Morning journal and courier., 1886-02-02

would be likely to pay), B. Moves notes for S1 1905 (nothing being said about "and others') )and on thirty shares of the Automat ic Brush company stock. J. w. Bishop was president of the latter company and l.. NJ. Hills treasurer. The par value of the shares was S100 and the capital stock was half a million.
 Receiver Doolittle bid S223.4O for Henry Smiths note, explaining that he ought to have collected that note and it was only by accident that he had not. The surprise was, he said, that he had not missed other things. His bid was the exact value of the note and he proposed to add that amount to the bank s funds and to look to MT. Smith for it. There was no other bid. This was the only asset which brought its face value.
 "Cash" bought s. D. Cozzens' note of $4 354. .61 for $2. J. w. Osborns note for $500 brought out a bid of fifty cents, which was raised to $1 when it was stated that Osborn was young man and is now in Hartford do- ing a good business. Cash" took it.
 Samuel Tolles' note for $500, made in 1871 and indorsed, went to "Cas h" for $5. Another note of Tolles and LucienW. Sperry for $250, the balance due being $50, wes bought by Lucien w. Sperry for $51, Some one else wanted it for $50.
 On John T. Clarks note the auctioneer be came persuasive. The original was for $200,- 900, but collaterals paid left the balance S134, ,27916. ''Five dollars, gentlemen, J said MT. Bsecher, 'tjust think of it! $5 fo1 paper worth over $134, ,O00. Only $5, who'll make it $10? Five dollars I've got, ten at five, going, fair warning, gentlemen, s134 GOO gone for five to 'cash.'"
 Horace c. Pecks note for $17,0 900, secured by notes of $4 .500, $7, 800 and $500 and backed by twenty-one shares of Fisher Min ing company, eight shares of the Kenyon Mining company, twelve shares of the Amer ican Refining company and shares of the Day & Bushnell and the Corke &l Kimball mining companies, went to c. S. Bushnell for $5.
 The balance on the notes of the Clark Woolen company-formerly of North Ston ington, but of unknown location now-of S1 ,720 2S went to Henry Monson for $1 The latter also, for like amount bought the note of William Gale Beach for $1 ,035. It was a note of the Galaxy Publishing com- pany, made by Beach as president and in dorsed by Beach. The maker and indorser was formerly banker in this city.
 Charles Linsley bought his own note of S67 for S1. William J. Atwater paid SIC for $500 note of Reilly, who formerly lived in Assessor Hull's house, and whose folks are now residing in New York in good style.
 A judgment for $21, ,O61 5e, obtained against c. s. Bushnell in May, 1875, was put up. Mr. Bushnell said that he had written some remarks on this matter, which he would turn over to the auctioneer. There was no occasion, he added, to read the speech now, as it would appear in the papers. The first bid was S1 and it went up by fifty cent stages to $4, at which price F. Chillingworth secured it. He made MT. Bushnell present of it.
 Next considerable interest was apparent over balance of 8 judgment for S209,- 601.93 with interest on note on which James NJ. Ryder was principal and c. s. Bushnell security. MT. Ryder died ill Lon don penniless within year. MT. Bushnell said he had waited twelve years without plaining, but didn't want to explain it to such small gathering as this. Mir. Jeremiah A. Bishop paid dollar for the document and gave it to Mir Bushnell. MT. Bishop also bought the Robinson & Ogden for $25, 900 for 8, with the protests thrown in. Also for dollar Mr. D N. Clark bought notes of $21 ,250 made and endorsed by L. L. Holmes, once bank commissioner of Connecticut, and now out in the wild West somewhere The securities on these notes had been dis posed of Mr. William J. Atwater bought for S1 note of 0. T. Sabin, now of Cam bridge, Vt. for $500.
 For l, ,250 shares, par value $40, of the Nova Scotia Coal company, capital $1 ,0O0,- 900, c. $. Maltby president and F. w. Nor throp secretary, Mir. Doolittle said he had re- ceived an upset bid of $100. No one upset it.
 There was little rivalry to secure 102 shares of stock of the Southern Minnesota railroad now controlled by St. Paul. Bids of one and two dollars were made. Henry Monson got it for S3, and for S3 George A. Isbell bought 490 ares of the Des Moines Valley railroad stock. Most of the paper bought is utterlyvalueless and was purchased by the makers and their friends to get it out of existence.
 Mr. c. S. Bushnell handed 8 letter to the auctioreer, which should take the place of a speech from him on the subject of his finan- cial relations with the bank It was as fol lows:
 Mir. Beecher-Since you are about to offer my note for sale, and presume it will bring next to nothing it is only fair to the parties interested that I should explain how the Townsend's Savings bank came to hold my note for this large sum without collateral. Some months before the failure of the bank the president came to me with the proposal that I should take over to my account several hundred thousand dollars of the Arkansas railroad bonds owned or held by the bank, and allow the bank to hold as its own or sell my $200, ,000 of tLe Shore Line railroad stock which I had in the bank. The representation was made to me that the bonds were issued only as the road was completed, at the small sum of $10,000 per mile. I unwisely con- sented to the exchange. The bonds proved to be.worthless and am the loser of much more than $200,0O0. Moreover, I have been accused by many of having been the cause of the banks failure. It had been much bet ter for all parties had I allowed the bank to stop then and held the Shore Line stock, which would bring at the present market price, including dividends declared, over $500, GOO.
 The bank commissioner would not accept the Arkansas railroad bonds and allow the bank to hold them without good note with them. And I not only loaned my note, but also loaned securities which would at to-day's market price, bring enough to pay the note with interest from the day it was given, and leave surplus of $150,00O.
 c. s. BUSHNELL.
 Receivers Doolittle and Red6eld have a1- ready paid 40 per cent. in dividends to the Townsend bank creditors. With the assets remaining they will finally wind up the affairs of this bank with another dividend of per cent. Most of the explanations were made by Receiver Doolittle and Mr. H. C. Warren. The total proceeds of the sale amounted to $43440 The face value of the securities offered was $489, ,466.71.
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