New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-14
EXAMINING The BOOKS.
OFFICIALS CONFIDENT OF THE RESULT
THE TROUBLE IN THE AMERICAN LOAN AND
TRIrST COMPANY's AFFAIRS

THE TROUBLE IN THE AMERICAN LOAN AND
TRUST CoMPANY's AFFAIRS.
Considerable interest was aroused yesterday in
business circles by the exclusive announcement IN The
Tribune that the American Loan and Trust Company.
AT No 115 Broadway had requested the State Bank
Ing Department 10 examine It's affairs, and had denied
ugly rumors concerning the condition OF the concern
The company was doing business Yesterday as usual.
but Lawrence +. Cahill. examiner OF the state BANK
ing Department, with his assistants was hau al "orh
making the examination.
II will take Mr.. Cahill several days to finish his
work and little was learned concerning 1t. He said.
however after closing his labors for the day. that so
far he had found the figures In the books to DO
correct lie had not yet reached the question OF the
value Of the securities.
The officers Of the company were as a rule disn-
ciincd to talk for publication James = IhnrS'oh'
secretary OF the company, notable exception.
lie discussed features OF the affair frankly ana
pleasantly and declared that he could not say muci.
because he considered that IL would be dsCourteouS 10
the bank examiner. In substance Mr.. Thurst0n san
that the state Banking Department examined inc al
fairs Of the company and made report on oc'"Oci
% 1890 which showed that the American Loan ana
Trust Company had a surplus Of Sl35-15 49, bn'
Mr. Thurson explained that these figures represented
the opinion Of the state Banking Department. ana no'
that Of the officers Of the American Loan ana iruS'
Company. II was handsome surplus. to be surc' bh'
Mr. Thurston said that the examiner OF the STATE Bank
mg Department had aside certain uncolcccd ho'eN
and other items. which tho company believed shonio
have been added to the surplus. Mr. Thurson main
taned that these items perfectly good ana thS
the company would realize 100 cents on the dollar on
some Of the uncollected notes which the state De
partment would not consider a. available assets h"'
since this examination the surplus has sweled con
,idcrably because the business Of the company had IN
creased Bushes, Wa )od to-day. "We have had iafge
-. Ion Thn a.
lee Line. OF which am an executive Hlauc uoP"''
with the company"
In regard t. Henry II. Rich Mr. ThurSton said that
the stories about the trouble in the company probably
came from him. lie said that Rich was loan clerk
for the company and when he asked for an Increase "'
salary resigned because his request was not granted
,cr,yar,l Rich appeared at the company's Office with
long statement which he had cOncOcted ont OF tho
old books Of the company on a matter which had
long ago been settled. Rich thought that he had
found something damaging 10 the company. but tho
officers Of the company sent him about his business
Mr. Thurston said that Rich had not known anything
about the examination made by the state Banking
Department and had therefore found only a mares
nest.
Mr. ThurstOn understood that Rich had prepared
his statement" and trying to sell 1t to IN" news
nopers Mr. Thur,ton did not seem 10 care about this.
but said that the company should publish the Tepoi
of the Bank Department as soon a 1t was MADE IN
timatlng that he expected a favorable report.
Speaking Of the directors of the company. Mr..
Tburston said that the company did not have Its CON.
pement now But he declined 10 give the LIST Of the
prcsent directors. There had been changes In tho
board md It might be dlscouteous To give names Of
men who had been elected directors but had not yc'
accepted. "
President Baldwin had little 10 communicate on tho
subcct The director, sali that they aitrlbnteh
the r1mOrs that the company was In an unspud CON
dItion TO a man OF unSOuni mind.