New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-06-18
CARD.


e,..6o,,<, Of N, Byoaduly Baak Of the City Of Neg'
Cyxr1ExES: A change having been made IN the
Board Of Directors Of Broadway Bank we the undesned
a. an act Of duty 10 stockholders and IN vindeaon OF our
selves lay be fore you the following sans
bens nj o removal as Directors:
OF the affairs the Broadway Bank IN the
rs o. J to over IS COZ Of whose snan
ca stan the least was net very slrons VINO
BsnE individually which checks being past dueoms Of them
over three found counted cash. and mar ne
SEINE did bear interest and were whop, security @
tber than The mere names of the drawers of hem1the ,aa
checks having been placed the cash items oy oroef 0' M
On further e1.minstion the stocks held BY the Bank
cOaer. security G loans The committee ass iNSn Obtained
loan. on what they considered doubtful security VIZ sucn s9k
the Lang Observatory and others when were
Also upon examination of the ledger they found that the
,sme prte. had larger line OF discount than was known 70
The board Of and inquiry Of the Cashier the reason
Of this bis reply had been done s order o. .ae rIs
ad that had called attention to thst the cheeks nah
given for qneuIrent fund. but on qrtGet
tut Of the bad been paid in current funds we
indebted 70 r. A. Pa individually and that they
were IN the habit paying him the sum OF $50 per week
pucsse Of stage line he having formerly been the proprietor
thereof Such the Committee concluded was the cause OF the
persons shown these parties BY the President OF tne
Bank and this larger line OF discount given to them al tune
when the regular dealer, were asking Tor more discounts T
bank than able to give them The being
satisfied that this course Of vas 81
nd Of
Pa me that until said checks (which unpad and the
leans ade these psrties were paid or good securities suo
decline signing any report the aas of the bank 10
proper position and accordingly other securities were furnished
by Mr. Palmer showing concusVey that ne was n'e'e' "
Al the first meeting Of Board of Directors AFT, the ex-
more should be made without the sanction OF the board
Immediately alter this the Pesidep. began 70 show m;
fred and alec toward other members OF the Board who ha
the independence think and act for Themselves and before
bers Board resigned rather than 10 submit TO his dctaon
with the exception alluded above reelected
ard after he election meeting 81 the Ss e ..
stockholders Of the Bank thai another one OF the "
rectors should be elected the office Of President and the fol-
lowing letter written and sent 10 Mr.. Palmer
F.A PALMER, Ese-Dedr Sir We the sndersiened' ma
rty of the Directors of the Broadway BANK deem
Ing expediend mke change In the Presidency OF that Ia
tuton and having TO supper, sno
tsgned) SILAs. C. HERhiHG,
JOHN FALcoNER, pASL > sGHANcK'
AARON ARNOLD, L. b. NAhDLo
Nm N MCINTYRE, JOHN $. HARRIS.
newt mee. Of the Board Mr. Palmer having refused
to decline the proceeded to the election OF fes
@ the Of the Bosr the subject
the Predency again brought up and the friends Of Mr.
t be made and after long gOtston the following
pomi.e" ssreed upon w That enanse ps 81 bs
stockholders that stakeholder should vote on more THAI
deemed
ndence Of the board Mr. Palmer held nearly 10000 Of
The sleek which with The inu that his position gave him
control any election That M Palmer should apologize to
de Board for the language used ey him to them . Inc
tile eIs attempt fer. with .ny Of the eetors
for heir action in this matter that they would unite WIN us 10
ALEC agreed at tina, meeting thar the sssy ., .ne
Pesidert should the as was 500" The above
compromise having been accepted COMMITTEE was
who waited upon Nh Palmer who agreed 10 ABIDE oy ING eo
promise and the SgieemeD-
MI Arnold heTeuron having rendered his resignation which
was accepted Mr. Palmer then elected President
Soon after election Mr. Palmer asserted in conversation
thai II at any he found that to use his
oek TO amount to vote on he should DO So r sOD VA.
csus his salary TO be raised to too wch Wa done Al
n , 81 eyepte.n The stion was brought up when
four # Mr. Psmers friends voted 10 the Affirmative and Two OF
the Directors in the negative although the minority dscuy
charged IL 10 violation The and compromise,
and should be laid unti the next meeting
forth and the oct was conmmmated- ,
You viii that Mr. Palmers conduct h been In
direct violation OF the Aforesaid compromise ana sreset
upon which solely he rnstad 70 the office OF President
tie Undersigned made effort whatever 10 secure reelection
and only Of their number voted Though several are large
voted would considered himself bound by the
promise and agreement 10 vote only $1,000 Mr. Palmer
finding be his way resolved that should be removed
at the coming eecon and proceeded TO carry out his lee nss
and dens By procuring proxies of many parties who di not
perceived who had previously dspproved Of the
official conduct q said Palmer and had the independence 20
removed and the result has shown that he has gained his
point by direct violation of every principle Of honor and has
the benefit Of the stockholders majority whom
have been with the Bank from its organization In
whether the course Of M Palmer has been for The Of
the Institution to crafty hi. selfish purpose.
5 b s J9TSStk ! sC q Sh ERkSSSER
his name not being signed to the above
AsE- i0,k, June IA, 1855.