, 1864-12-16
WESTERN MARlNE,
Meeting Of the Deposlso-s and Creditors,
Repert Of the Ccmmifteo and Its
AeteptQnee.

Ameet'ng OF the dcpos,tors and other ercdite
OF the late Western Mn,1ne and Fire Ins1ran
Company Was held at the Supervisors room in 1
Court House last evening. There was oui,e
large attendance Of those interested. The me-
ing WIS called to order by ]. Il. Mcy1cker, Esc
who took the chair. In The absence Mr.. Jansn
the former Secretary. Mr.. Burnhsm was appoint,
In his place.
I It haying been stated that certain persons we
opposed to the admission Of the reporters, III
Bnrnham. TO try the sense Of the meeting, more
That the reporters be excluded. The motion y,
lost, and the reporters allowed to remain.
! to Investigate The aEairs o! the Western Mssi1
and Fire Insurance, made report
nHPoRT or THH oonx1114a.
q. Ths committee + ;appeinteaa By you to inveshgai
he anne, md 10 consult viii It's oficsrs i md B.
rector, entered upon their duties a long tim
since, but such have been the vasions forms an
dons haTs assumed, thai It has taEen lo%neer % din
than they expected, and 1t may appear to you fha
more time has been consumed By them than va
snd s iSor yon
pursued their Investigation, in the hope H its ter
initiating In something beneficial to the creditors
Some 81 thc COMMITTEES ~ & are engaged IL actre busl
private interests to interfere with their duties ts
you. havjnE accepted the position Of your corn
n2 1pd they d y tss1 1Ss1 , they haze ade
interests. lis thought best by thr committee
thlt should go back 70 the time Of their appoint.
mcut and gire you IN this reporta history 81 eli
operations and what they supposed to be the OBJ
tcct Of the creditors in appointing them. At tie
first meeting Of the creditors, your committee waa
appointed, As they understood II, to ascertain
The situation Of the bank In regard to its asseta
not from actual Investigation but from what they
could ascertain from the assignee and to c0nsnit
with the directors aud officers Of the bank, ts to
Mhat ~ they wnn!a be willing to DO towards Eenev-
reniss in the management Of Its afairs Atasub
sequcnt meeting OF the dcposttors ut the Sherman
Honse, he president Of the bunk made statement
Fargo made an able report, dctailing their consrl
tatous with the officers and directors, al tha,
meeting additions were made to the number Of the
from the otccrs and directors what D pronosition n
they would make to the creditors towards theil
relief and also what would be the best course for
tnc creditors to pursue in order to protect thelr
rights, and report at a subsequent meeting, Al
that meeting. at tie Mercantile Library Associa.
tion rooms, proposition was submitted bv the
directors and officers to the meeting substantially
a gratuity, Tie sum Of oo0 for the benefit Of
the creditors; also to guarantee to the dcpostora
dy per cent Of their claims payable in tIree, six
a. and nine months, and reiinquish one-half oi
other half Of their claims in fu1i-pa,d stock.
This proposition WINS made upon the condirion
that the Bank should resume Its former position,
10 have direction in the Bank. This ecrccment
was signed BY the President, Secretary, and Mr.
Geo: ". Care, ono Of the Directors, Mr. Cook.
another Director, not having at that time made up
his mind sufficiently to sign it III. Tutt1e. an.
other Director, being absent had not been CON
suited; hut the meeting was assured by those who
bad signed that he would do so, and that beyond
adoubt, their part Of the stipulation would be car
ricd out in good faith. Upon this ASSURANCE the
meeting resolved to accept the proposition, provi-
dcd they could get nil the creditors to sign OF
proposition on their part, believing the officers
md directors would luldu theirs. Accordingly.
your Commftte went to work eneTsetically to pro-
cure the signatures Of all the creditors to the slip
The troubles, pczplexHcs, and difficulties cxperi.
tnced by the committee, and the time spent by
related here. They were. almost insnrmounhble,
but owing 10 the perseverance, Of some Of the com.
mittee: who were determined it should be accom-
plished, and who wcaned not in the canse, they SO
far that they were satisfied they could
comrlish their pnH Of the agreement, three Qusr-
ters having efned with the assurance TINT the rest
would do SO as coon as they could he heard from.
Being fully convinced Of THE, it was thought i'd
visible to ascertain what progress Was bcin. uade
By the officers and directors In carrying ont their
part Of tho stipulation. A meeting OF the commit
9ueetsd to be present. They mct with Us, md
from them We ascertatned that nothing had been
done towards carrying ont their part,
Ansr long md psotraeied session, the officers
md directors wing to various reasons aud obtcc-
lions urged by them, stafed that they would not
unanimously guarantee the fifty per cent. We
think their objections were not SO much owing to
come Of them to be bound jointly for SIS 00 the
amount to have been guaranteed; others objected
bccausc they would not all sisn. Owing to the
tori IN our part. The time allowed for completing
the stipulation had expired, and the committee
finding there was nothing legally binding In the
nroposlnon had to abandon that part Of The cor
have the pleasure OF stating On behalf OF the dircc
tore and officers Of the bank, that they met them
With generous spirit and we're disposed to aid
claimed that although they had been directors, and
one had been no1ninally President they never lad
had my benefit Of the Institution, and had never
had any voice In the direction Of its affairs, and
believing, from the monthly statements made to
them. that the Bank wss in good condition, they
therefore thought they ought not to be asked 70
lievcd their statements bat urged upon them the
fact that they had accepted an Office Of trnst and
sespons1bflIty a1a that they NsIs bound having
from what might be presented to them by others,
but from actual knowledge and personal inTesd.
sa,ion OF y a1si,s mud a3y lnoxledse Of j.
# aof not a1S hs s5le hsd psepe @aae
had put their money into the institution knowing
them to be men OF wealth and standing high IL
the shs community, and Of good business capacity,
failed. end entaIlcd a loss upon those
whS {SDs. had % tIssed a 5hem with ts sare Of their
ness Of or position, and they gcneTously came
forward md deposited 81, 600 IN cash IS gratuty
to ne bank 1pon condition :hat It resumed within
~ days; THE being accomplished the committee
Of the assets and affairs Of lie bsnS for tbe nnr.
pose oi aseertaining If thcg could say to the dc-
positors when M they met tat there waa sufficient
CD. TO assure the dcpositors Of getting the to per
cent, which waa to hare been gnarsntsed TO theu
Tie committee were satisfied that the deposit
cen, the{ could say to them that they would lose
actual investigation Of Is affairs and it,
sion that it would pay the 50 prr cent,
and your committee inrther believe nom examiu,
atlcn that i all those who are indebted to the
depositorz might possibly realize paf. The % eom ne
ntttee at thta stage OF the proceedings requested
one OF the former officers Of the hank to meet
them, Which he did: We st.ted to him that we
had always expressed a willingness to pay any
thing he might owe the Bank, We Re-
9nes,ted him 70 giye security to. pay any
the Bank upon full examina:ion OF Its aflirs
This he readily complied with, and has given good
security for *IN' 'M!-the Indebtedness to bc de-
and have "no No. n ae
tice. Whit nmount nav he rea;1cd 1,o1n m th;s
orinion' ~ ~ 1oA VIZ e"o ''s'n no eostec1
Your committee have Tins. .acto,1ea IN von ~, .,
their dinrs ns rrmmfttce snI 49, ~ asaa ~ "
meta fffs ihrir f1ai rr1s1,t md x,,as ~
iiercd rom Yr,har dnt3sa nu nt 1sgaest 70 oe r.
ihev fhinE II e4t ncrhnns n o!ne
f. rc,.srf1 to tn n1escnt th
H. 9ei.t;on ~ ha ar;taas ~ " sne nanh. aa1
Sat fn tir o,,,n9o, o + 70 sne sane and
~ d ~ 0e" otA'oA 40 Ao''sao'e ior ae cfsoltofa
~ Sn,, vrf1, rnan,s,.,d ,ho+ .,a -.
t,. ~ ~ Far nnn 70 o1uu snAI toe Etaiul'y 10 tae
Ranis +o " fo ~ T. npoa ue condluon mat the
laisc ~ anu 5es1e lts former
h Cox m - ,as4 aa.s' - tals Is nor cone
oans % ea9 lns ~ Re9 cenl Nltnont me :5,uo0, and
= t,1 wgunu 4p W Mc PTesent assignment. whatever