The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1873-11-14
The Financial Outlook.
LioYD's BANKING HOUSES IN ALTOONA,
BEDFORD AND EBENSBURG-STATE-
MEST AND PROPOSITION.

On Saturday last a large number of the
creditors of w. NJ. Lloyd & Co, of Altoo-
ma, held meeting at the Opera House, that
city, for the purpose of making the most
satisfactory arrangements possible in regard
to the respective claims which were held by
them. The meeting was called at the in
stance of Mr.. Lloyd, who desired to submit
proposition which he believed would be
satisfactory to all to whom the firm was in
debted. The following report of proceed
ings we clip from the Altoona Tribune, of
Monday morning:
The meeting was called to order by call
ing G.. Clinton Gardner, Esq, to the chair,
and E. B. McCrum to act as secretary.
On taking the chair Mr.. Gardner made Il
few remarks, explaining the objects of the
meeting, after which he introduced Hon. s.
5. Blair, of Holliiaysburg, Mr.. Lloyd's at
torHey, who made a statement of the condi-
tion of his affairs, and explained his con-
nection with other banks. From his state
ment, 1t itappears that the banks at Altoona,
Bedford aud Ebensburg belong to Mr.. Lloyd
individually, and that all the others are
partnership houses; hence the creditors of
the banks named must be paid in full out of
the assets of those hanks and all his real
estate, before the creditors of partnership
banks could come in for one cent provided
said partnership banks could not meet their
Liabilities. In other words, all his real es-
tate, wherever located, and all the assets of
the three banks named, belonged to the
creditors of those banks and no other cred
ltors could come in until they were fully
satisfied. Mr.. Blair stated tha: the assets of
the Bedford and Ebeusburg banks were am
ply sufficient to meet all the liabilities and
take care of their creditors at those points,
and that all that was now necessary was to
show the condition of the Altoona house, in
which those present We're interested. He
then read the following statement copies of
which were distributed TO all present:
A&sefs.-Bills Discounted, s37I, 1866. 81: Judg-
ment Bonds and Mortgages. S55.llO; Bank and
other Stocks, s53,2I5; Banking House and Lot.
$4,000; Due from Solvent Banks and Bankers,
SIS, 1873; Cash and Cash Items l5,TI2.S9 Life
Insurance Certificate, $1,000; to balance, $l,-
Liabilities Due Individual Depositors, s575,-
lSt49; Due Banks and Bankers, S27,246.Sj. To-
tai, s6G2, 1925.
The loss by Lloyd. Hamilton & Co, New
York, is covered by Bank capital aud sur
plus.
Surplus in Real Extdte.-Coal lands in Somer-
set, Cambria and Clearfield counties, ore lands
farms az Bells Mills, Lloyd, M'CauIey < Baker
farm, Altoona, Mrs. Thomas farm, Altoona,
Grazier farm, Altoona, Hileman farm, Altoona,
Ginter's heirs farm, Altoona, Mowry lots ana
Cramer lots, Altoona, Homestead ana grounds,
Altoona, other houses and lots, Alto0na-Sj22,
5000; lands in Kentucky, Missouri, Iowa, Ne
81, ,U21 acres $50, $1,000. Total, $605,9C0.O0.
After reading the statement, 8Ir. Blair
called attention TO the exhibit, showing the
solvency of the house, and alluded to the
fact that while all the southern and western
lands had been put in ut $3.50 per acre,
much of it was worth SO more per acre,
and none less than $3.50 per acre.
From this the creditors could discover
that the statement was not inflated for the
purpose of making Il show of figures. He
also referred to the impOssiblity of dispos-
ing of securities, collecting discount paper,
dispOSimg of rear estate at the present
time except at ruinous sacrifices, or distress
ing of creditors, and he offered the follow
ing proposition of Mr.. Lloyd to his credi-
tors for an extension of time in which to
make settlement, the proposition extending
also to the creditors of The houses OF Bed
ford and Ebensburg, as while the houses at
those points We're able to take care of their
creditors, yet being connected individually
with the Altoona house, it was necessary
that they also concur:
ALTOONA, November s, 1873.
To The Creditors Of ". N. Loud. Bedford, I'm
NJ LbJBd &: Co., 4 hoond, and LipBd & CO., Eb-
iness conducted by me under the above names.
| respectfully invite your consideration to the
!. 1 propose to pay the said creditors debt and
interest in full-twcnty per cent in one year.
thirty per cent. in two years, Twenty-Five per
cent. in three years, and twenty-five per cent.
IN four years after the acceptance of this pro-
position.
2. Indsmuch as 1 own a large amount Of real
estate, and many creditors might he willing to
amounts due them, who might not otherwise
wish to purchase, request your consent that
l might be permitted to make SHch sales.
3. Where certificates held they shall be
marked EXTENDED as per agreement" Or sur
rendered and new ones issued
W.M E-nYD.
After this paper had been read, Mr.. Blair
proceeded to state that, rs guarantee to
the creditors for the faithful performance of
the obligations of this proposition, a number
of responsible men in Altoona and elsewhere
had agreed to sign a bond in the sum of
S581, 900, provided all the creditors would
agree TO and sign the proposition. The bond
was then read as follows:
Whereas the separate creditors of wm. NJ,
Lloyd. viz: VIM. II. Lloyd & Co., Altoona, VIM.
NJ. Lloyd, Bedford, and Lloyd Co., Ebensburg,
Sition for an extension of the time of payment
of their respective ciaimS-NOw, in cOnSidera-
tion of the acceptance OF the said proposed
tension 10y the said creditors, aud as an induce
meut to the creditors to accept the same, we
whose names are hereuntO attached do sever
ally promise and agree to and with the Honor
able James Gardner. of III Olliday SbUrg, Pa, FOR
the of the said creditors, that we will sew
orally, to the extent of the sums set opposite
our respective names, guarantee, and by this
instrument do guarantee, the payment of the
said debts to the said creditors by the said Wm.
toned in the said proposed extension and ac-
cepted by the said creditors.
The Secretary then read the names of the
parties agreeing to sign the above bond and
the sums they severally guaranteed, as fol-
lows:
s c. Baker,. .S25. 900 G. Clinton Gard