Litchfield enquirer., 1858-09-16
$133,943 95
RESOURCES,

Specie $l,974 se
 Bills of other banks 35 %
 Deposited in Suffolk bank 997426
 Due from banks and bankers l5,637 35
 Iersonal property III 30
 Checks and cash items 2,442 37
 Loans 1O2 163 35
 $l33,9 95
 Dr / tf Becfw1th--T became a stockhoder Tn the bank about the first of last January. took 50 shares of stock It was transferred to me by some oft the old stockholders of the bank. It was said that the Bank Commissioners were anxons that the bank should go on with change of officers and on sound basis. was very soon after elected President of the bank. l made the arrangement to go into the bauk with Mir Hollister. Mr Rumsey and several other gentlemen applied to me to induce me to go into the bank. offered to go in if could be satisfied that three quarters of the stock could be transferred to Litchfeld county men, on sound basis He proposed to me that he should he paid for the plates, etc which he had procured for the bank. He was not paid, but the engravers were afterwards paid. At the time l went into the bank, the stock was own ed by seventeen men. MT Hoster came in at the same time that did. Mr Vessels, s w and T Gold Pratt X Foster, Hart, Broth CTS X Co.,, and others came in between the 1st of January and the 18th of April These stockholders either paid in the fifty per cent due, in cash. or gave good notes for the same. We can show that the bank is now in perfect order. saw MT Moves late in April. Mir Dunham visited the bank before had anything to do with it. l do not know how much cash hoH oJIxyy T T IL Ll- presidency of the bank. I made an exa nina tlon of its affairs at that tme underst ood that there was some $2,600 in cash in the bank and an amount of notes that represented the former stock of the bank about $6O, 900 in circulation. l gave my note to the bank for the amount of my subscription, and took a certificate from the bank My paper went in and the bank paper went out. The same with Mir. Holister and the other new stockholders. Some of the stockholders paid in cash in full. On the 20tl of April last, Mir. Graves had not paid anything on his 50 shares. Mr. Cross man has paid something on his. At that time, perhaps no more than $S, ,25O had been paid in Its circulation last January was $20 900 on the first of April the circulation had increased to $G0,000. When ] went in, Mr. Warren Beeman owed the balk about $l2,00O. We understood that his brother was perfectly re spOnsble, and the debt was allowed to increase in order to get the whole secured by bond and mcrtgage. Some of the mortgages were on brown stone houses on Fifth Avenue, New ork. These mortgages were transferred to the bank from about the first of February.-I Warren Beeman assumed the debt of twelve thousand dollars Of R. Bceman & Co., about the first of February. The Beeman debt is now about forty thousand dollars. The debt was increased on condition that Mir Beeman would secure the old debt. It was increased to about thirty thousand dollars during the month Of February. Before the morteagts were transferred to the bank, discounts were made to Mir Beeman. Mir Houghton let him have some money to take to New York as our agent. The houses that are mortgaged to us are unfinished, and the estimates show that they can be completed at a cost of about fifty seven thousand dollars. I suppose that some of the Bccman paper is good and some is not We considered that the bonds and mortgages rendered the discounts on this paper perfectly safe. We made the loan of thirty thousand dollars to MT Beeman, although the law says that only l5 per cent of the stock actually paid in, shall be loaned to any one person or firm because we thought the circumstances justified the measure. We did it to secure the $12, 900 bad debt already incurred by Warren Beeman Some of these notes were endorsed by Connec- ticut men, whom knew to be perfectly respon- s:ble. That paper was not paid at maturity The notes were renewed when due. Some of the Beeman paper has been protested in New York. We never made an endorser pay a cent on the Beeman. paper. We never endeavored to enforce the payment of the notes by the en- dorsers, because we considered the debt fully secured by the New York bonds and mortga- gcs We increased the amount to about $40,- 900 for the purpose of enabling Mir Beeman to get his houses into market.
 AFTERNOON.
 Dr. Beckwih, resumed.-Cannot tell what portion of our discounts made out of the State what a. mount in notes we hold on the stock and what a. mount of paper we hold is real bona fde business pa- per. We hold more than $3500 bona ide paper.-l There are. bills payable:
 New YOrk notes .................. S64,UGO otock ................. lo.OuO Business paper. r...................... 3b0O Over due paper. lOOOO We have notes to the amount of $27 900 from | Ball TIazzeton, given fol stock that negotiable at any time in New York They have paid, in addi- | ton to tbeir notes, S1OO00 into the bank. The | Elm City Bank of New Haven discounted some s20,- GOO for stock holders that was beyond our ability
 Cross Elamination.-I have doubt of the ability I of the bank to redeem it's currency. have doubt that the bank meet the $34 951 which will come due in about 60 days. Ire stock notes of which mention has been made good negotiable paper, which will be paid when due. believe that all the assets of the bank good. The bank is very much stronger now than it before. Hazleton & Ball are of the very highest standing and great
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