The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-27
UNION TRUST COMPANY.

A Statement at Last-Carlton's Alleged
DefaIcation-What the Examining
Committee Say.
The following is the report OF the Examining
Committee OF the Trust Company. 1t has been
cOnourred in by the receiver, Mr.. Il. b. Wesley.
The report was made at halfpast ten O'Clock last
night
The undersigned, committee appointed OF the
trustees OF the Union Trust company, held on the
I'D inst, have, IN conjunction with the Receiver
(who unites in this statement), examined the as
sets, accounts and books OF the company. with all
the thoroughness and care which time and the
The absence OF the President of the company and
of tue late Secretary, Charles T.. Carlton, who
absconded on the 18th inst, maize 1t impossible to
determine many difficult and doubtful questions
which arose during the examination, and which
must be the subject Of patient and laborious in
been reached under these circumstances are
briefly as OllOws:-
Frst-The trust securities in the trust OF the
company, received under order OF the courts, and
those deposited by individuals, amounting, in ALL TO
$434, 26s 49, satisfactory to state were found to
correspond with the accounts in the books, and
the committee have no reason to question the
rectness OF this department Of the cOmpany's
affairs.
Second-The amount OF debts due to the Com
pany Is, according TO the books &c. 800 52S OIL. or
this amount $780, 900 is a demand debt against
Company. For $4,000 OF the RESIDUE OF these
loans no securities can be found In their proper
straced, except as to sra the gross amount OF
several securities found in the vaults OF the COM
pany, which are treated as applicable to this
account and the present value OF which Is estim-
ated at sl4s,5o0. This deducted from above amount
OF S577Ooo leaves $42s,50o This leaves assets OF
The property OF the late secretary, who no
doubt is the party responsible for the late abb
stractions, has been attached by receiver. and
it is hoped that the proceeds WILL In time, reduce
this loss.
Tnird-The committee have devoted large por-
ton o. their time to an investigation OF his &C.
counts aud transactions with the company, which
will be continued by the receiver until all the facts
can be ascertained.
Assets from above. S6381 ,028 OIL
Overdralt of Michigan Southern and
Lake Shore Railroad Company. 327,55S 90
OverdralJ of the State OF
Arkansas coupon account$N,77l GO
Treasurer's account. 25,419 80
This is amply secured.
An overdraft sets of BY deposit
account where Ii should have been
Various other overdrafts and debts. 1856 "a o.
The committee have not had the time
to inquire IN detail as to the value
OF these items, but from the best
information accessible they believe
II To be safe to estimate them at so
per cent. 93212 OIL
Total. ......:.... ..:............. .$s,ss9es4 II
Quoting outstanding checks$19S, 4O6 IS
Cash IN once ............... 43,50554
l,911 90
Total. I41, 596 Is
The debt OF the Lake Shore Company the re-
ceiver has reason to believe, will be adjusted at an
early day The amount Is such that its prompt
setvlement Is matter OF great importance to the
Trust Company On an examination and apprOxi-
mate estimate from the best data that the commit
tee has been able to obtain to the value OF the
than those held for the Lake shore Railroad Com.
pany), and assuming values as they stood on the
18TH INST the loss on their SALE should 1t be forced
would not exceed $780, 900, or less than i've per
cent, for which the debtors would remain respon-
sible.
No doubt arrangements will be made In most
cases to avoid sale and the eventual loss will 1t
is believed, be very much below the above estI-
mate.
Tnt,d-The amount OF the companys liabilities
for deposits and credit balances on the goth inst,
wnen the receiver was appointed, as appears from
It's books, was 96,273,518 So.
The committee have no reason to question the
correctness OF this amount.
Eourtl,-rhe following Ia q summary of the con-
dition OF the company when 1t passed into the
hands OF the receiver
Debts due TO the company and tAe
cash on hand, as above. .......... .S7,141 500 10
United states hve-twenty gold bonds,
lodged with the Bank Department at
Albany lat par $l0o,0OO), estimated
value. ACKNOWLEDGEMENTS. $4,000 90
Two hundred shares OF New York, New
Haven and Hartford Railroad stock
lat par $20,000l, estimated to be
- worth At least. $4,000 90
One 81 900 bond Lebanon Springs Rail-
ROAD Company, value not known;
Bunao and Erie Railroad bonds lat
~ par $ss, o0O) estimated at 10 per cent 2o,700 90
TWO hundred thousand ao,iars Lake