New-York tribune., 1879-01-18
DISPOSITION OF TRUST FUNDS.

REPORT or JOHN MCCLAvE on <SEEDED REFORMS
N MANAGEMENT OF FUNDS HELD FOR sUIroRs.
INFANTS AND OTHPRs.
\ little over a year ago the supreme Court,
General Term, made two important changes in he
tenn by which the city Chamberlain invested the funds
of suors, infants and others that technically in
charge of the court one these that the Chamber
lain should make separate investment OF each fund
and not, as had been done for many years,
unite several funds in one mortgag The other
was the appointment Of general adviser " to
the Chamberlain TO such Investments and
John McCave appointed this office, his
duties being to examine property offered security
Mr. McCiave has fled his annual report In IL be states
at length the various investments made his ap-
proval, and the system Of appraisal which he has
adopted. He opposes the system of separate invest
ments for each rtcuar fund thereby the Chamber
lain s embarrassed placing loans and the borrower
may he called nconv enierty 10 make good the
amount loaned him by the death OF person on whose
M" The loan mlted other unexpected termination
Of the estate IN the hands Of the Court The nnal phrase
n the report is This There no other matters to
"hch ! can call your attention az drrcted Dy your
order than those upon which have already advised
you. Great injustice j. inflicted upon innocent and un-
-ltIIt "upt oy lht ltIt-u ~ uI ar 'n Il
manner in which foreclosure proceedings are conducted
IN tnis city, aud l again respectfully urge your con
Mr.. McClaye asked the object ot this paragraph.
Atcr some hesiaton ne sold Foreclosure sales seem
now 10 be entrcN conducted IN the interest ~ le pam
TN m tlc suI;. referee Il appointed persou lkcd
hat II advertiscs elsewhere he assumes sk Of per
sOnal liability which. with the limited fee OF 500 few
are willing take, hut the Court should give gnt of
genuine advertisements That IL not the worst. You 20
70 the Xchdnge room at noon ihen there bfedhs ouI
Babel - sounds dozen auctlOuerrs read at once
descriptions OF their different lots and the terms OF sac
\ man ma be drsirnJs OF purchasing one lot
and vet IN the confusion lose hIs Glance and hnd
the lot sold. Then there IL an anctoneer'- Zee of
SO am Informed thar IN The second Judicial District
Courts have decided Igt The CNdctlou ~ such zee
vltates q sale, and there is besides the 80 " knock
down fee fOr which there Is no reason.
20 the question 20 The pOss.pll;y OF remedy. NY
NcCave said that the advertising Of sale should Dc
genuine well official 10 provoke real cOipe-
ttiog The sales Ae aid suOuld De made 5y me Tccr
ecs fems,v ves this avoiding the a1cuonccrs tces ann
In he CITY Hall rptunia, avoiding the " knock-i"Wu
fee and according TO LIST. one diirr dnOtDtI 50 1d'
there would be corfl-lOu. Ts was the system IoIu
eyIv uut jhe Exchange closed. The ruundA OF
the New House convenient for sucu purpose
and was intended for IT, Then too some informal on as
TO coUd Of the property should be gwen al tue
sale. SO hal intelligent blOd H. may be made
Bong reminded ~ ln Ol TIE low compensation para
70 -reps ard the with which sales could De eel
aside on any of the acual condlon
u the property sold. n. McCtyc suggested tEaL ms
could 6- got over by e..her appointing proper o'eI
returning The old system OF Masters N Chancery