Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1841-05-22
fQ,uNU
10000
l79,500
10000
$269,5OO

shares, 10000
$269,500
OF course, the Committee cannot say, that the
Exchange Committee did or did not authorize, or
Sanction thus settlement, The paper which con
stilutes the only evidence OF 1t, aud which the
Committee have seen, exhibits no sign OF such
authority or appreciation, other than the initials oil
MIR Andrews himself,
OfrheresIdue OF The large debt Of Mr. Andrews
of S463lO4 50, which includes hls one lhrd
proportion Of the foregoing sum OF SZ69,ouU, all
except S32 ,3ll So, was settled by tie udnslel OF
stocks and loans."
The committee state that the amount OF stocks
received by the Bauk IN payment OF debts and
advances exceeds hirty-ohc millions Of dol
lars
-, pears by this report, that the purchases OF
cotton paid for with the funds OF the Bank, were
private speculatlons Tor The benefit Of Nicholas
Btdde aud others.
The amount OF the shipments IN July, 1897,
was ,g9S IS The committee could not
ascertain the balance Of prJdt aud loss, OF all the
parties interested.
The second OF these transactions took place III
the fall OF 1887, about the time MIR Jalden was
appointed agen, in England. About the same
time house was established IN Liverpool by
May Humphreys, Director Of Ito Bank, and "a
son Of .EicAolas Btddie, the President, Through
which most OF this business vas transacted. The
House of Beyan a. umphreys, III Philadelphia
al. n /, .,t,tp
1887 '3S and 49, the ransaclAns OF ihs con.
ccrn amounted TO s., 969,4UU 90, advanced by
the Bank, resulting, the committee suppose, IN Il
profit Of abou, SsUo,uUU;but they know not a
lnong whom it vas dIsubtsd
Upon the lhud and last Of ,hesc cotton snetu.
Iatons, amounting 10 S3,42I,o42 SO, there was
loss OF S962,524 l3. Ut this loss the sum Of
! S3i0,U7l 80 was thrown upon the Bank by an
allowance for discount ON southern funds used IN
the purchase OF the cotton, aud $2l ,06l So more
by a commission to lossrs Humphreys 4 Bid.
die, leaving to be settled by the parties S63l,-
$50 o..
One half of this, amounting with interest TO
1921, 900 10, was settled by Nicholas Bidde IN
December 1910, BY transfer Of Ttrian bonds,
upon delivery Of which 10 the Bank he received
"a full discharge" We presume those bonds
were not al that Time sasable al any prlce.
One fourth OF this loss was settled by MI Cow
perthwaite, late cashier, by transfer Of HIS share
in certain lands IN DauphIn county, IN Caiaragus
county, New York, IN Lycomlng county, Wis.
konsn, and Michigan, all al coSf; II shares OF
stock in the Boston and Illinois Land Company,
$50 shares IN the Commercial aud Rail Road
Bank Of Vcksburg, 50 in Planters Bank Of Ms
sisslpp 100 IN West Fehciana Bank, 500 in
Germantown l. Norrslown Rail Road Compa
ny, 100 in Camden and Woodbury. Rail Roac
Company, and loan Of Camden and Woodbury.
Rail Road Bompany, OF $4,000 all al par; and
u cash payment Oh about $4,000. Though :
large portion oil this property was nearly OF total
" worthless, ii was taken at full price, and Mi
Cowpcrhwaite released from his portion Of thl
debt.
The third partner was represented by MIR
Wilder, Of New York; but was in TACT, Thoniai
Dunlap, late President OF the Bank! To enable
him to pay his portion Of the loss, the Une'
States IN New York lent Wilder $4,000 OF
the security Of certain real estate and claims Of
individuals, and received S49,793 80 in cash.
1t hence appears, that the partners in the g.
gantlc cotton specuatlons were, Nicholas Btddl
and Thomas Cowperthwaite, President ant
Cashier Of the Bank Of The United STATES, ant
Dunlap uho succeeded Biddte. ltiurher ap
pears, thai while they were successful, the Banl
90! no part Of The profit; but when unsuccessful
Il had 10 bear large portion Of The losss.
The committee proceed Us follows, VIZ:
mot only 10 regard to loans aud settlements
but in relaaon 10 tbs purchase and sale Of stocks
the establishment OF agencies, and other Inpohan
measures ofgenefal policy, the Board u DHea
tors we're moi generally consulted. Oh this tn
committee must bopermlttcd to present some u
stances as illustrative. In September 1896, th
Bank purchased the Merchants Bank Oh Nes
Orleans, Of the capital Of one million Of dollars
for an advance Of $40, $50, and established ii a
the agent Of this Bank at this place. On the ST
day oil November, 1896, in like manner, pur
chase was made Tor 1884 ,OO0, Of the lnsuranc
Bank Of Columbus George 10 August, 1885
arrangements were made Tor The purchase OIL III
r charter Of the Hamilton Bank Of Baltimore, all
the purchase effected, but as the bank never we1
into operation, the advance was but small. Their
!, was taken from MIR Joseph Cowperihwane, 0
the Isl Of March, 1888, eighty-nine shares {
G United States Bank stock, at Sl2O, the Ban
$ selling on the same day at Sis, less brokerage
a and OH the Sth January, 1910, there was receive
d from him as cash. one hundred and thirty share
n | a So al. k.,r