Washington telegraph., 1850-11-20

S95,374 81, as lost. The proportion OF debts
lost at this branch is greater than at any other
lhls is owing to the fact (as will be seen. by refer
! ence 10 the proper column in table D. that the
officers at said branch permitted large amount
oil debts due, to run out Of date, without suit.
have no hesitation in saying, that large portion
oil the notes returned to this bank, by the bank
agent, from said branch, exhibited in table d. s.as
barred by STATUTE, could have been collected, il
they had been properly attended TO, at The time
they tell due, and collections been enforced.
The total amount of bills aud notes due the
Bank and Branches the lst Oct, 1850, with
lLtert st calculated on each note up to that time.
Is y ,Uol 300 IL; Of which class ss267 lS6 s
as solvent; $24 ,404 So as doubtful; Ss2.6 664 46
as lnsolvent; and $296, 1904 35, as lost From tks
Sai2 9bS "a. cassed as "insolvent" and slosi,'
no'n'ng WIN ever 1o reanI-u g. a. Dunk At
least no reliance need be placed on this amount
in calculating the aralable assets of the Bank
vi the amount classed as ''doubtful," somethiuo
VIII no doubt be realized, and perhaps large por-
ton of It, The amount classed as so,ven, think
will be collected
On the 18th of June, 1919 discovered tha,
a. H. thornton, ate receiver of this Bank, was a
deiauiter for Sl,Ol3 0l. This defacation was
detected by examining the cash and specie ac-
counts OF SAID receiver Under the law in force,
from Dec, 1916, to Jau., 1919, the receiver sold
large amounts of Real Estate Bank paper, for
specie, 10 pay the current expenses of the Bank.
When he sold the Bank paper for specie he credited
his cash account with the amount sold and did not
ch 'rge the specie realized from such sale in his
cash account; but when he paid out the specie so
ra,sed,he credited his cash account with the amount:
thus receiving credit ttoice for the same mon2 "
AS soon as l ascertained the amount he was in
DEFAULT on this account, notified him of the fact
when he came forward, and paid it.
on: or about the 9Th of Aug, lS49, Gen. Geo.
W. Clarke, Bank agent, turne. over TO this Bank
the assets OF The Fayetteville branch. On exam
Inng the books and papers of said branch, 1 found
that A. T. Thornton was defaulter, for cash paid
him by the following persons, to wit:
j. NJ Hodge. deposited in 1915 or 1916, & .S5S Ga
X L. Pulliam, Esq paid on IL Nov ,IS46, AGO 90
Nj. l. Scott, Esq, paid on jan, 1877, 200 90
S.Oidham, Esq paid on Is July lS47, l 600 90
Joab Durianl Esq, paid on Fl Feb, 1913, 36O %
Wv. Dean, Esq, paid on 10 April, ,c4S, 2,6l6 81
w. Adams and A. NJ. w ard, Esq's, paid
IA June, 1913, 3s5 NO
and j. NJ. Floyd, Esq, OIL Nov, 1917, so 90
Making, in all, sSS,930 4o.
1 immediately notified him of such defalcaiion.
On the 18th Aug, IS49. he paid into Bank, on
account oil the above amount the sum of Il SlS53
of, and requested me to delay any action on The
balance, until the Bank agent could return the
books and papers belonging to the arkansas
brancA, by which, he alledged, he could satisfy
me That he had accounted for it. The assets 5f
the ARKANSAS Branch We're delivered To me- by the
Danh agent, on or about the eth Sept lSI9 |
immediately placed them at the disposalol Col.
lhofnton, whc, after thorough examination, en-
trely failed TO satisfy me that he had in anv way
accounted for the money paid by the above named
individuals on account of the Fayetteville Branch,
and insisted on immediate paynen, o, the same
Upon further examination of the books and ac-
counts oil the Principal Bank, touud that he was
IN deiau't for sS32 81, paid hum on the 23d Nuv,
lo46, by James L. Mlliwee, Esq, for which he
had given Mr. Millwee 10 credit ON the books of
the bank. also found that he was in default for
Sioi ~, deposited by Fleetwood Herndon and
VIM. I'll. Etter. in the Branch of the Real Estate
Bank at w ashington, on the 9th May, lo47 which
amount was paid to him, through Col. Thomas W.
Ne"toi Cashier and Secretary of the Real Estate
Bank
also found that JOAN H. Crease, Esq, late
nmanciai receiver OF the principal bank, pad 10
thornton, as ms successor in office, on the 25ln
day Of April, 1915, the sum of $40 dollars in paper
oi The Fayetteville Branch Bank, (as part of the
money on which T.. Riggs recovered Judgment
against the bank in New York;, for which he
never had accounted, in any way, or run into his
cash account.
nose last three amounts, added TO the balance
que on account OF payments made TO him for th.
Fayetteville Branch, he paid to me, on the 2ist
day OF September, 1914 being S5l3O 80.
Oh me Ioth October, 1919, reported at eng
10 you, showing that Col Thornton, as receiver is
IN default TO this Bank for interest that accumu
ia'ed on State bonds, while they were in his hands
and ior interest clamei OH his other defacations
ior more than $6,OOO. To recover this amount
sun is now pending against his securities
AaOle II exhibits the amount of cash turned
over TO me by A. f. Thornton late receiver. To he
3io~3 81 4o; the amount collected from the 9th
April, lS49, TO the Ist October, 1850 TO be & l63
,r a.,
cumulated on the Real Estate Bank bonds received
from Thornton, as receiver, and in collection of
debts 10 be s,ll 1863 US since they We're paid 70
me; making in all $357,353 SO.
have Cancelled and filed with the State Treas
urer since came into office siyty-fve bonds ssued
on account of the State Bank. The interest paid
to redeem them was S23.629, making $so, ,629
1 have, with the State Treasurer registered aud
burned ss33,65O of Arkansas State Bank and
Branch paper. l nave also cancelled aud filed
with the State Treasurer forty fi.e coupons issued
with bonds OF The State bank, amounting to \ $50
For full and complete statement oil the cash
operations of this bank from the 9th April, loi9,
to LIST Oct, 1850, refer you to table E-where
1t will also appear that the cash OH hand lst Oct,
1880, amounts to S224,ll0 6S.
Table r shows the number Of bonds issued ~
account OF the State Bank that are outstanding
and unredeened on lst Oct, 1850, to be 965, aud
the interest due thereon on that time to be $751;
362 oo; making $l,5O6,562 50. 1t also shows
the arkansas bank paper ia circulation aud uaie-
deemed ON ist October, 1850, to be S5O,O8 So
making the total liabilities of the State Bank
one miIion foe hundred and ffty-sir thousand
SIC hundred and fifty dollars (S ,556, ESQ.,
his table also exhibits The resources of the Bank
upon an examination of which, you will readily
perceive that the less to the State, on account of
the State Bank, will be about one million of dol
lars 1t also shows that if every dollar of prnci-
pal and interest due the Bank on the lst October,
looo. could be collected, thai it would fall short
oil redeemns the bonds issued Elace her in opera.
ton near Si9o,O00. Of the $224,ll0 GS of
"cash" ''on band," S22O475 is in bonds aun
coupons issued on account Of the Real Estate Bank
which. iC moi redaen,ad L..4 L L.