The New York herald., 1877-12-18
BANKS THAT WERE.
What the Books of the National
Trust Company Exhibit.
SPECIMEN INVESTMENTS.
The New Jersey Banking Institutions
No Further Runs.

visit yesterday to the Offices OF tho National Trust
Company discovered Receiver Best busiiy engaged In
replying at once TO halt dozen questions put by as
many PERSONS concerning the affairs Of the defunct
corporation. F,on present appearances il would
small, and tho weight OF the deficiency, Whatever 1t
may amount TO, will fall upon the trustees.
Section 70 OF the company's charter reaGs thus
"For all iossos OF money property which the cap
ital stock shall not be sufficient TO satisfy
the trustees shall be responsible In the manner
and 10 the same extcn that trustees respon.
slbe in law and in equity" Mr. Bost states that de-
positors Will receive 100 cents to tho dollar
and in:imalcs that even tho stockholders
may ultimately receive u small dividend on
their Investments. Tho trustees who voted
for dubious investments to be held
strictly accountable accordance with the letter OF
tie law Tho original capital was 81 900 OU0 and this
has suffered an impairment OF 500, 900, leaving
,00o which, 1t is thought will be sufficient. when
AIDED to what tho dcpositors have paid In, to make
good their several accounts. Mr. Best says that
soon as tho Court orders the payment he
Will be In position to pay Gtty per cent TO deposit
tors and the remainder due time. Mr.. Best
wished to correct the erroneous report which stated
that deposiiors passbnoks would not be received at
the compauys Office. He had posted up d notice re-
questing them TO present their passbooks and havo
tnem DalhhCeI, step WhtCn u
requisite 10 the payment OF dividend
rho new receiver drew attention to para.
graphs which had appeared In the papers intimatng
that possibly the Attorney General might interfere
have Mr. Best removed, because Of his quas.oiicial
connection with the State Bank Department. He
vents the Attorney General from interfering In
'he business unless no be called upon by
the Bank Department to do SO; and Super
Lamb approves OF Mr.. Best's appon tment, the stock
ho ders or depostors need have that he will
DO removed. number OF letters from leading stock
Offering thor aid cooperation: that according
to these Indications things are 10 the most desirable
condition that can be expected under tho crcum.
stances.
GLANCE AT THE BOOKS
The examination OF tue National Trust Company by
Messrs. George w Rcid and Wlllis $. PANE, repre-
scntlng the State Banking Department, on December
81 and 2s, 1873, showed that tho company all
intents and purposes III an insolvcnt condition. Its
assets were 81, 232 800 70. and ITS liabilities
S422 s46 90 leaving the Insignificant sum OF S. 053 25
to us Credit sum not sufficient 10 pay
running expenses for three months one Of the items
in the assets Is safe aud hxures $4,000 II known
tnat II those articles were turned into cash they
therefore IL follows that on December %, 1870, the
National Trust Company was worth In the neighbor-
qoes ao0 % may be siry @ saaS' sseea wny a%a sns Ss
banking Department did not then close It's
doors. note by the examining officers says that tho
rent had been reduced from $40 900 10 $I2 900 per
annum, and that after the Jan uary dividend the
Plus would only be $4,000 The assets then showed
$50, 900 invested In bonds and NOR gagea and that
$l,sl2, 34l So was tied up in Temporary loans"
Many OF the mortgages will prove 10 have been very
ques.'ona1,e investments ana not few Of the
on the books for several years A number OF In.
judicous investments appear sucn as the directors OF
sanction nor tho law susan as Tor instance. Erie
Railway, fourth mortgages, ,s5o,ooo Pacific Rail-
asS o The sa ooa
OF the National Trust Company was
w. Henry las ss The ssn
the present superintendent. OF the Banking Depart.
ment. The statement which they published showed
the assets to have been $4 236 454 A. and liabilities,
$4 1892 ~ leaving apparent balance o $50 062 Is
"A surplus Here IS the sum OF 81 ,05j, 900
vested IN government bonds against 1928, 900
In this direction: but In last years state
few items must attract the attention OF bus-
ness men, lhe San Joaquin wherever that is)
Central Pacific Railroad Is down Tor 00J The
Carondeiet branch OF the Missouri Railroad is charged
year before Erie fourth mortgage bonus hgure
the vf $50 600, as in the previous year the
Railroad OF Nissourous. $39,5Oo IN 375 shares. and
the "Davis sewing Machine Company. 200 shares,
so 000 In addition 10 the above remarkable ms,
one OF $22, 600 Tor .'reaI estate at Watsriown.
taken for debt" Doubtless depositors VIII be
ANXIOUS TO learn the na.urc OF this transac-
ton The directors seem 10 have gone In
strong for Missouri railroads. for there Is still her
item, amounting to $s4 0i9 49, charged TO the account
OF the 'Pacinc Railroad of missouri" Mr.. Bests
statement, 'baance sheet is expected, will go
sufficiently INTO detail TO eniehien those Interested
upon the SuDJecb OI lneSe Irregular Investments.
THIRD AVENUE SAVINGS BANK.
There tried yesterday, before Judge Van Brunt,
holding Supreme Court, Circuit, another In the
Of suits instituted against the trustees Of the Third
Avenue Savings Bank to recover the tor which
they respectively became liable JOINT and individual
bonds which were Incorporated among the assets OF
the bank the statement TO tho Ban King Department,
with view to give IL an apparently sound financial
condition. The suit tried yesterday that brought
against Spencer X. Green. former president of tho
bank as well as trustee This suit was on his ndi-
vldual bond ior $4,000 gwen In September 1873
addition TO tho dcencss interposed IN the PRIOR
suits--want Of consideration ana mat tho bond
void because tho bank had no authority 10 receive
b. nd-it was claimed to be void the ground
that the nature Of bet, and, therefore, par
took n these % ovsruea
also counter claim oi $1,000 tor services
as president OF the bank. Judge. Ven Brunt
directed verdict against Mr. Green for $l9, l68 Os,
allowance OF two and haif per cent TO Messrs
Frederick Smyth and A. j. vanderpoel, counsel Tor
Mr.. Hurd, the recover Sir, Robert 4. seweli ap-
The trial tho suit brought agains. William A. Oar
ling $4,000. the amount Tor winch he bo
came liable 500 900 boud Of the trustees OF
tho bank which set down for yesterday. post
poned, owing TO death in Mr. DarIing's family
BANK NOTES.
The dcpositors oil the dcfuuct Mutual Benefit s, =.
ings Bank are ciamorous for another dividend from
Receiver Adrich. IL Is publicly stated that many OF
tnis banks creditors actually suffering from want
MIR. Aldrich says that he has now $4,000 In his
hands, but wants TO increase this to $44 600,
which will enable him TO pay dcposltors
dividend OF ten per cent He Is not very sanguine OF
being able 10 raise tho remaining ~, 100 0f
the real estate, and nimatcs his uncertainty as to
whether or not tho promised dividend WIN DO iortii-
coming during tho next month Meanwhile the
con idcraulc OF $35 900 rcstsi n his hands, and
the dcpostors are clamorous.
Yesterday morning the dcposors In the Long
Island savings Bank were on Dand IN greater num-
Dors than were desired. Their business was 10 draw
the first instalrnent oil forty per cent which they
agreed 10 accept when tue bank SUSPENDED. Tho
usual dreary looking long lines deposltors OF both
sexes and all ayes were formed from the CASHIERS
desk 10 the street Tho rush WAS so great that tho
tellers could not pay all the creditors yesterday.
Tho run on the Dime Savings Bank, OF Elizabeth,
NJ j., mas nearly ceased Tho officers declined 10 pay
more than per until their ustonary pay day
winch Is in January next BY noon the counter was
clear of craving depositora
Mr. 4. Kennedy, secretary OF tho Oriental Bank,
Grand street, winch has recently gone INTO liQuida.
ton, reported every hing quiet yesterday At tue
establishment Some nifty depositors called during
the aay. but coud yet cash. No receiver has YET
been appointed The writ asking Tor the nom alton
OF a receiver will DO returnabo tomorrow or Thurs.
day in Albany Mr. Eugene smith IL attorney Tor tho