New-York daily tribune., 1849-04-26

cunts thoroughly examined. many errors we-e
discovered that I'M q tendency to aHec' the 81.
.srs cash account pro,.a- tat balance bad
been torrei. w..,l indicated t.lt '-r-s had been
risf~erf.i lv s.re o, the Officers .t tie bank
Tn. tlrfs tthe bank were u.- lris- trn tNc.u-
s.tc control o. the ts'cr. llt wr-e access ta %
rhe officers and other CLERKS 90 ine bank t1rla-
The b'ni Of the sslier copy of which - ar
uexei 20 Exhibit + vas executed IN i>3s. many
oi the sareties sre bankrupt snd others are de al
Il.s bond was not compromised at the time MS
debt wss al lsted. hu; was retained in order that
- collection n sht be enforced % Il should be
la1nd necessary 70 recover the assets OF tie oSnS
Il Any lad been Improperly taken.
The Indebtedness ot Eiw % Croswe. sncuatcs
% slt3.-ff g.. was arranged ari payment eN-
tended without statement. hv giving additional
security for portion O.. his liabilities THAI part
Cd lis debt which S represented by the Dwight
check fo- S-000l remains unsettled. Ia August
IS, Mr Croswe'l -sve ei-ht endorsed notes pay
able in one and Two wears Tor go lCo ana his own
notes for -l3.-+4 payable IN -ll NV IN inter
est after September l,41, which arranged his debt
0t >lll.s+i g..
Mr. Crosvc.l IS farther indebted for the $4,000
" Dwi-h; cheek. provided II Is not objected ir0m
the Geneva Bank. f1r the settlement oi which
negotiation IS now progressing, snd we are 10
hopes % secure Il not al. st least large portion
OF that Indebtedness We hold beside IS col ate.
"a for the payment of his debt. bond and mort
ra-e ani STICK amounting tO about '. bl; 70
i not expected at much can be res.ized from
those securities.
Among the debts comQ-ow scd 10 may be seen
from statement No i5. that Daniel \ Co.born was
indebted 3 the Canal Bank oa tne lth July
,l-, nearly -15.I11. Tie bank held 10 security
excepting note endorsed by : o Sheppard. and
two mortgages on rs furnace premises In Essex
Co.. for $4,000. We ave collected - oi has notes.
one endorsed by Sheppard and the 0thet by Clark
4 ketclrr fJr S'.191 ID. s1l received IN Canal
Bank h.l's $4,000 on his bond and mort-a-e. be-
SIDE an interest Ia q mortgage on bis promises I'd
furnaces 40 Essex Co. for ~'.1-- - making an the
aggregate nearly 10000 The la.c cashier vas
partner with C0,born and Lad furnished part
OF the capital.
Tn indebtedness u David Goodrich. Amounting
g. $1,000. q, vas in September last compromised
tor 10-i 7r This liability was contracted AZ the
Cana. Bauk during the sst year on drafts drawn
by several persons accepted by Goodrich. and dis
counted by the Cana Bank
Annexed a. this report y i.I De 0uld the ailda
VIZ made by Goodrich at the time the compromise
was made. in which lie swears that the statement
then exhibited is true and that he had 200 property
which he could appropriate toward the payment
OF uis debts. The payments made were --.--I in
Canal Bank bills AMI endorsed notes making iu
al -l,0rf tt
The Albany Glass, Enamel auj Porcelain Com
pany was formed IN the Spring Of 1880, under thc
general lsw for the purpose OF manuisctlun-
" GLlss anil GhHsrare. The capital stock OF
this incorporation was ZEN n0NQHd dol0rs. which
was held by John Paige Pepper, and Benjamin
Mott i've shares sam stevens, Amos Dean, John
keyes Paige. Tnoo Ocott and Geo. h. Cook each
one share. The company purchased from the
Albany and schenectady Railroad Company Or
S1l 900. the premises formerly used by that COM
panv as a depot lu the southern part oI the city,
and executed to the Railroad Company mort rage
ior the same amount lt appears from the books
OF the company that but my per oW. oi the
cgyu1i stock had been paid lu, $4,000. The bust
ness 0l mauu.a.uru- late glass, fancy glass orna
ments and bottles was commenced bat did not
prove profitable they subsequently succeeded in
making from the common blue clay n beautiful
fancy door knob. which was coming into general
use and which eventually would have been a
profitable manufacture for the company. They
expended iar.e amount ol money pa preparing
their machinery aud building before they succeeded
la bringing their articles ia market. Their books
| show that they had charged t. profit and ioss
SIS $40 40, while but my per- cent OF their apitai
| N0,0ODj had been pail In.
At the time this Company failed, John heycs
| Paige was President Theodore Olcoit. Treasurer.
and Benjamin Nott, Secretary Tho yarlou,
srancie es of the business under the control OF
| John p Pepper, George II Cook aud the other
executive officers. The Company liability 10 the
Canal Bank was sl3,ljq a., beside ledger a..
count OF ~iO.522 90. making their entire debt
| slO3 SOB o.. For about 100000 OF this indebted.
ness the Bank held the COMPANY notes, with the
individual endorsement Of John keyes Paige and
Theodore Olcott, and Tor the balance, about J,0Oo
nothing but the Company without any security.
| IL is expected that great portion OF this debt
viii be collected for the reason that Mr.. Paige
made affidavit on the lth day Of april ~, but
three months before the Bank failed. that he was
worth f1rtv th0rsand d9iiars, and It is not known
| f1. los bu ba fagIu lut b. !
stock about 1000. See Exhibit NJ.
In October last, proposition was made from
| part of the Directors % compumise the debt, by
securing to the receiver the payment Of -.',11u,
provided they were released from all labiiities-
| The proposition was acceded o. bat they did not
| perfect and carry cat their otter. They ai,erward
m sde offers OF a less sum. but they were equally
| unsuccessful In all their propositions They hnaly
assigned tlr the benefit of the Canal Bank Pill
their materials and stock on hand, manu- acturcd
| goods machinery, estate and effects Tor the pay
luelt of the debt before mentioned, AMI in addition
| al. the stockholders, excepting Theodore Olcott
and John keycs Paige, united 10 securing the pay.
ment Of $4,000 Cor their individual liability 10 the
debt then contracted.
On the llih day OF last November. the machi-
| nery fixtures. &C.. Nc. on the promises were Offer
ed lar sale by auction. but asgm far .ess than what
was suPposcd 20 be the real value was bid, and
| then Il was deemed proper 20 postpone the sale .
and since that time the personal property has
been sold ia lots aud parcels. whenever their real
value was offered.
! Attho time the assignment was made, the Com
pany were in debt 70 the suAdry persons 10 their
employ and 70 Messrs. Groesbeck & Co. 'or al
vances made on manufactured articles then IN
| their possession, about : j,9jJ 0I.
The men were paid their demands, aud the
property pledged wss redeemed, snd aiterwafd
| sold
The entire receipts since the assignment vas
made including the note for = 5000. are only 80
100 -1 and must result IN a total oss % from 500
| 700 o. 100000, % nothing IS realized from the
! $1,000 endorsed by Paige and % .c0tt
The indebtedness Of Edward Artcher IS exhib-
| Ted in statement 10. li. hereunto annexed
! About $4,000 OF his Liability was endorsed by
| Michael Artcher; the time OF Is pay ymeat uas not
yet arrived. bu. 10 doubt can bs entertained oi
their payment a. maturity
considerable pat of his Indebtedness remains
unpaid. The papers for that part ~ his debt set.
ted have not set been comp lered, All lil not T.
| pear with the other doc ameats.
FJrtLe part unpaid, negotiation is commen'
ced, and when competed the papers mey thea al
be perfected.
| Al answer " the resolution passed " Jour non-
| orable body on the --i March, calling t0r cosis
1.f c,un-I g., pad sao Hc ylfr -iJ ~ ne
| Caaa. Bank 4ad fhe HGHa # Ne na'rif'ais -
rLlst ne sams hQr. l,sa Paif vii b. found an
.N