New-York tribune., 1873-09-08


This amount of $4,000 to offset the made
by Mills and Rodman and such loss as may accrue upon
the wimsntc Railroad and Georgia state bonds AS
to the stockholders, subscription OF 90 per cent,
amounting TO S250OO has been called and S6OOOO mas
already been paid In, and the balance que Is mostly
from such as are away on vacation or summerlng IN
the country, who will pay upon their return 70 the CITY
- tbo % Trnst - ,a,srx Sovn siSned a nSner pledgipg
themselves in the of $5O for the support OF the
Se needed: Henry E. Pierrepo6t Edward Harvey,
Henry sage, 8 /. Hustled, Alexander ". White J. $.
Rockwell W. g. Kingsley j. D. Fish, A. McCue, Johh
Hssey, Daniel Chauncey and JOSIAH o. Low
The peculiar character OF this statement elected much
comment. and it generally agreed that Mr. Ropes,
who had recognized the necessity of letting the public
know something about the condition of the institution
over which he presided would have done better If he
had made statement whatever rather than which
dscoses nothing important and conceals the particular
information sought for The first nine entries OF the
assets regarded being clear and unmistakable,
but the rest vague ana unsatisfactory. The bonds
and mortgages probably good, even though some OF
them Ms's property, but not even Mr.. Ropes
will assert that they are good security which
60 realize the present strait of the Trust Com
pany They cannot possibly be sold to-day or this week
OF value they cannot be realized upon unless
foreeosed and only then after the delays which the law
allows TO those making bonds and mortgages Their
value has not Quetioned and while It Is certain
they cannot upon them at Oncehey are set down
elsewhere as good security but by means as ready
cash. Mr. Ropes does not give the names OF the mort
sagors the list OF property though there can be nopre
tense Of indelcacy since mortgages are matters OF
record and there need to tell what customers are
borrowing such securities.
But the OF the report simply wrong and cslcu-
lated TO deceive IT, of the bills receivable, amounting
u SsO 900 have been paid clearly the footing OF $5S
900 is wrong and should be $4,000 For fthe $4,000 have
been paid then the has previously been counted
as No idea whatever OF the drawers OF these bills
Is given and their value cannot of be cacu-
In,r q rflr~e frQnf
ssl6OOO will deceive satisfy no business man; the
opinion fully secured" is merely that OF the men who
are endeavOrng az TO sustain the bank and concea
its past mlsmanagement More information was asked
on this point reply, and it freely said in
Brooklyn Saturday and yesterday that the authori-
ties who enrust city money in this bank should demand
TO know what these securities are. That the oanK mas
beeu accustomed loan moneyon very insecure coaet
ra shown by the statement Of H Bunker its pres
en Secretary who said Saturday in regard TO the stok
OF the Lathrop Sewing Machine Company that the Board
II smith In the course of business Mr.. Smith received
check for $4,000 the cerdncae OF which was forged
The loss Of this money involved Mt Smltn so tnat ne
was unable to repay the loan. Our books show that
h8OOO Of that loan has been paid of Whether this is
amount 10 loans on the books of the Company the
present officers unable to say but the facts as they
stand now, are, that Mr.. Smith owes the Company
sOO for which they hold real estate and tits believed
TO cover the loan Tue sewng,macnne stock Is also a
part OF the cOlaeras Of this loan and Is counted by
The Company a. worthless"
tits stated by Mr. Ropes that the bank holds 5000
shares Of Lathrop sewing-Nachne Stock which is not
counted among the assets being thought worthless.
The loan on the Connecticut Railroad $4,000 land
not $2OOOOO as stated the authority of Receiver
Chauncey and this Mr. Ropes insists is good because
Mr. COgrOve COsGrOve assured him trains were run
ming constantly business increasing, but that the road
needs equipment There is proof that the road
has ever paid It's expenses. The Trust Company mas
never received penny OF interest loan which Mr.
.Chauncey when receiver thought might possibly
allze considerable sum. But, saDguine as he Is Mr..
Ropes does insist that the bonds worth
their though he quotes them in the assets at the
iull amount loaned. The Georgia bonds have never
paid interest worth nothing, and never be
redeemed because virtually repudated fraudulently
issued The counting OF the overdrafts OF Mills and
ROdman assets shows the desperate resorts OF Mr.
Ropes To make clear case. ROdman's securities as
Deputy Treasurer VIII not make good his theft from the
Trust Company and Miss estate ls bankrupt, there
is no security whatever for his thefts.
According a statement made 70 a TRIBUNE reporter
Yesterday, by gentleman familiar with the affairs OF
the Company aud allowing the merely doubtful assets
10 good the following fair statement OF the actual
GOnGItiOn of the Company:
81, 1873.
Arf,