New-York tribune., 1874-12-15

fculty. In most Of the where proceedings had
been begun before the appointment and qualification Of
the commissioners, and had been prosecuted sufficiently
to operate as hen against tho Compapys property be-
fore II became vested in them they have been shall
be compelled to to adjustment by the payment
OF the claims In somo cases they had
TO resort to the purchase Of the Companys property
which had been seized and offered for sale to prevent
Its disposal at ruDous rates. and in others they had to
pay the claim and costs OF suit Tue proceedings insti
tuted since their appointment have been nearly all set
aside under the provisions Of the act OF Congress- but
in one or two cases they have been compelled to re-
pevn property seized and furnish bonds to abide the
ultimate decision. At Nashv H.. Tennessee where
the Company holds real estate valued at about
$4,000. they have met with considerable embarrassment
through o decision OF the Chancery Court In some
attachment suits, Chancellor Cooper holding that the
statutory assignment to the Commissioners OF all the
properly OF the Freedmans Savings and Trust Company
contemplated by act OF June So 1874 Is not sufficient 10
vest the title TO said property In the and That IN the
the Commissioners duly proved and registered in the
State before the filing of the bills OF the complaints the
proT o Ss Fo rs decsen ,he
Commissioners have instructed their counsel 10 appeal
Meantime the late agents OF this Company who have
their possession collected from the tenants 0f the
property, have been enioined from paying over the
amount due. and the Commissioners are helpless TO
enforce the collection OF certain loans made at that
branch and now due. The latest advices from Nash
vile foresbadow the appoin ment of receiver with
power sell the property and collect the loans OF the
Company at mat brnch. paving proceeds into the
registry Of the Chancey Court to he held suDeet 10
pro rata distribution.
CONDITION OF THE SEVERAL BRANCHES.
The cash and cash items on hand at tho several
branches called for by the books OF the Company at
the close OF business on July II last, amounted to
A913l a. or this the sum of $3l6s9 35 only had been
received up to Nov So The difference, sl7,42 90. is
found 10 consist mainly Of temporary loans, duebis,
and shorts carried the cash Of OF the branches
portion of this amount the Commissioners fear Will
prove q total loss
Tue Commissioners after further speaking Of their
transactions. refer TO the difficulties with which they
bookkeeping and the general confusion OF the accounts
ana say it IS somewhat doubtful whether they shall
OF the liabilities assets OF the Company at any rate,
will be slow and tedious process The monthly re,
the Company over 72.Ooo depositors accounts still
open, and each OF them requires a careful ex-
that the deposit ledger balances OF sever
Of the branches. including those of the Washington
branch were inaccurate and uOtrustwOrthY those OF
the Washington branch alone containing. at the une
the Commissioners took possession, discrepancies of
$4,000 Tue of $6523 has slDce been discOv-
cred TO Of the duplication Of portion OF the
depositors' accounts lSey nsyios been 1wee trans
account OF the irreg ilarltes tDus eA sung
selves the basis Of their examination IL soon became
apparent that designing persons were engaged IN ex
prevent them from presenting their pass BOOKS Many
OF the depOstOrs themselves looked upon tins action as
attempt on the part OF the commissioners 10 uepIe
Indebtedness to them. and no amount or character OF
seemed to be sufficient TO disaouse them OF
All the schedules, except those OF New Orleans and ST.
L1uIs have been received. Most Of them show tho
amount deposilors TO be greater than the amount
previously reported by the officers IN charge OF the sew
eral brsuches The Commissioners accompany their
port with elaborate tables OF assets ledger balances Of
liabilities but these. they say cannot yet be relied
the Commissioners assumed control the run
ming expenses OF the branches OF the lnstl-
These have been cut down TO about $150O per annuIn
appeals aud remOnstrances addressed TO the Com
OF the most ilnportUnaGe and decided onarncter.
and have been made principally on behalf OF the poorer
aud more ignorant classes OF the depostors wLo ny
this action feel IL they would be debarred from any
further communication with the Commissioners Ine
their appeals and provide temporary means OF Inter
communication by the appointment OF an agent, wnen
needed, at nominal salary OF rom VIC 70 80
month. and in TWO Instances at Beaufort, 8 " anu
Interests OF the deposofs require H. agents are
retaiEed larger salary. These agencies tend To aay
an eec cid In the process OF winding up tue affairs
OF the institution.
UNAvAIIABLE LoANs-Too EARLY TO DECLARE
DIVIDENDS.
Most OF the loans held by the Company overdue,
and on many OF them the interest has been allowed to
accumulate for and cases, three years. In
ordinary times the real estate loans could doubt
less be collected without much trouble; but,
under present circumstances, their collection
would be exceedingly slow and difficult.
10 press their collection as they safely do
but M to this tme they have been aDo 10 effect sale
third parties IN three cases only OF eleven pieces OF
offered for sale. ID all the other cases they
nave compelled either 10 postpone the sale OF or
buy In, properly TO AVOID sacrifice. and they thali
probably be compelled to do for time to
As so-calIed available loans their collection Is
still more difficult. About haif Of them were
made on District Of Columbia securities.
the security IS inadequate; OF Others utterly
worthless aud nsome the funds OF the bank have
been loaned upon mere personal notes without any Sc
t-fa lII
Of branch loans. AS class these appear 10 be the
worst in possession Of the Company, aud the Com
missioners dOuht wheiber even tO per cent OF ths
amoupt will ever collected In attempting to real 70
upon real estate proper OF the Company, the Com
Dissioners hope 10 secure tne cooperation OF 10
poperIes United States for tine and purposes
for which they admirably adapted.
The Commissioners that, finding perslstentsenorts
were being made TO impose upon depositors, they
adopted rule TO recognize assignments only SO far as
to deliver checks in pay meht OF dvidends 10 tne
orglua De epositors This rule though severely crt-
cised and apparently harsh against some oi the most
needy, has been found 10 operate Oenenclaly on
the masses OF the depositOrs. keeping them from
sacrificing their interests Tor O mere tribe the
exhibit OF cash transactions from July IL, 1874 10 Nov
IN 1874 both inclusive shows baaDce OF Cash and cdsh
items on hand Nov. 49, OF s93352 The Commissioners
say that their collections have. comparatively speaking
been small and the cash ON hand does not promise a
aud the purchase for the use OF the Govern
mept OF OF the real estate owned by the Company
time will elapse before tney can nope 10 accihu
aIe funds TO make payment OF 20 per cent,
for II requires nearly 100000 TO make such payment
and amount OF cash III the Treasury subject u dat
az he writing OF this repor. is $l658 TO- Tue present
Condition of the books and accounts OF the Company.
too s such that even II the COnmissioners had the
not only be imprudent but unsafe to do 50.
Time should be allowed either TO reconcile the erslng
least 10 arrive at some satisfactory
them, that they may not be betrayed
n,, the of obligations already satisfied, or