Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-03-05


WE'RE THE CERTIFICATES EVER ISSUED.
At the New Castle County Insurance
office, The GAzETTE's representative
found Messrs. Candy, Carpenter and
Cleaver talking over the subject. None
OF these gentlemen believed for a mo-
ment in any criminal doings by the
State treasurer.
A new light was suddenly thrown
upon the whole matter by Joseph l..
Carpenter, Jr., who expressed doubt
whether the certificates of bank stock
had ever been claimed by the State
treasurer at all. The inference being
that the scrip had been left with the
banks untouched and that the treasurer
who held the position at the far-off date,
say 40 years ago in the case of the
States Investment National Bank of
Delaware stock, had either from ignor-
ance or choice not taken the documents,
but had chosen to let them remain with
the banks being satisfied with the fact
OF their due record to the States credit
in the stock ledger and the additional
proof of the annual receipt of dividends
from these banks by the State treasurer.
However this is only surmise 1t may
be that the securities, unknown TO any
of the financial officers of the State, have
lain for years safely hidden in the
Farmers Bank at Dover,
"At meeting of the Farmers Bank"
continued Mr.. Carpenter, "some SIX
years or so ago | was present. | re-
member it was at the annual meeting, a
man came in and said he had lost his
certificate. President Henry Ridgely
replied, 1T doesn't matter. Your name
is III the stock register The State never
had any certificates issued
Mr.. Carpenter continued, sit might
have been made out and never issued. y
THE MORTGAGE NOT TRANSFERABLE.
The general opinion among the gen
tlemen referred to is in regard to the
Frankford mortgage of $200,000, that
although the document may be missing,
the State is perfectly safe. 1t is duly on
record, untransferred, and for that mat
Ter might be burned for all the legal
harm its absence may do.
The reporter then called at the
National Bank of Delaware. President
Henry G. Banning and Cashier Henry
Baird were seen. The following ques-
ton was put:
Elias your bank given to the State
treasurer at any time the certificates Of
the 81 shares sold to the State?"
NO PROOF THE CERTIFICATES WERE
ISSUED.
The ASHER and Mr.. Banning pre-
sumed, of course, that the certificates
had been given up to the owners as is
the custom. Upon being pressed as to
definite proof of the scrip being handed
over they had none at hand and could
only discover such evidence by going
through the books for the past half
century as the date of the investment is
long forgotten.
The same inquiry was made at the
Union Bank as to its 254 shares belong
ing to State. Cashier Dandy was not
present, but it was learned at least that
the securities are still to the credit of
State of Delaware.
The 100000 Breakwater & Frank
ford railway mortgage is duly recorded
in the Kent county court house register
and cannot be touched by anyone out
side of authority from the State.
UNION AND DELAWARE BANKS.
At the Union Bank, Cashier John
Dandy stated on Tuesday that to the
best Of his knowledge the certificates of
Union Bank stock held by the State are
not deposited in the bank. lie has not
seen any since his connection with the
Union Bank.
The last dividend on account of these
stocks, paid last January, amounting to
$416, is in check form, endorsed by
trustees of school fund, with Mr..
Herbert's signature as treasurer. This
was exhibited by Mr.. Dandy 1t indi-
Gates that the Union Bank looks upon
the State as owner of the stock. This
Cashier Dandy conceded. He further
added that if the certificates were lost
new ones could be obtained blythe State
from the bank upon the usual indemni-
tication being given securing the bank
AT the Bank of Delaware on Tues
day Cashier Henry Baird had gone TO
a great deal of trouble and had discoy-
cred the stock book stubs to their begin
ming in 1874. Here No. commences
with the stub record. Previous to that
the scrip was in separate sheets not
bound up in q book form so that there
is no consecutive record existing beyond
1874. The certificate blanks were in sep
arate cards which were recorded or
were not recorded according to the Gus
tom of that for off date. At any rate
no record has been yet discovered. The
States first investment in this banks
stock was in 1896 or 1897
Cashier Baird exhibited the last divi-
dend check paid to State Treasurer
Herbert, on account of the Bank of
Delaware stock held by the State. 1t
bears William Herbert's endorsement.
This shows that the bank recognizes the
existence of this stock independent Of
the existence Of the certificate papers,,
that the State of Delaware is the owner
and no one else.
Mr.. Baird says, in addition, that the
stock could not be taken from State
credit except by legislative resolution.
which authority would have to be
brought to the bank and handed to him
before any transfer of the stock could be
made from the State to any one else by
Treasurer Herbert, or any other person.
THE SMYRNA BANK STOCK.
Special Correspondence OF Gazette and journal
SMYRNA, March "a correspond
ent of The GAZETTE interviewed the
cashier OF the Smyrna Bank this morn
ing, as to the ia shares of stock held by
the State. The latter stated that he
didn't know that the certificates of stock
had ever been issued. They had not been
during his incumbancy and while he
would not state they never had been by
what he said 1t was clearly shown that
he was of the opinion the certificates
had never been surrendered. He knew
the State held Ia shares of stock and
was paid dividends thereon.
CItI.E r,nL, rr,rrnIrs