New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-11-11

unfortunste gentleman whom Fate, in the person OF
Jenss Chuzzlewit, knocked in the head. The d.
recton having got the pretty little sum Of fs5o 900
10 hard at their disposal bsgsn TO dispose Of it on
those sound principles of banking. which BY no
mems prevail exclusively in the mother country.
That 10 to Say, they began TO lend the money 70
themselves, a. the petition Of the shareholders
alleges, On inefficient security, srd that only per-
sops and at lower rates Of interest than they could
hsve got for it from independent parties 10 the ord-
nsry and proper method Of carrying on the banking
busine,s. Mr.. John Carrac Morris the Deputy
Chairman of the Board; Mr.. Stephens, the Mana
eer, and Col. William Petre Waugh, in particular
were the fortunate objects Of this corporate con-
fdence. This last gallant officer was the greatest
favorite Of Fortune as she turned this particular
Wheel, be receiving no less sum than f237 ,OVO-
within fl2,OOO of the capital paid in-on utterly
in Insufficient security. This brave mar must have
been intrepid, If not rash in biz financial esolueens
as he became bankrupt Notwithstanding this amount
Of material aid thus Literally extended to him.
1t il net to be supposed that, with such ample
materials, the science Of cookery a. applied to &c.
counts was regulated by art,ts Of such culinary SKILL
Accordingly, in the last monthly statement Of the
assets and liabilities of the Company in February,
1851, the former were set down within small
fraction of million aterng, in the single psrticu.
lar of East India and Government securities,
tressu,y drafts credits, discounts, &c. The pre-.
else sum, in ito minute accuracy, was f9o9, 925
l4s. id. Whether the shareholders were or were
not inclined with Mr.. Mantalini, to say "the I'D.
be demd ." they might well include the rest of the
sum in their imprecatiens when they discovered
that it was made up of the securities offered BY
their admirable Directors for tie sums they had lent
to themselves. A month afterward the Company
stopped its banking business, probably because the
Directors could borrow no more than two or thres
times the capital and the shareholders, being called
together were made aware of thsagreeabe fact that
the liabilities of the Company, over and above its
as,ets, exceeded f24O,OOO. So that, beside the
total loss of everything they had paid in they
would have to pay in the other so per cent Of the
capital to free themselves from the personal liab.
t., which, under the Government Stock law, ex
tends TO the entire indebtedness of the Company.
Thi. tho unfortunate fellows were ready to do;
but they could not quite stomach the impudence
Of the Directors who issued two successive notices
for the payment of Els per share, aud then sent
letters threatening legal proceedings against the
shareholders who refused to trust them with any
more Of their money. Accordingly, DR.. Abel
Stuart aud Mr. George Duplex, two of the suffer
ers, presented a petition to Vice Chancellor Sir
James Psge Wood, for the appointment of an Off
cal hquidator, urder the Joint Stock Companies
windipg.up act. AMI that will be the end Of that
lesson-pether the first, nor yet the last, in the
history Of Joint stock swindling.