The New York herald., 1873-09-23

Gus Schen does the same thing. They're pretty
| pair I" exclaimed disappointed depositor.
swell, amt shells made to be brokensn said
wag.
And so the talk went on until about the hour o.
opening the doors, when the people in attendance
who had money in the Trust Company formed In
line and waited patiently in this manner.
Ten O'Clock struck at Trinity church, but nc
doors opened; and after waiting few moments
more In an expectant silence, the people began IL
grow clamO Gus. Still no sign OF lie appeared
and 1t became pretty evident after short while
that the doors were not going to be opened. Then
there was some rafting at the entrance until a
policeman came along and preserved order Then,
posted upon the door the following
NOTICE.
The Union Trust Company will in short slime make a
full statement. Depostors warned not 10 make a
sacrifice OF their claims receiver has been sp.
This notice brought with 1t howl OF disappont.
ment from the men aud many exclamatf0ns OF
chaerin from the ladies. 1t by no means dispersed
would stay on the spot until all the trouble was
over anu they could get their money. They at
any rate sara tney wanted some statement rom
ing with their money in this way didn't please
them. This sort OF talk was universal about the
place, and the greatest disappointment was mani
lest that the promise to open on Monday should
have been broken.
the scene was an animated one aud q casual OBJ
server would have thought that business was IN
lull blast. The clerks were busy at their books,
the Officers were assembled in the directors room
and the deepest interest seemed TO be manifested
by all present. This was accounted Tor ~ the
VINO walked into the office at an early hour and
took charge. He Immediately ordered an exami-
nation to be made INTO the books OF the concern
and the work was progressing satisfactorily when
HERALD reporter entered the place after no small
amount OF opposition from the doorkeepers and
other people placed at the entrance to abuse the
victimZed depOsitOrs, ana thus add insult to In
jury.
any communication to make public Mr.. Wesley
said he had not as yet been able to make any eX-
animation, and, therefore, would say nothing, but
that just as soon as he had come to something
definite he would Immediately make known his
conclusion. and he would then publish q statement
1t appears that the 1000 OF government bonds
offered and sold on Saturday by Van Schaick Il Co.
TO the government belonged TO the Union Trust
Company, and TINS was the means by which they
had
PROPOSED TO RESUME BUSINESS
on Monday. Unfortunately, however, the money
or securities which were owing to the Trust Com
pany by the Lake Shore Road and which were ex-
pected from Commodore Vanderbilt, was not paid
TO the company, and permanent suspension then
became necessary. whether this suspension will
much weaken the company, as far as depositors
are concerned, Is question which no person could
decide authoritauvely at present
The Trustees OF the Union Trust Company held
investigate the affairs OF the Company under the
supervision OF Mr.. Wesley. The committee con-
sisted sisted Of Of Mr. .n Chtsenden Brooklyn John l.
Hutton and wlllets OF New York. The committee
was hard at work all day and did things very
slowly, one member oil the committee is deaf, and
another nearly blind so the progress they make
may be imagined. Such slow examination OF secu-
rites was never before seen, and Mr.. Wesley was
greatly impeded in his movements.
The excuse OF the Lake Shore Railway Company
for not paying up the $1,760,000 which 1t owed to
the Union Trust Company, and which would have
saved Saturday Is that IT. used It's earnings to
senger cars which were demanded by an Increase
of business and that Is why 1t appeared in the light
OF borrower. The money for the August dividend,
1t Is stated, was fairly earned and was not Dor.
r0wed. The road is
SAID TO BE PROSPEROUS
and In good condition, and Mr.. Wesley, the Re-
cefver says that its securities in the hands OF the
Union Trust Company are all excellent, but not
Immediately reallzable. The statement that the
late Horace +. Clark was a constant borrower from
the company is denied, and therefore the allega-
ton thai many Of the directors were very small
they were very careless In looking alter the affairs
OF the institution Is certain. The statement Is also
aas on he sae 0I tae neCevef t9as
with $4,000 OF the cOmpany's money and that
$4,000 was returned indirectly to the company
yesterday The amount OF the delalcatOn OF the
absconding oncer was employed by him in specu-
lations, In which he was loser. The statement is
also made by one in authority that Carleton Will be
| IN the hands or the Union Trust Company in less
than ortyeght hours. He is not supposed to be lar
away, and some people will be able to find MIN
without mucn trouble. The amount OF his delaca-
tion Is not yet known but 1t is in the neighborhood
OF s4oO No one me- or course, suspected TINS
allowed young man ike Carleton so much ire
sponslbe power. some say that parties have
ment OF a certain sum. One OF the trustees OF the
company and depositor told the HERALD re-
lot OF 'old grannies" this thing could not have
happened. When Carleton is arrested it is sup
posed that he will make some important revela-
tions touching the brokers ne has been doing busk
ness with. Alderman Van Schaick says that the
Union Trust Company Is
IN AN ExCELLENr CONDITION.
and will be open by next Monday. The money due
by the Lake Shore road viii be paid In two days at
the larthest. 1t IS also stated that some of Carle
toms brokers' obtained loans on worthless checks
and that they knew that he was abstracting secu-
rites from the company to speculate with, and
that in this manner they were aiding and abettlng
him.
Yesterday morning 1t Is said. Carletons father,
the Rev. Dr. Carleton, prominent Methodist
divine, went to the Union Trust Company Tor the
purpose OF redeeming some $4,000 OF securities
which had been loaned to him. 1t was then found
out that the son had distracted the securities so
that one OF the officers OF the company took the
Reverend Doctors check, certified and when he
got it into his hands informed him 1.-THE Doctor)
that the company would hold the $4,000. The
Reverend Doctor felt very bad.
Commodore Vanderbilt was not heard from yes
terday by the Union Trust Company and he did not
apparently feel inclined to part with any OF the
$40 0O0 900 winch he offered TO loan the government
for the Lake Shore account This payment would
enable the company to resume Immediately. Some
statement OF analrs Will probably be made to-day.
The National Trust Company.
Yesterday the Executive Committee Of the Ma
tional Trust Company terminated the investiga-
tion which was being made into the affairs OF the
institution, and all the securities were found to be
quite correct. The committee say that the condi-
ton Of the company is sound. and 1t notified all
depositors that the funds in their keeping will be
properly accounted for to the last dollar. This
morning the Board Of Directors will hold q meet.
ing, when the report viii be presented by the Ex-
ecutive Committee. One Of the trustees OF the
company, Mr.. Robert II. Berdell, told the herald
reporter that the National Trust Company has
somewhat over $s0o,oOO In government bonds,
500 900 IN first class mortgages, and that the re-
mainder OF the securities are IN good, interest
paying bonds and stocks, with margin OF twenty
per cent.
The total assets OF the company are S. $50, ,0Oo
The government securities are government skies
which have not been bought by the Assistant
Treasurer. Mr.. hillnouse II Is stated, has written
to Washington to persuade the government to