The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-11-21
200 Banks We're Vietimized By
Coffin & Stanton.
MANY NEW ENGLAND INSTITUTIONS
AMONG THE LOSERS.
Their Worthless sBonds were Not Only
watered but Iced-SOme of the Peculiar
Transactions of the Firm.

New York, November 30 The course OF
Coffin & Stanton's business operations was
not unlike that Of a tornado. Prosperous
concerns all over the country were wrecked
whenever they were touched by the blight
ing influence of this peculiar firm.
1t is said in Wall street that the doings of
this firm ale unparalleled in the history of
any financial institution that has ever ex-
listed in this country. 1t owes about $780,
0G0, mostly for borrowed money!
One of Coffin & Sta1ton's victims was the
Consolida ted Gas and Electric Light COM
pany, Port Chester, N. Y. This was an
otherwise prospeIoIs concern with a bonded
inde btedness Of $57, 900. 1t was consolidated
with the Citizens Gas company of the same
place. The latter concern was absorbed by
the former. Coffin & Stanton then stepped
in, The usual s'abnormal'' bond issue f0,-
lowed.
On the consolidation of the companies
$3.50, 900 new bonds were issued. This made
the bonded debt $425.G00. A receivership
was soon in order and Clarence D. Turney
one of Coffin & Stanton's employees, was put
in control.
WANTS TURNEY REMOVED.
Ex-Judge G. M. Van Hoesen, of No. 33
Nassau street, now las foreclosure suit
pending in the interest of the bondholders.
Mr.. Van Hoesen has petitioned for the re-
moval of Receiver Turney. but thus EAR
without success. An Englishman named j..
B. Pine Coffin, said to be relative of W..
E. Coffin, is now in this city in the interest
of British holders of Westchester gas bonds
Mr., Pine-Cofin opposed the removal of Re-
ceiver Turnev.
Lawyer W. M. Stafford of No.2 Wall street,
who is also trying to oust one of the Comm
& Stanton receivers, said:
"A Weste water company. controlled BY
Cos:n & Stanton, formed sub-company,
whose purposes was the cutting of ice on
the parent company's reservoirs.
s'The contract price was exorbitant and
made il appear that the company was earn
ing a very large income. On the strength
of this there was an over issue of bonds.
with the usual result-a receiver. Thus
Coffin s. Stanton not only watered the
bonds, but iced them as WE'LL
BANKS HOLDING QUESTIONABLE COL
LATERAL.
According to the report of Receiver
Newman Erb. there are about two hundred
banks which are creditors of the defunct
firm Of Coffin & Stanton. Below is a list of
New England banks, showing the amounts
of their notes against the firm. and for
which they hold as collateral various bonds
Of Questionable value: Ashuelot National
| bank, Keene, ". H., Sl0.0 600; Bristol, Conn.,,
National bank, S7.377; Bucks County Trust
Company, Doylestown, Pa, $4,000: Chelsea
Savings bank, Norwich, Conn.,. S45,625;
Clinton, Conn.,, National bank, 1000; Dime
Savings bank, Norwich. Conn.,, $4,000:
First National bank. Hyannis, Mass. $1,000:
First National bank. Middletown. Conn.,,
$4,000; First National bank, Norwich
Conn. Sl,tOO; First National bank, Provi-
dence, r. l., $a0.C0o; First National bank.
Putnam, Conn.,, $500: First National bank.
St. Johnsbury, VT, S25.OOO; First National
bank, Springfield. VT. $4,000 First National
bank, Stafford Springs, Conn.,. $1,000; First
National bank. Webster. Mass. $1,000; First
National bank. Winsted. Conn, $4,000; In
ternat ional Trust company, Boston, Mass,
$50. 600; jefferson City Savings Institution,
Jewett, Conn.,, $4,000; Merchants National
bank, New Haven, Conn. $32O0; Merchants
National bank, Norwich, Conn.,, $4,000: Me-
chanics' Savings bank. Hartford. Conn.,,
| $17,OOO; New Haven, Conn.,. County
National bank, 5000; New Haven. Conn.,,
/ National Dauks TS,UuOs ANoiN Sohh.s
| Savings bank, $5l.250; Norwich. Conn.,.
| Savings Society, $1,000; National Bank OF
| the Republic. Boston, Mass, $50, 600; saco.
| Me-, National bank, $4,000; Safety Fund
| National bank, Fitchburg, Mass, Slo,0OO;
| Savings bank of Stafford Springs, Conn.,,
$4,000; Second National bank. Coopertown,
| y. Y, $1,000; Seventeenth Ward bank
Brooklyn, N. Y, $4,000; Stafford. Conn.,,
1 S.I, E,ol1o Noes
National bank, $4,000; Second National
bank, New Haven, Conn.,. $4,000; strafford
| Savings Lank, Dover, H.. $4,000; Thames
Loan and Trust company, Norwich. Conn.,.
| 5000: Thompson Savings bank, Putnam,
Conn. Sl2,500; Traders National bank,
| Lowell, Mass. $4,000; Union bank, New
| London, Conn.,, $4,000; Wakefield, II. L.,
Trust company, 5000; Westerly, R. L.,
Savings bank, $1,000; Willimantic, Conn,
Savings Institute, $4,000; Windham County
| Savings bank, Danielsonville, Conn.,, Ssooo;
| Yale National bank, New Haven, Conn,
! Sl0,5o0. The total is $l,34O, ,4O2.
CONTROLLED THIRTY GAS PLANTS.
| There were thirty gas plants controlled
| by this company, among which were those
| of Shelbyville. Charlottesville and Warsaw,
Ind; Shelbyyile. ILL.,; Chi.lic othe, Ohio;
! Ashtabula, Ohio; CHATTANOOGA Suburban.
| Tenn; Waco. Texas; Mount Vernon and
Lockport KY; Topeka and Aberdeen. Kan.
| Fort Madison, Iowa and Port Chester, n.
| Y.
| Besides the list of banks which have
| loaned money on Coffin Stanton's worth
| less securities, there are more than one
hundred other banks in similar difficulties
| Many prominent New York city banks and
bankers ana trustees for estates are also
| it is said included in the growing list o.
| Coffin s. Stanton's alleged victims.
| There are said to be several wealthy ant
/ titled residents of London, England, nov
| in this city, who are here for the purpose OF
seeing what they can save from the WRECK
| of securities purchased oy them.
Judgment for S12, 729 was entered yester
day against Coffin g. Stanton, Limited
| bankers, of London, in favor of Martins
bank, Limit ed. of London, on kill OF eA
change made by the former concern whlcf
was accepted by Coffin & Stanton OF thl'
city. N--"
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