The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-10
Our Lancaster Corr sps.dcnoe.

|, | =" vnB sVP'o IN inc SenAtoria question.
Mr.. Buchanan has declared b,m,ef uncomfortable f.
favor OF 'he election OF John w. Porney to the trotcd
States Senate, in frequent conversations with nj, snd.
within the past few days.
Tho Intelhgencer OF this morning (home organ Of NJ,
cor taps the folio wing
In respect to the yoed States senaior dvcrty OF
ars 81 % be the
w0d1 90 crea 70 the place But public opinion
strength any one particular section Of ss
so va. s ss and
senator u opersss be would very soon take with
70 Ire The Tshe: Of the people Of
ierring the Office on gentleman 30 deserving
Tho stand taken by Mr. Buchanan has caused consider
a excitemers among his friends throughout tho stas
wbinN the articles In the hi9sncz and Psm,yluanian
of this .'ato will no doubt increase
Ex Governor Porter arrived In the ten O'Clock train
this noqnnE fror Harrisburg, and immediately posted
10 Wbeatland. He Ii knswn IN opponent Of Forney
and will oppose bis election to tho "bitter eud ,
Scarcely had dc or Governor limo TO reach tho resi-
dence Of Mr. Buchanan ore John W. Porney arrived in
this city. from Ptaiadelpha aSd likewise hsst.ned to
In known to be outspokc1 and will denounce tn
~prsors OF Forrey. end demaud the neaSality b the
President elect In the Senatorial irabrogllo.
The following report exhibits the condition Of the
Lancaster Bank and holds no TO public tho persons
who caused the insolvency OF that institution:
TIE LANCASTER RANK-THH SUPPRESSED REPORT No.
vmnGAIING COMMITTEE.
meeting Of the stockholders Tho Lancaster Bank,
Brown, Esq offered the following resolution, which was
adopted
Resolved That committee Of Eve stocthsiders who have
% 70
por: e an adjourned meeting OF the stockholders which
whether said bank is sovsn. or insolvsnt
and DC 81 sa1s1
The TINS or times when the losses were incurred thai
The names Of The directors and officers under whose
minlstreuon The insolvency Of the baak 0oourred.
The Chair subsequently, appointed W. w. Brown, Jacob
lsbudy. Joseph Konigmaohcr, E. o. Reigart and D. g.
svartz the committee under the above resolution, with
subse quept meeting OF the stockholders tho report
prepared WAS referred to committee, who doomed It In
expediept to read or allow to DO published a that
time, the grounds that It's disclosures might inure tho
prospects OF the bank In making available portion Of It's
REPORT.
TO TIVE STOCKHOLDERS LANCASTER BANK
The undersigned committee OF stockholders Of said
bank appointed to investigate its condition and make
port
l. Whether said bank IL solvent or iusolys~t:
q II found insovent TO report the OF
such insolvency. and the manner in which It pro-
g. The time or times when the losses were incurred
that have rendered II insolvent:
The names OF the directors and officers under whose
I'D nipstraton the insolvency OF the bank occurred
Respectfully beg leave to submit to this meeting
having made tho investigation directed by the resolution
under which they were appointed, and after u careful
animation OF the liabilities OF tho bank have
10 tho conclusion that tho statement submitted
u q
partial exbibi Ion Of the condition OF the bsnk-thus
leaving doubt " ts insolvency suificieut
to absorb the cnrc capital stock and portion Of the dc
posites
The insolvency OF tho bank DO readily traoed TO
accumulation OF causes, each contributing 70 waste Its
RESOURCES and encroach upon m assets. Instead OF
commodatiDg the business community In tho locality OF
the bank where the dlrec had the Of know.
ing the responsibility of the drawers and endorscrs OF
the paper o1ercd for discount, II loaned
cet oins three fourihs OF its capital 10 few individuals
(ts President and Cashier among the number for the
road-erectng extensive iron establishments and de-
man OF even ordinary discrouen must have iorsscen
would lock the funds Of the bank thus loaned
parues, Tor long space Of time and n those specua
nors should prove dsastyous must Inevitably loso tho
bank the money loaned for such purposes.
In consequence OF tho entire capital OF the bank be-
Ing looked up either by being tho protest list In
vested In factory stock. loans to rs President
David IopgeDeckor, and his operators In tho shame
tnae methods OF banking in order 10 carry ts circa.
laiion, but which In rapid succession only tended still
more TO cripple Tvs condition Among tho expedients
resorted 10 by the bark carry Ia circulation without
tho basis OF lis capital tho furnishing OF IL bills
TO- wild cat savings Institutions, private banking es
Establishments, and even private individuals, In large
amounts charging interest tho ratio OF three per
cent per annum, with tho understanding part Of
hh class Of borrowers that they should keep tnose
bills snost, mot To incommode the bank BY this
means one sose individual has become indebted 70 the
down among The doubtful and bed assets Bot indepen
dent OF the insolvency OF The parties 10 whom the bills Of
tho bank were thus furnished In large for
Of additional loscs THESE bills the bank found
their way 70 Philadelphia the oommcrcianart Of Penn
cd In gold silver and order do this the and
hills OF exchange which bad been discou ned the
and there sold Al discount rating from TX to per cent
per month More than $50 coo OF the Insolvency 81 the
bank be traced 10 the pay OF nieres, 70
meet the demands OF is circulation.
Among other causes OF insolvency may DO mentioned
the ansfer to tho bank Of $4,000 worth OF Factory
s'oct :, par by David Ionscneeker the President on
tho 18th OF January, 1852, when In fact tho
Mt selling ethan from 81 TO sie per share tho
So bank V Of SV siS 500 smss o.u a. psr bslns osg
secured oy frst mortgage Conesogs Scam MIL No g.
to- sScs.nss aIsea, w. A., s' 80. ~ por
Nay 1883 the stock 70 be transferred 10 the bank be
fore the LIST OF November, 1855 bu, the stosk
Iorsepecker however took immediate possession Of tue
tecurs for james Loan, after tue board agreed tho
exchange, thus deraudng the bank out OF either the
years interest the James or the two dividends
90 The 2l5 shares Of Lancaster tank stock.
AnSS sro o, nc PIoe ana sro' a.a vas con-
$4,000 o. good ncurluts In tho following manner
10 February, lss6, resolution psssed tho Board
OF directors for the spp1inlment 81 committee TO
Investigate Ia cor oion and on the % OF March, 1855,
the ioIlovior ccmmuee VI. announced, viz. Hs,norn
Freeard, Ben amin Fshlemsn. Augustus Boyd, A Herr
Smith and Benz C. Bachmsp, Esq This committee pro
oseded 10 The discharge Of their dutos and male con
My, 1869 90 The sth Of May, snor the dividend wa.
declared Mr. Boyd, member Of ths, committee, moved
tg0to, which the bank hes against Mr.. Gicim prin
oiTa and ave other responsible suretics which
We, alioved By the board TO be done. nr. cletm net
D. ing a. that tine the stock 10 transfer, Mr.. Boyd
for him pow OF attorney from his brother, j.
Tayor BOYD, sud his brother IN aw, 7. W. Henderson
the usrser TO the hank oftbo stock held by them
speciively and aso power ~ attorney 20 transfer
the stock held by Mr. Boyd himself, thus psming upon
the bank ne stoct at SIS per share whom no and the
btrs OF the Board OF Directors must have kno tho
stock Of the bank 10 be than worthless.
Among Other also OF the insolvency Of the bank,
tire pay mont OF the notes OF PARTIES vhJut thwe
bong ends standing to their credit In the institute n 70
them. The most hsicftocd In criminal transactions
IN that hind may be summed fnlossin Atrch, \
1888, wm. j. Hel'enstcn hal notes maturing N tha Ian
carter Savings In titutor Tor $4,000 These notes
ccdorsed By either the President or Cashier n tho
Lancaster Bank IN their iuiivdus csrecy, aud also by
John " Long srt Thomas Bsumssrdner then also duoc.
~ the bark AZ be maturity Of hese notes they
were presented the Isrcascr Bark for payment sud
directed ny tho cash 10 bs paid although ct the
tine Mr. Hcll nsin nd iunds n the hank bis
dp 10 meet thcmshrs approprisiug the FUNDS Of the
bank weir ouB private In lebtedne.s 10