The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-07

TO THE STOCKHOLDERS AND CREDITORS or TaE OHIO
LIFE INSURANCE AND TRUST COMPANY, AND ALL
OTHERS INTERESTED IN ITS AFFAIRS AND CoSDI-
TON
Having returned from New York after an absence OF
three months diligently employed in the investigation OF
the affairs Of this company in said city, will no doubt be
expected that am prepared to render statement Of It's
present condition and prospects.
IL pains TO state that such IL the confused and n,ri
cate condition OF the company books and papers the
New York agency that i is utterly impossible TO
present any which will enable those Interested
70 any correct estimate Of the ultimate value either
Of the stock OF the company or OF any claims they may
hold
Accounts with parties having business with the agency
have been made out and furnished them, In many IN
stances response or acknowledgment has been
scived many have been returned pointing
errors and discrepancies II will readily be seen that
these differences the be recon
cled and adjusted before the actual condition Of the
pany can be asceItsned.
One serious Of embarrassment arises from the
unwarraniablc hypothecaton by the cashier in View York
~ large amount 81 paper sent 10 the agency for coec
ton only II mposgblc at this time ~ conjecture for
bow much OF this the company may be ultimately liable.
within the past two weeks protested bills o. exchange
amount ri E25 600 sterling equivalent ~ al ut
sl.50o0 have been returned upon the company IN New
York Nearly all these us bad been purchased aui
mited 10 drafts dras by the cashier Gpon
credit opened In London with Messrs Bell Grant The
acceptors Of these protested bills wee the drawers
In New YORK. having suspended payment and being per
hars nsolyent wha. dividends will be obtained fro,r their
estates, and when, is very uncertain This another OF
the many causes reasons why statement cannot nov
be prepared, and here introduced merely ne an iusra
ton
In addition 10 the foregoing 70 the almost endless rl
zion caused by aschms s and other legal pro
cccdngs, causing additional cmharr In the guia
ton and settlement q claims in favor Of well against
the company.
The various assets ~ the company pcSred and an.
pledged Of such MIXED aud varied character that
In the present disturbed and unsettled state OF money
matters, II Is wholly impossible 10 OK value upon
them.
The which have brought the company TO inso.
vency wholly owing tothe unauthorized and dsrous
transactions Of the cashier IN New York
I. In his dealings with and large advances to the
Cleveland aud Pittsburg Railroad Company 10 AID tie
completion Of said road THIS has not ye, been
adjusted.
Z In specustions on his own account ia the stock of
this company as well a. other ccmpanss, also ia state
securities.
g. In the depreciation Of stocks and securities held by
him collateral TO Unauthorized loans made b hs i
New York.
These are the prominen, items, AMI the le.s sstan.d
them alone will, fear be o. sufficient amount " AZ
sorb the entire capital Of the company Tlilops Of
dollars.
In my investigations in New York received from toe
usstees there Mt.sr, zoe aud Stemsn cC@ert aid sud
counsel nese gentlemen, OF the twcpy second Of AtsI
last, entered into IN examination a the affairs Oil the
agency and found the varups securcs which Fad hecn
pledged foe loans sisde by thc cashier all baud, and
perceived nothing wrong IN the various Statements
pared ami presented for their cxaDnaian fle great
trouble in reference the hooks the seEey Ew
ING IL real condition sriscs from the fao that the large
transactions already referred 10 vse no, rnde IN teen
but Suppressed by the cashier AMI consequently
II viii require some months ye, OF psicut Investigation
before AIRY statement be prepared uat viii
guide IL determining lrc value Of a claim ,iust SIC
am fu,y aware N The Incompetence Of Thu ssp'o
meni ana THAI cannot prove very satisfactory 20 s,ok
holders or ~ those ShO have placed their funds 10 Tic
custody the company and are 80 much annoyed am
distressed by ~ bone withheld rom them for Iong
a period CHARLES srEIS0S President
CNoSAn, Dec. 4, 1851.