Morning journal and courier., 1883-02-22
The Townsend Bank.

What the Receivers Have to Say-The Amount Of Funds in Their Hands What They Propose.
 The long looked for report of the receiv- CTS of the Townsend Savings bank, which has been in the hands of the Committee on Banks at the Capitol for number of days, was brought to light yesterday morning, when it was presented to the House and be- came public matter. Following is the text of the report
 NEW HAVEN, Conn.,, Feb. 6, 1883. To the Honorable Committee on Banks, Hartford, Conn.
 The undersigned, Hilton E. Doolittle and Jared E. Redfeld, receivers of the Townsend Savings bank, would respectfully submit the following, in answer to resolution request ing them to report through your honorable body answers to the following questions: First, whether the following accounts :: SIG, ,211.9O deposited in the National New Haven bank, $16, ,827.89 in the National Tradesmen's bank, $66.3 32 in the Yale Na- tional bank, and $21, ,308.08 in the Saybrook National bank, draw any interest," and if so, what rate, and how long 8 time and how de- posted in these banks. Answer: Said de- posits draw no interest, and we have not been able to find any responsible bank in this State that was willing to pay interest upon said deposits; said deposits are deposited in
 the name of the Townsend Savings bank, and
 are payable on demand.
 Second what rate of interest. when pur-
 chased and price paid, for the 139 bonds of
 the Little Rock, Pine Bluff and New Orleans
 railroad, ,227 bonds of Mississippi, Ouichita and Red River railroad, and the 725 Credit Mobil- fer stock Answer Said bonds and stock bear no interest, neither were they pur chas- ed by us, but were found in the bank when we took possession, as part of the collaterals boId hx7k k17ob bonH fOF Ina Rna & Rvda indebtedness, and were taken by us, and the sum named as the par value in our report was credited upon said indebtedness and judgment obtained for the balance due from Bushnell & Ryder.
 Third, why the $57. .s29.7o has not been paid to the depositors and why the bonds
 have not been sold and proceeds divided
 among depositors. Answer: First, the
 amount required to pay per cent divi-
 dend is $57, 1884. .71. There are between 12,-
 GOO and 13 900 depositors, and it has re-
 quired the services of three men nearly three
 months to pay @ dividend. Those services
 cannot be had for the sum of 1 per cent. on
 the amount of the dividend, $573.34, now
 allowed to the receivers by statute. We
 must wait until we have accumulated suffi- cient funds so that 1 per cent. upon the amount to be divided will pay the clerk hire. Second, we must retain some money to pay proper charges against us.
 F. n6OuS1u 6ApAaIAoU bO tu0 1hSG legislature why the bonds had not been sold, and the condition of the bank, and the same reasons prevail now which prevailed then to render it inadvisable to sell the bonds at any price which could now be obtained for them.
 Fourth, what is the market price of all the bonds and stocks to January 1, 1883, in this market Answer No price in this market.
 Fifth, what is the Continental bank &C., count? Answer: The books of the Town send Savings bank show balance due from the Continental National bank, of New York, which the Continental bank refuse to pay, and upon investigation we are satisfied that the amount is justly due, and have brought suit to recover the same, and expect the same will be tried next Saturday.
 Sixth, give 8 full statement of every stock and bond owned by the bsnkP Answer: It has already been given in our report to the bank commissioners.
 All of which is respectfully submitted,
 T. E. Doo1rTTLE, Receivers of the Town
 J. E. REDFHID, send Savings bank.