New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-07
CREDITORS TO TAKE ACTION.
AFFAIRS OF COFFIN & STANTON.
FEW SEEM TO KNOW ABOUT THE AMERICAN
DEBENTuRE CoMPANY-GRAvEsEND BONDS
PURCHASED FROM JOHN Y. MKANE.


WHICH 1T Is SAID HAVE NOT
BEEN PAID FOR.
Tho onnointnent OF a receiver for Coffin & STAN
ton bankers and promoters at NO. ~ Broau"a!'
and their sudden stoppage OF business was one
OF the chief subjects of conversation IN wan
Street Yesterday. Several bankers 1id not hesitate
TO say that the breaking up OF the partnership
had been expected for some time among people
acquainted with the affairs OF the hrih ana sPohe
OF il as a case OF dry rot" The receiver Newman
Frh who had a room in the OF Coffin stan
toms office and was their legal ADVISER IoS' "o
time in discharging the force OF clerks on frioay,
&C soon as he had given his bond Tor SZo"V ana
Yesterday he moved the papers and enec's vi t'le
firm to the twelfth floor OF the Manhattan Lie
building The old offices presented chaotic ap
pearance Yesterday. and Mr.. krb ana Eot s'op W
see that things arranged IN the he" Ioo''''
but went uptown early in the afternoon 'ea'iis d
Mr. Ludwig who said he was the fms conn.,
Dental adviser and Clarence d. Tuiney' the Sec'e
,ary If the mysterious American Debenture Com
nanv &c look after the rest OF the removal
All that Mr. Erb would say was that he had not
had time vet TO investigate the affairs OF the hiil
but that tomorrow he would start III 10 WIN '"V'
up with the least possible delay
A good deal of interest centres in the American
Debenture Company. No one could be iouhd WI"
would say much about II; In fact. nobody OUTSIDE
the men in the office seems to known ahy'Hhs
All II.
Coffin IS He Is said be relative OF the senior
me,rher Of the company, William f. Coffin. but
dgent inquiries have failed so far to discover ms
identity. In regard to the American Depeh'uie
Company. a who knows good deal apou' '''e
affairs of Coffin Stanton said yesterday that 'he
hanks were not satisfied with the bonds or the
American Debenture Company. and as yet had ia'lei
n find the value for the bonds which they had be-
lieved the bonds had" Tribune reporter made
another effort TO find out something denhte ABOUT
this company and asked Mr.. ludwig Comh
Santons confidential adviser what 1t had TO 90 with
tho firm He declared that Coffin & Stanton had
only a minority interest In the concern that 'hes
had NOT had control of for several years ana that
Charles F. Coffin had not been the president OF
the American Debenture Company FOR TWO years
He insisted. emphatically that You boys tine re-
porters) are barking up wrong Tree anu '''u
that W. d. Mahaney was the president OF the COM
many now and that its main offices were at NO 4o'
The Rookery Chicago He was not at liberty MI.
Ludwig said to tell anything about the company
the reporter would have to see the olcerS LOT '"''
C. d. Turney. who was the nominal secretary Oh
the American Debenture Company, he SAID was
in the new ONCE ~
when Mr. Turney was asked for some informa-
,ior ahou, the company OF which he was secretary
ho rofused 10 say a word about IT. He SAID Mr..
Erb was the man TO see
But what has Mr.. Erb got to do win 'he
American Debenture Company" asked the re-
porter. . ., ,,
Hes the man you'll have TO see. Tcplch MI
-r,,noy and no rot only refused to say what
Mr. Erb the receiver Of Coffin stanton. had
10 do with the American Dcbenture company n"'
he would not even admit that ne was the se''c
tary OF the concern. He admitted 'hat ne ""'
been employed by Coffin stanton ana had be''
discharged on Friday. When asked II he were
merely assisting TO move the FIRMS "ehectS' AZ
secretary of the American Debenture Company
ne laughed and said he doing 1t TO accohiho-
date Mr.. Erb
In the Supreme Court yesterday Justice Lawrence
granted an attachment against the property III 'hS
state Of Coffin Stanton. limited. Of London. when
s the English branch OF Coffin & Stanton This at
,achnent is granted At the instance Of Martins
Bank Limited, OF London. in an action brought 70
recover N25oo, being the value OF drait maze oy
Coffin e. Stanton. Limited, OF London IN June, pay
able 10 the order OF Martins Bank on comm
stanton here Justice Lawrence has granted Inc
motion for the appointment OF a receiver oil TN
s,5o ,.o of bonds of Ironwooi Mich. which were III
tho hands Of Coffn Stanton. An account Of iha
transaction appeared in yesterdays Tribune
Neither OF the partners went TO the once !'S-
,erdav and it has been found Impossible 10 see
them. .-,
Some interesting disclosures were made hy "Ihe
BROOKLYN Eagle" yesterday In regard to CONN &
stantons dealings with John Y. Mckane III inc
purchase of bonds Of the town OF HfaVeseh'. II
said that, CORPORATION Counsel Mcdonald had calri
upon Mr. Erb Tor information dpput wv go -
Gravesend bonds which were obtained by com"
Stanton from the former Boss OF GraVesenl'
when he was Supervisor. but which 1t says nave
not been paid for. 1t declares that Mayor Schie-
rem and Controller Corwin have been pressing the
firm so hard in an attempt to find out the coh1i-
tons under which they received the bohos' anu
what they had done with the securities that u II
thought this fact FASTENED the dissolution H.,
Conn Stanton were the isca asens nj f' FT
donia and Pelham School District y y Newt
naan. Conn Erie. McKeesport. Montrose ana Rey-
noIdtown borough, Penn; Hamilton Tim. Butler'
Sciota and Payne School District Ohio l.ogansport
Jeffersonvie Munce. Martnsvile. Mt Vernon
Moines, Mataska. Winnebaeo. Atlantic School Dis
c, Tx N 4nn.h ea Nnn WASH sass
Some extremely interesting dsvelopment;s, are are
terday that the creditors would take action without
much delay