New-York tribune., 1885-01-08
sEvENTY-ONE PER CENTPAID
A BANK THAT FAILED NINE YEARS AGO.

,,onr n,v,pyyps FOR MECHANICS AND
r..nrns, nrposrroRs-rHE RECEIVERS WORK
ENDED.
The dcnositors of the Mechanics and Traders
Saving Institution which failed nearly nine years
400 and whose affairs we're placed In IN
the hands of a receiver, appointed ted Jane 1,;ne
% 1876 are clamorng for information
in regard to the affairs of the bank one Oh
Years since the last dividend was paid and there
has been no final accounting On inquiry M 'nS IS
6fce of the receiver, Wiilla@ Scorto;ned o. from
bis contdentiai clerk that he had not been there
for so,rle time, but that he had made MS nna, 10
port to the supreme C0a. az anu No. 2si broadway
Tie referee was not in his office when the reporter
called. but it was learned that he 6ad eAanlreo
fhe aecounts of Mr. Best and had made his report
but as il had not yet been filed it was not open 70
inspection Frederick Smyth, counsci ior MI;
Best has the referees report IN ms ater
II remains for him to file 1T In the couI aI,ci
wb;ch IL viii become public property. He declined
TO give any information with regard to ltput iro
another source accurate SYNOPSIS was hagin,
together with history of the case from the Deglh-
i'at After Mr. Best was appointed receiver, giving
S"s,ns l" a TOOK possession of the books
and s"1'0' funds @ of the. institution, =, and
after getting its ,h,ss afdTs @s of So
ner cent. one OF Is per cent and one OF per cent
The amount of the funds of the institution was over
$99CoG on csnf wnlGs as hs s e
nartiai accounting about two years age on Which
Edward H. Hobbs, as referee maze aIaVoIaplo 70
mort IN the Supreme Court and 1t was confirmed.
At that time. of the $57 900 due the receiver ior
commissions on the entire amount mvolVeo' %4'
600 was paid to him. - III. fro1 "a
On October IS, 1884, Mr.. Best made his maj re,
port TO the Court and Justice Donohue appointeo
Mr. Hamburger referee to examine the acSoun'S a !.
The day fixed for the hearing was advertlseu; a. 10
usual in such cases, in obscure newspapers wnen
the case came before the referee no 0eposltoTs up
reared to dispute the accounts, ana the
representative of the Acknowledgment 1ounu
no fault with them. The vouchers renert mert
without alteration will be placed before the Court
In a few DAYS with a accommodation from inc
referee that il be confirmed By this report ~ ap-
pears that there is $14315 81 still Que ISposo1IS
and general creditors of the corporation Inc pin
eipa portion of this consists OF unclaimed
generally small amounts-a few not exGeedi4g ise a
or six cents-that have not been called Tor py de-
nosifors There is altogether I'm the hands OF the re-
ceyer Sis. .O66 V2, and, after the amounts due as
already stated are deducted, thereremalns oalahce
of So ISL OIL which applicable to the ex pense VI
this accounting and to the payment OF the eonmls-
sions due to the receiver. The receiver therefore,
will not obtain his full commission OUT o,
S47. 600 and $50 900 out of the business Nothing
remains for the depositors beyond what they naSe
already received. The referee recommends tnat tne
amOunt on hand, which is now deposiIeu WIN
the United States Trust Company, be paid over 20
The Bank Superintendent, that the BOOKS anu
papers be placed in his hands and that the receiver
be discharged. If there is no opposition tne
declares In his report that the account is perfecty
correct and that Mr.. Best has displayed great puSi
ness ability in the management OF the affairs oi 'he
broken bank.