Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-16
Thomas Dunlap, until March 90, 1889, when he was


ed, as was supposed by the parties interested as pr-
vate papers. succinct view of the whole matter'
sufficient convey to the stockholders general dea
Of its character, may be drawn from the Report oil
Committee of the Board Of Directors appointed on the
2lst of july $780, for the purpose of adjusting ana
settling these accounts and who reported on the 2is'
of December, 1910, which report with the accompany
ing accounts, is spread at large upon the hha,e "a.
The first transactions were July, 1857, ana aPpa
advances TO A. G. Jaudon to PURCHASE 49," Tho
shipment to Barring Brothers ~ Co, OF LVeiPooi, ''e
proceeds to be RENTED their house IN Lohuoh eH
acting as the agent of the Bank Inc amount u THESE
shipments was 21S2, 99S dollars, - Genus ine Pio-
ceeds was passed to the credit OF .he Dahh anu 'e %
profit and loss does not APPEAR and the commt,ee MAD
no means them, nor the names OF the par
ties Interested.
In the autumn of 1887, when the second OF these
transactions commenced it will be recollected, that Mr.
Samuel Jaudon had been appointed the Agent OF the
Bank to reside in London About the same time, a CO.
partnership was formed between MIR. May Humphreys,
then Director of the Bank and son OF MIR Nicholas
Biddle under the firm Of Biddle IL Humphreys. inns
house was established Liverpool, and thenceorward
acted as agents for the sale of the produce shipped at
that place. which comprised large proportion OF The
whole amount
In explanation of these proceedings, the Committee
annex their Report copy of letter dated rhiade
phia Dec s. 1910, the President and Directors OF
the Bank from Mr.. Joseph Cabot, one of the firm Of
Bevan IL Humphreys, and who became Director at
the election in January 1898 This letter read to
the Board December 30 $40, but was not inserted on
the minutes (Appendix h) u
This arrangement continued during The years 1887,
1898 and 1882 the transactions OF which amounted to
$500 45O dollars, 90 cents The shipments were made
principally to BIdde l. Humphreys, were paid tor by
drafts on Bevan & Humphreys-the funds advanced
by the Bank, and the proceeds RENTED to Mr. Samuel
Jaudon, agent of the Bank in London.
1t appears that there paid to Mcssrs. BeVan q
Humphreys by the Bank in Philadelphia during the
months of March, April and May, 1889, the sum OF
eight hundred thousand dollars, and the account was
thus balanced The committee have reason 10 peeVe,
that this sum constituted part or perhaps the whole
of the profits derived from the second series of ship
ments How, and among whom, it was distributed,
they have not beer informed, but from he terms OF the
final settlement to be adverted to presently, each one
will be at liberty to make his own mferences
The third and last account, amounting to 3,24l 0i2
dolars SO cents, appears the books " Bills on
London, advances S. w. S. W." These letters stand
for the name of S. V. s. Wilder of New York Messrs
Humphreys 81 Biddle, TO whom these consIgnments
were made, continued their accounts in the name OF
Bevan e. Humphreys, but without the knowledge OF
that firm as appears by Mr.. Cabots letter of Deem
Der % lS40 The result of these last shipments was
loss of 962 524 dollars, l3 cents Of this amount the
sum of dollars 81 cents was tor excess OF pay
ments by Messrs Humphreys Bddle TO the London
Agency beyond the proceeds of sale, with interest
thereon The parties interested claimed and were al
lowed deduction for loss o2G, 900 dollars OF South
ern Funds, used in the purchase OF cotton, when al
discount, the of 3l0,071 dollars, 30 cents, and
also this sum being Bankers COMMISSION TO Messrs'
Humphreys 4 Biddle on advances to Samuel Jaudon,
Agent 81 ,03l dollars, Sc cents making 53l So dol
lars l6 cents and leaving TO be settled by the parties
the sum of 63l 1890 dollars, 81 cents.
Before proceeding to state the particulars OF TINS SET
Element it will be proper precede it by the remarks
of the committee Of the Directors by whom it was et-
fected They say: "a long and difficult negotiation
has resulted in the settlement OF hree-ourths OF tne
Balance, and agreement for the settlement OF the
remaining fourth The payment of half the amount,
and the agreement for fourth neither OF them
such as the committee labored 10 obtain yet the terms
are better than at period of the negotiation they
could reasonably have expected and although unsat's
factory in themselves acceptable under the peculiar
circumstances OF the case.
The settlement reported to the Board on the 2st Oh
December, 1910, was as follows
With Mr.. Nicholas Biddle for one half
amounting with interest to S32l ,220 l3
For which there received from him
in payment, three Bonds Of the Re-
public of Texas, for FIVE thousand
dollars each, and an order on Gene
raj James Hamilton, then in London,
to deliver to the Cashier, or his or
der, Bond of the Republic of Texas
payable in London, for El0,l26 lbs.
4d, and also ninety Bonds of the
same, for two hundred and fifty
pounds EACH these with interest due
e ena sa' naas by Mf Samuel Jaudon
smount to POI, 642 90
Leaving balance of Sll9,577 %
For this balance, Mr. Bddle agreed to deliver to the
Bank within month, Texas Bonds, and on the de-
livery ofthe last mentioned Bonds the Bank agreed to
give him full discharge from its claim upon him for
his share Of the loss these operations. This con-
tract has been performed. The Committee at the
Board say, in reference to this settement:-"Aware
that the Texan securities were much below par IN
he
settlement under the beliefthat better arrangement
for the Bank could not be (at least amcaby) effected
and in the hope founded general information, that
the Bonds might at distant day, be disposed of with
out serious loss
The Committee also settled with Mr..
ofthe loss, sl57,S47 "a
For which was received in payment,
Mr.. Cowperthwaite share in certain
Dauphin County Coal Land, which
cost 100000, less mortgage thereon
of $4,000 10000
Land in Cataraugus Co., N. York, which
cost, 5000
Land in Lycoming County, Wisconsin
and Michigan, 10000
Boston and Illinois Land Co. Stock, II
shares, par, I,OOO
Commercial and Railroad Bank of Vicks-
burg, $50 shares, par, 35,O00
par, $500
West Felciana Bank, 100 shares. par, 100
Germantown and Norristown Railroad
Co, 500 shares, par, 2o,0OO
Camden and Woodbury. Railroad Co. 100
shares, par, o,ooo
Loan of Camden and Woodbury. Railroad
Co., $500 $4,000
S247,9OO
of aabout' ~ 10000
Making altogether, S263,9OO
The Committee state, in reference to their settle
ment with Mr. Cowperthwaite, that it made the
ground that "with the exception of few thousand
dollars retained to pay other debts, the agreement
comprised all his remaining property"
The Committee also settled with Mr. S.
VS.. Wilder, the remaining onefourth,
amounting with interest 10 s16l 1893 SO
For the purpose OF enabling Mr.. Wilder
10 settle this amount in cash, the Bank
of the U. States in New York, loaned to
him, the sum Of $4,000 on the
riiy of
L. Real estate at Green H
Philadelphia county, 10000
q, Al bvnI lad