New-York tribune., 1901-01-25
REFEREE FAFORS ACCEPTANCE.
REPORT on EMPIRE REALTY CoMPANY's
PROPOSITION TO TAKE OVER ANGLO
AMERICAN ASSOCIATIONS
REAL, ESTATE
REAL ESTATE.

Ex-Justioe George G. Reynolds. as referee in the
proposition OF the Empire Realty Company to take
the real estate OF the Anglo-American Savings
and Loan Association, reports:
After a careful consideration am of the opinion
that il the best interest OF all concerned that
the proposal of the realty company should be
ceivers
IN the Office OF the County Clerk OF Kings County.
II says that December lS last when the receivers
appointed, the assets Of the Anglo-American
follows:
Two hundred and ffty-three instalment ChrsD
mortgages. representing advancement or loans to
members on the stock. s374.i73 Il: straight mort
cages $9o074 sS including loan Of S9s SS g to the
cured by first mortgages upon homeseads at Depew.
the Lincoln National Bank as collateral for a loan
OF $4,000; all Of the straight mortgages are second
mortgages. Pearce mortgage loans. 81 800 So
representing in effect equities real property. the
Pearce, employe of the assocat ton. who holds Il
for the association; stock loans. s54Sl4 So repre-
as coateraI real estate s1a8 is7 5 The her EennsiEg
assets are: Insurance advances 500 81: bills receive
accounts representing accounts on account of the
e3l g. onehalf OF which is not good cash deposited
In court on legal proceedings S3.02i interest pre-
mlums and hnes $3.50 - The liabilities are: In
92 s5 preferred stock, A, 81 ls6 80: pr.erred stock
s23 500 10; cancelled stock s33SS 2: advances made
by directors; P G Lounsbnry ll-5g0: Thomas l.
Hard. $n7lS 80; J. D. Vermieue. 81 7l9 90; Edward
Thompson. sll 733 as: A. H. Gilbert 50 Coz 95: ind-
Vidual profits. 1928 55S 20
The referee says that the principal asset of the
Anglo-American Association its equities in real
estate. which the Empire State Realty Company
proposed purchase at their book cost value
These properties have been appraised at 81 92S75 6
and well selected and located and IL time can
he had for properly marketing them should realize
their book cost value.
But all the properties covered by underlying
mortgages. on which large amounts of interest are
overdue, aggregating up 10 February /. this year
m,SI H. As result numerous foreclosure suits
have been instituted The receivers are without
funds and the referee says il is apparent from the
Testimony before him. that unless sufficient money
shall be provided pay the accrued interest the
suits will result in forced sales The referee re-
ports the essence Of the proposition for the transfer
as follows
The ASSOCIATION now has over 81 20 OeO of assets
ehe more man thfee-quarters of its entire
company proposes to take all these eo,,ities
az tnelr ful book cost value and f,iDd az
a5oo tor the purpose OF paying interest and taxes
Inc remaining assets. which will remain in rba
hands of the receivers are relatively the p,ore oe
valuable assets. consisting largely OF instalr1ert
hrst mortgages. and include the entire hook surI
OF the association. ss7,526 55.
The referee recommends that the realty connanv
paw $4,000 TO the receivers protect the propertv
pending the closing title and that the balance =,
the sum OF $4,000 OF preferred stock should be nsd
IN fun and held in trust under such restrictions
will secure the application of the money solely
70 the purpose OF preserving, carrying and selling
the real