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THE BANK FAILURE. The Assignment Made YesterdayThe Deficit a Large One-About $125,000-Liabilities of a Quarter a Million-Talk About Town-One of the Most Serious Failures in Years-Prominent Features of the Case. The firm of Bunnell & Scranton has gone under, as indicated yesterday would be the case; and assignments were made yesterday, one by the firm and the other by Mr. Scranton personally The failure is bad one and fifty cents on a dollar is the maximum amount which it is now believed, on good grounds, that the wreck will pay its creditors. The failure is sad one, accompanied as it has been with such mournful attending circumstances and is deeply regretted in our community and was surprise to all our leading banking men, all of whom expressed confidence in the house when it first closed its doors. The continued suspension of business, however, excited alarm and suspicion that all was not right, and the outcome shows that a deplorable state of affairs has been existing at the institution for some months, mistrusted by hardly anybody, though among class of the most careful investors, who are also monied men, doubts were from time to time expressed that firm could go on paying 6 per cent. on monthly balances and on deposits without taking undue risks and uncertain chances and by such a criterion the firm's ultimate stability was questioned It appears now that the firm has for months been in tight place and dire finan cial straits, either owing to private speculations in Wall street stocks or carrying stocks for others in losing ventures All unncertainty as to the firm's affairs was dispelled yesterday morning by the news of the filing of the assignments. The necessary legal papers were brought into court by John W. Bristol, of the law firm of Bristol, Stoddard & Bristol E. G. Stoddard was named as trustee, and Judge Robertson fixed Wedn day May 27, at 10 a.m.as the time for the hearing No schedule of the assets and liabilities of the filed was firm The making of an assignment of insolvency was decided upon by Mr Scranton as the result of a consultation he had with Lientenant Governor Merwin, president of the Yale bank, President Leete of the Mechanics bank. James D. Dewell of J. D. Dewell & Co. President Stoddard of the County bank Attorney Louis H. Bristol of the law firm of Bristol. Stoddard & Bristol, counsel for the firm: A. M. Tuttle of Naugatuck, and Mr. Smith of New York, father of Mrs. Bunnell, formerly a bank president in New York Cashier Newton had, at the request of Mr Scranton, prepared statement of the assets and liabilities and submitted it to him. It was not complete, but left no doubt of the firm's insolvency It represented the liabilities in round numbers of $250,000 and assets of about $125,000 Mr Scrant ton's conferees immediately advised the making of an assignment, and Mr Scranton decided to act upon their advice. The assignment in each case was made to President Stoddard of the County bank, the one assigning all of the property of C. W Scranton, both of his interest as surg viving partner of the firm of Bunnell & Scranton and of his own realty and personal property; the other assigning all the firm's property e Judge Robertson fixed upon Wednesday May 27. at 10 a.m. as the date of the hearing on the appointment of trustee Hon E. G. Stoddard has been named for the office and he will undoubtedly be appointed, and from conversation had with Mr. Stoddard yesterday afternoon it is believed that he will accept the duties of the position In an interview with Mr. Scranton he said All care to say is that there has been an unfortunate concurrence of accidents It all came in a heap [ have been sick with inflammat tion of the bowels. and I really ought not to be sitting up to-day T don't care to say anything Mr Bristol will speak for me. 'We don't know ccurately as yet," said I Mr Bristol, just how matters stand. have heard it said that there are unsecured liabilities to the amount of $250,000. That may be nearly correct or it may not. We can't say yet The estimated assets of the firm, $125 000, are considered by many of the credi tors as large, and they are prepared to believe that when the statement is made they will be less than $100,000 One creditor said yesterday morning the best assets the firm had was Mr. Bunnell's $10,000 life insurance. It was generally supposed that all of this was made payable to Mrs. Bunnell. but it seems that such not the fact. This $10,000 is represented by four or five different insurance policies, some of which were taken out by Mr Bunnell many years ago One has run twenty- or thirty years About $5,000 of the money is made payable to the widow The rest goes into the general assets for the creditors. These policies are in the Mutual Life Insurance comparry of New York represented by John W. Nichols Both Mr Bunnell and Mr Scranton had their lives insured in the New York Life Insurance company, whose office is in the Lyon building, Chapel street, a few years ago. The policies were made payable to the survivor of either If Mr. Scranton died first, the policy was to go to Mr. Bunnell, and if Mr Scranton survived Mr. Bunnell, it was to go to Mr Scranton. The $10,000 on that policy will now be scheduled as an asset of the firm Another asset will be Mr. Bunnell 's seat in the New York Stock exchange Mr. Bunnell said have purchased it in 1882 for $32,000. Its market value -day is placed at $20,000 But report says that it is mortgaged. The New York Stock exchange has a gratuity fund of $10,000 which is payable to the widow or heirs of a deceased membe The $10,000 will be paid to Mrs. Bunnell Regarding the mortgaging of the seat in the Stcck Exchange Mr.Scranton says he has not heard. The failure of Bunnell & Scranton will have but little effect upon the banks in the city Inquiry at all the banks yester day revealed but two which were carrying any of the paper of the defunct firm. These two are the County and Mechanics banks, but what they have is amply and fully secured The opinion prevails among those as well posted as any outsiders in the affairs and business of the late firm and in the light of the developments that net dividend of 25 to 30 per cent will be all that the assets of the bank will eventually yield when all expenses are paid On the other hand gentlemen supposed to have good knowledge now of the bank's situation. think 45 or 50 per cent. will be realized The official statement of the bank's condition will not, it is thought, be ready until to morrow, so much and so complicated are the many of the transactions on the books. The force of employes at the bank is very busy preparing the much looked for statement But that it will afford