New-York tribune., 1891-02-15
4 MIXED STATE or AFFAIRS.
AWAITING THE EXANINERs' VERDICT.
TROUBLES or TIE AMEMCAS LOAN AND TRUST
COMPANY WITH ITS vENGEFUL CLERK.

TROUBLES OF TIE AMEMCAS LOAN AND TRUST
COMPANY WITH ITS VENGEFUL CLERK
The examiners of the state Banling Department
will probably close their investigator Of the affairs oi
the American Loan and Trust Company t"-norr""'
and will officially establish the Sovcncy or Insolvency
Of the The charges Of II. Il. Rich aGahrt
the company and his remarkable course. together WIN
some other Interesting facts, wee a,ccrtanei Nc''c'
day. Ritch asked 10 have hi salary raised rs i'iA
clerk, and when his request was refused he hado
serious charges against O. d. Baldwin, president o'
tie company, and also AGAINST several of The drcc,oS'
accusing them Of mlsmanarcment. and alleging INA
the capital Of The company was impaired about q'o0'
600.
Rltch asserts that he entered the services Of tho
company a, loan clerk the promise OF having 4
salary Of -. 900, but received only @l1oo hc sly
that he had an oral agreement With Mt. hdIu"" y
get 81 900 a year. but that MIR, Baldwin put him oi'
saying that the companys condition dld not "arah'
an increase Of expenses for awhile. Ritch says tha'
he was thrown in with Mr.. baldwin great deai' auu
thus obtained knowledge Of certain transactions Oh INC
mart of Mr. Baldwin which seriously reflected on NM
But il is said that of the directors were srJheN
opposed To Mr. RaGwin's policy ana melious Vi
business, and had determined to make ah e"o'' y
oroc, q chance iu the MANAGEMENT OF the company ~
the annual meeting next month. People who decmic'
that they were well posted yesterday sad that h','
lud hold of THIS flCt ana otHtI lHi'i h'"''''
led him 10 Jump serious conclusions and prefer grave
charges, But Ritch has now withdrawn his charge
and SAYS that he resigned his place last Monday anu
VA, not discharged. lie prepared statement VI '''
charges AGAINST thc company, and offered !" ''h II "
a cw>papcr subsequently he obialncd conhSc' "'''
called a meeting Of some Of the p1ncllal s'o'N'',r Wv,
q, The corpanv and read his statement TO them i"''
took place in the Office Of George ~ Mina>an a ia"No''
in the Potter Building ,
The Stockholders present were james r i""' ,
secretary Of the company: George :. liar' ""u
+ silver Mr. Thnrston is president OF the 'H''0'
Ice Comp,n'S, and was formerly deputy oanN "a
aminer Mr.. Hart is president OF the oe'ohu W.,
Railway Company. director IN the fark pa""' o.
produce dealer. Mr. silver i mchDc' "i '''' mn
Hrrn, silver 4 Co. manufacturers oil car SP''"-
urIdccnort Conn. Ritch read a long document 10
these men He charged that the AmeHc'" i''',
and Trust Company wa, absolutely in'olVeh, anu
that half Of it, capital. II 100000 had us
appear,d and was entirely lost ImS co"u'.
ZION of affairs Rtch said. was due uoN
mismauagemcnt and to illegal practices, ana hl''"
named some directors who he said. were uHo'"N
among themscvcs 10 the dctrlment OF the cohp"n'.
snccifyipr IN, accusations, Rch said that the dehol'
wa, about ?595OOO. and tha deposits WHICH, ''''''
ing 70 sworn statements. on June 80 aRe eSn'''
80, G-o 9G4 had since then decreased To les lhd"
half that sum- Kitch condemned certain tial>a'Uo"'
of the company which he said WeIr Fch''"l'o wa
,ccount Of The loans and the coater17 "hi'h uc 'o
many had received. one loan was fJ1o"Vo " ."
Docatur Chesapeake and Ncworlcans kiIr"Au' "i
houd, for which Ritch declared there wa, no mAihc'
value Ritch asserted that the face value "i 'ne o.
was Il 100 900. and that the road had buit ohF sAP
miles He charged that it, subsidy, FllAOoo' H""
the state Of Georgia. was disputed because '"'
claimed that the railroad lad not tlilcd l'' P't '
the contract. other cases were cited ~ showing "'''
nor had been Encouragement. but the directors 'a1
that Etch's chaI.', con-utuied mare H''' VIM"
hat been settled - ~" time ago
Now il appear that Eitcl. according I" man WIZ
know him well f. a man with some financial abiNN'
tu, lacking in Judgment and discretion Mr.. Mna-Mh
heard Kitchs charge, for a." hr-t ume "Hch h''oh
read them Ia the directors. Mr. Minislah malc hl""
20 over the charge, carefully ana calmly Then Elio1
cooled DOWN and admitted that he could nos
tllv .uh.tantiat. them after the explanation made
IA tbc directors In Mr. Niua,lafs office. hr.
Viua.ian did not Nhc 10 be dragged INT"
the affair. but hc advised Etch - ~
10 the orcc Of The American Loan and Trust Com
pany and withdraw tue charges that he had presented
in hi, statement. Eltch did 80. and VT N!n"'h"
aid Yesterday tlmt the did hot offer 20 ~itLdti"
IN, acoui i;ons for $1,000. but dd 80 Oh the iu'''
Of cOJn-cl. ,. ,,.
n familiar lth hl- view say, that while Iitch can
uO' ,ub-iutlat" i- charge ~i~ch,d I" tr uh'' ''"'
bee believe, that thcic is good deal o tuiH III w '''
which viii come "ut wien tH- eAiiu.t S nltAr h, VI 80
ollciu report. \ director Wa a-"cd yesterday NNH'
dilncultir, IN the company would nave w-u -'ll.'u
am,dtly. II the new laIr;rs had not NilcilH'd. -"
ntmttiOn va, made u - what the trouble Wa. LIZ
company entitled bN law to ~Dn" thiItN dIrCto!'
liut a number have rsigncd ana The ohiere % tic
COMPANY dc,iilc To- ,ay who they arc. Ih1hi@ '.
Pati Wa, director bat resigned on account W htFhE
80 much buslur, that he could not attend Ia h- duties
I'm fIr COMPANY. lie sold out III ~tuch two months
ago secretary TaCy also Il director ana ~,
a. uty rs!cncd presumably for IN" same r',i'Ju Hti
allcg,., that the executive commit" Of the h ara "l
directors f. "a ring The committee consists "l
,icorer L. Evans vice president, Wailac" &. Andtr"'
Janc, - TGuf-ton. secretary john -. silver. "c"rtr :
IIart and President Baldwin. ihe-c m"n ana "'H'I
director, have denied the truth OF IItch~ stories
An 0niccr Of the Mutual Reserve Fund Association
,ad there wa> nothing 80 thc chare" made by hth
tnat Mr. Baldwin had directed linn To record u icu
tlnu. loan of rIOOuOO to the Mutual E"e"rt". lh'
Mutual Reserve htd never borrowed u dollar from t'
Americas Loan Company. several az 'tp! "H"'
name, were gwen by lutch. In connection Win "l
yantagcou- loans also denied the in,iuuii"n "i bid
faitu their part. ..
:, Thur,ton -aid YESTERDAY that tIc company "d-
coming out all rEht, dud WO.ld be found 10 b" Jul
perfectly solvent condition. H.,
The American Loan and Trust Company wa, chi
tered I'm -. under the name Of The uit'd states Loan
and ~eruiiiy Company, with capital oi f1VuV'.
t,ar- If, u.c-cit name hN amendment Win 'tpA'Ii
nf - 900 900 Kul1nd K. lla4ard Wa president lhuI
succeeded by Octaviu, ID. Baldwin. Mr. BALDWIN wa,
urc-ldcnt OF the Fourth National Bauk but resi- Itd
II recently.