New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-23
SUSPENDED SAYINGS BANKS.
FA1THLEss AND GRAsPNG TRUSTEES.

FAITHLESS AND CRASHING TRUSTEES.
TIKI STARTLING MIsMANAGEMENT OF THE MEcHAN-
Ics AND TRADERS SAVINGS INsTITUTi0S-Ex-
TRAoRDryARY TRANSACTIONS OF PRESIDENT
AND TRUsrEEs-REcEIvER BEsT's STATEMENT.
William J. Best, Receiver of the suspended
Mechanics and Traders Savings Institution, at No. 2eS
Bowery has made statement Of the condition of the
hank 70 the depositors which shows deficiency In the
assets Of S343s16 80 He estimates the amount which
tho depostors will receive at about 70 per
cent Of their respective claims. BE says that
con Jan. 1, 1867 the institution had OF United
states bonds $1,400,000. Most OF the other
securities owned also Of such character as 70 DO
readily converted into cash. All told It held only
sss 100 of Southern bonds In January last, and for
several wears previously IL had United states secu
rites Instead it owned S603 900 of the bonds OF Ten
nessee North and South Carolina, and Alabama ofths
amount S33OO00 appear to have beon purchased Oh
Alfred T. Copklins friends, o. W. Josyn Co. The pur-
chases of through this firm aud the loan made 70
on Atlantic Mail steamship Company stock were
sufficient to break the institution. The amount lost
cannot be definitely determined but it is safe to say that
It exceeds 100000" Mr. Best states that Is now well
known that number Of the trustees OF this institution
have been ipsOlvent for years past AL he declares
neglected msmanaged their trusts, ana several
for alleged services have withdrawn large gums OF
money for their own He further charges that the
accounts been wfully falshed for nearly twelve
years Many Of Investments amounting 70 hundreds
OF dollars made direct violation OF the
law "The loans to Co.. the receiver says, have
not even the shadow OF legality. large loan was msdo
TO this firm by Mr.. COnklin in March, 1867 onPacihc
Mail steamship Company stock and other loans OF like
character during tire year. The out Of which arise
the oss of 1882 900 appear TO have been made on his
own responsibility No authority for them can be found
in the minutes Of either the Finance Committee OF the
Board of T stees" The receiver presents several ex
tracts from the minutes OF the trustees showing appro
pratlons Of tho ,epOstOrs Following are some
OF the tems
Jan. 81 1867. Tho examining committee q trustees)
were voted each $500 per year. and the special eA
aminng commttee pTesumi 90; Sg lsryse oiesO'
Feb. 10. 1868. On motion OF Mr. GREGORY, trustees
Fem and ShaTOt given 900 each sOdltlOha Per
year. for services as examiners Ing pesusmI we O
NAV IL Ira W. Gregory chairman or the specl1I eN-
aminng committee, voted IL 800 In iG or MS SER
voted ~ 900 EACH and the committee ON alterations ana
improvements $500 eacb SIX years aItef the completion
OF the building. In 1865 Alfred T. C9nklln tLe Presi-
dent drew HIS pay president ana member OF the
nal building committee, and the examining commit
tees, the whole amounting 70 S7.2l5. ,-.,,,.
In 1870, on report III favor by Messrs Conkln ana
Gregory the trustees agreed 10 purchase $6OOO0O OF
hands Of the Chattanooga and Alabama RAILROAD Com
p1uy but were subsequently enJoned ny the supreme
Court from making TIE purchase THESE bonus are now
In 1871 b. " lie Count, trustee nominated himself
for the DOsOu OF tec, and was elected at S3lafy OF
of 50 900 Mr. Ie Count in 1874 was made eaOes Oh
for examining" in part bis OWE work as teller.
The sums drawn by trustees from 1858 TO 1875 as
shown by the receiver amounted to Sl63757 OF which
Mr. CouKlin received S4i.05l, and Henry c. Fisher
g5i575 There was paid for " refreshments" $1,000.
Following is summary Of the assets and liabilities