New-York tribune., 1873-07-28

Tc.l................. s. l4O 2l6 o.
~ which 20 he added oyer by NevYok Bhise 10, 80 "a
COMPANY vb "a vi 6c repaid lev eAys'''' az 900 90
HSS c,stirs,i Of Nr Rolmaa S4sO8 81
To-, ................. ,S5S597 OF
uAHtrriss e.oo ooo 90
Capital stck q0t90 10
Doe to ri7aii 2ll2O-z oS
.,. %
Assrts 75 ~
''''''''''''
...................... sIOS'59I 80
A,rt,s t6o,arch an examination as ! nave been able
10 give io ne accounts Of the Company, can dscoN'r
no oyctdrlltS except The following; ,.,,
Oyerl tr M Mills lof Which no costeras are req ooo oo
by tc Ccmpsu 0G ~
fnT Sc last itcm the Company holds coaterls, out
of which 10 Is t1pecicd tAdt tohSderdo,c oI.IOD'
not all of slld ovcrdraft will be realized There are
oyrrtrfIs v IA dca ers amounting IN an 20 Ss 81 and
which are considered good In the items oi Cal. loans
Tr StoS II Sc 600 G-or state bonds 100000 90
Second upan S2OJO09 New Haven Mdde'own ami ooo m
From ihcsc securities, from the best information
lavc bee able 10 obtain there should be q considerable
amount realized. Upon the other securities heid rs
coiilterais there should be allowed think reduction
al Sl The foregoing facts are given from the books,
and from such either information have been able 10
obtain. The securities held by the Company nave Oeeh
personally examined 10y the directors, and are now in
nv p,rSs0u TIE entertainment OF the liabilities fthe
Tust Company 10 individual dcpostOrS has been much
DELAYED hy the neglect OF the depOors TO hand IN the
books but 80 FOR as have been handed IN and
compared with the books Of the Company no discrep-
ancy has as yet been detected. No Trustee Is drecty
Indirectly Indebted TO the Company. The loan was
made 10 an individual member OF the firm OF WIN. ,
n-Oalo Co, secured however, by abundant cOllatei
s. part Of the loan has been paid OF, and the bal
'''' DASIEL CnAuNCEY, Receiver.
II is stated that the Trust Company intends to collect
30 per cent from the large stockholders and 20 resume
business on sept. l, the Office TO be in Alexander
McCues building, at Clinton and Montague-sts The
depOsors viii he paid 80 per cent on their deposits but
30 small deposits will be taken in future. The report
Of the Receiver given above did not 70 be sasfac-
fl4f loft flo
wiser i'm regard to the Trust Companys affairs than they
had been before. Wellnformed persons say that the
$4,000 OF Western railroad bonds, including those of
the Hannibal and Naples, Wabash aud Lafayette Ral
roads. though they may be perfectly good and safe,
were not the kind of securities in which the Com
pauy had the right 10 invest the funds intrusted
To its care Another suspicious line, 10 say tho
least is the "bis receivable considered good" OF
which the Company had nearly 100000 worth. The
question is here r.sCd Dg many to what right the
Company Lad to act as bank OF discount, il did IN
taking them. The charter gives II no right TO do this
The report Of the also states that the Company
owns bonds and mortgages 10 the amount OF S2209 ST.
No mention, however, made Of the time which must
eIapse before they become due. The property mort
gagged cannot be sold II the interest them is paid
When due and should the bonds and mortgages be
thrown into the market tney would probably be sacri-
iced at 10 or 10 per cent below their value, making
loss in the case Of this item Of the assets Of $4,000 or
over.
Il has also been q cause of considerable surprise TO
many to fuI included among the assets OF the company
the oyeIrafts Of Messrs. Mills and Bodman The estate
of the former 10 asserted will be found insufficient TO
say other claims against IT, when arthe paper of the
deceased it. called in and the mortgages taxes and
assessments arc paid. In the Of the overdraf for
ts4so6 81 IL stated the authority Of the judgment
for nearly s. 600 filed against him in Kings County
that Roduan holds property in his name, and that
Therefore nothing OF this can be brought back These two,
then which NAV be considered total loss, will amount
toSlo65i Then the Georgia bonds TO the amount
Of 100000 which have been repudiated by the state and
consequently possess market value. Following these
are the $4,000 worth Of New Haven, MiddetOwn and
Wiimautic bonds, which possess very little value as
the road is incomplete and mas only single track; has
moreover no stations switches and very little rolling
stock and Will require considerable sum to put IL in
running order. Mr. Chaunccy admits, further that
other securities there should be allowed reduction Of
ss2Gn
From these figures il win be seen how uncertain
the conclusions which be drawn from the receivers
statement alone, without taking into consideration the
fun circumstances Of the case The following would
represent correctly the standing of the
Company
As g. given ouit'g oversns ......,,..s3 1926 97
O'sdrAi Of Bndle C0mpany, ooD,aeIed good 3lj43 50
Total 56