, 1877-09-02

l.
Not<-In the estimated value Of resources, tn
| South Park bonds, Sl20. 00o, a.ld the uaumet s
chicago Cunal d. Dock Company's bonds $40,
o0o, IN the American Exchange National Bank O
New FORK. lisrcgar1ed.
a large amount OF real estate, estimated to b,
worth sloo, u0o: has been reported to nit, but i
is not included in the above resources fur the fea
son that i,ave not been able to find the deeds
| ABSEE TAYLOR, Assignee.
AS the different items were read out, tue au
dicncc showed its appreciation BY whistlng
shouting, and murmurs OF discomfort and as
constituent at the wonderful shrinkage in the
assets
Col. TAYLOR,
IN EXPLASATloS OF THE ssEoSD AND STOCK,
statement, said that the Committee had assessed
the value OF those securities at only SlU0, 600.
lie had Il book in his hand and said that it con-
talncd all iteinized list Of the notes. Continu-
ing, Col. Taylor said:
II would be i long and tedious job to read it,
and L presume you don't care about hearing it,
The reason | have fixed no value on the South
{:l3oooV is simply tits: got % dispatch G1ies to,
E3changc @ National @ w BauK in Tue New "Stf1'' YofR
Toe Calumet bonds arc held for
tie bank; as Tor the South Park bonds I don't
know what condition they arc In. 1t is proba-
blc that they are put up and
THE MONEY HAS BEEN DRAWN AND SPENT,
consequently ! did not tx any value on them.
4 roicc-Why don't you fix value On them?
ltc people arc pnyng taxes on them, and we
ought to know what they are worth.
Col. Taylor-1 will read you this fact in rela-
ton to the South Park bonds: l rot trace Of
them early this morning; Sl30,O Of them are
IL the American Exchange Bank OF New York
teiegraphed them Immediately, asking the
condition that they were i'll. Here is dispatch
that have in reply; will read it to you
We hold the South Park bonds in trust under m
agreement between Robert Baya,d and ID. D,
Spencer. President Wa send copy of agreement
By mail.
Consequently could not fix any value upon
them. l don,t know whether they are the
property OF the bank, or whether they are the
properly Of Robert Bayard until get the asrce-
ulcnt. That IS the reason that fixed no value
upon those bo1.dS.
4 voice-All right.
Col. Taylor-lf they are the property OF the
bank, bank, you are SO much better oil wnen they
! voice-Wi1l you tell us when they come?
Col. Taylor-It will be published IN the news
papers when it comes.
IT is DUE TO MYSELF,
iau.es ana gentlemen, that should make some
now occupy. On Inst Monday, think it was,
III the forenoon. Judge Beckwith sent word to
me at my office, asking int to come and see him.
immediately Went over aud saw him. lie told
me the State Savings Bank was in trouble; tLat
Vf.,s ~. spencer had gone, or was going, to New
ork TO try 70 raise some. money; and that
the other Trustees were also irving to
raiso some money in Chicago. But there was
possibility that they might fail to raise tho
money, and II they failed the bank would be
compelled to close its doors. He asked me il,
u that contingency, would accept the position
now hold.
4 voIcE-''wHo IS nEcKw17n:'
Col. laylor-Judge BccEwith, the lawyer
Another voice-We don't want him.
Col: Taylor-Hc informed me at the time |
hat Spencer had told him il the bank closed /
-i'at there vas sufficient amount Of assets to |
pay about W cents on the dollar, and he believed
hat the story Spencer told him was true After I
alking the matter over / consented to serve.
Between and o'clock Tuesday afternoon he
ent for me again. went over there, and the /
Directors then delivered to me the assignment. /
have not put eyes on D. D. Spencer inside Of |
h1rty days. had not put eyes on the Direct /
rs, any of them, until they delivered to me
hat assignment, within thirty days. It was
'rllrered to me-, and took possession Of the
,ank,
A yofce-We didn't want you there. (Ap-
Elause and hisses.]
Col. Taylor-Eyery dollar in that bank Of