Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-07-23
Big BANK BROKE.
TN AKERIOAE LOAN KvERYYRINa AND
TRUST ANYBODY COMPANY.
Hhars are Preferred Debtors, Though, and The List
Of Them and Their Collateral is Peculiar.
Preferred Creditors Will DO Paid, Non
Preferred Nay Get 20 Per Cent
Ths Stock Is Wiped Dat

motion for permission to pay dividend
of IS per cent. to the preferred creditors
Of the defunct institution Judge Bar
rett reserved his decision.
The receivers report, which was
handed to the Court. represents a great
deal of hard work and at the same time
exhibits the wildness of the financier-
ing that wrecked the company. The
amount due the preferred creditors Is as
follows:
Savings banks, deposits. .s577, 1915
Trust deposits for cupons, etc........ &,646.77
Trust deposits on trusteeships, etc.. 5i446.s3
Trust deposits by order OF Courts. 4,oll.gl
Total. .-e4V1otO.AV
The amount due unpreferred creditors
Is:
General dspOsitOrs, certificates of de, 40
sI p0SS,s Claims s,6 ci With receiver ss 4
Total. SAT-, 40 SO
This, with the capital stock of 81, 0O0,-
600, makes the total liabilities S2,293,
512.12.
1t is believed IN Wall street that the
unpreierred creditors will get all told
20 or 25 per cent, but much will depend
upon the receivers ability to collect the
claims of the company against the De-
catur and Nashville Improvement Com
pany and w. V. McCracken IL Co., the
contractors Of those two companies, and
Neil Macdonald, who was associated
with them in their highly successful
efforts to get loans FROM President D.
d. Baldwin Of the Trust Company.
The claim against the Decatur and
Nashville Improvement Company is for
$500. ESQ, interest due from October II,
1890, and January %, 1891, not includ-
ed. The collateral held by the receiver
for this claim at face value is; Decatur,
Chesapeake and New Orleans LIST mort
gage bonds, per cent, S720, 900; stock
of the road amounting TO S677, 900; note
OF John S. Silver for $500; note of S.
A. Burns, Silver's old partner, $1,000;
note of G. o. Thompson, $4,000, all due
December 10, 1890, and note OF Aaron
Adams, due October II, 1890, for
$4,000.
The claim against w. V. McCracken
& Co., interest from January 1, 1891,
not included, amounts to S1O7,250, and
the face value OF collateral held against
is Louisville, ST. Louis and Texas sec
ond mortgage 6 per cents, Sl06, 900, and
Delaware and Lancancer first mortgage
6 per cents, $4,000.
The claim against Neil Macdonald, In
terest due from January l, 1891, not In
cluded, is S23, 900, and the face value OF
the collateral against il in Carolina,
Cumberland and Chicago first mortgage
6 per cent. bonds, $4,000.
Receiver Simmons thinks that the
most desirable plan for realizing on the
claim against the D., G. & N. o. railroad
is to endeavor TO effect reOrganiza-
ton. Vigorous efforts TO that end have
been and are still in progress. The un-
preferred creditors, have, therefore, 8
long way to look for encouragement.
As for the stockholders, their stock is
wiped out altogether.
Receiver Simmons has collected In
cash during his incumbency $500, 206.2O,
and disbursed Sl1O,666.61, Of which
500. 5s7. 90 was paid out under author
ity of the Supreme Court to take up
demand loans for that amount, made TO
the American Loan and Trust Com
pany upon collateral security. The
cash balance now held by the Receiver
is s279, 539.59, which is deposited in the
State Trust Company.
The report shows that the total
amount Of demand loans made by the
Trust Company and uncollected Is
St.545, O57.10. Specifically they show a
highly interesting state Of affairs. Re-
eeiver Simmons has begun over nifty
suits to compel those who prohted by
the loans and who refuse to pay up to
come to time. Here are specimens OF
the loans made by Rowland n. Hazard
aud his successor, o. d. Baldwin, as
Presidents Of the Trust Company.
Due from Groyesteen IL Pell, interest
from 1887 not included, SlS9,99S.
Face value Of the collateral against 1t,
S499, $50, as follows:
Stock OF the Rome and Decatur Rail-
road, S152, 500; stock Of the Commercial
Telegraph Company, common, S22, 800;
stock OF the Commercial Telegraph
Company, preferred, 97,500; stock Of
the East and West Railroad Of Alabama,
$40. $50; stock Of the New York, Chicago
and st. Louis Railroad, common, $1,000;
stock of the New York, Chicago and st.
I,ouls Railroad, preferred, 5000; Caro-
lima Central Railroad second mortgage
income bonds, six per cent, Sl52, 900;
Union Pacific sinking fund mortgage
bonds, eight per cent, $1,000; Shreve-
mort and Houston Railroad Company
first mortgage bonds, six per cent,
s94. 600; Long Beach Construction Com
pany first mortgage bonds, six per cent,
$4,000.
From George II. Pell, who is in Sing
Sing. So, 100 has been due since January
100 tLfs T. kko oolofaro1.
Shreveport and Houston Railroad
Company first mortgage bonds, . per
cent, g., 900; Empire Gas and Z. L. Co.
OF Huntington, first mortgage bonds, 6
per cent, $4,000.
Receiver simmons was not altogether
enthusiastic when asked his chances for
collecting these claims.
A note OF Samuel Berger for SIS. 900
and guaranteed by ex-President Hazard,
is another asset. The collateral Is s20,-
600 Of the Cresston Water and Light
Compauy's first mortgage six per cent.
bonds.
Then from Hazard, Hazard & Co.
csc. O45. SO has been due since October /,
1SaO. Among the collateral for this are
2 roo shares Of the stock OF the Amer
lean Loan and Trust Company itself.
Further along In the schedules Is q
claim against R. n. Hazard for 50, $50,
dne since July 10, 1889, and the collat-
eral is $40, 600 OF the stock OF the Sara
tora Gas and Electric Light Company.
SIN more, Hazard appears in claim
Tor $40. 400 against John Mcclure, and
ona against w. F. Miller for SEA. 600,
and sin another for $50. 900 against J..
ID Weeks, the two first guaranteed by
r \ Hazard. and the last endorsed