for a lease which he sold to the company for $457,545. The receiver also states that Gow withdrew from the company $345,852 in eash on October 21pm fewl/days before the institution suspended.
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FIND MANY ERASURES Investigators Are Probing Brooklyn Bank Affairs. COMPEL RETURN OF MONEY Receivers Will Bring Civil Action to Recover $200,000 Taken from Borough Bank After Closing Hours. More Indictments Expected to Be Returned by the Grand Jury. New York, Dec: 1.-The new grand jury in Brooklyn will take up the withdrawals that were made by insiders from the Borough Bank on the day before it suspended. It is estimated that $200,000 was taken out by the insiders and their friends after the close of banking hours on October 24. The notice of suspension was posted about 1 o'clock the next morning. Nearly all the checks that were cashed by the bank on that last day are missing, and erasures and other alterations were made in the books so as to include some of the after-hour payments in the entries for the regular course of the day's business. It is said that when the elerks appeared at the bank on the morning of the 25th they found entries by strange hands in the books. Demand Return of Money. The receivers of the Borough Bank also have started an investigation into these last moment payments, and they intend to bring civil actions to compel the return of every penny to the bank. The new grand jury will take up tomorrow also the withdrawals by directors of the Williamsburg Trust Company from that institution on the last day. It is expected that in the course of the investigation into the Borough Bank affairs by the new grand jury more indictments will be returned against at least one of the men who has already been prominently mentioned in the scandals. Since the publications of the receiver's report it has become apparent that the funds of the three Gow institutions, the Borough and Brooklyn banks, and the International Trust Company, were juggled about among themselves. Hurley Attacks Gow. Martin W. Littleton, counsel for William Gow.(the indicted Borough Bank director. issued on Saturday a statement in defense of his client, and attacked other directors of the institution, notably William S. Hurley. It was decided this afternoon at a meeting of Mr. Hurley's friends that'a statement should be issued telling the facts in the case. At the meeting of Mr. Hurley's friends at the Clarendon Hotel the statement replying to Mr. Littleton was prepared under the personal direction of Samuel S. Whitehouse, Mr. Hurley's attorney. The statement was. in part, as follows: "It is true that Mr. Hurley was abrupt in his treatment of Gow. It is true that Mr. Hurley went at Gow hammer and tongs. As a matter of unadorned fact, Mr. Hurley threatened to shoot Gow. Campbell, and Maxwell unless they made restitution to the bank. It is true that under Mr. Hurley's threats to shoot them, Gow, Campbell, and Maxwell turned over to the bank $767,000 worth of property." .
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GRAND JURY WILL MAKE REPORT Isspended Jenkins and Williamsburg Trust Companies Under Fire. NEW YORK, Dec. 9.-The Brooklyn grand jury which last week investigated he affairs of the suspended Jenkins and Williamsburg Trust companies will make a report today and it is expected that sevral Indictments will be handed down. Then the jury will take up the affairs of he Brooklyn bank and the International trust company.
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Receiver for Trust Company. Kings on, N. Y., Dec. 1 .-Affer setting aside orders granted by two other justices of the supreme court, staying further proceedings in the case of the Williamsburg Trust company of Brooklyn, Judge Betts appointed former Supreme Court Justice Augustus Van Wyck of Brooklyn co-receiver with Frank L. Bapst of Buffalo and made both appointments permanent.
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MASONIC GUILD SEEKS ITS $121,768. Kingston, N. Y., Feb. 29.-The Masonic Guild of Brooklyn, organized to erect and maintain a Masonic home in Brooklyn, to-day applied to Justice Betts, in the Supreme Court. for an order directing the receivers of the Williamsburg Trust Company to pay over $121,768. which it had on deposit when the company suspended last October. The application was opposed on the ground that the guild was not a preferred creditor. Decision was reserved.
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INDICTED BANKER DEAD AFTER SHORT ILLNESS Special by United Press Wire: NEW YORK, Mar. 12:- John G. Jenkins Sr., the Brooklyn banker who, with his son, was indicted for his connection with the suspension of the Jenkins and Williamsburg Trust companies, of Brooklyn, died today following an illness of several days.
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BANKER JENKINS DIES SUDDENLY AT SON'S HOME Indicted Head of Brooklyn Financier Family Stricken by Paralysis. FOUNDER OF A BANK. Pioneer of Williamsburg Business Interests Cut off While Under a Ban. John G. Jenkins, sr., head of the Brooklyn Jenkins family of financiers, four members of which, including himself, were awaiting trial on indictments charging conspiracy and perjury, died to-day at the home of his son, John G. Jenkins, jr., Sea Cliff, L. I. Mr. Jenkins was sixty-nine years old. He contracted a severe cold two weeks ago, but had partially recovered and yesterday spent several hours in Brooklyn with his lawyers, talking about his approaching trial and the plans for resumption of business by the Jenkins Trust Company. After a hearty dinner yesterday evening he retired. At 1.30 o'clock this morning he suffered an attack of paralysis. Dr. Grant Stanley. the family physician. was summored. Mr. Jenkins suffered a second paralytic stroke at 4 o'clock. and S o'clock he died. He did not regain consciousness after his first seizure. John G. Jenkins, sr., was one of the best known men in Brooklyn. Up to the time of the panic, last fall, when the First National Bank of Williamsburg, the Williamsburg Trust Company and the Jenkins Trust Company, with all of which he was closely identified ailed. he was regarded as a leading example of the old school, safe and conservative financier. His wealth was counted in the millions.
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JENKINS, INDICTED BANKER, IS DEAD 79 By United Press Leased Special Wire. NEW YORK, March 12.-John G. Jenkins, Sr., the Brooklyn banker, who with his son was indicted for his connection with the suspension of the Jenkins and Williamsburg Trust Companies of Brooklyn, died at Sea Cliff, L. I., this morning following an illness of several days.
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TRUST COMPANY WANTS TO RESUME (B) Associated Press. y NEW YORK, April 10.-The Williamsburg Trust company of Brooklyn, which went into the hands of a receiver October last, will resume business as soon as a plan of reorganization can be put into effect if the courts permit. The receiver now has on hand $1,300,000, which the directors hope to increase to $3,000.000.
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Trust Company Resumes. New York, April 10.-The Williamsburg Trust company of Brooklyn, which went into the hands of a receiver in October last, will resume business as soon as a plan of reorganization can be put into effect, if the courts permit. The directors decided today to formulate a plan to resume business, The receiver now has on hand $1,300,000, which the directors hope to increase to $3,000,000.
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WILLIAMSBURG TRUST'S BACKER. The Metropolitan Trust Company to Put Up 81 ,500,000. It was announced yesterday that the Metropolitan Trust Company has agreed to put up $1,500,000 in cash to back the Williamsbrug Trust Company in its plans to resume business. A motion for the removal of the receviers of the Williamsburg Trust Company is to come up before Justice Crane in Brooklyn next Monday and it is confidently expected by the directors that it will be granted, as the bank will be ready to pay off all depositors in full. The reopening, it in said, may take place about June 1.
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WILLIAMSBURG TRUST CO. OPENING. Announcement was made yesterday that the Williamsburg Trust Company would resume business on Monday, June 8. An order permitting this will be presented to Justice Kelly for his approval, which is expected. He will be asked also to fix the compensation of the receivers, upon which, it is understood, an agreement has been reached. The doors have been closed since October 25. A large amount of money has been collected by the receivers, and the Metropolitan Trust Company has promised to advance $1,500,000.
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Williamsburg Trust Company Reopens Tomorrow. All arrangements for the reopening of the W illiamsburg Trust Company in Brooklyn at noon to-morrow have been completed, and vesterday Receivers Van Wyck and Baptist and their counsel, John Lyons, called on Gen. Brayton Ives, the new president, and the directors, and congratulated them on the favorable outlook for the institution. Justice Kelly of the Supreme Court yesterday gave permission to the diretors to establish a branch in Broadway and Stockton street, to take the place of the branch in Myrtle avenue and Broadway, which was leased by the receivers to the Corn Exchange Bank.
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TRUST CO. TO LIQUIDATE. NEW YORK, Dec. 14.-President Jacob C. Klinck, of the Williamsburg Trust Company, announced today that the *trust company was going into liquidation and that all its deposits would be paid in full. The company suspended during the panic of 1907.
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VOTING TRUST AT AN END Williamsburg Trust Company Now May Be Dissolved. Jacob C. Klinck, president of the Willfamsburg Trust Company, of Brooklyn, anhounced yesterday the termination of the voting trust agreement whereby the com-, pany was able to resume business after its suspension in the financial panic of 1907, and added that every depositor would immediately be paid in full. The voting trust held three-fourths of the voting stock of the company. This will be returned to the original holders and the hareholders then will decide whether or not the company shall continue in busiaess. The statement made by President Klinck follows: General Brayton Ives has returned to the Williamsburg Trust Company for distribution more than 1,100 shares of capital stock transferred to him in May, 1908. Yesterday General Ives and William N. Dykman, as voting trustees, terminated the voting trust agreement under which they held over 5,000 shares of the capital stock and arranged for the return of these shares to the holders who deposited them. The reult of this is to put every shareholder just where he was before suspension. To-day the directors have concluded an greement with the Metropolitan Trust Company whereby we borrow money enough to pay every depositor in full in cash at once, and the assets of our company will be liquidated by the Metropolitan company between now and July 1, 1912, but under the direction of the men who compose the executive committee of the WillLamsburg Trust Company. This will prevent the waste or sacrifice of our assets. The agreement provides that the shareholders shall meet and pass upon the agreement and also decide whether the Williamsburg Trust Company shall continue in business Gr be dissolved. We have been forced to lay this question before the shareholders by diminished deposits and profits, which has led the directors to believe liquidation. the shareholders will be benefited by The report of the company to the State Banking Department last month showed deposits of $1,312,640 and assets of $2,988,316. The company was organized eleven years ago, with a capital of $700,000. Its main fices are at No. 391 Fulton street, BrookP and It has & branch at Breadway and Williamsburg.