The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-05
NEWARK SAVINGS INSTITUTION.

PRELIMINARY REPORT OF THE COMMISSIONERS
TO CHANCELLOR ACKNOWLEDGEMENTS OF THE
GOOD AND DOUBTFUL ASSETS
Judge George +. TuttIe and Messrs G gorge William.
son and James Bond, the com missoners appointed
on December 10 last TO inquire into and examine tho
condition and affairs OF the Newark Savings Insiilu-
ton, yesterday rendered 10 Chancellor Runyon pre-
lrlnary report which regarded In Newark as being
much more encouraging than anticipated would
be tho CASE In bric 1t IS as ioows:-rhc sound
sufficient TO pay every depositor u 7l-l00
per besides nearly $4,000 600 worth
OF securities which rolled upon 10 reaize with
proper care uy balance OF IS 29100 necessary 10
secure every dcpostor dollar for dollar In their re-
port the mmissoncrs sny ''that alter exam
lung the assets and liabilities and making
close appro ximaon OF the value OF the former wo
do lind report the value Of the assets oil said
institution which we have determined as good, 10
ST. 1913 80; that In determn ng SAID value ws have
deducted such percentage as we deem fully sufficient
TO bring said assets their present value, and such
that they will July produce said amount and probably
under judcious and careful management, but II
the disposal of SAID assets should be forced, or tho
same should be hastily disposed OF under an imme-
date pressure and without duo care they might bring
an amour much less than that above given"
They urthcr report That there are assets amounting
to 900 23S Ga the value o which 10 uncertain, and
that from the books OF SAID Institution and the state
ments OF the officers 10 appears that the interest
cevcd by tho Institution from I'LL sources since the lst
day July past 500 652 49, anu at the date of
the report there due from SAID nstt uton to Its
dcpostors the sum $40. 146,4l9 o. ana that said
amount entire Indebtedness CT tho iustituiion,
IA
Then follows tho schedules 10 detail OF the sccuri-
tics scne iue No. describes over $4,000 900 worth
OF municipal anu railroad bonds. all considered good.
THE DOUBTFUL ASSETS
Schedule No. gives detailed description OIL The
uncertain securities VIII, ch are as ioows:-
Marietta aud CDcinnai Railroad Company
bonds On ioreclosur. .................. Sl4OO %
Marietta and CINCINNATI Railroad Company
stock (621 shares, 500 each. ....... 81, 900 90
in judgment. .,....................l.. $4,000 90
State Of Alabama eight per cent bonds,
issued TO montgomery aud Euiaua Rail-
road Company, no interest PAID since
1878. Observation-Disclosures. 100 600 90
Notes OF Ontario southern Rail
road Company for advances. So, li6 90
Loan to ODtar0 southern Rail-
road Company Tor advances. $751; sos 20
Secured by $7i5000 seven per
cent bonds OF tho road...... 1854 20
Notes Of Atkins Brothers. OF louisville,
Pa......................... 1851 10
Notes OF Chicago ana Paducan
Railroad Company for inter-
Notes OF ". ii. ". Oushman Ct
AL ior 'nlerest............... 1900 90
Notes OF w. Ii. w. Cushman
Secured by judemcnt). ...... 5000 90
Notes OF W.. n. W. Cushmuu
(iour notes, $4,000 ~ach). :. 300 900 20
Secured by $420 900 seven per
cent first mortgage bonds Chi
cago and Paducah Railroad
Company. ............ 220.0CU 90
road Company seven per cent gold
bopds.... COG 900 90
State OF Alabama seven par cent bonds... 4l,O0O 70
One hundred and fifty scvcn per bonds
VI ely OF Mount Vernon lnd., amount. 100 500 90
South ana North Alabama Railroad Com
pany stock tl30 share ............... 1900 90
Call loans secured by coatcras. ...... AS 533 "a
Chesapeake and Ohio Railroad bonds, six
per cent gold Quoted - bdl ........ 900 900 90
Chesapeake ana ONO Railroad bonds,
seven per cent quoted at bid). l. $50 600 90
Total. .................... So 900 2Js Ga
spite OF the Indictment weather the bank was full
of people during Tho forenoon, all anxious TO draw
their twenty per cent Alter tho gist of the report
was made known there was visible decrease IN TIE
number OF applicants Tor money. As the examiners
are men OF very high character la the Community
report has had tho ELECT OF greatly restoring
confidence.