The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-11-12
TIL h DISP ATCH.
THURSDAY M0ENINU ...... NOVEMBER H. 1857
a Lively Bank Meeting In PhiIadeI-
.shi.


Ii has been stated that suit has been com.
menced against Thomas Aliibone, late President of
the Bank of Philadelphia, for s2oo,oO0, which mo-
ney he Is alleged to have Illegally made away with
The suit was commenced after Mr.. A. had left this
country for Europe. On Monday morning the
stockholders of the bank held a meeting Mon
cure Robinson Esq, presiding.
COLONEL William o. Patterson said that the stock
holders are aware of the circumstances under
which the late President of the bank left tie coun
try aud they,will now expect to hear a statement
of the condition of its affairs.
IL was his duty to say to the stockholders that
no statement could be made which would be reiia-
bic; no statement which might not be f,isifed by
further developments within 4S hours; no state
ment which he or any other director Of the bank
would DO willing to sign with their present iufor-
nation.
Large transactions of the late President have
come to light since the suspension of the bank of
which the board huye been entirely ignorant, and
for which the funds of the bank appear TO have
been used
Tho condition of the bank appears to have been
understood more thoroughly outside than inside OF
the institution-the unreliability of the apparent
assets, &c.
The speaker said he was here to ask the stock
holders to depart from their old policy and infuse
greater proportion of large stockholders into the
board, anu he said he held in his hand the re-
signation Of every member Of the board, except
the late President and another who is in the
country.
A voice. He is here"
Col. Patterson-Then have the resignation of
every member. And l have also to say that wheih
er ont or in the members of the old Board will do
all ia their power to facilitate the operations of
those TO whom the management of the affairs of the
Bank may be entrusted. No man can now say
whether the assets of the Bank are sufficient to nav
its debts but it is possible that by careful nursinc
there may be enough left to warrant further sub
scriptons the part of the stockholders to resus
citate the institution.
After Mr.. Patterson had concluded his remarks
the chairman again rose and stated that there were
no accurate data upon which the officers Of the
bank could proceed i'll effort to arrive at any in
telligent conclusion concerning the condition of
the institution For several Years the late prasi
dent has purchased bills receivable and abstrscted
/ the funds Of the bank and used them for his own
! purposes, without the knowledge of the Board ot
D T ctors. Money thus taken was charged to Ster
ling Account and to Temporary Loan Account and
precise conclusion could be arrv ed at regarding
the real condition of the bank until its affairs are
| accurately examined by experts.
| The Chairman had no doubt that with the aid O
| q new Board Of Directors assets could be secured
which could not now be reached. We may be atl,
to get from those who aided the late President il
the abstraction of the assets of the bank some por
| tiOn of the property thus obtained. He was gov
erned by the opinion Of counsel in advising til
meeting to accept the provisions of the Act OF tn
Special Session of the Legislature. He though
that course the most advisable under the circuu
| stances
Ths present President and Directors are wilin
4 % continue or retire the Stockholders may DE-
size. lie had no hesitation in saying that til
! BoaES should be entir ly re organized, and that
] ComuG4tee of Observation-Disclosures should be appoint
ed to sdlsct new Board The way for this NOV,
nent ass t--en paved by the Willingness of the oil
i'Oard TO ras4e; all have resigned except Mr.. Tho
! AllibOne, aud as was himself of opinion that hi
having resigned rom the Presidency and left fo
Europe under the circumstances he did, vacated hi
place He (tEe chaiEn&n) so construed it.
The Chairman said he had intended to offer re
solutions to that effect, had he not been called I
the chair. He thought that by making vigorou
| effort. and by having Reasas infused into til
/ management of the institution, The Bank Nigh
| vet be able not only to meet it's engagements, bu
have some residue. lie hoped those called upo
| to act would do so cheerfuily, and take charge ,
the affairs of the institution at this critical pero
of its history.
| He hoped the widespread injury wrought b
the late President aud his aiders ard abettoI
wonid spur the new Directors on 10 aid the wido
i'll preserving portion of the mite she had los
! and the numerous charitable institutions interes
| ed jim s2yiag portion of the means they had il
| vested in tie stock of the Bank.
The Chairman then read the following reso
tiops. commenting with much severity on the col
duet Of the late President as he proceeded
| Reairei, 1st. That committee of five lars
| shareholders he appointed by the Chairman to I
| conmend such names for Directors OF the cOrpor
| tion as may. in their opinion, be most desirabl
they are hereby requested to organize the Boal
by successive designations and elections. in sue
! manner as may be recommended by the Col
uiittee.
, ResoI,cd. I'd That Mr.. Thomas AIlibone havir
left the United States, and his seat in the Board
{ Directors thereby having become vacant, his
: signation as President should be considered by Il
Board of Directors as resignation also of his sc
as Director.
E Reso!red. Sd. That the Board Of Directors VIII
8 re-organized, be and they are hereby requested
report to the stockholders, at as eariy period, al
: : So far the Eaine can be done consistently wi
their interest, to what extent the capital of t
1 Bank has been impaired by unauthorized FRS
dulent acts of the late President, and the names
any aiders abettors in such unauthorized fra
dulent acts.
: Mr. Abraham Baker and several other gentlem
| declared their Willingness to offer the resolutO
, read by the President.
: The first and third resolutions were unanimol
T ly adopted.
;, On the question of adopting the second reso
|! -'r. John H. Dutton made gallant defence
/ u 'libons.
W.: A.. he second resolution had been read a
! "a&h > 'sabout putting the question, Mr.. Jl
! ~ re S4.'a "a. on the counter (where he had be
siaingJ and IN out 'one' pto'es.1a @ agaihs. .i.
go. ~ ~ nf The resolA ton. lie declared that
gpass"s ,shici, 10 base the prevalent opinions
| Wr 4 iIih,ne's fraud we're u. 'efiy nhioundea'
xonIt eventually be proved mt, ue' mere a s'ro
s4nsati Oh was visible in the crow: "nI 'H'' u
| lous Ella culations were heard on all side."J
Vol. g (yery Il erce -"N no denies the Ih"i =
Mr. n utton-I am here representing socA
| this Bank and have write to speak II any =
tleman IA. tes exception Il my remarks he cab
ply when am done.
Col Pat, erson-I hope no man VIII ia's
mouth close here to-day. Applause
Mr. Duttc then resumed. He ref.rred =,
proceedings which had been Instituted in o.,
the courts laA saturday, and denounced then,
malignant AM | slanderous He decIsre, thnt
could be stowL that there were eighteen r.
thousand dollar OF assets which had disappear,
and he wished TO know whether Nr AlIjhPpa =,
to be held respoa. rbe for the whole omonnt y =
declared that Mr.. Allibone would return 70 ~
country, and yer, Sl eS5ctedl no man win dare
raise his voice to sh nder him.
Here perfect st 1rm Of Kisses interrupted ~
speaker, and shouts OF put him down." &c cam
from all sides.
Mr.. Datton still wen on, urging that there W,
diversity of opinion as to this matter apd II m
came US TO lean to the ide Of mercy rIpdionar
and ironical cries.l It i. terrible thing 10 sta,
away the character of a man. | have heard NJ,
Allibone declare that if g had known the cond
tion OF the affairs of the bs nk when he took charg
OF them, twenty thousand dsllars would have Las,
no temptation to him TO ac cept the Office of Pres
dent. "
Here groans sad cries sgain interrupted tn
speaker, and T. James Eva ns of Lancaster shont
ed out-"1ou ,.aG't whitewt ssh the d-d sronpdrc
here Other voices echoed the cry of 'you ca M
"hitewash hiLi,f and in the threatening as pect O
affairs, II looked as if Mr.. ID. would need white
washing himself ia the estimation of the excited
stockholders
Mr. button again resumed and disclaimed apy
attempt ut wl,itewashiag Mr. AlIibone He said
that Mr. A. would soon return from Europe and
clear the charges aginst him.
Col. Patterson said he hoped that Mr. A. wou'd
return soon. Ii would serve the cause of truth
and justice if he should do so and expo,e slI
those who had profited by these nelarious transse
tions. ~
Ihe resolution was then passed-three per,ons
voting IN the negative, Messrs. Dutton, Stmpson
ana another gentleman whose name we copld nor
obtain. "'N "0'
Tie Chairman then announced the f,,,or,,.