The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-15
BRITISH BANK sPEcuLATIoMs.
whr Story OF Overena, Quincy & G.

THE story OF Overena, Quincy g. Co.
The following Is the affirmation of MIR John Henry
Quincy which gives history Of the firm Of Overend.
l. That about the year 1s47 upon the death OF my
father succeeded TO his share the business carried
10 London, under the firm of Ovorend, Quincy Co.,
and that at the same time succeeded to my fathers
share In the banking business carried on under the firm
of Gurneys Brkbeck. at Norwich and elsew here, and
continued to be partner In the firm Of Overend Cur
ney Co up to the time Of the transfer Of their bust
ness to Oversnd Quincy II Co., limited
q The business carried on by Overend, Quincy 4 Co.
established about the close OF the last century and
became Of exceeding extensive and profitable nature
and that for the Ave years ending the 3st Of Decem
be 1900 after allowing interest upon capital and upon
the balances to the credit Of tho partners the profits
divided among the several partners averaged upwards OF
fl90 per but that subsequent to that period
tho actual net profits have not been ascerianed
propnted, nt were Tcserved 10 meet ns losses conse-
quent upon the exceptional transactions hereinafter re-
ferrod to-
many years carried on under the Immediate superin-
tendence OF the late Samuel Quincy, Esq. and David
Barclay Chapman, Esq but the said samuel Quincy de-
parted this life about the month Of May, 1865 and
tho said David Barclay Chapman retired from the said
business at or about the close Of the year 1857
4. That from that period Mr. Henry Edmund Quincy
and Mr. David Ward Chapman took the active part the
conduct OF the said business and were subsequently
sisted therein by Mr. Robert 5rkbeck but until about
the year 1863 resided principally In the county Of Nor
folk and assisted in tho management Of the banking
business carried on by my partners and myself At Nor.
wich and elsewhere in that county
o. That after tue death of tho sald Samuel Quincy and
the retirement Of tho said David Barclay Chapman the
partners managing the said business made consid
cradle advance, OF exceptional character to various
parties and com anes upon securities Of speculative
uncertain nature but that the OF specu
lalvc advances did not become known TO till the
carly part OF the year 1851 and rs from their nature
apprchensivo that thoy would entail considerable
loss 70 the house u was on that account ARRANGED be-
tween partners and myself thnt further division
Of profits should he made until such accounts qui
dated, and say that tho close examination which
undertaken prior 10 the transfer Of the business
overcnd. Quincy Co (lmitcd, II was found that ths
doubtful advances then amounted 10 upwards Of
$4,000, COO sterling
Tia, consequence Of the lock Of the assets OF
the house arising from those advances and the losses
consequent thereon II considered, after mature
dcberatcn that Il would be desirable that the business
should be strengthened Dy fresh capital which should
provide for adequate portion OF the amount locked
up and the result IL determined that the mode Of
accomplishing that object should 10 by tbs formation OF
joint stock company, limited, which might take over
Wow TO carry out this purpose various consultations
took place between myself and partners aud other
parties which resulted tie formation OF the company
OF 0vercnd Quincy Co., u Ated
That on the Investigation OF the sate OF tho affairs
OF Ovorend Quincy O., prior 20 the formation Of tue
limited company. Il appeared from thor books that
there then outstanding various debit balances
which considered 10 10 OF Doubtful nature 10 tue
amount OF Ca 900 thcreabouts but upon
full examination Of tho securities held IA respect Of
not secured, 1t estimated that Of tine total
Of "a 100 600 the OF 81, 0S1 900 would DO
realized leaving therefore, the sum OF f3, still
10 DO provided
due TO the 6rm OF Ovorend, Gurney Co., which
particularly referred ~ in paragraph 13 o. the affidavit
OF 0swald Howell tho I'd day OF November 1885,
the schedule out In this paragraph shows tho csti
tho estimate referred 70 In paragraph Of this ada