, 1841-05-29
$4,000 90
S!6l,793 80

guarantees, Under date # December 9Ist
1910. tie faithful and punctual payment Of
Of the loans 20 Mr.. Wilter. The Commit
tee of the Board add. s.Under this arrange
ment VIC appIehend no loss to the Bank"
Upon the presentation of the Report Of
the Committee on advances. TO The Board on
the 2lst of December 1910. 4 motion was
made, To rc-comnit the same for the purpose
Of having inserted therein. the name Of the
patty really Interested in the onc-.ourth, for
which the settlement WIS made with Mr..
S. Y s. Wilder. This motion did not pre-
vail. but TIC Report was accepted md the
Committee DISCHARGED.
A'ler the report had been read. the follow
ing preamble nj resolutions were submit ted
by Mr.. Jan cs Martin. and UNANIMOUSLY
adptcd BY the Directors present. w!:o were
Me>srS. John K. N-f. Joseph Cabot. Lev
is VAIN. Jno. Connc!l, Manuel Eyre. Richard
Price, Lawrence Lewis. James Martin. G. 0.
Handy, "ni Robe I TAYLOR: VIZ. Nef. act
ing by depUtliion. rs Pr. sident pro ten, in
the ah>cncc OF Mr.. Dunlap.
"As it appears by nc Rcpor, Of the Com
mitice on Advances. thar large transactions
have been Cn:n : on Tor several wears without
the sanction OF knoWlcd-e OF the Board Of
Directors, anI. rs II further appears, that
these Transactions we're r.uSt'v, If not Who'll.
~. for tie account End to the Profit and loss
of the executive offices OF This Bank nj those
tunes, il IS due from the Board, that their
inst condemnation of scch t!:InGs shonid be
fully expressed and recorded: !, IS therefore.
Res irck. That the bus ness OF lo1ning
mcnov exclusively and e right belongs to
the Board If Directors, End ,hatal loans or
discounts made by i COMMITTEE Of the Board,
m concurrence with The officers. should be
daily reported TO 4 rc-alar meeting Of tire
BolrG.'
"RcsoIr'l. That the !m2rior or discountin-
on the dcDosifc Of Collateral security or
pr"miS70rv notes Of the officers of tic Bank.
Is unauthorized. and contrary 80 the proper
admini<ira ,"n of the affairs &C tic B.ni."
'Rsvo'rai, That tire Iar-c advances madn
b. t c officers -: the Park, in the periods Of
1878. end 1880, eng totally unauthor-
lzed. and unknown 20 Board OF Director,
merits and receives our iuS, ccnsure %ni cpn
demnatipn.
By the thirteenth Standing Rule Of the
Bank. it IS provided that THE COMMITTEE on the
state of the Bank. COMPOSED al five members.
and elected hv ballot every three months.
saou!i. ""t least Cncc durin. their time oi
service. exam ne and count The discounted
notes, and compare the amOunt thereof with
the balance al the amount OF ii. Is dSCOun-
led III tie General Ledger: they sIal! also
count IIre cash. and the printed md the un-
printed paper IN The p"sscss'nn al the cash
Ifr-"Xaminc the expenc"i Of the rublic
debt and property IN tic .crCraiI"n. make
an Inventor, .' 3d." SrnS, tn hP compared
with III" books. in order IL aSccr-ain iirHir
agreement and report Ia the Board" The
custom appears TO have Lcen fnr q! Is COM
miiIce la cnnfine their examination cxclu,
sively 10 the cash | Ills discounted on person.
al and other security, The issues. the printed
bank paper on hand. The account, how
ever, of the general state of the Bank. sub
mitied 10 the Directors at every state NEE
ling. contained. the items of q" bills r~eceiva-
bic IN bank stock and other Srcuriiv." which
included rs well the bulls receivable for sale
of branches us the l"anS made in The MAN.
nrr heretofore adverrcd to. and .'F"Ieign
Bills Of EXCHANGE" under which head was
contained tie advances IA shipments of mer
chandizc. THUS. IN the 2Gih of June. 1888.
on which dnv an examination was reported
by the committee nn the State Of The Bank.
there stood ~ tho drht nf :. bills receivable"
the sum Of I3,Io6O74 dollars 55 cents. and
'~fnr'irn bills of exchange" Tie sum of L.
2l6.lO9 dollars 81 cents. TIE committee
annexed 10 this report a list Of the D..rc-
tors and several Standing Committees of the
Bond since the rccharrer. (Arpendix L.)
Not "n'v n,c4ar! to Loans and settle
Tut in relation I" tic purchase and
sale Of stocks, the establishment If agencies.
and oIher important measures u! general pol
icy. the Board of Directors were not Iegri.
larry consulted. OF this the committee must
be permitted 10 present sorle instances rs
Illustrative. In September. 1885. the Bark
purchased the Merchants Bank Of New
Orleans Of the capital "f "ne million of dol
inr an advance Of 1890 dollars. AMI es-
'ablished it rs tho agent of this Bank al
that place. On The eighth day of November.
1886, in like manner, u purchase was made