The New York herald., 1876-11-24
THE HIGH-PRiCED RECEIVER.

INQUIRY AS TO THE LEGALITY OF cHARoKa
MADE BY RECEIVER DE woLF-REPoRr or
THE MASTER IN cHANcERY.
IBY TELEGRAPH TO THE HERALD.
PROVIDENCE. X. l., Nov. -, 1876.
The Franklin Institution for Savings and The recent
alleged exorbitant charges Tor services made by the
receiver as reported In tho HERALD last week, IS At
,ractng no attention throughout the State The
depositors. might bo expected, are very much ex-
cited the action OF the receiver, aud they ara
Determined TO oppose the payment OF his claims
The Master in Chancery, Samuel W. Peckham, APP
pointed by the Supreme Court TO examine the hrst
port the receiver. Mr. Winthrop DE wolf IN order
whether II was just aud true account or the
proceedings during the time covered by his report aud
get at what should be allowed him Tor his SCR
vices, commenced MS duties yesterday. Mr. De Wolf
was represented BY counsel. also the aepoSt-
ors. Mr. Peckham stated that had looked over tho
receivers books examined the vouchers. &c, ana be-
lieved his report correct Alter tho reading Of The
report Mr. De Wolf was sworn aud subjected ex.
iination in reiauon 70 the matter OF expenses
The counsel or the dcposItors, argued as considers
BILE length, against the payment OF tk- receivers
cnarges ana thought that SIS 800 sufficient 70.
muncron for his services during the year under con-
sderaton.
Ihe was adjourned until Thursday nexA 10
order 10 give the dcpostors' committee 0ppor-
tuuity, with The aid OF experienced accountant 20
examine the receivers books.
The adjourned hearing before the Master 10 Cham
Gerry hold to-day. The receiver counsel for the
Depositors, Committee and large dep0sitors,
present. Counsel Tor the deposors desired 70
examine the receiver upon several important points
viz as the condition Of tho bank from and alter
date the first report August 10, 1S7S Scaimng this
necessary IN order TO ascertain the rale Of
mission compensation Tor the first year. also 10
the condition OF the assets OF bank anu col
ecuons during the time covered W his report; also
dctaed statement OF the amounts received for tue
ussels OF the bank collected during the time
covered by the report the source from which they
were obtained also minute statement OF tue
brokerage received by him for tue replacing OF loans 70
mortgag0s otherwise also statement OF the charges,
assets expenses aEu compensation paid subsequent 10
the dates OF the report.
The Master decided that De VOLTS appointment
related only TO the time covered by tho report he could
allow requests The counsel 10 be answered,
on assets Of the bank; from which OBJ AIMED.
and also statement 10 the brokerage received by
him for loaning funds OF the bank
In answer depository counsel, the receiver said
he had received $500 brokerage tor replacing loan
and paid 0nehalf OF " 10 friend OF nis who was
u partner in the transaction Soon alter his appoint
ment he took from Hospital Trust Company aud
deposited them with tho Blackstone Canal Bank, ol
which his brother was president He claimed that he
was paid any commission l0r his partially he re
that was not credited tho bank ackno wlsdgsd
some the were not judciously made put he
claimed that by not forcing payment on thea nd
averted financial distress on the street. and his dts
cretion IN this matter had saved money for the de-
posltors. In the matter OF the Chapin mortgage
$3.50 U0O-he said he had had nothing to with
ceptance aud he considered the amount large fol
any single mortgage. He had received from Hoyt,
Sprague 4 Co., OF New York, ton per cent ST. OOU-
OF the amount due tho bank oy that hrm
The meeting adjourned until Tuesday next, In ordep
to give the time make q statement r..
ouired by the master.