, 1872-11-24
A Dividend Of Seven Per Cent
Declared.
Hon. Jonathan 7. Scan1mon's Career as
Treasurer Reviewed by Gov
ernor Bross,
How ule Eminent Financier is Attemnting
to.Beat Tie Poor Policy
Holders.

<SA9I<1 LII 1AAh4uCtG1% LIB 1.ttEuHh11CG Va
quito large, including persons from ali grades c
society. :.
TIE ASSIGNEE,
Mark Kiuba11, Esq, addressed the crowd q
nourners, as he styled them, and gave state
ment Of the assets aud liabilities Of the bank
rupt, as made up from tho books Of the bank
rrpt, and from the best information the Assigne
had been able to obtain from ali sources. I'll
whole amount, as inventoried and coming int
his possession, VAS $326, 1929. The collec
lions made by the Assignee amounted t
41s7,7o7. OF this amount, s15,091 20 was il
cash receiveQfrom the United States Marshal
who had obtained it under q warrant OF seizure
$40, so received On stock notes; s5,770.74 in
terest on same; $3.50 mortgage notes
@Z,1o@25 interest on same; $332.Gt
On premiums; s340.87 interest OF
bonds; 5000 received for reinsurance O.
the Hide I; Leather Company, Of Boston
There had been expended by tho Assignee 81,
356.26, leaving, subject to call, $13o, ,a50. 90 Q,
these expenditures, $3.50 were for legal Ser
vices, $4,000 for the Assignee, and the re
malnder for postage, clerks fees, clerk hire, ofce
gent, etc. None Of ths settlements had been
.nfde On compromise, and two alone had asked
to settle at SO cents. He had made them, Is ret.
no answer.
THE TOTAL LIABILITIES
Of the Company we're $2,292, 1854. The assets
remaining in the hands Of the Assignee are $751;
1855 in stock notes $40, 600 in United States
bonds; $4,000 in mortgage notes $39, ,19s.o3,
anount due from J. 7, 6cammon. Treasurer ;
@301.2o in personal property; 51,120 in. bills re-
ceivable, worth 50 cents On the. dollar; SIS, 790
in uncol]ected premiums, worthless $40, I'll. .26
in cash on hand and 3119, 93s 81 deposited in the
Mechanics National Bank.
AMONG TIE UNPAID srooK NOTES
Ere the following: J. Z. Scammon, sc, $50, in
snit; Geo. II. Bogue, in trust for J. T. Scam
n1on, S. S. 3S2. so, Offset claimed; D. II. Kregh,
71,250, in Judgment; q. d 6. ". Fuller, 81, ,845
in suit, and will be paid Immediately; John For
efthe, s3,075, in suit, Offset claimed; S. P.
Walker, 96,765, in judgment; Dan. II. Bowman,
Gs,997.5o, in suit Z. S. Fitch, s1,23o. Tae
balance OF these notes hare not been sued on,
and Will be gradually paid
TEE ASSIGNEE CONCLUDES
by saying he hes received in all, over and above
expenses, the BUN OF $3.50, ,350.s0, and has that
e1nount in hand and in bank. OF this, he re-
ceiTed in cash the BUN Of $l5 091::20, and has
collected the remainder principally With
out suit Tho liabilities Of the bankrupt,
IS already proved before the Register, amount
to about the sum Of 81 ,6+9, 600. The.
contingent and otherwise, amount to the sum Of
$648, 1866. The assets ct the bankrupt, not
yet collectedan outstanding amount, aa claimed
b. t.s bankrupt and the Assignee. to the sum of
S199, ,D7.8S. OF this amount Of outstanding
assets o. claims, the sum OF 48,720.59is claimed
to be ....
Due FROM =. =. scANNoS,
Sa9, 16s.03 being the sum remaining in his
hands as Treasurer Of the bankrupt, and the
remainder being due. upon stock notes upon
ssp sseeh hed 4 by @ or & yo @s9 N RSsSs ss il as Ss
hight to set of his individual claims against the
bankrupt for Losses against this indebtedness,
which is denied by the Assignee. The matter ID
in litigation in the United States CIRCUIT Court,
soon be decided by that Court. The decis~
ion will be given in season for. either party
United States Supreme Court st its next
December term. The Assignee holds the notes
$4,000, SECURED by mortgage. H. G. Honore
has fled his bill in tile United States Circuit
Court, claiuing that ha is = joint debtor with
Rawson, and joint owner Of the property
which is held as security tor the notes, claiming
against tho company tor losses, amounting to
tie sum Of s15, 900, against the Bum SO due from
Rawson. This matter is ago in litigation. OF
the remaining outstanding assets or claims Of
the bankrupt, exclusive Of stock notes, the sum
Of s9l .0ss.55 is claimed from various individ-
uals, some Of whom are unable to pay the full
amount Of their Indebtedness at present, aud
some Of it is not yet due.
TEE TOTAL AMOUNT COLLECTED
on the stock notes Of the bankrupt is $194 $751;
50, exclusive Of interest. The amount due, not !
paid, upon such stock notes is 256, 155. Some !
are in suit. and others are in Judgment, and the
Assignee hes assurances that the remainder, Or q
large part thereof, will soon be paid. The claims
ut the lebto,s Of the bankrupt to set off iabil-
ties Of the bankrupt, either owned originally by
them OF purchased by them, after the. failure !
of the Company, against the claims Of the !
bankrupt, has been the chief source Of DIFF !
ficulty and expense e. IN the -. collection s{ Of
he bankrupt were free from these |
claims. The right Of set-oG was brought by the !
Assignee before the courts, and the question was
fully canyasEed. The decision was favorable, |
enabled to collect the large amount Of money !
shown in his report.
QUESTIONS ANSWERED.
It wes asked whether the Assignee Was push !
ing the collection OF the stock notes. He re- |
'3 .3iied they were nearly all in Judgment or in
70 i. r. Norman e Williams said the judgments had
Just been obtained and execution had not yet !
been had. |
called in tie United States Court, and that had |
7elayed action on some suits.
There being no objection to the report Of the |
Assignee, it was approved.
The next question was es to |
TEE DIVIDEND. !
. The Register. said there vas enough I
cn hand to mike one Of q !
little over per cent. Since they would have to !
haye another dividend, it was perhaps better |
.,ot to make fractional dividend now, it caus- ]
ing much trouble. Besides t.lat, other auditors
1nfght come in tomorrow and prove their claims,
and the-cupon be entitled to their per cent It |
<gs best to fix q dividend which would cover all !
Claims
Governor Bross asked # Mr. Scamrnon's
$40 600 Glazing would bo included.
Nr. Hblard said not. I" Amen.'1
BARRlSG CLAIMS.
It ves askedhow long it took to bar claim.
The Resistersaid by the policy suit should
be brought 8ithin o year. He had
held that, wI,ero the 1oss was
adjusted within :he year. by proper authority,
that that clause a tie policy was abrogated, and
the claim became new protaine-it was settle
ment: Many po!i,y-holders haa bad claims ad-
present dividend wonld be paid oniy
TO those whose claims had been
vra@o3 r..-k |