The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-09
THE UNION DIME.
EXAMINER BEsT's CARD-wux HIS REPORT Is
DELAYED.

EXAMINER BEsr's CARD-wux HIS REPORT Is
The following card was issued yesterday
NEW YoRK, Nov. 8, 1871
During the run on the Union Dino Savings Inssitu-
ton addressed you card 10 the effect that the APP
prasers engaged IN vauing tho property mortgased
from ten to fourteen days when would report the
Bank Department The time thus liked hns just ex-
prcd, but though the appraisers have worked dill
gently thcr returns still Incomplete. In ordinary
circumstances the uppraisement could easily have
been made within three weeks In view,
OF the rumors that have circulated regarding the
financial condition OF the institution, seemed 10 me
the examination should be thorough IN all It's de-
tails This is necessary 10 enable me TO ascertain not
only tho market vauo Of The property, but
what any prSosr reuS ea the
institution could reasonably expect to dorive
from such properties as II might be compelled 70 buy
ut foreclosure sales With this object In view the APP
prasers have almost every instance gone through
the buildings IRON cellar roo. This course has
sumed more time than at hrst anticipated aud, ne
cessary, deiers my report | think, however, that
your interests will be best subserved by continual
ton Of the appraisemcnts IN me manner described
rather than by Fastening tacm From present appear
the work will be finished IN about ten days. but,
should tho weather prove uniavoraole, u may take
The appralsements already made embrace more than
two-lhlrds in number and amount OF the mortgages
held by tho institution. In several Instances the
morgaged premises are not worth the encumbrnnces,
therefore the institution must lose many thousands OF
dollars Nevertheless II 10 my candid Opiuion that its
mortgages, as whole, will compare iavorably with
those hold by similar institutions or Ny individuals OF
this city. You should bear IN mind that there has
been fearful shrn kagc real estate during the past
years IL woud probably be safe 10 place u ut
not less than 0De-third It's appraised value OF 1873
uonce the margin upon many loans made up to the
close OF that year has been very seriously impaired.
IL does not however follow that the security Tor such
loans Is insufficient TO justify their continuance In
fact II tho present exaninntlon shows margin OF ten
per cent aud upward on improved property, and IL
should appear The taxes and interest havo been
regularly paid IL the part Of prudence not to disturb
any loan. Individuals act upon this PRINCIPLE and u
may safely DO followed by corporations.
In this connection IL may DO well to remind you
cuoics INVESTMENT yet their market value has ialien
about per cent within tue past twelve months. IT.
therefore, ut The beginning oil this ycar The entire
assets OF tho Union Dime Savings Institution had
been invested United States bonds Its losses would
now amount to nearly $l,0000OO. | mention this
merely assist you to correct impression regarding
what l have said TO the security OF loans upon
bond and mort cages made by this Institution.
Thus far no reason 70 change NY opnton hore-
toi0re gwen as 10 the solvency Of the b nk hopo
TO able only satisfy that II s solvent but
that when all loses actual aud conting gent, are
de Iucted It's assets, there will still remain sur
plus In making this statement you are aware that
incur an unusual responsibility. but have already OBJ
tanned sufficient facts TO justify what suy.
My object In addressing you IN ADVANCE OF my OH.
cul report tho Bank Department sFirst, that you
may understand the Of the delay In completing
tho examination and appraiscment and, second, 10
convince you that neither The appraisers nor myself
blame therefor.
sincerely thank you for tho confidence you mani
et led my former statements. and assure you OF my
oil your good sense In stopping tho run.
Respectfully, WILLIAM J. BEST, Examiner.