Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1915-01-07

representing the trust company's in
vestment, were pledged to secure
liabilities, he said.
Officers of the trust company have
said that, IL they could sell the rail-
road, the trust company would be in
good shape, but Quick's report show
ed that, as the bonds are pledged, the
proceeds of their sale would GO to
paying the obligations for which they
are security.
Many liabilities were found, Quick
said, which do not appear on the trust
company's books.
Included in some of the items to
which the attention of the Court is
called are the following;
There is still owning for railroad
material and equipment s163,552,
which was not carried upon the books
of the company as a liability.
Bonds of the railroad to the amount
of SS,949, 900 were carried at par value
IS an asset.
Unsecured notes of the railroad now
in a receivers hands were carried as
assetsto the amount of $34S, 1854.
Notes of the Cross s. Farming COM
pany secured by a second deed of
trust to unimproved Texas land were
carried to the amount of $3.50, 551.27.
Having preference over these is a
first deed of trust of $4,000.
Notes of the Big Wells Township
company were carried to the amount
of $S7 1852. These were secured by
trust deeds on lots. The town has a
population of 600.
Notes of a Syndicate" were carried
to the amount of SILT, 553, the collater-
al being doubtful paper taken out of
the State National Bank of Little
Rock, Ark, in an effort to prevent
the failure of the bank.
Notes of W. L. and Lucy 2. Musick
were carried to the extent of $S3 ,44O
secured by second deeds of trust in
the Musick division, st. Louis County.
Notes of H. @. Morrow were carried
to the extent OF $4,000 and as col
lateral was given shares in the Bank
er's Trust Co.
Among the assets was carried
$50 1853 due from the liquidating
committee of the Bank of Monroe,
La, now in the process Of liquidation.
Stocks held by the company were
valued at $71O,O75.1 10 and the receiver
puts their value at $512, ITS.
Among the stocks listed is $62, 499 of
a bank now in the hands of a receiver.
In telling of the impossibility OF
arriving at an estimate of assets the
receiver states that claims
"aggregating several hundred thous-
and dollars,n have been filed upon
alleged letters Of guarantees upon
notes. These claims, he states, were
not shown upon the books of the
company as a liability.
The court is informed that the
Bankers Trust %. entered into an
agreement June 80, 1914, with the
First National Bank of Granite City
by which bonds in the railroad com
pany to the face value of $3.50, 000
were given to the bank to secure
notes due or about to become due
amounting to about 500, 900 and that
an agreement was made that if the
notes were not taken up in 40 days
that security satisfactory to the bank
would be provided.
Obligations incurred by the Frank
lin Developing Co., engaged in con-
structing the railroad and amounting
to $139, 1872 were assumed by the trust
company. The receiver states that
he does not include this transaction
in his report, as certain lands to be
transferred by the contracting COM
pany to the trust company have not
yet been transferred.
The receiver also reports that bonds
of the railroad to the par value oil
$230,000 have been pledged with
various banks al security for notes to
the value of SIG, 100 and that these
notes were not included upon the the
books of the company as bills payable.