The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-22
WITH $42 CASH ASSETS
THE NEW YEAR s. AND l.. ASSOCIA-
TTON MAKES AN ASSIGNMENT.
Liabilities in Excess of $1O,O0O-Three
Pieces of Realty and Mortgage
Notes on Hand.

The New Year Saving and Loan Associa-
ton made an assignment to the Marion
Trust Company for the benefit of its credit
ors late yesterday afternoon. The deed of
assignment was executed by Berry Self,
president, and James II. Smith, secretary,
by order of the board of directors. 1t is
said that the liabilities will run from
$1,000 to $4,000, with assets 81, 900 or $4,000
short of the liabilities. The association
has been in an embarrassed condition for
several months. Last spring an assessment
of 10 per cent. was levied to meet the def
icit between the liabilities and assets.
Since then there has been growing discon-
tent among the stockholders, and it has
been with difficulty that suits were STAYED
off. Yesterday afternoon Ellen Danahay,
by p. j. Carbon, her attorney, brought a
suit against the association, alleging that
June 3, 1857, she filed notice of her inten-
ton to withdraw from the association
within ninety days, or by Sept. last AL
though the time has elapsed, she alleges
that her demands for the payment of the
claim due her, $50. As, with interest, has re-
manned unpaid. The plaintiff says that the
association is insolvent, which the defend
ant acknowledges in the deed of assign
ment subsequently filed. The plaintiff al
Ieges that there is a deficit of about 81 600
in the assets of the association, and that
there is no money with which to pay ac-
crued claims amounting to about $4,000.
The complaint asks for the appointment of
a receiver to liquidate the affairs of the
association.
Berry Self president Of the company, did
not appear to be very familiar with the
affairs of the concern, but directed jour
nal reporter to see Messrs Carson and
Thompson, the attorneys of the associa-
ton. Mr.. Self explained that the en-
barrassment of the institution was largely
traceable to hard times. j. f. Carson, of
Carson & Thompson, said that there was
no definite deficit in the assets other than
a shrinkage in the value of securities. The
association, it seems. lost money on prop
erty that was taken in on foreclosure at
more than it's real value. Since the trouble
last spring an expert accountant has been
going over the books, and until his report
was made two or three days ago it was not
known to the directors that the assets were
less than the debts. AS soon as this con-
dition of affairs was known Mr.. Carson adj
vised the directors to either make an as
Signment or apply tor IA receiver. The
former course was taken The attorney
says that, so far as he knows, there is no
reason to believe that there has been any
dishonesty anywhere that the trouble is
due entirely to a shrinkage in the value
OF the credits of the association
The schedule of assets filed shows that
the treasury was drained pretty thoroughly,
as but $4236 in cash remains, with mort
gage notes and securities listed at $4,000,
on which a good deal has been paid by
borrowers, and three pieces of real estate,
two or three notes for small amounts due
on stock loans and small amount of Of
flee furniture. The Marion Trust Company
assignee, will proceed at once to wind up
the affairs of the insOlvent concern.