New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-07
A WRECKED BANKS TREASURE.

,pnop, or ryv npposrroRs' COMMITTEE AND THE
RECEIVER CONCERNING THE ASSETS or THE
OCKAN NATIONAL BANK.
A meeting of the depositOrs, creuitors, anu
shareholders Of National BANK was heid yes
terday IN the First District COURTROOM Ior tne purpose
OF receiving the report OF the "Depostors committee
,.,o were Amounted when the bank suspended two
wears ago Charles j. Everett presided, and s. A. Walker
read the report It states that the Committee was ap-
ponted ON Dec H. 1871 and that the National Currency
et under which the affairs of the bank are in lQuda-
ton does not in any way recognize the authority OF
creditors to control influence the disposition
of the assets OF the insolvent institution Inc
Controller OF the Currency and his subordinate,
the receiver given sole authority and responsibility
in reference whole subject 1t rests in their dis
erection to bring defend suits TO sell securities, and
in case of deficiency, to enforce the liability Of stock
holders The records OF their proceedings are not filed
in court as is usual ordinary receivershps but
official records Of the Government, not to be examined
except by consent and in reference to which there Ia no
process Of law to compel disclosure assist invesga
ton Although the position occupied by the Committee
seemed to involve responsibility, it really invested them
with authority to fulfill it,
There then followed in the report letter TO the Con-
troer Of the Currency signed by Charles Megs Bank
Examiners f. d. Tappan President of the Gallatin Bank
and Jacob Vermiye President Of the Merchants Bank
which that they had examined the accounts OF
receiver and found everything to be correct The
letter the report from the Committee to
the Of the Currency, stating that the assets
in September, 1873, as follows:
Cash in the bank $40 OoO suspended bills and stocks,
valued by the receiver sSgS; iOo acres OF ann IN
iron-works property, can be sold Tor $oooO railroad
bonds, worth $25,o00; total, S259,500
But if time is allowed the receiver TO sell the total es
tate he make 10000 more on the Illinois land and
so 600 more on the vrSna iron property making the
Liabilities: Remaining due to depositors,, sssooOo !;
judgment recorded against the BANK IN an old CONNER
growing out of the bond robbery $4,000 other
claims against the bank for losses growing out OF the
robbery for which suits have been begun $287s69
total liabilities, Sl39S59.
seventy per cent Of their claims paid to the
depositors Receiver Davis If contesting the bond rob-
berry claims aud hopes ultimately 10 defeat their paw
nent; but further dividend be made to the de-
positors upon the sSs0,0o0 still due them until
these suits shall have been decided in favor
of the bank, or sum equal to 70 per
accumulated be retained by the receiver to await the
result of the litigation. or, TO recspitulae In figures,
the receiver have hand the sum OF s4,0 900 be
fore he can pay the depositors further dividend OF
10 per cent. II will be two years yet before the bond
robbery claims are settled
In conclusion the Committee ask that an assessment
be made upon the stockholders OF the bank OF sum
Sufficient TO paw the depositors The Controller replied
to this letter Stating that in the assets they did not in
500 COO and that as the stockholders think there will DO
after all claims settled. the stockholders
would probably refuse to pay the assessment.
The Chairman then said that the report open for
discussion Henry L. Clinton, who appeared in behalf OF
some OF the stockholders, asked what the total
liabilities in January, 1872. Mr.. Walker replied that
$500 81 He also said that the Committee in their
communication to the Controller OF the Currency forgot
SO that the assets in september were really 800 500
instead of s40 500 Mr. Davis the Receiver, said he had
paid out SINCE entered upon his duties the OF
2s3 IT, He had paid s94i23S n to the depostors
and $4,000 10 the clearinghouse. He then read the
following statement of the affairs of the Bank OIL Oct 81
1878: