Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-03-05
STATE FUNDS SAFE
The Missing Bank Stock Certificates
Of no Value.
WERE THEY EVER SURRENDERED
Dir. Herbert Never Received
or Saw Them.
'WO DOLLARS FOR EVERY ONE OWED

lWU DULlARS FUR EVERY ONE OWED
he State and They are Gilt Edged
Securities = So the State is Secured
Against "A Possibility of Loss--IsanIters
and Financiers Agree That tho Miss
ing Bank Stock Certificates Have No
Value and the Price of Breakfast
Couldn't he Raised on Them--A General
Belief That None Were Surrendered to
the State--One Case in Point.
The anxiety created through series
of sensational publications regarding the
custody Of State funds and securities is
well allayed to-day. 1nfinancial circles
there is unanimity of opinion, en-
phatically expressed, to the effect that
the missing bank stock securities are of
no value whatever to any one, except
the State. They are all recorded certi-
hcates and are neither negotiable nor
an they be used as collateral except
With the consent of the General Assem-
bly,, expressed in a special act. So, in
vhosoever possession the missing
papers may be, they have no financial
'alue. A million dollars worth of them
would not be negotiable for the price Of
breakfast. This is the unanimous
opinion of every one interviewed upon
the subject.
The question as to whether the State
ever held certificates of stock is now
being discussed. 1t is shown that in the
Farmers Bank at Dover, by Joseph L.
Carpenter, Jr., that the States owner
ship in stock of that institution was
only and solely matter Of record. 1t
may be so with other banks, and II
search of their records is being made.
Not bank official can state definitely
whether or not certificates of stock have
been issued to the State and the general
belief is they have not been. Nobody can
be found who has ever known of the
existence of said certificates, and it was
generally believed, though nobody in
quired, that the certificates We're de-
posted in the Farmers Bank at Dover,
the State depository. Cashier Walter
Morris of that bank said to THE
GAzETTE's Dover correspondent Tues
day that he knew nothing what
ever about the missing bank stock Sc
curities. The small tin box which was
supposed to contain them was delivered
to Treasurer Houston about four years
ago, and then given to Treasurer
Herbert. Cashier Morris says he knows
nothing about what the box contained
or where the securities are.
Ex-State Treasurer Herbert received
the box of the bank upon proper
order and states he is confident that it
contained nothing but the junction g.
Breakwater railroad bond and the
school fund bond, agregating $3.50, 750.
He examined the box shortly after re-
ceiving it and is confident that it CON
tanned nothing beside. He gave no re-
ceipt for the certificates it was supposed
to contain and never credited himself
with being possessed of them. lie re-
ceived the interest on the bonds and
that is the only record he possessed of
the States ownership of the stock.
AS to his ability to meet the cash OBJ
legations to the State, that is elsewhere
referred to. Mr.. Herbert says he courts
an investigation and is ready at any
time for one He regards the affair as a
malignant species of persecution and
well understands its source and motive.
As the present State treasurer was not
qualified until January 27th it is dis
cerned that he has had but little grace
over the 30 days usually conceded. Mr..
Herbert also states that ex-Clerk of the
Peace Cochran has discharged all his
obligations to the State and has re-
ceipt in full. This is further attested by
two well-known business men who wit
messed the settlement So the only fact
remaining appears to be that the ex-
State treasurer has been unable to
realize upon some of his securities as
promptly as he had anticipated and as
he fully expects to do during the present
week
OPINION OF BANKER ROBINSON.
In connection with the scare over the
missing State securities whose absence
from the treasurer's tin box is agitating
the whole community just now repre-
sentative of The GAZETTE was
told by Banker Henry @. Robinson on
Tuesday that no bank would ever trans
fer State securities on the request of the
State treasurer. Authority TODD so must
come in the form Of a legislative resolu-
ton or enactment duly attested.
Undoubtedly" Mr.. Robinson added,
"all these securities are still held in the
name Of the State"
II don't believe" he added, 'that Will
liam Herbert has hypothecated single
one of them. In fact, as | say, he
couldn't. 1t takes two to do it. And
the banks know right well their respon-
sibilities. The State can positively lose
nothing. According to the last report
no record of any transfer of stock,
shares, securities or mortgages exist.
They are upon the pages Of the printed
report.
ID