The sun., 1891-02-19
DOORS CLOSED ABRUPTLY.

WUnO OLOOLU ADnUI liz
IN PRESTON TAxRs CHARGE or THE
xnBRTCAN loan AND TRUST GU.
M, The Directors were CoNsiderinE
nssss or T1alRg Over Thelr Dimeaities.
t,s,-s for sssJyooo were Presented,
vS,cA They CsniA Not Neet-A Receiver
Asked for II Court. sut sn EEert will be
usAe 10 Put the co.rany IN its Feet.
pvsrythlns looked serene at the offloes OF
,hs doors were opened yesterday morning.
The directors and others Interested In i.s wei
i.rs had been busy hnlf the niRht In the oon-
tsmplstion OF reorganization scheme which
IA 70 result In the retirement OF President o.
II BadNin and bis immediat associates and
ths raising OF sufficient capital 10 send the
company alonR prostsrcusly
A number OF deposltors called for their
money, but there was nothing like run. and
everything was harmonious until Just before
noos. Then most ominous feature presented
itsAL' Messengers representing the Union
Dime Savings Bank OF New York. tho Monroe
County bank OF Rochester. and the 0noudags
County Bank OF Syracuse arrived and nut In.
All tOlO ClulION iOI oAoV.OuNS AhOJ WcsS ubNiuou
X this ways The Union Dime Savings Dank.
100000; the Monroe County Bank. 100000.
snd the Onondaga County Bank. 100000.
These claims on the bank wore not subject to
tho flye days clause. In fact. they could he
called at any time. and the messenger from
the respective Institutions dem Ahd6d that the
money deposited by their clients bs paid over
10 them Immediately. This was sumner for
Nj. Baldwin aud the others interested In
vsatherpR tho sorm. It Was very quickly
known that Sir. Baldwins company could not
psy out this money on demand.
while q discussion of the situation was IN
psoaroes Bank Superintendent Preston came
IN, and he was informed OF the situation In
hss statemsns Of the day before Mr.. Preston
vas almost conndsht that tha company hal
wSathsrsd its hardest blows. and with little
judioious nourishmeit IL might possibly bs
able to Go On. He was iuily aware Of the efforts
Of the friends Of the company 10 raise money
to keep Il on its feet and he had acted all
sloBe In a most generous spirit. He was will
iAg TO elvs the friends 81 the company every
reasonable opportunity to rsoupsrats. but
Whan the demands OF the savings banks were
made known hs Guiokly saw that the time had
come for him TO take rossession. He told Mr..
Baldwin and his associates 50. and there were
sAvsral directors present who told n. Preston
that be was perfectly rlGht In his conclusions.
Mr.. Preston then Aad consultation with
otsvs Have: n: .s..,s, 70, y: :. ss
g.Is Isra"sr " S Il wss a.sid.d that NJ. L.ra.sr
and Nj. Hawes should appear before Judss
ISeraham In Supreme Court, Chambers. and
apply for fecslversbip and also a dissolution
Of tho corporation. This WAS done. and the
order wss made rs<urnable hsfore judge In
etsham to.niorfoN. A., ..
Won :lssI Esss u: .SS%Hsay S.d Z sa:S:sa:;d s !.
+ senea5i snSs 1nS nen or e fbsSs vas
ch0 rsfs s.S II thf
H. e@ssssi:aslIi.y @ :aHpiyss e: so%s:a,
III To Ssessss i Them. but l.t
ss sna az, x ne; e: t:Ssy snS %
osAss As. had aSPodh. ego z. ssytns:
81 .sass & .as eempsas ssssps The three
sl..; si;: si: s:s|ss: ssSss "a:
fss;s S:;::.: ss',9; sS:
AM,r!ean LSsn .1a Tr9st 9onpsnx1 s Pa 1, IL 4 e
q q so1ss5s sSr sns aisa San tRs s
txyst company had lnseituted proceeding ~
GMon the ioed was 10 % soio unosr Iofs-
s'srnno Vs AUt Ut.h., ,.t.. - xh> .ooa .nd q,
=, In0te are eiGnsy miles OF tno roaQ. ana IN
theeo days the AyeraGe cost Dor mile Tor build
Ing tS $2l.0UU. The minimum pFice ie 4120u0
Mia and H0urinu ID On fkie haHis tha road
unSer 5 iorSSosnrs wSud % nGs ssS9S W sS OF nSory
yoVNvU mote tnsn VIC o!eLW " sps sIest oOmss
pAny A9Atn4t II. II WAS thcrofofo, Argue4
yOQ69 xC80
SSelpct t6S company could In no Way result IN
clQsing its doors
Preside ut Baldwin. OF coureA. HAA crikicfaAd
~ tsrIint, sSSI n,N ~ ths rnnnawSS SaniiaI IL
~ S~t prss SiI III. ia NtkSs. S.
O1y vuWIKssDci WV nuncOl So1o 1n1 CsueIs wv
not 3pM, ~ lpls eoneE4A commSnE " apHoen
ltom l0oklnR over tne OOOk4 tnet Wneo tIoel-
ffeSidSnt HazSrd's admlpjstrat1on I'D iosue
Amounting 10 Sl.OO0.OOO and upWsri. TpOsO
ic0hs vorS mads 10 Groyesvean K PAIL the lat,
{Sr nov al ninc Ein0 nm thS secn riIias al fhe
Ec.x S.S W. IN Z Try. M fn,n. ~ W
xxiS.os oou vcsf AasOouo NSnWSy OvMpSuys
CouaAaY1 4 lAWlA Hazard. Hazard A. On. n