The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-07
THE OCEAN NATIONAL BANK.

A Meeting Of the Depositors and Report
Of the COmmittee-Tho Receivers State
ment-He Expects To Pay All Indebted
ness-A Lively Debate" i'~ ~ p..t ,r
A meeting Of the depostors Of the Ocean National
Bank, which went into the hands OF receiver
some two years since, was held In the First
District Court room yesterday afternoon. Mr.. @.
J. Everett was called to the chair. He stated the
object Of the meeting to be to listen to the report
OF the committee originally appointed in the inter.
est Of the depositors During It's existence the com.
mittee had AIKEN very little action az 1t was without
power to accomplish much. The report was then
read by Mr. walker, the secretary OF the commit
tee After explaining the din1culties under which
It labored, owing to want OF authority the report
went on to say that the committee had called on
the receiver, Mr.. Theodore NJ Davis, who
Afforded the members every facility for examining
the books and accounts OF the bank, giving all
needful explanations for thorough understanding
H NJAf ASSETS AND LIABILITIES
was such that It was thought well to send COM
municat0n TO Mr.. John J. Knox, Comptroller OF the
Treasury, asking that an assessment be made on
the stockholders IN order to pay dividend to the
deposit0rs To this an answer had been received
the CONDITION Of aairs justed il. and there the
matter rested. 1t was incidentally mentioned that
70 per cent Of their claims had been paid the de-
this moment, was made secretary Of the meeting e.
The President then stated that the report was
really request from the committee to be dis
charged from any further responsibility and duty.
Mr.. Henry 8. Clinton, Of counsel for the stock
holders, here arose and asked some questions in
reference to the state OF the assets and liabilities
which were answered by Mr.. Davis, the receiver,
with detailed statement OF both, as given below.
In the course Of his remarks he stated that he was
contesting the claims Of those who lost by
cess; but that the Comptroller would pay
no further dividends to the depositors be
yond the 10 per cent already paid until
q sufncient amount had been realized to pay such
claimants an equal percentage, suppogng the de-
cision to be in their favor-that is 70 per cent TOR
4280000. Judge Birdseye, also Of counsel for the
shareholders, asked some questions In reference
to the Portage Lake Company's bonds, which
formed part Of the BANKS assets, which led to
VERY ACRIMONIOUS DEBATE
between him and the receiver, In which each
charged the other with making false Statements.
In the course OF his remarks the latter stated that
the expenses OF the receivershtp including that
arising from litigation, up to the present, had been
$37, 000 A resolution that Q committee be ap-
pointed empowered to raise money and to take
such action as they might consider best for the
terests Of the stockholders and the depositors
called forth considerable debate and q number OF
amendments, but was finally Withdrawn. On mo-
ton the report as originally presented was adopted
and the committee was discharged. The meeting
then adjourned.
The following is the statement Of assets as made
49, = -