, 1877-09-30

| THE BROKEN BANKS.
! WHAT THE RECEIVERS ARE DOING.
The seeker after news at the three dcfunc
sayiugs-banks yesterday went unrewardcd 10
his pains. At the State Savings Institution
| Judge Otis had nothing to say, except that HI
[ was getting along slowly, but didn't know wfet
| he should make report to the Court. Dr
| Turpin Receiver OF the Fidelity, had no spccia
information to give up. The clerks were still
J working AWAY at tile books, getting matters In
proper shape for balance, and, as for DR.. Tur-
| min himself, he WAS answering questions for
everybody who had burden on his mind,
and wanted to know what the pros
pccts were for dividends and the removing
Of that burden. Besides this labor, most
trying to mans patience, in that it was ncces-
sary to repeat things something less than q
thohsand times, DR.. Turpin had to take care OF
the bauk's correspondence aud clear the decks
in that particular, The result was that he did
not 20 into court during the day and ask for the
appointment Of experts to appraise the property
OIL which the bank has mortgages. This will be
attended to, most probably, tomorrow morn-
ing. The scheme to rcorganize the bank sort Of
rested yesterday, 4 few more depositors put
down their names, but it is beginning to be ap-
parent that 1000 depositors form body Of very
ullwiedy proportions, 1t has been proposed to
ret then, together in public meeting, but no
definite steps have been taken to that end.
Receiver Ward had nothing to report yestcr-
day, either. He is quietly pcgging away at his
work, and nothing definite can be known until
he gets ready to make report to the Court,
which he lopes to do by the end OF this week,
or, il possible, little sooner. a number oI de-
positors desire him 10 ask the Court to allow
the real estate belonging to the bank
fG cno1 be so Who should n,x s9ek fo1 i
credits at the rate Of lou cents on the dollar 1t
is claimed that such i company would gradual
II dispose OF the property at good rates, and in
the end the creditors would make more out Of
thercal estate than the Receiver, who, il he sold
it now, would have to do so at ruinous sacri-
fees. The trouble about. any such move
ment is that it is bard to get
majority Of dcpositors to agree to it, and this
scheme may fall to the ground very much as
the one to reorganize thu Fidelity bids fair to
do, unless it is pushed with more yigor.
INVESTMENT CERr1F1cATEs.
The Committee appointed at the Palmer
House meeting OF those interested in Beehive
investment certificates submit the following re
port:
CHICAGO, ILL.,, Sept. 90. To the hoit.lrs Of tn
aud Mechanics Sarfags Bank: The under
signed committee appointed at q public
meeting held at tue Palmer House on Wed
neslay evening. the .0th inst, By those holding
insestmeu, certificates iss:led by the Mcrchante
Farnlere'. and Mechanics Savings Bank, and
which arc secured b: trust deeds held by George
Chandler. ESQ.,, trustee. acting for and in be-
half Of al persons to whom said certificates were
issued beg leave to report that in the discharge Of
afternoon. the 18th inst, ut :. o'clock, for the
purpose Of examining into the condition Of the
lrust: and found that the an.onn. Of Ger;
Mr. Chandler had in his handa protnissory
notes secured by trust deeds upon real
stse af esy in te c Of 1hssgg t9
examined By US, and we found his representations
in regard to the same nlI correct \ large number
will become due within lhe period Of ono year
We also consulted with Mr.. Chandler Us to the
methods to be pursued b. hiln IN the settlement q
such steps ~ viii b. NECESSARY to enable him to
realize upon the securities speedily possible,
but some time must necessarily clapsc before .
full settlement eau tAke place.
ELLtorT ASTnoSv,
]. i. DunLEr,
Committee.
THE INJUNCTION SUIT
brought by Judge Otis, Receiver Of the State
Sayings Institute, to restrain further prosecu-
ton Of the Stockholders by dcposltogs, was to
have III, before Judge Williams Yesterday
lnor1in. at 10 O'Clock. At the appointed hour,
Mr. Bunncy, counsel for the defense, arose aud
stated to the Court that injunction suits had
been truusnt in forty fifty cases, and the par-
ties desired to arrange matters SO as to save
as much expense is possible, aud as it mad been
arranged ttllt the Injunction cases should be |
heard By Judge Farwell, he requested, on behalf
OF Judge Otis, that the ease might be laid over
until O'Clock in the afternoon. at which time |
Judge Fafwell would doubtless bc at liberty to |
hear the proceedings. The latter was occupy |
ing the bench ut the Criminal Court, anu it |
would NOT be possible for him to give the sub |
1ect all audience any sooner. II. desired that i |
motion for the injunction should be entered, 50 I
that Judge Farwell could hear 1t ut the stipu- |
lated time, a1id then the latter would probably
set the time for discussion Tor next Saturday.
Mr.: D. }. Svhuvlcr On behalf Of several Of |
the dcpositors, objected to the delay, Tic said !
it had brcn announced that the trial should
come beforc Judge Williams; tic Court WIS
present, and everything appeared to uc in rcadi- /
less. Therefore, he desired that the triuI |
should proceen Mt once.
Judge Williams replied that although he was
not Ill interested party in this particular case,
he was interested in another liariug similar
bearings, and under no circumstances would be
to hear the triaa.
Mr.. Bonncy said he had had conference with
}ud4,c Farwell, and the latter could not possi-
1ly give the matter hearing before O'Clock;
Il,cy had amended the original bill, or rather |
aad llesl . supplemental bil3, setting up the
stock liabilities and also petition on behalf OF
Inc Receiver, that the suits brought by the de-
positors against the stockholders be enioiucd.
The Court granted the request OF Mr.. Bot-
ley, ana gave permission to have the matter |
ait over until Judge FarweIl would be able to |
lear the case, which will probably be Tomorrow
morning.