The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-03-14

IONS IN Ine slatutes which only required a stale
ment of the effects OF the ASSOCIATION uhoeI rev
general heads and of the debts due TO monied and
other Corporations or associations Debts not pay
able on demand, or to monied corporations, are
NOT required by the act to be stated In DETAIL nor
the manner in which they are secured, but the
amount Is only TO be given. have been more par
ticuar in my notice OF this part oil the receivers
publication because his reference to this return Is
calculated to convey, and has been understood by
the conductors OF some OF our public journals to
convey the impression, that the whole Indebtedness
of the Company on account Of these bonds was
fraudulently suppressed in this document Whether
the Receiver intended to expose me 10 such
charge or not, l will not undertake to say In
either case, II the profession OF his unwilllngness
" to impeach assail the motives or Intentions OF
the officers OF the institution" contained IN his
statement be sincere, ne VIII be pleased 10 see
this matter so fully explained and indicated, how
ever be may regret that the manner In which
he presented it to the public should have exposed
me to the harsh and unfounded comments to
which have alluded.
The only remaining topic in the statement of MIR.
Leavtt, which calls for notice. is that relating to
the assignment made by me as President to HIM as
Receiver.
William Cook were examined, under oath, and
assigned and transferred the effects following, CIV
ing list Of divers items, leaving ground Tor the
inference that this list contained all the property OF
the company assigned to him. To correct this
erroneous inference, deem it proper to refer to
clause in the instruments OF assignment, by which
it will be seen that they conveyed and assigned to
the Receiver not only the effects described IN the
Schedules, but also all the property and effects
and all the estate real and personal, and all the
choices in action and equitable interests whatsoever
and wheresoever OF the said the North American
Trust and Banking Company" The instrument
of assignment was in the usual from, and was APP
proved by the master who had charge OF the pro-
ceedings II is therefore evident that all the pro-
perry, belonging to the Company and included in
the various trusts we'll as The state bonds and
other securities hypOthecaed as security for loans,
were assigned to him, subject to the equitable in
terests of the parties who had made advances to
the company and others having the like interests
in the securities. 1t is proper to notice the facts
alluded to in the Receivers statement, which is as
follows: 60 1t thus appears that this company is not
indebted for any circulating notes issued under the
special provision OF the act to authorize the bu-
slness OF Banking, that owes not exceeding $25OOO
to its cash depostors, and not exceeding $1,000 to
expenses" The principal pant of this cash deposlte
Is the balance claimed to be due from the banks OF
Arkansas, against which the Receiver may find an
offset in coupons passed due, and the balance OF
such deposits believe TO be nominal.
will state in this connection that the whole
amouQ of actual indebtedness to the company was
covered by securities, with the exception of about
$250,OO0 which at the time it was confidently be-
leved, would be paid from the excess OF property
in the several trusts over the amount for which it
had been assigned.
BY a careful examination of the Receivers state
ment taken in connection with the assignment and
transfer o! the property and effects of the company
to him by the officers, 1t will be found that he ac
to have found securities in the several
trusts ludng the amount IN the possession OF VIM
q. Wood Esq, amounting to-. SIS, ll4, 100 70
In state bonds in The possession Of
Messrs. Palmer, McKilop, Dent
Il Co. and others in Europe, held
MS cOllate RAJ So curitv anon min