New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-20
Experts Figure on This
Amount for Creditors
and DepOsitors.
BANK LIQUIDATION
BY STATE PROPOSED
NEGOTIATIONS with Price for Four
teenth Street Store Leases
Broken Off.

The final inventory of the assets. ex-
elusive Of store fixtures and cash on hand,
of the Simpson Crawford Company and
the Fourteenth Street store was made
public Yesterday. II shows goods OF net
cost value of slightly less than $1,000 900
and accounts receivable OF nominal bool;
value Of $4,000. OF which $4,000 is adj
mittedly bad. An unofficial appraisal OF
the fixtures puts the value at not more
than $4,000.
Nomnally. therefore. the receivers have,
Including about $1,000 cash in hand,
81. 900. 900 with which to pay claims
against the two stores Of about Si,SOO.O0O.
taking the prices received for the stock
of the Boston store as basis, experts
| figured yesterday that 100000 would be
| a fair estimate of the amount to be re-
ceived for the stock. 100000 fair price
| for the accounts receivable. and with the
| so. 600 which ii is thought the fixtures
! may bring make total disbursable assets
of loss than 81 900. 900. The experts, al
loving S1J. 600 for the expenses of the re-
ownership and sale. estimated that the
stores would pay about 20 cents on the
dollar in liquidation.
ON this basis the depositors in the bank
! whose nominal claims against the New
York stores total 100000. would get
! s4OO. 900. if all are allowed. from this
source. This with $4,000 proceeds OF
the indemnity bond held by the state and
cash i'm hand would give the bank receiver
! s525.O00 gross assets TO disburse. plus
what may be received from the Boston
store. The mercantile creditors are will
/ ing TO allow them $4,000 from that
| source. making the total bank resources
| $500 or enough to allow a payment
Of about 90 cents on the dollar after eX-
penses have been paid.
These expenses will be small If the sug-
| eestion of Coudert Brothers that the
| bank be liqudated by the State Banking
| Department is followed. Under the law
/ the department cannot act as trustee OF
/ receiver for the bank, but there is noth-
| ing to prevent the depositors electinS
| George G. Van Tuyl. the Superintendent
| trustee, he. with the consent Of the Gov
ernor. to use the machinery of his Office
to do the work. which Mr.. Van Tuyl IS
willing to assume The saving in notarlal
| fees, rents, StenOgIdpleTS anu ot"ei
items, It is estimated. would be $4,000, or
about per cent Of the depositors' claims.
Assemblyman Solomon Sufrin, who rep
resents an East Side district, offered .
! bin Yesterday authorizing the Attorney
| General and Mr.. Van Tuyl to look after
| the interests of the depostors without
cost TO them.
Negotiations for the Fourteenth Street
| Store leases, between Leo a. Price and
the owners of the property, were broken
| off yesterday. as the holders Of some of
| the property insisted on more than Mr..
Price was willing to pay and other own
ers willing to take.
Frank +. Voge is scheduled to appear
for examination before Alexander Gil
christ, jr., United States Commissioner.
! this afternoon, but II is expected the tx
animation again will be postponed. The
! depositors meet tonight In School q,
42d street, near Third avenue.