Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-05-06

$3.50 w ANAH " hNl hAlH nHR ]
iatng 10 him the fact that had been refused per
10 sec these yOchers-I then stated 10 him
Nuatmy Z, collection was respecting them. he reques.
LED 1 { might be put down in writing. and a short
memorandum was accordingly made"
They saw the minutes of the Bank where this
Of Directors was appointed who. thoy
were assured by the President of the Bank. made
i'eso disbursements. Was not that inlormationi
not the minutes book-l
Yet IA defiance ofnll this they declare that they
were not able to obtain satisfactory information
upon the subject Of these expenses, from the books
or OiliceIs OF The Bank.
In The same way with regard 10 the $780, 600
charged m January 1910. They saw the names.
the dates, the sums. Iitley were IN Mr. C,x,o,,b.
waite : Time, lac had gone To the Chairman and of
tered The explanation If they were since Mr. Cow.
rer'h'Sa'i0's time. Mr. Dunlap had eKp,ained To-
mem that Tins of Directors were the
persons TO apply TO. Bat this G rmmittec would
ID nothing. They did MT ask the COMMUNE of
Dire'tos they would not listen 10 MIR C,yyn.rih.
waite. One thing. however. at least, was perfect
y Sei'iih' mat whoever made these disbursements
! could oy M possibility have had any thing To do
"Ilh Them. And yet they flsien tho whole ON INC.
and make every ono believe that these exnenss,
were incurred b. me. Observe too the arti6ce by
"hlch TINS conclusion j. made % be believed
Among The expenditures OF the Bank saw The
Committee. There - entered. at varou. dates. com.
mencing May ), 1886. suns amounting in alI." &c
DC. Commencing May ), 1885, but they do NOT saw
where ending. That important fact is sludiou,ly
n'Iheh' because u would have been seen at ono,
wne'e my responsibility ended. and that these $3.50.
200 were disbursed after | left the Bank.
hon sec. then, That this Committee Investigation.
showing perfectly well that these $3.50. 600 could
oy no possibility be imputed 90 me. have deceived
The stockholders into The belief that | had received
The money.
You see again that this committee declare tb,,
'hey could get no Information from the books aul
ohiicers oi The Bmk, when the bUDks with the incts
were before them, and both MIR DUNLAP unI Mr.
CJwPeHhwaiIc had given the information in wrt.
Ing. "
You are asiohished at all this. BE more aS,onish.
cd al what follows. la all these various disbune.
mems Tor Tue service of the Bank nv agency was
one rather oftJrm than ofsubstance. When nccess.
ary Tor any purpose sIme committee or sum. duly
au'lori%sd person made the disbu rsement, and IN,
vouchers to pass the account were signed bv NV.
sell without Of cOurse receiving. or indeed h,yinc
any thing 10 do with the sums i'm o,.s,,on a.,
merely rs an evidence that such sums nm chi ne .,
had been discussed. That for instance with ,ba
ease with the sum OF S99. 900. the cashier r,v,po
ms voucher, aud the ommitte giving tbeir NH
ri'y IN writing though it was more commonlv dom,
W N"'oai instruction, rs in the case of discount,
ny the committees. OF course after, I,n.a &C.,
N'e '"i IL uiI1Cult TO recall what Vyns
Tue object Of any particular disbursement. or oGe,
many changes in the Boards Of Direct,rs IN sboy,
any written authority or receipt from any cpmmir
'ee' hWt SUI this confidence IN verbal orI-r, i 81
natural on the part Of those enga ged tng,iber d,iIy
III u great multiplicity o transactions. that written
o'uef' ana Instructions are MT habItual. Known,
niue OF the details OfIhese disbursements. my con.
huehee was that all of them would pass through
some REVISION by a competent cumnitIee bef,r-
they were finally disposed Of
A'cofdihSly. with rega-el To these identical dis.
oI'Semeh'S' made during my administration the
"hoie OF them were duly examined. rep,rreJ p,,n
oy a committee and confirmed 5y the B,orI bac,e
! Iet Tue Bink' the chairman of The committee $,
'eP'"N"g men, being the same individual who is
now chairman of the cummiitee OF inyeStisaIin,
On The 3!JuIy. 1888. the Dividend Comm,tso
consisting OF Me'srs. LIp2incorI. (Chairmln3 WaIo.
port. ~" 'e'
They presented The Profit and Loss occo,n, =,
which The leading item was
1888. mn
July : To bonus and perm
Thus consisted Of two items
The Bonus. S2.s22,622 80
And the Permanent
expenses, 65S OIL %
Making exactly the s35I0 sq4 %
Inc say that 'The amount of profits
uT'sihs irOm Discounts. exchange. interest. AMI olher
so,m,''es "urinS the last six moaIhs is 81 .9J2, POP
w Deducting from his sum all The cynsn..s ,,I
charges Of The institution for the sonc n.,i,d ..
mounting TO S4927J5 So. the nett proils Will a.
mourn 10 slA19A13 AZ So much for the cur.
rent expenses. Now for the permanent expenses
Aher giving some details OF the business of THE Rant
'he Committee proceed: These sums. t,ge,be,
wan s'2559Il OF, the balance rem lining to the
credt OF PrOhi and Llss as reported by the last
90 n Co'hmiItee. form nn aggregate Of S7,721.
90 W. Against which there are how charged
The bonus paid for The charter. and the pern mon,
expenses ct the Bank. amounting together 10 50,
oiOO94 ~ leaving a balance Of nett profits OF
S4@io'eoI So And having so settled il. the
Committee propose-"That a dividend of four nor
Bank. - ""'
signed JOSHUA LIPPINCoTT,
Chairman Of the Dividend Committee"
Here Then Is The report Of the Dividend Commit
tee who before making The dividend arc of cnuras
70 examine the expenditures. Those merely cur
rent ihey deduct at once from The current profits
nose MOI arising from current expend lures; and "a
DO gradually spread like the bonus over the who'll,
surface OIL The charter, are put with The bonus AMI
form an Item of Profits and Loss. Mr. Lippncot
anu TIE dividend Committee report both; thoy have
OF course examined both, and recommend 10 IN,
' Z" w VIZ bDll. Inc Board udOut.
the reports; charging the current expenses apnins
lho current profits; and charging to Profit and Los,
vac ehPenses OF more durable character undeI
IN head OF permanent expenses.
Remark the pbrIseology-"against which are non
chargeI-ihat is, for The first time charged Tbcs,
disbursements were recorded as permanent e,pcn
ses' on a book called 'the state Of the bank vbirl
was On 'he liable OF the directors every day they
met Ana now the dividend committed for Inc Gr.i
,mo transferred them 10 the profit and loss account
- Is this very tranSfer-this change Of place-ibi,
hanuling these accounts aud vouchers. ina, p,ovo.
thai 'he dividend committed with Nr. Lippincot NJ
'heIr mead had examined Them and assigned 4, ibeu
a ne" place. That lac and the ommiuee sbouLl
NOT nave examined all these expenses with fb.I
vouchers u incredible--aud what makes tho CO.,
,n"ch stronger Is that at that very time he was ac
,ualiy chairm1n Of the ummitee on The state of M,
BANK IN which OTTER capacity II was made his dufy
70 etamine these vouchers and expenses. Z
Now this sum Of s6S5,O3I 90 thus charged h,
lno O'ard 70 profit and loss. contained al the erpen
un"res made during my administration included in
This sum Of s6lS.OOO. "
repeat therefore. what 7 beraa by asserting
. 1ruf Tho nnwuUwrFNM. L---.