Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1838-03-17

without chara on all AianIic cities nsrth Of the Pc
tomsc. Fhooe collections made by the banks ~
sPscllysly were credited in general acceunt Thvsit
olen hsppened that the funds collected for the Phenix
Bank, were renitted received by the Phenx Bank,
oueston-When the Phenix Bank gaveits cheques
on the banks of ether places for the dsccuntng OF
paper did 1t gain any additional interest or proft
thereby -
Answer-Certainly not ~#yfsI 49,.
Question-Were you authorized by he Board Of
Directors to discount paper in the intervals be-
tween their discount days? g-s... stIpi s
Answer-l was and believe it to be the common
practice with the banks of New York. Discounts so
made by the cashier of the bank unlformly and
regularly entered upon the offering book and
at the next meeting of the board each note was
enumerated in detail by the President and confirmed
by the Board.
BY the Charman-Suppose the board refused to
confirm such discounts? ...-. ts.t.-..
Answer he responsibility involved by such au-
thorlty induced such caution that hardly remember
instance of doubt or hesitation upon the paper so
done. As proof thereof for l6 years up 10 the lst
January, 1887, but one discounted note renamed un-
paid in the Phenix Bank.
By Mr.. Hall-Have you any knowledge or recoi-
lection of any charges for exchange made by the bank
for the collection of notes on Hudson Waterford,
for Keller Macnie & Co. IN 1886?
Answer have no recollection Of the matter in
CURED Of.
Cross examination by Mr.. Foote-You have alud
ed in your direct examination, TO several discounts
mace from q lunu depOmlnatcd udSt Iun0, 10 tue
house of G. B. Grannss & Co was the first Of those
discounts made on the 10Th December 1886?
Answer-I believe il was
| Question-What was the amount ofpaper discount
| ed, where was il payable what was the amount de-
Quoted for exchange and interest. and on what bank
Answer-The face Of the paper was | believe,
s7l98.2l; have no detail of the places wherei it was
payable, and am unable to say the amount deducted
| for exchange and interest $685.. 80 and gave
1 a oh nm N tho Phe0iv Rank N he y If NJ York
/ for the proceeds $6563 IL.
| Qnestion-Did Granniss & Co. draw funds from
the Phenix Bank for that amount, did the Phenix
Bank turn HIM out draft pa yabe at distant places
Answer-I believe Granniss e. Co. placed the
amount to the credit Of their own account The 10th
Dec- the next day, in the Phenx Bank. have no
recollection or knowledge of any other disposition.
| Question-Dd not G.. B. Grannss e. Co., at or
that or some other AMOUNT belonging TO the Phenix
Bank, or to the trust fund.- payable at distant place.
Answer-I do no, believe they did.
Question.Was one ether of those loans to c. B.
Grannss q Go. so made by the trust fund the I'D
December, 1882 n-#E
Answer-Yes. ..tnt
Question-What was the amount of the paper
where was II pay Fable what was the amount char
ged for exchange and n,erest7 and what did Gran
Mss d Co. receive for the proceeds2
Answer-The face of the paper was el667 30; in
terest and exchange s6637; nett proceeds 1920 90
for which they received my cheque, trustee for tn,
last named sum, on the Phenix Bank in New York
Questlon-Was the next loan SO made on the SAID
trust fund made ON the l4th January, 1877 what
was the amount of paper the exchange and interest
and what was received proceeds
| Answer-The face of the paper was s5276 90; in.
terest and exchange 1854 Al; nett proceeds s47l2 46
for which they received my cheque as trustee on the
Phenix Bank for the last named sum.
| Question-Name the dates of all the subseuuent
loans by said trust furd 10 G. B. Grannss Co., the
amount Of each, the charge each for interest and
exchange, and how the proceeds Of each were paid 2
| Answer-On the 10th and l4'h Febry, | paid tive
cheqes as trustee, Of $4,000 the iOsh and one
Of 05l SO, the l4th beng for paper the face OF
M e g ssS a and s.chasgs
the 9th, stated it the oath enormously in my d.
rect examnation) the face of the paper was 81 O57
30 interest and exchange $452 80 nett proceeds
sl0, oO4 Do and gave cheque on the Phenix Bank
for the same as tiusies On the 10th March, the face
Of the paper was 90, sos 81 interest and exchange
s548 81 nett proceeds, $500 03 and gave cheous
In like m amer. On the 22d March, the face Of the
change charged s467,02; the nett proceeds wer.
s5,532 %; and i gave my cheque on the Phenil
Bank as trustee aforesaid.
Question-You have stated in your direct exami
nation that these trust transactions appear no other
wise in the books of the Phenix Bank than bya de
bit TO that fund of the cheques-what en- tries were
made Of credit in the books Of the bank to meet such
debts 7
Answer-I hardly know the meaning of the oues.
ton. had large amount of cash funds to INV ere.
i dit, at that time, as trustee.
Question-In what books OF the Phenix Bank are
such entnes made TO show the transactions between
the Phenix Bank and such trust fuads7
Answer-All credits passed through the cash book
OF the second teller the note book Of the third tel
c one or both fsm thence these credits are post
into the ledger. The debts appear upon book term.
ed the chequc book, and therein posted into the
ledger.
Question-Who keeps the books for you showing
your manageme of such trust fund.-
Answer-There special books for the &C.
count OF the trust fund; IL simple debit and cred,
| cash account. Movement in the audience as the
French say For remlitances made to me in bills
or notes they entered for collection by the Phcnx
Bank as my agent.
| Qacstion-In what books Of the Phenix Bank de
such remttances appear and under what head Of ac-
count1
Answer-They are credited from the books before
mentioned fit is cash, II 10 deposited in the second
| tsllers cash book. They would be credited 10 the
account on which draw trustee.
| Qusstion-who makes the entries in that simple
debit and credit cash account Of the trust fund OF
which you have before spoken7
Answer-Nathaniel Blot
Question-Is there no other book in existence or
document or memorandum, except such cash &C.
| count showing the transactions or management OF
such trust fund
Answer-None except my cheque book.
QHestion-In what book or books do the discounts
msde by such trust fund for c. B. Granniss & Co,
and which you have before partieularized in your