The Waterbury Democrat., 1933-09-15

Merchants Trust Company could
be paid in full, and there would re-
main for distribution to the stock
holders of The Merchants Trust
company the sum Of $1,506,106.00
which would be equivalent to
Three Hundred Dollars share for
each share of stock held by the
stockholders. The Receiver has
no confidence In its ability to liqui-
date ell remaining assets and OBJ
tain therefore o sum equal to their
book value.
II the Receiver was able to re-
duce all remaining assets to cash
and receive therefore 1872 per
centum Of the book value Of such
assets It would be able to pay all
OF the depositors and all Of the
creditors OF The Merchants Trust
Company in full.
II the Receiver was able to liqui-
date all remaining assets at 71.6S
per centum Of their book value 1t
would be possible to pay all of the
depositors in full.
1t is possible that with the ac-
emulation OF income ION assets
now remaining which exceeds
greatly the expenses Of administer
Ing the receivership, that with the
lapse Of time It would not be nec-
essary for the Receiver to collect
71.6S per centum Of the book value
OF assets, but that such percentage
might be reduced to the extent that
income accumulated.
rs. Analysis OF Assets Az
To Book Value
The Receiver now has in Its Gus
tody mortgages on real estate and
real estate at book value which re-
presents the cost to The Merchants
Trust Company Of real estate pur-
chased prior to the receivership
and the cost to the Receiver Of
taking real estate by foreclosure,
such cost being The Merchants
Trust Companys mortgage debt on
the property foreclosed plus taxes
and other deferred charges paid to
protect the title, in the aggregate
sum Of $2,251,S5o.o9.
II the Receiver was able to sell
the real estate at the above men,
toned cost, and was able to collect
Its mortgage at par value, the pro-
ceeds Of such liquidation would
pay SAT- per centum Of all Of the
liabilities of The Merchants Trust
Company both to depositors and
general creditors.
The Receiver now has in its
possession collateral loans, bonds
and securities, cash and assign
ments ct the cost Of acquiring the
same, the aggregate sum Of ST..
626,527.00. II the Receiver was
able to collect all collateral loans,
receive for bonds and securities
the price paid therefore by The
Merchants Trust Company, 1t
would be able to pay from this
source alone 1915 per centum Of all
liabilities to depositors and general
creditors.
II tho Receiver was able to col
lect the book value Of mortgages,
real estate, collateral loans, bonds
and securities, with cash and as
signments, 1t would be able to pay
94.2 per centum of oil of the La
billties OF The Merchants Trust
Company both to depositors and
general creditors.
The remaining assets in the
hands OF the Receiver consisting of
unsecured promissory notes and
other unsecured items amount to
the sum OF $1,716,603.00. II all UNI
secured promissory notes and as
sets of this nature could be re-
duced to cash by the Receiver at
their face or book value, 1t would
pay to the deposltors and general
creditors ALL per centup of all OF
their present allowed claims.
o: Analysis of Assets ana
Liabilities as Per Official
Appraisal
The appraised value of all assets
now remaining In the hands Of the
Receiver IL only $19,9S3.11 less
than all liabilities both to depos-
itors and general creditors. In
other words. II the Receiver can
collect the appraised value of re-
naming assets and can accumulate
through the collection Of income
Twenty Thousand Dollars, 1t would
be able to pay ell Of the depositors
ana oil OF the general creditors Of
full.
The APPRAISAL value Of assets now
in the hands of the Receiver ex-
ceeds deposit liabilities by $685.
66s.9s. Appraised assets now in
the hands of the Receiver arc
102.87 per cenVum of all deposit
liabilities. II ths Receiver can coll
lect 97.67 per centum oil. the APP
praisal of the assetE remaining to
be liquidated without the aScumu-
lation of any income, tae receiver
ship would pay all ,depositors, both
savings and commercial, In full.
After the payment of all expenses
to date the position Of all depos-
itors has improved from 95.33 per
centun at the time Of the suspen-
sion to 102.67 per centum as of
August 31st, 1898, an Improvement
after all expenses have been paid
In the position Of all ,depositors of
7.34 per centum OF all deposit LA
bilities.
2. Some Analysis OF Expenses
: For the year 1899 the average
monthly disbursements of the Re-
ceiver to itself to reimburse 1t for
services rendered by its own off,
GERS as employees was $1.553.26.
The average monthly disbursement
for like purposes to the Receiver
since January LIST, 1888 to Septem-
Der 14th, 1888, has been running
at the rate OF $4,000 per month
$717.26 less than the cost for same
services in 1882.
At the inception of the receiver
ship former employees of The Mer-
chants Trust Company, were en-
ployed under order of the Superior
Court which required a monthly
disbursement or payroll of ST.
1890. The August, 1888 payroll
for like purposes was $1,140.00.
The cost Of payment to employees
has been reduced slightly over
fifty per centum.
THE CITIZENS AND MANU-
FACTURERS NATIONAL
BANK OF WATERBURY,,
RECEIVER OF THE MER-
CHANTS TRUST COM
Danny