The evening world., 1894-10-06
"DEBENTURE" BONDS.
Coffin & Stantou's Creditors Are
Anxious to Know Their Value.
The Detunct Firm Had About $780,
600 Wcrth Outstanding.
They Have No Guarantee Except
that of the Assignors.

Just what the firm Of Coffin & STAN
ton. who went into "A receivers hands
yesterday. intend to do is the question
being asked in Wall street this morn
ing. At the offices of the firm. ~ Broad
way, a big force OF laborers is at work
removing all the belongings OF the
firm and Office fixtures. The expensive
rugs, fine furniture and furnishings
have been almost entirely removed since
yesterday, and men are taking down
the brass ratings and bookcases. Ev-
erything indicates that the moving was
calculated on before the receivership
became known.
There were many callers at the office,
and they stood about amid the dust and
dirt incident to the tearing up OF
things, waiting to see Receiver Erb or
some OF the firm.
The receivership was something of a
surprise to Wall street, but now that
It is a fact, II Is learned that a number
OF the leading banks have for some time
had numerous inquiries from their
country customers as to the reliability
of Coffin & Stanton and the securities
which the firm were putting out all
over New England.
The particular thing which the coun-
sci for the creditors IL trying to find out
this morning Is what the American
Debenture Company" consists Of. II
was upon the notes OF this concern that
the firm obtained loans for large
amounts. with each loan II was their
custom to put In few securities OF
some worth. along with a lot OF the
Debenture bonds.
The latter have no guarantee other
these bonds there are at present out
standing about $780, worth. They
have been issued on the deposit with
with the Atlantic Trust Company OF
the securities of the various water
companies, town and railroad companies
which Coffin & Stanton handled.
The actual value OF these securities
is a matter of interest Just now.
People who know are disposed to laugh
at the statement issued by Receiver
Neuman Erb yesterday 20 the effect that
he knew nothing about the firms AFFAIRS
Erb has for a long time had his office
with the firm of Coffin & Stanton, in the
same room, and has generally been re-
garded az the adviser of and an interest
ed party In the transactions OF the con
Germ. This, however. is denied by Mr.
Erb.
Another matter which is being largely
commented on by brokers this morning
10 the complete arrangement which vht
made for the recelvership, when the firm
knew that legal proceedings were con
templated by more than one party tc
recover securities which II was alleged
the firm held without right.
The alleged falling out between the
partners is looked upon by many as 6
mere excuse to account to the public
for the receiverhip. The firms handling
OF the Topeka Water Works Company'i
bonds, OF the Indianapolis City bonds
the bonds OF the Water Works Compan!
of 1ronwood. Mich and the Gravesent
commented on by the bankers and other
who are more or less familiar with tn,
transactions
1t is also reported that the firm is II
some way mixed up with the failur,
OF the Indianapolis National Bank, .nt
that an accounting with that institution
Is yet to be made.