The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-25
Banking Operations In New York.
SUPREME COURT SPECIAL THRU.
nafnra uor TuH~a n~~.~--.

Before Hon. Judge Roosevelt.
JAM 24-in The matter Of the Empire CITY Bunk The
proceedings for injunction and receiver in this case
were resumed at halfpast O'Clock p NJ Mr. T. Hill
ton who appeared for twenty banks insisted that
enough had been already shown prove the insolvency
Robert 7 Cramer cashier Of the bank, who was pre-
sent, was called, examined and produced statement
which, he deposed was made up about the 3oth Of De-
cember. II is signed by Mr.. Hughes and Mr.. Butler.
The amount Of bills receivable s17s,73I o. the
amount bypothecated, S79S92 ss; a portion of the
bills hypothecated past due there still remains due
on the hypothecated bills about oo0 it il due to va
rous parties the amount hypothecaed and not due at
that time was 1857 000about half of that has be.
come due since do not know how much has been paid
the actual value Of the assets here classaedthe
valuation is $443,lsl 54 the nominal value is 1884,
779 81. '
~ How do you account for that dferenceg A. Upon
this list which called $443 5 not put down the
over sis the bank holds a for
another for $50 900; another for $4,000;
circulation at the time Of the failure sl05 lo9 the
specie on hand was $3,6l7. Empire bank bills to the
amount OF $3.50, and other bills, 1915.
ExJudge Edmonds, counsel for Of the petition
ers said that the day OF the the Rank had
less than % Ooo cash to meet circulation of sos l09
witness conttnued-The amount due at that time Ia
individual depostors $12O $780, and to other partie
$IS ses; the bank borrowed money at interest; they
paid Gilliard A. Smith FIVE per cent. per month.
Ex Judge 1monds said that this showed a deficit on
that day Of $4,000.
estimated O
hcates outstanding Con which interest paid) is
about Of this there is about $40 900 yet due
Ex.Judse Edmonds--Let me ask you il a money lender
borrows money at per cent and lends IL at six per
cent, how long would It take TO make him insoventp
MI. Tracey objected to the question, which was net
pressed.
Mr.. Masonry whose authority were those interest
A. BY the authority OF the Board OF Directors
q What Is your own estimate Of the value of the
assets specified in that listy A. It Is difficult question
I'm Ofa iUia hat nf
out very we'll but there large portion Of them that
may not; think 50 cents on the dollar might be re.
Q. What is the value Of the loans to Mr. Leggett A.
The loans passed due 1888 oo0 in position
to say what that is worth Mr. Legget has left town
Court-what is the origin of that claim against Leg
gett sloan How did such an immense sum get into
A. That am unable to answer
10 ON MI; Mason HANDED To Mr. Legget note for
$4,000 by direction Of Mr.. Church, who said Mr. Leg
get was going to get loan for the bank we have here
certified checks OF Sloan Leggett to the amount Of
$1,000 on which they undertook to raise funds for the
Court-Do you mean to say that Sloan & Lesgett had
certified checks to the amount of $1,000 beyond their
deposit in the banks A. Yes sir. that is included in
To Mr.. Tracey, counsel for the Empire City Bank-It
Is the SAB ISL o. that 10 worth afy cents the
about $50 0e0 outstanding certificates and $4,000 to
other banks there other debt due except to the
due to individual depostors including the Sixpenny say
ings Bank Is $500 O00 the assets of thu bank may be
put down at half the S443 co., and securities
say altogether $3.50 goo.
To ex-Judge Edmonds-The 500, 900 comes from the
bills receivable at the time Of the suspension OF the
bank and is to be deducted tie $2gi OGO- the es
mated value of the $40, 900 assets
10 Mr. Mason-A portion OF the bills receivable we're
$4,000.
To the Court-The Directors paid a portion In cash.
and some OF the deposits IN stock notes.
To Mr.. Tracey-The collateral which were out were
carried into the assets OF the bank
The following exhibit made by the counsel for the
hQ 70 lusfra taf THAR 6,an ,..Ir