New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-21
A MUSTY LOT OF ASSETS.
REPORT ON Tho AMERICAN LOAN AND TRUST
COMPANY.
=. EDWARD SIMMONS, THE RECEIVER THINKS
THE PREFERRED CREDITORS WILL
BE PAID IN Full

BE PAID IN FULL.
J. Edward simmons, as receiver for the American
loan and Trust Company. yesterday appheo 10 'uueo
barrett In the supreme Court for permission 10 poy
70 tho preferred creditors Of the company oNuonU
AZ 35 per cent The petition was presented Dy
Brsstow, Feet s. opdyke, counsel for Mr.. simmons
Il was accompanied by Mr.. simmons's report 1uaes
Earrett reserved decision The state was represen'eo
by Deputy Attorney General LardneT.
Rumors that the company was in trouble were nisV
circulated in Wall Street on February L. To quiet fears
Which the officers declared to be sroundless fresue'
o. d. Baldwin called on the state Banking Department
10 make an examination of the companys affairs'
Mr. Cahu, State examiner, began work on the DOCKS
the next day. on February Is the company suS
pended. Demands had been made on them by several
savings banks to the amount OF S2eo,oeo, "ihch
they were unable 10 meet. receiver was SsAeu lor
superintendent Charles NJ Preston, Of the state
Banking Department took charge In person lie round
An impairment Of the company's Sl'oOO,Ooo caPtsl
amounting 10 over S650,OcO. His report showed tnaf
The comsany had liabilities Of S2.924s27 90 and nom
,nal assets OF Sales oSs Os. The company had lent
40 100 A5o OIL on collateral worth S1,513,637 81 All
this collateral was secondary 10 pronissory notes,
some of which were given by directors OF INC COM
many namely George A. Evans, W. Z. AhdreWs ana
John 8 Silver. The report OF the company ulat hao
heen fled with the state Banking Department on
January 20 had showed resources OF S3,s4',21s On
March z J. Edward simmons was appointed temporary
receiver for the company. On May the company was
dissolved by order of the Supreme Court, and Mr.. Sim
mons was made permanent receiver
Mr. simmons says in his report that he expects to
be able to pay the preferred creditors, whose claims
amount 10 S7O4s4O 10. in full The common creditors
may receive from 20 25 per cent on their claims the
amount depending on the disposition that Mr.. Sim
mons may be able to make of the Decatur, Chesapeake
and New-Orleans Railroad Company bonds and stock
held by the company. The report sets forth the pres
ent condition OF the companys affairs in great detail
II shows that the receiver has collected in cash
s39e206 90 and has disbursed S11o666 81. The cash
balance TO the credit Of the receiver is Se70539 So
Much time has necessarily been occupied with the
transfer TO newly appointed trustees Of securities
amounting to S. 800 600, held by the defendant under
mortgages or deeds trust for the holders Of securities
of various corporations.
Schedule Of the report is statement Of the con-
diton Of the company at the close Of business February
ls This shows the total face value Of the 10
have been 565 5G4 So the total liabilities, 81 $685.
b12I2.
The most interesting part Of the report is schedule
C. which statement Of the assets ut present in the
hands OF the receiver. list OF few Of these assets
which is given here ought TO make interesting reading
for the directors and stockholders of the company
DEMAND LOANS INTEREST NOT INCLUDED.