Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-04-24

Inlaiions and undertakings by Companies, in
which they had been engaged, and large sums
lost. Business men had not been assisted as
they Should have been. From March, 1885, the
power had in great measure passed from the
Directors into the hands OF the Officers OF the
Bank, who formed themselves into kind Of
Exchange Committee. They did pretty much
as they liked, and kept no books---very few
vouchers-ond much of the largo business they
transacted, did not appear on the discount books
| In March, 1886, the bills receivable, were about
G, 900, 900; in 1887, s, 900 ,00O in 1888, 7000,.
600; in 1889, 6, 100000; in 1910, 4,O41 700;
and in 1871, they were reduced to only 176, 954;
These Bill accounts had been settled in various
ways, or transferred under other heads. lnclu.
ded in the above, 81 individuals, firms and com.
panies, had received 100, 900 each and upwards;
and one firm within certain time, upwards OF
100000. The Report went on to cite par.
ticulars in which certain ex-oficers Of the Bank
had become indebted 10 the institution in very
large sums, all of which were named, and had
settled their accounts by stocks, railway shares,
| lands, &c.
The history of the great cotton speculations
OF the bank in connection with the well known
firms at Liverpool, was then entered upon. In
1887, up 10 July, we understand the amount
advanced for the purchase Of cotton was 1885,.
000 and that the whole Of the cotton transsc.
tons were 100000 In the first periods of
the great cotton speculations, profit was real
zed-but by the last shipments, 100000 had
been lost, Several OF the ex.officers Of the bank
were described as having settled large amounts
with Texas Bonds, Vicksburg stock, lands, lots
and similar securities, mostly at par--when they
were released from all liability. There had been
loans and transactions for years, on the part Of
the officers without the sanction OF the Directors
An ex.officer had taken a loan Of 500 900 of the
Reading Railroad, in his individual capacity, and
the bank had afterwards assumed the response.
bility. In the profit and loss account, an item
, in relation to bank notes, amounting to 400, 900,
was deemed by the Committee to be unsatisfac.
tory Another item Of 100000 had not been
. properly accounted for, and letters had been ad-
dressed TO those OF the ex-oflicers who were pre-
t sumed to be in a condition TO explain the mode
in which the 100000 had been expended--but
no replies had yet been received.
t Notwithstanding this picture, and it is but
right to say; that the report throughout seemed 10
us to aim almost too exclusively at the x-oficers
with but little alusion to the ex- Directors, whose
: business it was to check and prevent erroneous
transactons-the Committee arrived at the con-
CluSl0n tndt tnere is Stll more imam l0,UUU,UUU
E of the original capital left to the stockholders
r and that the shares are worth abount 46 EACH
D Several documents were read, and among them
letter from Mr.. Cabot, OF this city, vindieatng
his firm from any supposed improper agency in
the cotton speculation.
] resolution, offered by Richard Bayard, Esq.
| for the appointment of a committee to take into
h consideration the present condition of the Bank
e to devise the best mode to be pursued 10 pro-
e mote the interests Of the steckhoders-and tc
S report at an adjourned meeting to be held or
Thursday next-was adopted.
. The committee Of Investigation was appointed
to be such committee, with the addition of the
: following gentlemen:
S. Brock, of Philadelphia;
7 Col. w. Drayton, S. Carolina;
John S. Nicholas, Baltimore;
Mr. Swarries, New York;
Mr.. Richard Bayard, Delaware.
After these proceedings, the Report Of the
Directors of the Bank was called for and read
This Report gave the history OF the resumption
OF specie payments--the suspension of specie
, payments-the late loans, negotiations with other
+ Banks, and indeed, all the recent events in the
history of the Institution--the most important oil
which, by the way, are already known to the
public.