In re the insolvency of Union Bank

The Chancellor.

The receiver was appointed January 20th, 1875. He filed no inventory. The nominal assets were about $300,000, of which $166,000 consisted of discounted commercial paper, unmatured;, about $86,000 of such paper past due, and about $48,000 of stocks, furniture, cash &o. The liabilities were about $100,000 due depositors, and $36,000 due other banks. Pursuant to the order of this court, the receiver made and paid three dividends, the *421first of fifty per cent., the second of twenty-five per cent, and the third of ten per cent.—in all, amounting to eighty-five per cent, of the…