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Bank Failed. NEW YORK, Aug. 11.-The Murray Hill bank at No. 760 Third avenue, New York, one of the oldest state banks in the city, closed its doors this morning. It has deposits of about $1,250 00 which it is believed will be paid in full. It is understood the bank was compelled to suspend because it had to take a great deal of real estate for loans made to customers.
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Too Much Real Estate. NEW YORK, Aug. 11. -The following notice signed by F. D. Kilbourn superintendent of banking, was posted on the door of the Murray Hill bank today "This bank closed pending examination of the condition of its affairs." The bank is one of the oldest state institutions in this city. Deposits amount to $1,250,000. One reason for suspension is the fact that the bank had to take a considerable amount of real estate for loans.
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Too Much Real Estate. NEW YORK, Aug. 12. -The following notice signed by F. D. Kilbourn superintendent of banking, was posted on-the door of the Murray Hill bank today: "This bank closed pending examination of the condition of its affairs." The bank is one of the oldest state institutions in this city. Deposits amount to $1,250,000. One reason for suspension is the fact that the bank had to take a conalderable amount of real estate for loans.
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FOR REORGANIZING THE BANK THE PLAN OF THE MURRAY HILL DIRECTORS AND STOCKHOLDERS. IT IS APPROVED BY A MEETING OF DEPOSITORSAPPOINTMENT OF A COMMITTEE TO INVESTIGATE AND REPORT. There is every prospect that the affairs of the Murray Hill Bank, the State institution at No. 764 Third-ave., which was closed on Tuesday, will be satisfactorily arranged and the bank put upon fully as firm a basis as before. The president, directors, stockholders and depositors and the Superintendent of Banking, F. D. Kilburn, are all working together in this direction. A PLAN AND A STATEMENT. A meeting of the directors and stockholders was held yesterday, and the following plan and statement were drawn up to be submitted to the meeting of depositors held last evening: An informal meeting of the principal directors and stockholders of the Murray Hill Bank was held at noon to-day at the office of Samuel Untermyer, of the firm of Messrs. Guggenheimer, Untermyer & Marshall, representing the various interests connected with the bank. At the conclusion of the meeting Mr. Untermyer said: "I believe there is a fair opportunity for the Murray Hill Bank to resume business on a sound and conservative basis. The large depositors have thus far co-operated with the directors in an earnest effort in that direction, and if the meeting of the depositors to be held to-night at Renwick Hall shall confirm the promises they have made there is no doubt that the bank will be able to resume. The plan which has already received the informal approval of the largest depositors, and which will be submitted at the meeting to-night, will be substantially as follows: "The directors will contribute $50,000 in cash, for which they will expect no return whatever. This they are prepared to do for the honor of the institution to which they have SO long been connected and which they are anxious to protect against the ravages of a receivership. "The present stockholders will be asked to cancel one-half of their present holdings of stock. "The depositors will be asked to convert one-half their present deposits into new stock at 50 per cent on the dollar, which would mean that $500,000 of the present debt due depositors is to be converted into $250,000 of new stock, making the stock of the company as reorganized $300,000. "The depositors will in that way become owners of the bank and will control its operations hereafter. It will thus be to their interest to have the remaining $50,000 in the bank and to do business with it. "If the reorganization can be effected on this basis, it would mean that the bank would start in business with a large surplus and $500,000 or more of its debt would be cancelled, as against which only $50,000 would be issued and $50,000 of Its present stock cancelled. This would furnish $300,000 of additional capital, besides the $50,000 in cash contributed by the directors, making in all $350,000 of new capital. "Presuming that $200,000 ought to be written off from the present nominal assets, there would still remain a surplus of $150,000 for the bank as reorganized. "This is briefly the plan as outlined at a first interview, but will, of course, be subject to such modification as may be carried at the depositors' meeting. "It should further be explained that the depositors will be expected to leave the remaining 50 per cent of their deposits in the bang for a reasonable time, and that, as they become stockholders of the bank, it would be found to their Interests to continue doing business with it." THE DEPOSITORS' MEETING. At the evening meeting of depositors, in Renwick Hall, Third-ave. and Eighty-sixth-st., there were about 800 of the total 1,700 present, representing about $750,000 of the total $1,172,000 deposits. It was an enthusiastic meeting. An organization of depositors was effected. with James G. Patten president and Lewis Z. Bach secretary. The plan of the directors and stockholders was submitted and unanimously approved. A committee of seven was appointed to look into the condition of the bank to see that the directors advanced the promised $50,000. and that the stockholders cancelled one-half of their stock, and to make any suggestion which It might think adwill report to another
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bond of $200,000. The liabilities of the firm are $517,000 and the nominal assets $819,000. They are controlling stockholders in the Olympic Cycle Manufacturing Company. NEW YORK, N. Y., Aug. I3.-A corps of clerks and officials is busy on the books of the closed Murray Hill Bank. Superintendent of Banks Kilburn said that his report would not be ready for two days yet, and if in the meantime the bank should raise the stipulated $100,000 he would permit it to resume business. Victor Freund, a director of the bank, has offered to contribute $50,000, provided the bank officials raise the remaining $50,000. INDIANAPOLIS, IND., Aug. 13.-Special Judge Hammond of the Circuit Court appointed P. C. Tresier receiver of the Union National Bank and Loan Association. The association was one of the largest in the State, having assests of over $500,000.
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Murray Hill Bank Failure. New York, Aug. II.-The following notice signed by D.S Killburn, superintendent of banking, was posted at Murray Hill bank today: "This bank is closed pending an examination of its affairs." The bank is one of the oldest state institutions in this city. The deposits amount to about $1,250,000. Itis believed they will be paid in full. One reason advanced for the suspension is that the bank had to take a considerable amount of real estate for loans.
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FOURTEEN PAGES. THE NEWS THIS MORNING. FOREIGN.-The House of Lords agreed to the House of Commons reamendments of the Irish Land bill, and the measure will now beValkyrie III has reached the come a law. Sir John Millais, the painter, other side. president of the Royal Academy, died in LonDr. Nansen, the Arctic explorer, ardon. rived at Vordöe, one of the islands of Norway; he had reached 85 degrees 14 minutes north latitude. DOMESTIC.-Major McKinley addressed a visiting delegation of old soldiers on the disappearance of sectionalism from this country, Congressman Galusha A. Grow spoke on silver in Towanda, Penn. The Pennsylvania State Democratic Committee met at Harrisburg, accepted the resignation of Chairman Wright, and voted to reconvene the Conrention. Hovey and Hobart won the Eastern championship in lawn tennis doubles at Cooper defeated Bald Narragansett Pier. in the two-mile National championship bicycle race at Louisville. CITY AND SUBURBAN.-There was a general feeling of relief among. business men over the failure of W. J. Bryan's speech on Wednesday evening; the stock market was strong; a reception by Mr. and Mrs. Bryan at the Windsor was attended by a small number of persons, and the Democratic managers were reported to be The weather was thoroughly disheartened. cooler, and the record of deaths and prostrations from the heat was not so large as on WednesThe Board of Estimate appropriated day. The sus$5,000 for free ice for the poor. pension of the jewelry house of S. F. Myers & Co., and proceedings for its dissolution were A said to be due to the silver agitation. plan for the reorganization of the Murray Hill Bank was adopted by the directors and stockholders and approved at a meeting of depositors. "The New-York Times" was sold in a formal proceeding. The Brooklyn baseball team defeated the Baltimore nine, and were deStocks feated by them. at Eastern Park. were strong and higher. THE WEATHER.-Forecast for to-day: Cooler: probably severe local thunderstorms, followed by clearing weather. Temperature yesterday: Highest, 94 degrees; lowest, 80; average, 86%.
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MURRAY HILL BANK. One of the Oldest in New York Suspended, Deposits $1,250 000. Among the assets were a large quantity of bonds not worth over 10 cents on the dol lar and second mortgages worth nothing.
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FUTURE OF THE MURRAY HILL BANK. EFFORTS TO RAISE THE FUNDS NECESSARY UNDER THE REORGANIZATION PLAN. The officers and directors of the Murray Hill Bank, after the ratification of the plan submitted to a mass-meeting of the depositors Tuesday evening, were yesterday busily engaged in looking for the $100,000 cash which they are pledged, according to the plan, to raise. For an insolvent bank to raise that amount is not the work of a moment, and patience on the part of all concerned will be required. President Hopkins, Mr. Smith, the receiving teller, and Samuel Untemyer, counsel for the bank, were all hopeful of the ultimate outcome of their efforts. Mr. Kilburn, Superintendent of Banking, believes the bank can be rehabilitated. He is not pressing the matter of a receivership, and can delay doing so as long as he sees a possibility of the bank's securing the $100,000 cash necessary to resume. The plan which has been ratified by the depositors and stockholders is being sent out to all of them for signatures. President Hopkins is conservative in his statements, and was unwilling to say yesterday just when he thought the bank would resume, if he and the directors succeeded in their work. Asked if it would be within a month he said: "Oh, it has got to be sooner than that." No more definite statement could be gotten from him. The bank is now in charge of the bank examiner, who is still at work on the assets and liabilities, a revised list of which will probably be ready by the end of the week. President Hopkins said that after the settlement of the Clearing House exchanges, on his rough estimate, the assets exceeded the liabilities to depositors by $200,000.
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THE WEEK'S NEWS. THURSDAY, AUG. 13. Bryan and Sewall notification meeting in New York-Many prostrations and deaths from heat reported—-House of commons supported government on Irish land bill amendments-Betting ? to I against Bryan in New YorkNew E :;land silver Democrats hope to Indnce Bryan to make spee in Massachusetts and Connecticut — San Francisco banks reluctant to receive deposits of silver-Mail carrier killed by train at Hyde Park, Mass--------------------- Streets n laid out in 7500 acres of woodland in Dorchester, nominated for superintendent of public instruction in Michigan declared ineligible-publicans of western Vermont opened their campaign at Rutland-Youthful at would-be train wrecker caught New Canaan, Conn-Jake Kilrain matched to fight Frank Slavin---Herr Otto Lilienthal, the "Flying Man," killed near Berkin-Electric railway to be built between New York and Philadelphia-Thirty postoffices of the country show a gain in receipts over July, 1895-It appears not impossible that the Murray Hill bank may resume business-Great Britain claimed and seized rich section of Alaskan territorya Barbarities of Japanese troops toward the inhabitants of Formosa reported -Strong sentiment apparent in Cuba for annexation to the United States Purlington road to establish a daily newspaper, printed and published on their trains— S. Sanborn & Co., shoe manufacturers, Lynn, Mass., failed, with estimated liabilities of $75,000-Turkish government refuses to make any concessions to the Cretans—J. F. Ober, Boston architect, died suddenly a Sultan conferred upon Miss Clara Barton the emblem of the second class of the Order of the Chofakat—Clifford Hale, aged 15, drowned at Newburyport, Mass --James A. Hagley, aged 16, killed on the Consolidated road at Hyde Park, Mass-The Neal Morse company of Boston, dealers in woolens, assigned. No figures given out. FRIDAY, AUG. 14. Cool wave brought relief to suffering New Yorkers-Reception at New York by Mr. and Mrs. Bryan very slimly attended-Dr. Nansen, the explorer, arrived at Vardoe, off Finmark, on his return trip-Irish land bill will become a law, as amended-Colonel A. C. Drinkwater of Braintree, Mass., is a candidate for congressional honors— Whitehead of Cambridge, Mass., won the senior singles at the Saratoga regatta -Griffo, the pugilist, sent to prison for a year for assault-Tom Butler, Nat Butler and Cooper won chief races of the L A. W. meet-Maine gold standard Democrats issue a call for a mass convention-John Teague drowned while bathing in Lowell, Mass— Two West Point cadets dismissed for hazing-Mary Foster, the missing Lancaster (Mass.) girl, found in Fitchburg-Further ourtailment probable in Fall River (Mass.) mills-Two jewelry failures in New York-Italian minister ordered to Washington to investigate reported lynching in New Orleans Vest makers' strike in New York to be called off - Withdrawal from Knights of Labor of Window Glass Workers' association of the United States Big labor demonstration in Lynn, Mass. Parade of locked-out lasters of Thomas G Plant Shoe company Manhanset House, Shelter island, damaged $200,000 by fire-Death of exSenator Gibson of Chicopee, Mass— Field Marshal Yamagata has returned to Japan-Three dynamiters to be released from an English prison-Patrick C. Keely, the famous architect, died in Brooklyn-Cuban junta negotiating for the purchase of a fast ocean tug-Edward J. Howard of Bocton arrested at Portland, Me., on a charge of forgery -Yaqui Indians attacked the Mexicans on the southern Arizona boundary line-Eastern railroads must reduce freight rates if they would ho'd the western grain traffic-Mercer county, N. J., failed to dispose of its bonds, which are not, in terms, payable in gold -Rev. Edward J. Sheridan, pastor of St. Mary's church, Taunton, Mass., for a quarter of a century, is dead-Sir John Everett Millais, president of the Royal academy, died in London. SATURDAY, AUG. 15. Bryan's friends complain that he is being too much managed-Probability that McKinley will take the stump himself-Republican national committee to distribute 1,000,000 copies of Blaine's anti-silver speech Niagara Falls special train collided with a handcar near Falls Village, Conn.; section foreman killed-John Mueller, a New Jersey farmer, thought to have been murdered by his wife-President objects to hazing at the military academy at West Point-Deaths caused by the excessive heat in New York are estimated at nearly 1000-Push cart venders of stale fruit and vegetables raided by New York police-Four men shot, 11v in labor affray at Cleve-
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THE MURRAY HILL BANK. MR. UNTERMYER TAKING THE STEPS NECESSARY TO MAKE RESUMPTION POSSIBLE. Samuel Untermyer, counsel for the temporary organization of the depositors of the suspended Murray Hill Bank, yesterday continued sending out to the depositors for signature the statement of the plan proposed by their committee, which was ratified by them in open meeting. Mr. Untermyer calls upon them for immediate action. as delay might jeopardize their interests. When the signatures are obtained the matter will be brought before the Board of Directors, who have promised $50,000 toward rehabilitating the bank. When their promise has been made good and the other cash necessary for resumption raised, the Superintendent of Banking, Mr. Kilburn, will be informed, and if he is satisfied, will so make his report to the State Attorney-General, and the bank will doubtless be allowed to resume. If it does, changes in its management will take place. There is already on foot a movement among the depositors, for whom Mr. Untermyer is acting, to elect an entirely new board of directors. It is also expected that President Hopkins, who assumed the management of the bank unwillingly, but whose administration has been highly indorsed, will step out and a new president will be elected. No man has yet been decided on for the position.
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MURRAY HILL BANK REORGANIZATION. The signatures to the plan sent out to depositors for the reorganization of the Murray Hill Bank are coming in faster than had been looked for. The statement published in yesterday's Tribune that there would be an entire new Board of Directors elected and that President Hopkins would step out In case of resumption was verified yesterday. The Superintendent of Banking. F. D. Kilburn, is away at present and will not return to the city until next Friday. Meanwhile no steps can be taken toward appointing a receiver for the bank, and by the time of his return the bank's officers fully expect to have completed the preliminaries for resumption.
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The Panic That Threatens. President Ferdinand T. Hopkins of the closed Murray Hill bank, New York, says: "I believe, in full appreciation of the position which I now occupy as president of a bank which has just been closed, that if Bryan and Sewall are elected this country will experience the greatest financial panic is its history."
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Justice Beach of the New York City supreme court has granted an order to show cause why a receiver should not be appointed for the Murray Hill Bank.
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Murray Hill Bank Receivers. NEW YORK, September 2.-Judge Pryor has appointed Spencer Trask and Miles M. O'Brien temporary receivers of the Murray Hill Bank, pending a voluntary dissolution of the institution. The receivers are required to file a bond of $100,000.
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THE SUSPENDED MURRAY HILL BANK. The appointment of two temporary receivers for the suspended Murray Hill Bank by Justice Pryor, of the Supreme Court, on the application
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LEGAL INTELLIGENCE. PROCEEDINGS IN LOCAL COURTS. Mr. Hotchkiss, representing 83 per cent of the depositors of the Murray Hill Bank. asked Justice Beach, in the Supreme Court yesterday, to appoint a referee in place of the present receivers, Messrs. Trask and O'Brien. It was alleged that the depositors wanted to reopen the bank, and that the assets could be more economically administered by a referee than by receivers. Deputy Attorney-General Kisselburg asked until Tuesday to look into the case, and an adjournment was taken to that date.
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A 05 Per Cent. Dividend for the Murray HILL Bank Depositors. Edward H. Hobbs and Benjamin B. Odell, Jr., the receivers of the defunct Murray Hill Bank, applied to Justice Van Wyck in the Supreme Court in Brooklyn yesterday for permission to pay a dividend of 25 per cent. Justice Van Wyck granted the application.
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OTHER IMPORTANT DECISIONS. THE MURRAY HILL BANK RECEIVERS-BROOKLYN CIVIL SERVICE CASE. Albany, June 8.-The Court of Appeals has decided with the Attorney-General in the matter of the dissolution of the Murray Hill Bank. The appeal was made by Spencer Trask and Miles M. O'Brien as receivers of the Murray Hill Bank, appointed by a final order January 9, 1897, and by a committee of the depositors representing about $500,000 of claims, from an order of the Appellate Division of the Supreme Sourt reversing the final order of Justice Andrews, which directed the dissolution of the Murray Hill Bank and appointed Trask and O'Brien permanent receivers, and denied the application of AttorneyGeneral Hancock to dismiss this proceeding. The Murray Hill Bank was closed on August 11, 1896, by order of the Bank Superintendent, who also directed the Attorney-General to institute proceedings necessary to wind up its affairs. He requested Mr. Hancock to defer the beginning of proceedings for a reasonable time, to give the directors time to restore the impairment of about $260,000. It was contended that this delay was not asked for in good faith, as it appears that shortly after the doors of the bank were closed the president and various directors consulted with the bank's attorney, James McGregor Smith, and began the present proceeding. The Attorney-General and Bank Superintendent held that these voluntary proceedings could not be instituted for a dissolution of the corporation and for an administration of its affaiars, for the reason that the Superintendent of Banks had taken possession of the bank. The Appellate Division, First Department, decided against the Attorney-General and sustained these proceedings. Another action was begun in the Second Department, and an order appointing Edward H. Hobbs, of Brooklyn, and Benjamin B. Odell, jr., of Newburg, receivers. The Appellate Division of the Second Department reversed the order, and an order directing them to pay over the assets to Spencer Trask was also reversed by the Appellate Division of First Department. The various contentions were also brought before a referee, who found the bank insolvent. and reported that it should be dissolved by a final order in such proceedings. The report of the referee was confirmed on January 19, 1897, by Judge Andrews, whose decision was reversed by the Appellate Division, First Department, but which is now sustained by the Court of Appeals. A decision was handed down dismissing the motion made to reopen the Brooklyn Civil Service case, in the decision of which Judge Haight wrote the prevailing opinion, making more open the confidential non-competitive class. The original suit was dismissed by the Court of Appeals on April 20, after having been sustained by both the Supreme Court of this department and the Appellate Division. Justice Haight's opinion was concurred in by Justices Bartlett, Martin and Vann. Two dissenting opinions were handed down at the same time, one by Justice Gray, Chief Justice Andrews concurring, and another by Justice O'Brien. The motion to reopen was asked for by Edward M. Shepard, J. Warren Greene and Henry Yonge, counsel for the plaintiffs. The Court dismissed the complaint of Martha Keery against John F. Dimon, executor of the will of Stephen C. Dimon, who died in New-York City on January 12. 1893, leaving personal property of the value of $25,000 and'a seventh interest in the property bounded by Third and Fourth and Lewis sts. and the East River, the value of which is placed at about $500,000. Dimon was an eccentric bachelor. For eight years he had lived in the furnished-room house kept by Mrs. Keery, at No. 117 West Fortyseventh-st. For several years prior to his death he had not been on friendly terms with his relatives. and it is stated that he declared that none of them would receive a dollar of his fortune. Mrs. Keery averred that he made a will in her favor about September, 1884. She declares that she saw the will and that Mr. Dimon told her to read it carefully. as he intended that she should have all of his property. After his death Mrs. Keery secured permission from the Court for an inspection of the contents of boxes in the Mercantile Safe Deposit Company and the American Safe Deposit Company, but no will could be found. She said that the will had been lost or destroyed by accident or design. A decision of absolute judgment was rendered in favor of Clifford Wharton and the National Tube Company against Adam S. Matheson and another as receivers of the American Tube and Iron Company.
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Judgment for $99,978 was entered yesterday against Michael Duffy as administrator of Michael Duffy, jr., in favor of B. B. Odell and Edward H. Hobbs as receivers of the Murray Hill Bank, on a bond for $85.000 of Michael Duffy, Jr., dated August 2, 1895, payable on August 2, 1896
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Another Dividend for the Creditors of the Murray Hill Bank. Receivers Odell and Hobbie of the Murray Hill Bank got permission yesterday from Supreme Court Justice Gaynor, in Brooklyn. to pay an additional dividend of 5 per cent. to the creditors. There were two previous dividends of 25 per cent. and 10 per cent. respectively.
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Two judgments aggregating $8,745 were entered yesterday against Pietro Altieri, contractor, formerly of No. 304 East One-hundred-and-eleventh-st., in favor of Benjamin B. Odell, jr., and Edward H. Hobbs, as receivers of the Murray Hill Bank, on two notes.