The New York herald., 1876-12-19
THE OCEAN BANK.

A SETTLEMENT DEMANDED FROM THE RE-
CEIvER BY THE DEPosIroRs.
meeting OF the depositors In the Ocean National
Bank. which failed in 1871, was held yesterday at No.
l07 Fulton street. Tor the purpose OF taking steps 10
have the receiver settle up with the creditors Tho
meeting, which represented some $25, ,000 unani-
in appointing committee OF three to wait upon
the receiver, MI Theodore N. DAVIS, and In OF
failure in procuring settlement with the deposors
the committee empowered 10 apply TO the Score.
tary oil tho Treasury in reference TO tho matter
SEVENTY THE DOLLAR
Mr. j. n. C. Martin was chosen chairman OF tao
meeting and Mr.. James Wright secretary. II appears
tina. after the failure Of the bank IN 1871 Mr. Davis
appointed receiver, and that in several reports
issued by him he promised that the dcpositors would
be paid In full and that the stockholders would receive
Gty per cent SO far seventy per cent had been paid
the depositors and they given to understand
that they would be paid further dividend May last
but the fulnment OF that promise subsequently
postponed till July. When July came round. however,
the receiver unable carry his engagement
the dcpostors, and made statement giving his
sons. These were in effect iollows-ln the first
place he represented that sum OF $3.50 900 which had
been offered Tor the Portage Lake Canal Com
pany debt to have been paid on July l; that the
party however, was unable 10 carry out the agree
ment then, but the money was promised In October,
when there every reason to suppose II would DO
would have been sold the LIST OF July, but Tor the
that the receiy unable dispose the pen
robbery suits that therefore, any sum likely TO have
the depositors for the reason that the plaintiffs in
TIE suits would have obtained an Injunction restrain
ing the payment of any dividend until amount su
ncicut cover their claims had been aside
served for their benefit The results OF such njunc
ton he represented, would have been compel the
receiver 10 deposit some 5000 900 in the
await the termination ot the SUITS the assets would
have been sold NJ an uniavorabe timc and great
ia hna,, aha hnvNnA
tho deposiiOrs Another reason for the pay ment
or the dividend in July was effect that
mcnt had not been levied upon the stockhod-
crs, because until the termination Of the robbery
suits which up 10 short time before involved about
$3.50 000 II was impossible 70 say how much the bank
owed that the assets would not have yielded enough
TO pay tho balance due the depostors and the
claimed by the robbery piaintins; that TO have
Iev,ed enough cover both css=es OF claims would
have resulted In injunction behalf Of the stock
holders; that TO have attempted the payment OF de-
positors without reserving enough 70 cover the
injunction on behalf OF the latter, and that there
there nothing TO do but await the result of
the robbery suits. He then held out favorable pros
poets Tor the payment ot dividend IN November.
During months preceding he had he said, de-
,eated a. ana disposed o. iooocr" SUITS amounting 70
settlements and adjustments In various htgations
and disputed claims thereby putting the West Virginia
iron property, the Wabash and Erie Canal Company
debt, ana other large claims available shape for col
lection salc All tho pending robbery suits would
o. Oe ne ns
Company's debt would, In all probability. DO
paid during that month, there was every
reason to suppose that the other assets could be
sold much better pricc than just then. However
all this might be he authorized, he said, by tho
Comptroller Of the Currency say all tho
of the bank would be scd November and IL neces-
sary, assessment would be levied upon the stock
holders Immediately thereafter.
TIE AMOUNT DUE.
November came aud went and the promise or the
receiver not having been carried Out the meeting OF
yesterday held and committee OF three ap-
pointed endeavor to procure settlement IRON the
receiver and OF failure to wait upon the Secre-
tary tho Treasury respect TO the In tho
report the receiver issued IN July the amount due
depositors was shown to be 1881, S9S 81