Article Text
As fast as he has collected funds he has applied them to release the collaterais, and the claim of the Manufacturers' and Merchants' Bank, where the bulk of these assets are held, has already been reduced by his payments and their collections to about $32,000. At the time the bankruptcy proceedings were commenced he was just about to pay off, partly by an advance of his own and partly by the funds in ns hands as receiver,, the rest of the debt to the last named bank, when he would at once have taken vigorous measures to collect the bills receivable which would have come into his hands. He has caused to be commenced twenty-two suits upon the claims of the bank which came into his possession. Other claims, some of large amount, he considers it highly Inadvisable to sue, and he believes that it is only by careful nursing and judicious compromises that the creditors can realize the amount of their just claims. For obvious reasons he does not publish the names of the debtors, but any creditor can get them upon inquiry at his office. At the informal meeting of creditors he was requested to Inform them why certain loans had been made by the bank. It must be apparent to every fair minded man that, inasmuch as he has had nothing to do with the bank, except as a depositor, for two years, he cannot be expected to answer this question. He has been unable to discover any evidence of fraud or peculation. Whether the conduct of the affairs of the bank was judicious can be determined by the creditors upon a proper investigation. He has no desire to shield any officer of the bank from any just responsibility, and as he is himself a creditor upon a deposit account he would be glad to have any mode pointed out by which he could increase the assets, and thus increase his own dividend. He believes that the lease of the bank building, which has above eight years to run, is of great value. He has removed the office of the bank to a smaller room, and has let every room that he could, and has made endeavors to sell the lease, thus far without success. A list of the creditors of the bank, so far as he can get at them, has already been published in the bankruptcy proceedings. Inaccuracies probably occur in this, as in the figures given above; he does not wish to be bound by any figures except the following, which express the actual amount of his cash receipts and disbursements:- 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