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PRIORITY SUITS DELAY STENECK TRUST PAY-OFF
But Depositors of Other Closed State Banks Will Share $1,000,000 Dividends.
While thousands of depositors of closed state banks will get Christmas offerings in the shape of dividends before end of this month, according Banking Commissioner William Kelly's there be no dividend this year for creditors of the Steneck Trust Co., in Hoboseries of about to move to untangle the Steneck in various parts of the the week after will called on sign orders permitting payment of five per cent Kelly expects that will be creditors time for Trust Co. of Jersey City, depositors already received cent. will get ditional five per cent dividend The Bergenline Trust Co. of Union City, whose depositors have already 50 per cent, will get five cent more per before the of according to present The Lyndhurst Trust Co. deposialready per cent and they will get five this month, plan to ask Lewis for the necessary order Dec. Next Tuesday there will be an plication to Francis Davis Camden for an order permitting ten dividend for of Haddon Heights Trust Co. In other the there expected nearly million dollars will paid out in dividends In the case of the Steneck Trust series suits about to be brought in will aim settiement of the question as to whether depositors or the holders mortgage certificates prior whether are par There now Steneck Trust Co. The number depositors The money hand total dividend about 35 per cent. but that dividend not be declaruntil the courts the matter prior rights. Those who invested in Steneck Trust Co. certifleates their should come ahead of those of depositors. Those put in the bank say their claims should ahead the holders. claims these two kinds of should the same one should not preferred the other. There are also various having to with the handling these mortgage certificate will come for an airing in the coming test It the new ligitstion will get under in Milton, legal adviser Commissioner Kelly will direct this litigation on behalf the state. the Title Mortgage Co. affairs Ridgewood and can be paid for some time. affairs of that company also much inbut some progress toward settlement will be made soon the market takes on new life it possible sell property held by the company at some advantage