New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-27
affairs the institution concluded Their report
last night at about 10 O'Clock. II ia as follows;


The undersigned, a Committee appointed at meeting
OF the of the Union Trust Company held on lhe
d inst have IN win h 'no sccomt
and books OF the Company with all inc thor0ughness
VOWED have permitted The absenco of the President
the Company and OF the late secretary Charies D Ca
10 solve many dncult ana noupInl quesV ny,
during the examination. which must be the sub
iect OF patient aud laboIous investigation hereafter
The results which have been reached under these cir
oumstaDces are briefly as follows:
FIRST The trust securities In the possession or the
Company received under the order OF the Court, and
those deposited by individuals, amounting In all TO
e3426S 49, 1t Is satisfactory to state were found 10 cor
respond with the accounts in the books and the Com
mtee have TO question the correctness OF this
department Of the Companys affairs.
Second: The amount Of debts due TO the Company is
according to the books, <6899,52S OIL Of tins amount
Michigan Southern Railroad Company For $4,000 of
the residue Of these loans securities can be found IN
distracted except sl73OO the gross amounts Of
several securities found In the vaults OF Company
which have been treated as applicable to this account
and the present value OF which estimated at $4S5O
(rhe loss is therefore sils,5OO.-Edl
The property OF the late Secretary, who doubt is
the party responsible for these distractions has been
attached by receiver is hoped that Its proceeds
will in time reduce tins loss.
Third: The Committee have devoted large portion
OF their time to an Investigation of his accounts and
transactions with the Company which viii be continued
by the receiver until all the facu be ascertaned
From shove The assets vi
ovedrsn oil s. M sR r. co.............. S27,55s 60
Overhaul OF the state Of Arkansas tamply seeaIed(
coupon account ~ 90 ooo oo
oyeNirsii of BY deposit where should
vsrOS. 1eS ovsdrats and dcC: l3G92i 81
The Committee have not bad the time 10 inquire IL de-
tail the OF these items. but from The best
innate iSe% at 50 per 80 932l2 OF
Total .$G,899684 II
Manhattan Bank amer dedneiag standing
Cash in the 1905 81 2n91l 90
500 IG
The debt Of the Lake Shore Company the receiver has
TO believe will he adjusted al an early day. The
is such that its prompt settlement is matter
of great importance to the Trust Company On an ex-
animation and approximate estimate from the best data
the Committee have been able 20 obtain TO the value
the collateral securities held by the Company tother
than those held for the Lake Shore and Michigan South
ern Railroad Company, and assuming values they
stood on the 18th inst, the loss on their sale
should IT be forced, would not exceed $250OOO,
or less than five per cent, for which the debtors
would remain responsible. No doubt arrangements
eventual loss WILL it is believed. be very much below
the above estimate. The amount OF the Companys ha-
bties for deposit and credit balances on the goth inst
when the receiver was appointed as appears from It's
books, S62735ls o. The Committee have no reason
TO question the correctness of this amount.
Fourth The following Is summary Of the condition
of the Company when IT passed into the hands Oh the
Debts COMPANY cash hand above s7l4596 l6
Albany at SsT $i00 oo0 estimated $4,000 90
sioeE at p2 $50 600 esti@steG ~. $4,000 90
bond Lebanon springs Railroad COMPANY $1,000, re.
eeyed services, value not known
mated at 80 per 297OO 90
sinking Fuud hoods estimated at 80 per 10000 90
4gI 296 %
Liabilities OEf504o o.
$l,2l7,777 81
Excess Of liabilities representing the CAPT
o. the Company. uUJUUU w 90
And surplus observation-disclosures 24Gff' 6i-l2lG7G u
The undersigned entertain the confident hope that the
will soon be able to realize from the assets OF
the Company, funds sufficient TO meet its liabilities ana
enable II to its business but IL Is evident that no
day for the purpose can now be named. The depart
ment for tue transfer and registration OF stocks and
bonds is in full operation under modification by the
court OF the order appointing the receiver.
The Committee and the receiver have been attended
and aided their investigations by several other mem
beIs the Board of Trustees and effort has been
spared to this statement at the earliest hour at
which il could he prepared.
T.. Il. WESLEY. r. ii. HUTTON,
Receiver; SAMUEL WILLETs,
JOHN V. L. PESRYS, HENRY E. DAVIS,
GEORGE W. CUYLER, FREEMAN CLARKE,
F. Il. FAIRCHILD.