The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-03-25
Bank Of the United States.

An adjourned meeting Of the stockholders Of the Bank
OF the United States held the 18th inst at the
Merchants Exchange Philadelphia, for the purpose Of
receiving the report OF the committee appointed at the
last meeting and for the transaction of other business in
relation to the institution The attendance
usually large and deep interest was evidently felt in all
the proceedings.
elected TO the chair and Mr. h. d. IDgraham chosen
secretary.
The SECRETARY then read the report the committee
recommending that application should be made to the
Legislature to relieve the hank from all liability to the
commonwealth that they had prepared act Of
bly, for the purpose Of closing the trusts and eectng
speedy distribution of the assets Of the bank and that
committee of be appointed to proceed to Harrisburg
for that purpose
Mr. RANDALL moved that the report be adopted This
melton seconded, and carried unanimously.
Mr.. RANDALL then offered resolution to the effect
that expedent for the stockholders Of the Bank
Of the United States make general assignment OF
assets TO trustees and that the stockholders
decide that question accordngto
the scale Of votes allowed in elections Of directors
Pending this question considerable discussion arose be-
tween different parties and particularly in reply to some
remarks in reference to the charter
Mr. SoHwAR Of the committee. observed that. though
be now and formerly supported Mr.. Randalis rcsou
tons he did not fully agree with him in his present
marks corporated rights which the present stage
Of matters entirely irrelevant and had nothing
dc with the object of this meeting Representing 10000
shares held in Holland 10000 in Great Britain and
5000 owned in New York and South Carolina Mr.
sehwab wanted the Legislature to do justice-tha they
should b. told you had fulfilled your contract with the
bank by paying the interest OF $500 per due
on State stocks the bank would have fulfilled here with
the Commonwealth. 1t was surprising to him that when
s a%s Of 70 Ti pr
and ingenuity TO be found who awaited hnse OF that
defence MIR s. complained that the trustees eating
up the of the bank and thus the property OF the
foreign stockholders who had trusted TO American honor
lie was adverse any cessation of corporate powers and
in favor OF general assignment but relying at the
time. the honor and integrity OF the Legislature.
TO do what right under the circumstance
remembering that the State was partly the cause
Of the suspension Of the bank Ten years ago
il known from the books Of the bank that 10. SOL
sharer or nearly twohrd OF the capital stock was NED
were creditors in Europe, for which deprecated
and repudiated State stocks were pledged Yet their
opinion any subject referring to the affairs Of the
hank was never consulted and consequently the best
institution set aside for the beneht OF
the Philadelphia banks other preferred creditors
in this country. At former meetings by distributing
the amongst the partsans OF the latter Dir schwab
efforts always defeated. particularly by motion
Mr. Gibbons who held full four shares since the 9th OF
April 1871 in his and who then pretended 10 pro-
the best interests Of the bank The same gentleman
is acting counsel for the commonwealth, in direct
opposition 10 the same interest he once so zeaously
defended. Mr. $. complained that suhcient notice OF
meetings dividends due to creditors was not given to
foreign creditors stockholders in order that their IN
might he protected and also that in relation TO
certain eight millions Of dollars in property held by the
bank Nessrs Hope Co of Amsterdam and others had
for the nine years not been able to get any norna
ton The impression generally prevailing that the inte
Of the creditors and those Of the stockholders were
opposed to each other did not appear to him correctly
taken The stockholders assistance to the creditors is
perhaps more needed than the latter of Yet
as much as it in his power considering it
far preferable to trust in the good feelings and
equity of those creditors with some of whom he was
personally acquainted than in the exertion Of the pre-
sent trustees. whose only object IT was TO pefpetuats
their salaries. In conclusion. Mr.. ;. remarked
that If the object Of people TO deprecate the sup
posed value Of the assets of the bank with view thereby
escape further investigation, he would assure those
parties that whether the value of the stock twenty
dollars per share that Of blank paper, neither would
prevent him from publishing to the world account of
the greatest robbees recorded in the annals
Of history.
Mr. Randalls resolution in favor Of general assign
pent was then put TO vote and resulted
.fies-730 votes representing 1904 shares
NaDs-126 votes. representing 100 shares.
So Mr. Randals resolution war passed.
On motion Of Mr. RANDALL. an election was gone INTO
for five trustees under the general Assignment.
The following gentlemen were eiocted--Anthony
Schwab Motion C. Rogers James Cooper (of Potsvile)
Charles Macalister. and Daniel L. Miller Jr
Several resolutions IN reference to the power OF sad
trustees SC proposed by Mr. Randall, which were
unanimously carried.
Mr. SonwAp offered resolution that anoice Of stock
holders meetings. whenever = dividend out OF the
the should be declared should be publish
ed in two Philadelphia daily newspapers the NV YORK
Herald, the London Tass and the 1,ostodome Horde-
dad at least three calendar months previous 70 such
meeting being held such dividend being payable when
was unanimously adopted.
On motion 81 Mr. SLLoN. il was
Resolved. That when this meeting adjourn. u DO sd
iourn to meet the first Monday in May. Adjourned