New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-06
PRICE THREE CENTS.
BANKING-HOUSE BREAKS UP.
RECEIVER FOR COFFIN STANTON.
DISAGREEMENT BETWEEN THE PARTNEM
GIVEN AS THE CAUSE. But 1T Is KNOWN
THAT THEY HAD a LOT OF BONDS
WHICH COULD NOT BE sOLD-AssETS


PLACED AT s3.cOo.oOo.
The banking house OF Coffin G. Stanton, OF No. u
Broadway, has gone into the hands OF receiver.
The bill In which the receivershp vas appoihteo
made Mr. Stanton the complainant and asked for
dissolution OF the partnership. The firm Is an OLD
one and until recently thought TO be In ex-
celent shape and the receiver, Newman Erp' saio
yesterday that the house vas not In difficulties.
disagreement between the partners being the sole
cause OF the recevership. II was learned however,
that the firm was overloaded with lot OF oonds
which the hard times had made impossible to SELL
The firm dealt heavily in out-of-town securities
waterworks bonds and other municipal bonds, ana
had many OF them scattered In small amounts
among the banks all over the country. The frms
bank In this city refused to certify It's checks on
Thursday and yesterday one OF its notes for $l5VW
on a bank in Connecticut went to protest. The COL
lateral held for this 5000 Illinois Central
4 per cent bonds and $4,000 American Debenture
Company's 5 per cents. The bonds of this company
are not according to the ordinary form. They read
like this
American Debenture Company bonds Of sl.co each:
) per cent god bonds due January !. 1893 interest,"
due June and December prnciPa "a, ana intsreT tSorF
and London; total issue I2GNWl
They are signed by c. +. Coffin as president OF
the compony, and by Clarence ID. Turney, secretary.
Mr. Turney is employed in the Office of Conn &c
stanton but It could be learned who c. +. Coffin
was and nothing could be learned about the Ameri-
can Debenture Company
STATEMENT OF THE RECEIVER.
Mr. Erb who was made receiver by Judge La
comhe made the following statement yesterday:
have just been advised Of my eppointme1nt 16ss az
receiver OF the business and as,e,J 81 's nnosr IN En-,
rope, returned within the last few days, ana am
@ enf b b npon WHEN s the e appontment
was made bu, ny understanding is that on account
Of differences between the members OF tne rnl con-
ne
Of their assets one OF the partners ,o GOn-
which resulted in my appointment as receiver by
ns states had crcn @ 19iS ~ afas haf2@0s myself Says Ws
the coniit,on OF their affairs. and Will take mme-
oia'e olf fy IT concerning it, and vii he a report in
court As soon "a the Necessary tacss @ "a anv
statement otherwise than through reports properly
Wal Street yesterday in regard to the hrTn, and
various statements were made about the condition
that prcciptated the receivership was the larss
bonds and il came ou yesterday that suit is now
pending in the supreme Court IN whlen the si'y OK
are defendants which a peculiar transaction
mat may have had influence in precipitatlns
the the d,y OF d aRR%r % n Of bonds direct
coffin 4 stanton to be paid for in instalments. Inc
bn1 @ that hat dy m II the IA law rm Of oadey LaGter6ach &
Joans2 acting as the en- cNn ol & Iss
ani asked that the bonds be returned to the mu-
ncipaiiN, because Il ndd Deen niSSoNrtei sa,
issue in some form Illegal and the of,iciais OF
Ironwooi therefore desired to Withdraw H. Inc
1wyers request was accompan.ei oy q teuef h ~, %
brokers. being intended to cover any expense In;
Cured commissions, etc Coffin & stanton refused
to comply, and on Wednesday an action was begun
order impounding the bonds In question or putting
them into the hands of receiver.
The motion to have been decided by judge
Lawrence on Monday next. In the mean time the
firm has Itself placed all OF its affairs In the hands
OF Mr. Erb. This being prior order and issued out
OF Federal court. the lronwood bonds are now
tied up wi,h the general assets OF the rnl II they
have not already passed by sale into the hands OK
OF the investors wrO are clients o. me nrin
THE CONDITION OF THE FIRM
Neither OF the members OF the firm went 10 tho
Office yesterday. and soon Mr.. Erb TOOK
charge all the clerks discharged Mr. Ero
has had his Office with the firm. The assets OF the
receiver ar $4,000. sufficient to cover the Ia
bilites If judiciously handled"
The firm has large number or creditors anu
some OF them said yesterday mat the aials y,
tha house would be closely scrutinized as they 40
not think the assets will realize 100 cents Oh ths
dollar II was said yesterday that the nrm han
employed agents TO travel all oyer the country 20 20
sell it's paper 10 country banks putting up as
collateral waterworks bonds. etc. me Ia" hilh
OF Dill chandler seymour e. Kellogg mas Deeh re-
tared by Some OF the creditors TO look after their
interests. ...
The firm was organized in 1851 and Is composed
OF William r. Coffin and Walter stanton. II mas
no representative the stock Exchange, most OF
its business being confined to selling ponds; M,.
Eotfn is a member of the York Athletic Cup
and or the American Museum OF Natural history.
He lives at No 25s West Seventy -second-st Mr..
York Athletic clubs His home Is at Hillsdale.
\ ( The house had Offices in London as wen as
! in his city and the business had been WORKED up
from a small beginning TO what vas CONSIDERED