Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-08-10
iHt 6t..,tsAN AMERICAN NATIONAL BANK,
kaepOIt of the Committee of In.
VeAtigatiOn.

WHAT AMOUNT THE CREDITORS WILL RRAIIzy
At a meeting held by the deposttors of the
German-AmeTican National bank In January
last, committee was appointed for the pur-
pose Of waiting upon the receiver Mr.. B. U.
Keyser, and requesting him to give complete In.
bank, In order to enable its creditors to form an
Idea OF their claims.
The following is the report OF that committee,
Sence OF one OF its members. At the time the
bank failed, but little or nothing was known of
the real value OF the assets, which were con-
fuSedly entered on the bank books; the cred
itors therefore, could not implicitly depend
upon the statement published by the receiver
at that time. Since then, other and more re-
liable estimates have been made, from which
the committee has compiled the following,
showing the condition Of the bank on the sOth
Of June, 1880:
Liabilities Of the bank after the failure:
claims not proved ... l5,365.S0
Claims not on book and
not proved. d.............. 100000
These liabilities have been reduced
since then
By dividend paid by re-
By assets (settled claims 33,o5s.5s
- s57, 1910
Making the total liabilities June 80,
1885,. Observation-Disclosures. s244, ,O56 80
To meet these liabilities the receiver has the
following assets:
Real estate. Sis 600. 90
Furniture and safe. Observation-Disclosures. 500o.OO
Cash. Observation-Disclosures. 10 SI3 90
Premium on $4,000 U. S. bonds de-
posted to secure circulation. $4,000
Bills recelVaple. 2O000.O0
Total assets June 30th, 1880. S154 37S 90
In this list the real estate and furniture Is
estimated at its lowest reasonable value. The
item "bils receivable" includes all good debts
to the bank resulting from loans and discounts.
Comparing the liabilities 1914 O56 80 and the as
sets Sl54, ,3I50O, the former are in excess by
Ss9,6s3.50. This amount as well as the interest
on the claims and the running expenses OF the
receivership until the affairs OF the bank Shall
be wound up, must come out of the ASSESSMENTS
On the stockholders OF the bank, which amount
to sl30, ,O00.00.
How much of this Will be collected we cannot
say at present. Some OF the stockholders have
paid their assessments already. or will pay py
the 10th OF August. Others, OF we'll known re-
sponsibility, do not wish to pay, but they will
soon find that the law Will not only compel them
TO pay the assessments, but also the penalty for
any delay caused by them. Should the amount
collected fIom the stockholders fall below
S96 600. allowing the interest on the assets and
an additional S6,Sl7 for the expenses OF the re-
celvershfp. and suppOstng the value OF the as
sets TO be correctly estimated, then our claims
will not be worth their par value. According 10
the annual report OF the controller Of the cur
rency, the amount collected from stockholders
the assessments. II an equal amount should be
collected In this case, our claims will be worth
about Is Per cent.
The receiver is confident that he will at least
collent 3-5 OF the assessments and should this
prove true our claims will realize about 81 per
cent. How carelessly the officers OF the bank
have used the money entrusted them, may
be seen from the following figures: When the
bank failed the loans, discounts and bills re-
ceivaole by the bank amounted to $235, ,443. or
this amount has been collected In cash, SIS, ,sO7
onsetS allowed, s19 045; turned into real estate
s24, ,46s; good debts TO be collected, $40, 600
$3.50; differences uncollected, sl46,123. This
amount is partly loss and partly OF such doubt
fui value that it may be considered a clear loss
The real state OF the bank, shown on the books,
amounted on the 30th Of June to S16S, 900; it has
been estimated to $4,000. The greater part OF
the loss occurred entirely by unlawful transac-
t1ons on the part OF the Chief officers of the
bank, who have been indicted for all thei
offences.
The committee cannot close its report with
out acknowledging the great courtesy when 1t
received from Mr.. Keyser. who frankly and with
his best ability gave full and detailed inrorma
tton upon all questions involved.
JULIUS E. RETTIG,
CHARLES FISCHER.