The Irish standard., 1896-02-15
s442.s3f.62 s255,946.O7
S286997.70

the Irish American Bank The show
ing that this report makes is not as bad
as it was expected to be. It has been
common talk on the streets that the liza
bflities would exceed $3.50, 900, while the
report of the assignee makes the amount
$3S7 ,000 a difference in favor of the cred
itors of S213.000. The face value Of the
assets Is $4,000, but these when scaled
down to an actual cash value foot up
$685., 946,07, leaving an actual shortage
of $50, 900 in the amount necessary to pay
the banks liabilities in full at the pres
emit time.
Mr.. Hubachek will endeavor to realize
in the shortest time possible as much as
possible on the assets as set forth and
believes that very favorable results can
be obtained. After collecting in all that
can be secured from those owing the
bank, the stockholders will be called
upon to pay UP the amounts they are
liable for according to law.
In the summary of assets It will be no.
ticed that the face value of bills receiv-
able is $218,0G0. This amount, which
consists mainly of notes due the bank has
been cut down to an actual cash value of
$4,000, showing an apparent loss OF
$155,000 since the bank commenced bust
ness presumably caused by number of
bad loans at different times, while it is
possible that of this amount something
may yet be realized, it is evident that the
assignee is not over confident in that di-
rection. Another large item of the as
sets is the $156, 900 in notes given to the
American Building and Loan Association
as security on loans made by the bank
from that institution. AS this amount is
scaled down but $4,000 to make the cash
value It is very evident that the Ameri-
can Building and Loan Association am
ply secured itself for the amount of cash
it furnished the bank. The Building and
Loan Association being now in the hands
of a receiver, w. D. Hale, that gentleman
has been made defendant in suit
brought by Assignee Hubachek for the
recovery OF these securities, and with
every hope of success. If these securi
ties are returnable to the bank where
they properly belong 1t is thought that
before the end is reached the creditors
will stand good show Of being paid al
most in full.
In view of the charges that have been
made by a number of the creditors of the
bank, detailed examination Of the
soedules is interesting. The first list of
assets includes the notes and bills IN the
bank Thomas F.. Bishop has several
notes there amounting to $5008 70.
These are secured by % shares of Irish
American bank stock. Alden j. Blethen
and Rose A. Blethen have notes of
S426 20. $47 80 and $3.50. These are Sc
cured by note of William B. Murray for
$4,000, dated March IA. upon which ST.
06 has been paid; also life insurance
policies. a.
Other notes are given by the Penny
Press Publishing Company, by Peter
Sutherland and A. J. Blethen, to the
amount OF $4,000: The actual value of
these is placed at $1,000 in the schedule
They are secured by bonds / to SO of the
Penny Press Company, claimed to be
worth $4,000, and by policy number D.
Sd 500. Fidelity Mutual Life Company,
and No. 63.906 Massachusetts Benefit Life.
Among the notes left with the Ameri-
can Savings and Loan Association is one
for $4,000 given by George s. Garfield,
city editor, Of the Penny Press. This is
secured by mort gage OF $4,000 on town.
and city lots. The taxes for the last four
years on this property amount to ST.
228.O7.
One note of James II. Bishop is for ST.
764. The bank also holds notes given by
J. r. Corr;gan and Alice Corrjgan for ST.
$40, secured by life insurance policies
Other notes amounting to $4.430.52 are
given by the Minneapolis Envelope Com
pany by J. H. Bishop, president, the val
lie OF which is stated at So, 800.
y; Other interesting notes are those given
by Matt Walsh and the Matt Walsh Wine
Company. amounting in all to $24,165
They are secured by trust deed to =. H.
Bishop, trustee. The personal liability of