The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-02
fnland large proportion Of them are business In


a week or two a revival is expected
The stock affair of Boorman and Johnston continues to
be discussed Wall street About the period that this
contract was made it Is rccoleced that the brokers
which they employed pure hasers for large amount
of Kentucky stock II is copjectured that nearly 1000
changed hands about that period loss to the
buyers whoever they were, of nearly $4,000 This loss
caused by the issue Of the false certificates by
Lewis 1t is generally supposed that the operation
originated with person intimately acquainted with
the condition Of the Bank in Kentucky, hut ignorant
of the false issues Of Lewis which caused the the
stock on change and the loss the buyers We should
like to know If Boorman and Johnston their principal
had any interest in that operation the extract
oil their letters in the pamphlet they aude
ether transaction in the stock besides that one with
Jacob Little The solution of this might throw
light on the general subject
On another important subject have received the fol
lowing interesting information =
SIR
The affairs Of the American Life Insurance and Trust
Company have lately been thoroughly exposed through
the columns your invaluable paper for which Stock
holders as Well as the public in general are much IN
debted to you.
The stockholders of the Ocean Insurance Company
who lately held three meetings at the Athen@um Hotel in
Broadway to have relapsed into state OF utter
lehargy The dogdays have, however passed over and
activity For your information, then and hope through
columns for those numerous Stockholders who have
not attended said meetings allow to inform you and
them Of what has passed there.
At the first meeting committee of FIVE Stockholders
appointed to inquire into the general affairs of the
company also in what manner the fraud had been
mted by Schermerhorn, sc. Three out Of the five de-
clned actngthe remaining two undertook the task, and
having prepared their report called by advertisement in
the Journal Of Commerce alone "a paper ofvery little cir
cuation0 second meeting to be held the 30th Of
August Being out OF town. was prevented from attend
ing but am told nobody except the two gentlemen Of
the committee present. that their report could not
be delivered there being nobody to receive it.
The Committee then resolved to call meeting by cir
cuars addressed to the Stockholders through the post Of
ce for the 10th of August These circulars dated
sh August postmarked the 9th but as OF the $50 Stock
holders, more than three-quarters widows orphans
unmarried young ladies' not residing in the
city, all Of whose residence neither in the Directory
nor known in the post ocethe consequence was that
nearly all the circulars remained in the post Office until
three days after the meeting be by comparing
the list ofeters in the newspaper August with the
list of Stockholders Some, however whose residences
were known, who have boxes at the post Office did
of them learned the following -
effect =
consisted of O00 in 1000 shares Of $35 EACH mostly
in the hands of small holders amongst whom great
little stockno holds than so shares but very
few hold as many as 20 Shares and OF the Directors
holds only share individually whilst he represents
guardian about 1000 shares What faithful exemplary
guardian he be. The business the company had
since some greatly decreased The nominal capital
consists Of upwards Of S277 000subect to losses
computed by the committee to about $4,000. The assets
consists
L. mortgages the of 100 900 which be-
eved 10 be good One of the Directors great cotton
speculator and brothernlaw to of the Presidents
has 1000 of the same, on mortgage.
2. OF Loans Stocks.
g. OF Bills Receivable being for the most part premium
notes.
On the two latter description Of assets the loss
sos 900, it is supposed will be incurred.
The robbery of Schermerhon amounts to about SAL
600. Say cash distracted about $4,000.
Issue OF certificates, 1913 shares at $35-$27,755
The erasures had been made in such q skilfu
that was impossible to detect them except by holding
the book to the light The Merchants Bank had made
the additions of Bills Receivable only in pencil that
alterations could be made at pleasure without
Application had been made to the Chancellor to appoint
receiver to wind the concern The President and Vice
President had shown the greatest conon the
renee, and they afforded the Committee every explanation
and insight into the affairs of the Company Since the
detection Of the fraud no salary would be charged by
them.
This report was approved Of and accepted mem. con.
From the above will appear that the stock at present
is worth about 90 per cento which will probably be
added the 900 bail by Mr. Noble for his scher
merhom.
Now, would call your attention 10 the following =
The President stated the Committee that the business Of
the Company had considerably decreased. What dols
they must have been not perceive that the Of
their Bills Receivable consisting of premium notes.
necessarily decrease in the ratio The President
Directors early autumn lS4l resolved wind up
the Company and pay the capital to the Stockho-
ers yet in August 1912, We hear that Of the Di-
rsctors keeps $4,000 Of said capital in his possession
The Committee report Loans on Stocks Loans on
Stocks7"
Mr. Bennett, You will certainly ascertain if nobody
else will and publish for the benefit of the poor widow
and orphan whether the officers authorised by the
charter Of the Company to make loans stocks? Inot
the Stockholders make them liable for any loss
Cured or TO be incurred, on such loans.
question having been asked at the last meeting -
Who are the Directors ~ and nobody present prepared
to answer would perhaps be advisable to publish their
names for general information.