The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-04
THEN AND NOW.

MONEY LOANED FOUR YEARS AGO BY THE
CENT TRANSFERS OF PROPERTY -REcrIFYINa
THE ERRORS or THE PAST.
large number OF transfers OF real estate, conveyed
by James N. FisKe, referee, TO The Union Dime
Savings Bank. having been recorded on Tuesday in
ths Resmtsr's Office, reporter Of the HERALD yeser
day called upoL Mr.. Brittou prsudent OF the Union
Dime, in relation thereto and ascertaned from tnat
gentleman that the bank was getting rid fast IL
could OF whatever the old administration had left
hiud Ia the shape OF doubtful investments Tho en-
sire transaction, 10 which particular alusion was
made, referred to sixteen houses East Forty-ss
enth street and Lexington avenue. which he bank
under its old administration bad loaned from time to
time various Of money, amounting the aggre-
gate to about $780, 000 Mr. Best when examining the
baUk, had valued the property ON which this money
had been loaned Al about $2ls,ooo. The bank had
been compelled from time tune in repair
Ing these houses ~ to place the properly
sractive and salabs condition. The suits which had
been instituted Tor non-pavment interest on the
mortgages had been pending Tor some time when he
(Ar. Britton took charge, and By advice OF counsel
and OF the Board Of Trustees II thought best
to bring them TO q Anal issue. The result that
out OF the sixteen houses ten mad been sold ~ fore
closure, and the remainder would have 10 undere 20
the same process with the except Of one or two,
which could be disposed Of without taking these OK
trcme measures. Mr. BrItton considered that IN TINS
entire transaction the bank had been virtually
robbed, II not with malice aforeih0ueht, then by
parties who had not the least rest ia It's
success Their calculation to-day was that the bank
alter realizing on all heee houses, would come out OF
this transaction cash In hand, better than even Mr.
Best has figured out
A SUSCEPTIBLE PUBI..
sNeverthcless," he added, ''you cannot understand
how foolish the people are III their predictions When
recently lgned q NUMBER OF mortgages IN order
70 clear me long line OF mortgasesa Hue longer than
the law Mlowed-some OF our deposilors became
frightened. One lady In deep mourning rusned In
here demanding In great exciteni her $500, aud
whom she, ouce insiue the banking house, noticed
that there rush at all, quietly
teller aud sail, Il guess wont iake IL to-day so
also Win these trausiers you alude to. Let the
people understand that we are engaged in rectiiy
the mistakes OF our predecessors that are daily
engaged placing this bank the lrmest and safest
footing possiue.'
Mr. Brilion thon referred the reporter to Mr..
William H. Arnoux Counsel OF the bauk, tor further
facts regarding these real estate transactions Mr.
Arnolx detailed OF his clerks to give data and
particulars regard to the transfers OF the
avenue property recorded on tuesday. IL was then
found that loans said properly we're mado al nrst
In July, 1873, by the Union Dime Savings BanK 10
b. Brdsal ana Catherine A. BIrdsali; that some por-
OF property mad been t0reclosed other parts
course OF foreclosure, and the bank had
already sold two OF the houses ana negotiating
tor the sale oil Two more. Comparing The mount
loaned IN 1873, furnished AT Ar. Arnoux's office
aud the amount at when the property was rcIrans-
ierred the bank, accordance with the records
the Registers Office, the showing viii he folio
Amount Loaned Amount Sold
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