Article Text
The first-class receiver is sometimes a costly luxury as well as a necessity, as the stockholders of the Atlantic State Bank of Brooklyn have found out to their soriow. When the bank went down with the Metropolitan Savings Bank, it was compelied to apply for 21 receiver, although the securities were generally held to be worth every dollar of their face value. When the receiver closed up the affairs of the institution, he declared a dividend of D per cent. and turned in a little bill of $75,000. Now the stockholders are finding out that the East Tennessee bonds, which the receiver sold for 62, are quoted at 95. This sale cost the stockholders a clear loss of $50,000. The Peoria-Decatur bonds, sold by the receiver for 35, are now bringing 70. Losses on other stocks show that the same assets. if placed on the market to-day, would realize a handsome profit to the stockholders, instead of the 91 per cent. loss which they have been welled to bear.