Morning journal and courier., 1891-05-25
THE rAILURE.
The Latest Facts in the Case as Ob-
 tained From Various Sources.

THE FAILURE. The Latest Facts in the Case as Ob-
 tained From Various Sources. When MT. E. G. Stoddard, who has been named for trustee of the insolvent banking firm of Bunnell & Scranton, was asked last evening what additional particulars he could give regarding the condition of the assets and liabilities of the late firm, he replied that as he had not yet received the appointment of trustee, and had not seen the books, he did not consider it safe for him to give any de- tailed statement. He also stated that he was with MT. Scranton for several hours on Saturday, when the latter estimated the liabilities to be $400,00O, and the assets $2OO, ,O0O. MT. Stoddard stated the value of the seat in the New York stock ex- change could not be determined until either an offer had been made for it or un- til it was sold. Whether it was encum- bered or not he had not been able to learn. The seat cost $31 1000, and is among the assets of the firm. When the reporter suggested that possibly the assets had been over estimated at $20O, 1000, he replied that livery likely the assets will be worth less than that sum-"
 MT. Stoddard was asked: Was the $32,- 900 rendered by MT. Addison Smith, MT. Bunnell's father-in-law, rendered for his own stocks or the stocks of the frms He replied that MT. Smith stated that amount would pay in full for stock due him.
 Regarding the securities held by the firm MT Stoddard stated that most of the stocks were worth more now than they were few days ago, as they had increased in value during the last three days, owing to the rise in stocks. These stocks are, with but few exceptions. quoted regularly at the New York exchange.
 What proportion of the assets are in l cash? Answer: The amount standing to the credit of the firm in the County bank, and possibly some money in the vault, which has not yet been opened except to take out and look at paper in private box, the box and paper being at once re. placed as they were.
 From another source information has been obtained that the balance in favor of Bunnell & Scranton ir the County bank is $2, ,OO0. The box referred to was taken out in order to examine the life insurance policies.
 Are the stocks held on a margin by GUS toners of the firm mostly closed out, and what proportion of them are yet in the works!
 The New York stocks are, so far as we know, in the hands of Lawson 6 Go. and Prince & Whitely. just as they were when the firm closed.
 Do you consider block of stock held on margin by customer an asset of the firm if it shows profit, or does the profit go to the customer by the customers set I ting for the stock?
 Answer: That depends. Most of the purchase are made in this way: For in stance, Bunnell & Scranton received or ders for stock for customers. The firm l ordered the stocks of the New York brok CTS and the firm put up the margin to tho New York brokers, who do not know any customer but Bunne1 & Scranton in tn, | transaction.
 Do you anticipate any lawsuits agains the 6rm9
 Answer: I haven't heard of any yet, bu we do not know what may come.
 When will the complicated bookkeeping owing to stock transactions be unravellet to show facts in plain figures? Answer Never having seen the books, the onl, safe answer can give that question is t say "as soon as possible" MT. Scranton and others connected are as anxious t, give any news as the public are to get in formation. They do not want to give t. the public any news that will be mislead ing.
 l MT. Stoddard spent several hours wit Mir. Scranton Saturday forenoon and sev eral more in the evening, but the mass o figures and complicated transactions de fled the combined efforts of both, skille as they are in figures, to make 8 complet and finished detailed statement and the re porters sought in vain. The approximat statement made is, therefore, the best tn public can get until Wennesday, and eve
 then the amounts submitted to the cour
 will be varied from day to day by tn
 fluctuations of the stock market.
 The Hartford Times says: If Messrs | Bunnen & Scranton continued to receiv
 deposits at their banking house for a cor
 siderable time after they knew that the
 were insolvent there is perhaps somethin
 in the affair that demands the attention (
 the prosecuting attorney. Certainly thel
 are many depositors, whose money was at
 cepted by the firm up to the very last mt
 ment, who would like greatly to know jus
 what it's condition was during eight or min
 months immediately preceding the collapse
 Investigation in case of this kind cannc
 be too searching or too severe.
 That they used the funds deposited wit l them III sCock operatlous was PerHaI
 fairly to be expected from the nature (
 their business. Private bankers cannt ) pay per cent. interest on deposits unlei , they make a good deal more than ths out of the money, and large profits al only to be looked for from purchases an
 sales.
 But the moment they found themselve
 without funds in reserve to meet losses o
 such transactions it seems plain that T
 further deposits should have been rt l ceived