The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-05-25
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Before concluding the Committee desired to be in
dulged in other short explanation II is in rea-
ton TO the fact stated at page IL of the Report, that
there had been taken in settlement Of debt from
Messrs Bevan & Humphreys, Mr. Joseph Cabot, one
of that firm being Mt the time director Of the Bank
1850 shares of United States Bank Stock in 1888,
viz on the ID of August $50 shares at 1928, the
Bank selling the day at $3.50 less brokerage;
the 22d Of August 500 shares, and on the 23d OF
August 400 shares $685. the market price those
two days being 1928 IA, the Bank selling the day
after at 1923, less brokerage" These gentlemen
have published card denying the accuracy Of this
statement They affirm that neither their firm nor
any member of it lever made any settlement or pay
ment to the Bank in any stock at any price" They
add, however, when the stock was Withdrawn from
the Bank, the amount advanced on il being 100 dol
lars per share duly paid with interest thereon at
per cent" This is SO but the books OF the Bank
show that the very days when these sales took
place, the debts for which the stock had been pledged
were paid. Ii in substance then, if not in form.
a settlement As to the price, is not denied that
that Of the 900 shares above the market PRICE Of
The dayihough il is remarked that these shares
''for individual account that is were owned by the
partners of the firm in their individual and not in their
partnership capacity. As TO the price Of Of the $50
shares, the Committee had and gave thci authority
the books OF the Bank, which sustain their assertion
What may have been the price the next day was no
thing to the point the Cashier who made the settle
ought have known the price at which the Bank
then selling These gentlemen express surprise
that they should have been mentioned by name, when
makes proper TO add that il done in conformity
to general rule adopted by the Committee, to men,
lion every case of this kind which to their know
ledge in which director chief officer was party
interested.
In reference to the guarantee by the Bank Of the
contract made by Mr. Dunlap for the purchase Of
"Illinos and Michigan stock, the statement made
by that gentleman in published note 10 the Commit
tee il entirely arcnrnte u dill .prsar ih.s
personal advantage was expected or derived by him
from the contract and il supposed to have been
mentioned in the Report I'M manner and connection
which showed with sufficient clearness that II wa
really for the and bcnt of the Bank and that tie
particular mode had been adopted in order that she
might without violation Of the charter become the
proprietor efihis Stock THE committee thought Il
proper to notice it, as contract of Importance
to which the assent Of the Board had not been asked
o obtained.
Having thus re amincd it is believed every point
in regard 10 which the fidelity mparalty OF the
Report has been CALLED into qucsuon-we must now
finally submit the whole matter TO Inc Judgment OF
the Stockholders and the Public
JOSHUA LIrPiscorT,
MosEs KEMproN,
CHARLES Massey, Ja.,
EDWARD COILS,
JoHs Bacon,
JAMES s. NEwDoLp.
Philadelphia, May Is, 1871.