Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-04-17
si6I,7e3 80

Mr. Thomas Dunlap, of Philadelphia, guarantee.
unuer GATE OF December 81, 1910, the faithful and
Pune'uaI payment Of the loans to MIR Wilder. Ths
COMMITTEE OF the Board add. "Under this arrsnoe.
ment we apprehend no loss to the Bankp
oPoh the presentation OF the Report of the Con-,
m IaI''ee on advsnces TO the Board on the plat Of
december, $40, a motion was made n r.co,,,,; !,
the same for the purpose Of having inserr.d ,harn
he name oil the party really interested in the one
touIth, Tor which the settlement was made win NJ
D. V: D Wilder. This motion did not nr.vaT Ln,
charged. "''''''ee us
AfIer the Report had been read. IN. f,Ilov;,.
preamble and resolutions were submitted ~, w
James Martin, and unanimously adopted Nv The
li"ectoIs present, VINO were Messrs John n A.g
Joseph Cabot, Lewis VAIN, John ConneII Man'
IeI Eyre, Richard Price, Lawrence Lewis. James
M iaTun' george Handy, and Robert TAYLOR: M
Man, acting by deputatlon as President pro lem in
the absence OF Mr. Dunlap paw 'e'''' III
as appears by the Report OF the COMMITTEE
on advances, that large transactions hive her 40
ing on Tor several years without the sopr,;on . ~.
nuowlepse OF the Bolrd OF Directors and as il fur
80 SPPe"uS' uias 'hese transactions were mostly
h"e wholiy, Tor the account and 10 the pro6t "a
Loss OF the executive Offices of I'M, RAM =, H..
ImeS' IL is due from this Bard that their Inc, go
demnat on OF such things should be fully or,.,,"I
and recorded: il IS therefore eSSeo'
heSo'psd' That the bus ness oflosning money ~.
o"A DSlOUSs 10 the Board OF DFer-
tors, and that all loans or discounts nnde L GO
muee OF the Board IN concurrence with the ofi.s,.
Boa I'd ''"s VI he
hf'o'p,d' That the loaning or dlscountlnp on IN.
CpOHur VI oo'iate a. security or promss1ry notes
OF the ohce's OF the Bank, is unauthorized and con
the hank.n VIZ o"A'S Oi
- Rescued, That the large advances made bv the
oineers OF The Bank, in the periods Of 1887 g and
I9o9' ., oeing totally unauthorized, and unknown
',"e DOu'u O' directors, merits and receives our
Just censure and condemnation.
BY the Thirteenth Standing Rule III. III,
is provided that the Committee on the s,,,s M ,b
Dhnki composed OF five members and elected las,
pinot every Three months, should, Eat I,ast onos
during their tine Of service examine and eoun, The
u'sIouh1eo NOES, and compare the amount thereof
Win INC oelance OF the amount Of Bills Discount,
ed ~ the General Leger they shall also co,,n, H.
easb' ana the printed and the imprinted paoer in
the possession OF the casher-ex,mins The e,,dsno's
OF the public debt and property of the corporo,on
make an inventory Of the same, 10 be comn.red
with the books, in order to ascert,io ,b.;r -.
menl ana report 10 the Board" The custom an.
pears to have been for this committee 10 con6pa.
lher examination exclusively to the cash bills die.
counted on personal and other securitv tn. ;,s,,.
and the printed and imprinted bank paper ON bsod
ne account, however, Of The general state OF the
bank, submitted 10 the Directors AZ every s,,,od
- I'Ns'i"NN tilt lAtiUH OF ''hlIIg TecgtVabp
bank stock and other security which ioci,JoJ =.
well the bills receivable for sale Of branches ne the
loans made m the manner heretofore aJve,tcd 10
and "FoTeign Bills Of E1chanee.p unde, ,ybicb
head was contained the advances on sbiornsn,s ~
merchandise. Thus, on the 2sth of Junr Is2s a.
Th'h day an examination was reported by The CON.
mttee on the state Of the bank, there stooJ 10 liz
debt OF "bils receivable" the sum Of IL LOG oza
dollars, IS cents and Of "foreign bills Of eYcba1s.
The sum Of 1915, 100 dollars, % cents. 'Tbe cor,
mnlse annex 10 this report list Of the Diree,or,
and the several Standing Oommittsss az liz ~
snesi the re-chauer. tAppsndix l.
Not only N regard 70 Loans and bot sst.'en.o,,
" relation N tho purchase and sale OF stoeks ill.,
establishment Of agencies and other import,nt me-
sues Of general policy the Boltd Of directors wer,
not regularly consulted Or this, the eoromi,,,s
must be permitted 10 present some instance, =. N
| lus'raliye. 10 September, 1886, the Bank our.
chased the Merchants Bunk Of New Orleans n
The capital II one million NJ dolarf for nm sdv,,c,
Of 6I6,@jO, and establish it AZ the agent az tbi
/ Bank At that place. On the eighth day of Ma
/ yemoer 1855, IN Ike manner purchase was mad,
/ for $4,000 dollars, OF the ln.drsnoe Dank NJ ~
lumbu'' Georgia. 10 August, 1889, arrongemenu
/ were made Tor the purchase Of the charter Of IN,
| Hamilton Bank OF Baltimore, and the purebs,,
eteoledI bot ~ the Bank never went into one
/ ration the advance was bot small. There was tsk
/ en- from Mr Joseph Comprehensive, on the Isl o
/ March, 1888, eighty. nine shares Of Bank Unite,
states stock al $40, the Bank selling tho sam
81 Sis, less brokerage and on the 9Th Of January
| lsfO, there was received from him ~ cash on
hundred and thirty shares al 800, the market prie
! 81 ihat day being SIS rs Genus, On the 4th O
March, 1889, Messrs. Joseph Compartments, Tho,
| Dunlap, and Joseph Cabot agreed 10 purchase q
the Bank two thousand shares Of PHILADELPHIA an,
Reading Rail Road Co.'S Stock, at sf5 per share
on credit Of two yeirs, and on the application q
these parties on the 18Th Of February 1870, the sa
contract was annulled. II is stated in Rspoft =
the Exchange COMMITTEES Of August %, 1889. an
entered on the minutes Of the Board, that the Pba
oe,gha and Heading hsil Road Company, ha
loan OF 10000 IN hs individual capacity, tal
though supposed by the company 10 have been o
account Of the Bank,) 10 be convened INTO s,e,