The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-10-06
"DEBENTURE" BONDS.
Coffin q Stanton's Creditors Are
Anxious to Know Their Value.
The Defunct 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 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 reCelvership
became known.
There were many callers al 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
1t is a fact. II Is learned that number
of the leading banks have for some time
had numerous inquiries from their
country customers as to the reliability
OF Coftin & stanton and the securities
which the firm were putting out all
over New England
The particular thing which the coun-
sci for the creditors is trying to find out
this morning is what the American
Debenture Company" consists Of 1t
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
than that of Coffin & Stanton. or
these bonds there are at present out
standing about S25O.00O worth. They
have been issued on the deposit with
| the Holland Trust Company and later
| with the Atlantic Trust Company, OF
the securities of the various water
companies, town and railroad companies
which CONN & Stanton handled.
The actual value OF these securities
Is 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 long time had his office
| with the firm OF Coffin 4 Stanton. In the
same room, and has generally been re-
garded as 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 -vhs
made for the receivership; when the hrm
| knew that legal proceedings were con.
| templated by more than one party 10
recover securities which 1t was alleged
| the firm held without right.
The alleged falling out between the
partners Is looked upon by many as q
| mere excuse to account to the public
for the receivership. The firms handlint
| OF the Topeka Water Works Company
bonds OF the indianapolis city bonds
| the bonds of the Water Works Company
OF lronwood, Mich. and the GravesenC
bonds of John Y. McKsne is sharp,
commented on by the bankers and Others
| who are more or less familiar with tn,
| transactions.
1t is also reported that the firm IA r
some way mixed up with the failure
of the Indianapolis National Bank. and
that an accounting with that institution
| IL yet to be made.