The daily morning journal and courier., 1904-03-29
TIE NEE HAVEN ASSETS
DF THE sToEINGToN SAYINGS
 BANE.

Bank sunk sI5O,OOo in the MaplsdaIe Cemetery Property, Which was Sold Recently to the Evergreen Cemetery As.oeia,ionsfor sa7,OOO The Banks Other New Haven Real Estate.
 The hearing before Judge Ralph Wheeler in chambers upon the petition # the Stonington Savings bank for Iontinuation of the restraining order preventing the bank from paying more than a certain percentage to depositors turing the next eighteen months, was .esumed March 26 at half-past nine Tn he court house. About twenty-five Remington residents, who are interest la in the banks action, were present. fudge Walter c. Moves is attorney TOT She bank and the depositors are repre- tented by Attorney Frank T. Brown of Norwich and Attorney Hadlai A. Hull Ind Arthur P. Anderson of this city. I The bank officials claim that their 8roperty holdings have increased in ialue until the bank is now within hirty-seven thousand dollars of being |ble to pay dollar for dollar to it's de- ositors, and that in a period of two fears or so it will be able to resume usiness and be in a solvent condition, wing to the increased valuation of its roperty. It is maintained that the ank's property is now increasing teadily and will continue to do so. The ttorneys for the depositors have been zttacking this point of the banks state slent and the examination of witnesses So-day has taken the line of attempting 4p show that the valuations which the aank has placed upon. it's properties are xcessive and could not only not be req 2zed at the present time, but probably lot for some years to come.
 JEW HAVEN REALTY HOLDINGS. { The New Haven holdings of the bank 'Fere especially subject to attack this lorning Since the hearing on Monday ppies of the statement in detail of the ank's affairs, including real estate Holdings, have been prepared and fur ished to the attorneys and Attorney Hull has visited New Haven and per- onally looked over some of the proper es which the bank owns in that city. ttorney Hull enlivened the hearing |Dmewhat by statments of the condi- |ons he found around the property, Head cat, half gone to decay, lying by ! he back doorstep of one house, which ! fr. Hull thought was further gone than he cat.
 The first witness placed on the stand
 as D. Burrows Spalding, secretary and
 easurer of the bank. MT. Spaulding
 as able to furnish some information bout the properties in this immediate icinity owned by the bank, but his nowIedge of conditions of the banks oldings in New Haven was very slight nd his answers were of the "dont now or II couldn't tell,' variety.
 e was asked first about several prop rties near home which were mort hged, principally among them being he Chesebro and Gilmore properties in
 tonington and that of Nelson Morgan
 Paquonoc. MT. Spaulding was una
 e to pick out properties in a list which should consider were. mortgaged up
 their full value.
 SUNK MONEY IN CEMETERY.
 The conditions at New Haven were ben taken up. The largest single in estment of the bank in that place had ben in the Mapledale cemetery proper
 so called. According to the figures
 lown the bank had sunk about one
 Indred and fifty thousand dollars in
 lis, and had recently sold the greater Srtion for twenty-seven thousand dol i ITS and the remainder was valued at N ,250 In 1875 a loan of thirty thou Nnd dollars was made on notes, secured 4 this property. After interest to the
 mount of twenty-one hundred dollars Id accumulated the property was fore Aosed Since that time S50S59.30 had ben expended on Improvements for the
 Eoperty, most of them made ten or
 ore years ago, and land adjoining the
 act had been purchased for $172O5
 ore. This made total expenditure of
 DO 164. 30 and the only receipts had been
 624.75, leaving net expenditure of
 5,53955, and when interest upon this
 mount is added in the total would be
 bout $150,00 The bank still owns the
 eadow land of the tract, which is val
 ed at $1,250 and the remainder has
 len sold for $27,5 300.