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The Minneapolis Journal
Minneapolis, Hennepin County, Minnesota
What is this article about?
In Albany, N.Y., Justice Fitts appointed temporary receivers for the insolvent Holland Trust Co. of New York City due to $110,000 capital impairment. Depositors safe; stockholders affected. Company liquidating since two years ago, organized 1888 with $500,000 capital.
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Albany, N. Y., July 16. --Justice Fitts of the supreme court has appointed James B. Van Woert and Samuel Bryant of New York city temporary receivers of the Holland Trust company of that city. This action was taken on application of Deputy Attorney General Martin.
It was stated by an official of the state department of banks that the trust company has been undergoing a process of liquidation for the last two years and the application for the receivers was made to enable it to wind up its affairs.
The depositors will not lose a dollar,' said this official. 'The stockholders of the company are alone concerned. There is an impairment of about $110,000 and that will fall on the stockholders. I understand that the applications for the receivers meets with the acquiescence of the officers of the company. They desire its affairs closed up. In fact, it has not been receiving any new business for a long time and has been conducting only such transactions as would permit it to liquidate.
The company was organized in 1888. Its capital stock is $500,000. The report declares that there is an impairment of capital of upward of $110,000, hence the company is insolvent.
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Domestic News Details
Primary Location
New York City
Event Date
July 16
Key Persons
Outcome
the company is insolvent with an impairment of capital of upward of $110,000, which will fall on the stockholders. depositors will not lose any money.
Event Details
Justice Fitts of the supreme court appointed James B. Van Woert and Samuel Bryant of New York city as temporary receivers of the Holland Trust company on application of Deputy Attorney General Martin. The company has been undergoing liquidation for the last two years and has not been receiving new business. It was organized in 1888 with capital stock of $500,000.