New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-11
CEN7E/L SIZE DEPOSIT CO. ~ TEOTBLE.
TEMPORARY RECEIVER APPOINTED ~ \ SUIT TO
FOREcLosE FIRST MORTGAnE-A JtDG-
MENT FOR DEFATTTED INTEREST

TEMPORARY RECEIVER APPOINTED ~ \ SUIT TO
FoREcLosE FIRST MoRTGArE-A JrDG-
MENr FOR DETAuITED INTEREST
Messrs sacke,t & McQuai1 Of no. lA Nassau
ST az attorneys FOR John II. Downos have brought
a sui, against the Central safe Deposit Company
for non payment % $3.50 due a. interos, on bonds
issued by the company and held by Mrs. Downes
These bonds were issued by the company In $780,
and were secured Icy the personal property OF the
concern which has its safc-Geposit vaults at Nos.
and . East Fourtoenth-st. The company issued
$1,000 OF these bonds in Si.oo) parcels. Nj
powncs held eleven Of them. which were secured
by a mortgage on the building and the lease Of
the ground on which II stands. The interest on
these bonds dcfauted on November l. 1871
and on May J. lS,, amounting IN all to $3.50.
The company IN i's defence pa, IN general
denial before Judg" Stovcr. who ordered the argu-
ment In the denial 10 hc stricken out Mossrs Sack
cit e McQuaid then got a judgment against the COM
pany and a, II IN. July had deputy-shcriH
on the premises 20 take possession % whatever he
could II was then found that Judge Slower had
appointed W II Ricketts, as temporary receiver
~ the company IN an action IA the suit of Nj
FosIick 10 forcriosc the first mortgage on the
furniture safes &C. on the ground mat three bonus
for 81. 90 each OF the nrs' series had poen de-
fau.icl on May J. 1875.
This unfortunate condition Of the Central Safe
/ Dcpo.,, Company has caused much surprise among
business men II was generally supposed that II
was doing good business. and this opinion seems
to have been we'll founieI The company owns
tho fine building It occupies. and pays only hD)
FOR the rent OF the land on which Il stands IN"
ground floor is occupied h. the vaults Of the COM
pany and l., the Four'een'h stree; Bank Of which
Gcorg. r. Vail f. the president Although tho
two institutions are entirely distinct there Is no
dividing line between their Offices. the bank using
the east side for It's business and The safe deposit
COMPANY the west side while ~" large open space
between tn. two offices Is used In common. The
safe deposit people get their rent for nothing. while
tho bank paws 5000 Besides THIS the saie
deposit people derive large rentals from an the
floors above In 1890 the company issued 5000 IN
bonds which were secured by personal property.
In the following year the compan, raised Ni'vo
more which was secured by Mortsagc on The
bull ling ana the l"tschold
Dliiculty has been experienced Ia obtaining m
formation as To the affairs Of this company IN
IN. Copartnsrshlp and Corporation Directory 81
N,V- YORK after the Central SAFE Deposit COM
many stand the words. "Information unatttn-
able II f. known that In the last Few years
Remington Ncrnam has attained large influence
I'm the company. and that Of the eight directors
four have been dropped. These four men are
among the best known and most reputable bushes -
men in that part OF the city. They are George r
Vail Morris IT, Sterne. ". Harris Noone anu
Frederick ;. Howard.