The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-09-10
ANOTHER COLLAPSED INSTITUTION.


Inside View of the Workings of n S1,500,e GOO
Company--Largc '1Een Making small Re-
turns-'Che Treasurer, u Well Known OH
cial, Dccnlnps with the Funda-fasf Life in
the etrOpolis-AiIcgcd Emhezzlcmcnt Of
$4,000, &c.
Those readers who may have Locn in tho habit Of
srcquenng Bread street, in tho negnborhood Of Wall
where tho bulls and bears most do congregae Prob
aDy thai ia tia, immediate vicinity there existed
q short tina SINCE company, located at No II Broad
street, Known under the taking title of Tho American
Cotton Planting AMI loan Company with the modest
capital or coo, With shares At SIS csch no, sub
jcct TO assessment.
There have been heard The stree. to the
eject that the institution not sound the BaHk
OF England, and that ito oTlccrs were consider
ably enangIed. superintendent Warm, OF the Gen.
cra Dete tive Police Agency, No. 6S broadway, fur
nises the facts in rotation to the rumors aforesaid
COMPANY
n appears that come time In Februay-; last scato-
widely known OF the chic? paymssiers in the
Department, Of Tie Gulf conceived the plausible !den Of
forming stock company, se objects of which four
fold, viz. First To furnish capital 10 revive TIE
dapressed industry OF the soath Second, To furnish
material aid practical advice the white iabor cs
The South and the white ininigran, who might manifest
an ambition 10 demonstrate the iioa that white s5cy
cond develop the agricultural resources Of that cccon Of
The country Third 70 extend aid the freedmen by fur
nising advances to the pIantas enabling a.:ov
70 employ the former Of ia,r wages. Foasi5, To 90
manage the busiDens aars OF the company Te.sdY
The iGsea.ment OF tho capital tharea acIositso 'prcl.
able'i TO tho stockholders OF The concern
I. vas proposed to invos. tho capital ro,sst In TIC
FORM of advances 10 Planters whose plantations wore
from ipcuDrancos and most lsvorably located, and
in the purchase Of tosc lands which should yed the
most ai.ering prosceo,s Of large returns All ndsancca
were 60 hnvo been upca hro mortgages, properly cxo-
Hons created by the laws OF tbs State tho crop snnd-
rg pledged, when prepared for anrse 70 DO arpet 70
dIv,ded sid according the towns u the ,nortgasc
In w0ri, the stockholders wero assured thai each ssre
OF 81 OK would be secured by ernry mortgage hold ~
the company, which mortgages were IN most cases %
require the repayment OF The advance With ten rar cent
n.ymen. Of sasanes ard in.oes a. 'as as he
xhoie N0rthorn people Impressed with tho idea fsas
could be clearly , ,hss Whit ssos could
not wholly dependent upon black labor Tor It's lovolop-
vsnt Tho plans so forth by tho originator o. the com.
rapy scanned admirably adapted 20 accomplish that
end, and consequence toe rYcac'or az tho enter
prise Was sncccs.frl in assoasasng vi,h himself
Granite s,so AN OK vsasnror 81 ,he Failed state, ln,
and an es Secretary o. State ci sho s,ale of Nov
s,sais OF THIS acd ober ci.ics Among tho notainos
thns collected by our wor;hy ozca'as -ss as
before stated an cxilcasn.er ~ tas ti.sd States Mint
st ,hc CITY ef Brobcr'y Love, who WAS at sha trnc ore
OF the leading Hcrnbcrs OF hankng arm which enjoyed
rsny, while in smSryo, The iroe Sss Of 81. oaec, in
Which the drsctois held their acetinss, which oico
ssn,s aud desreo q ,as.s calculated 70 iond con-
vinsing tone - - the stability Of l's occupants
his person in ssiision 70 his hrs.ns bold ouch high
aud responsible poscn unrer cur government pssesscd
Pleasing exterior and had lho wonder. u
msnd Of The Enslsh Ian5nnse rnasr Inc p,rsuasve
power Of his nuent tongue, the most Impossible schemes
N tse 81 sree 2, Ior soa often i0r-e ,h he thai ese
hss,e ohain rcbs shall TO. prosper. Thesa asyan-
,age together with The fss ,ha, he Lad stated a. cifer
simss In the presoncc ~ savc,ai grrilomea not coz
nccod With The cotpss thai he ~ cwner or ssvc
r.' yansbc houses in tho ciiy - philadelphia, large
.,t n 4.fz frr.t 1rC
OF land Ia ITO northern port Of tha- ,atc to.
sesher With large snount Of stools, Ion 10 DOUBTS II
Tho m.rdr OF any 10 his cr,re rosronsiblty. nnd
pointed % hin AZ the psa7os pcrron undsre inc
rssporsiho duties OF treasurer o. INC pSny he wa
"a tho frs, meeting The soasa Directors Il
sr.esf upon 70 subscribe tho son u gZsV cach ~
'iartcr towar tto capital sock a. the company and
also hat The ofcs-r Of tho company no. b. recoyo
ary saiapcs rnii' after sicieat nriaber IS Icons had
boon 10 warrant the rsvmcn: OF sa.ass rroror
'oDse 10 their POSITION without iros.enr VII mo r..
;oregs ct The cofnpany which lime nal ~ aniscd nc
alsr'as we're . have been ~ -dons 5000
per annaD; Secretary 5000 ref sAApnli treasurer.
4 $1,000 per annnmn sum aplsscr-y scGe'sntiy s1c-
| qua'e 70 remnneraic ihe sess.c1 o. each.
\ The banking house hfcso m.ntouea took charge ol
the collection Of subfpt,ors 10 the capital sosk o. the
company aud nsv iahored b. push tue eLo'prso
70 s.ccrssc sst'. am0f cthcr sock companies lha,
they 1cdcd IN ncasrTo ~ srikirsls apparent 20
| quito number o. persons, who mas be no.
manner y r-.ng aeorics " tho tressarer o.
tic association. :, seems DID Eot FOR iirc attract
tie attention 81 he directors, who although a'1re that
Tho cts wernt3iiy ignorant cg the cncrors crperscs
wch daiiy incurred BY hl IN Tie aTai:GcaicD a
ls. c,curoan tastos Tic most fragrant Havsras and
no finest wines c0ntrip,cd 70 10 enjoyment, whiln
I,i hit no, leash IN the tens ~ tue ,iamsn,s upon
s purse Is 70 be noticed tho f3s That there one e
the 6ai-monde sofrinC q me sfre hotel With ne ey
sT c1rs =, @ sSSs s S ss o.
Of tho lhirg oSrcnsc7 o. ioic@cg IA TIC geFs "a
ia'ried man, WHO undoubtedly had strong h9a u.on
hun: heste the weekly reniianc 70 HE vito snc fam ~
1 who resided IN Philadelphia, e1nibuaed to involve
Tho Tress deery thai Sc iar, TIA,
funds Of the Company yet No doab, 10 r own mind the
CONVICTION botame evident that the Cy'l dry was ~.
rraehipr and, to avert mat be bent III Tue energies
rsr,uro seemed 70 favor rs plans HIS hsh ehsTsc
seemed 10 BE- above rcproach and Tor several months
nyosi CATION Into tic Affairs q The Company wos bad
\ BY the Directors
Sh1h. by aroasng the suspcio of gentleman inter
oscl ia ihe affairs q. the Company. prcciyiaed tho
eIpo. csrgcncr BIZ for work done intho oice q
The BANKING House, on being presented was declared
| 10 bs oxtcrsionaie, and payment refused The
carpenter sued aud oJianed jcdyincn, fcr
o portion OF" Of the money drawn on cbe.k which
lad boon paid by morohan, or this city, asl,trp
lion to tho capital stock of inc American Cotton PiaGt
srrh ~ sapprorr ntion of the funds of mo company
y" NO. hs Ss q s' Z i've
tors who tho next meeting q the board cad foF The
ners ,a nicer deferred tho production Of he accounts
Until the next day at noon, at when time NJ prcmied
the gentleman, N whose Landslide aslI lai been PLACED
Tho next dsyrarrived trcaaurer hama bit
instead 4 message wes left for the gentleman %
him az twelve the following day July Tbs appoint
Lleat We alsy failed 70 keep, brt
rim FROM rus err
10 Philadelphia An laYostgAon revealed the fact
thai noiwhsand ng tue large amount OF fluids which
hai been paid for subscriptions, the total OF which
cannot at present 10 definitely ascftauoi on conu az
tho tsoasurcr having let snbscrpiivn books IA yar
lociliirs known only himself aud having been IN
daily receipt Of iettcrs snprosed "a have contained re-
nitanccs but which is csfarnstcd to be upwards OF
5000 large number OF bills OF cypcnse iacrrred
5urng the forraii. Of the company etn reR = unpaid
ryym some unex ancd the directofbave Ear
taken stops hsvc the defaultng treasurer brought
to Justice al hcugh Il reported that he reides IN Pba
asipkis thus showing clreblo negligence In The man
sgsmen or the arcrs OF the COMPANY, which causes
much complaint on the part of those who have been
ted into the scheme by the knoxn responsibility q The
gentlemen composing the board Of pircrtora
Further Investigations viii undoubtedly throw more
lsht upca the srN.ct N The nesnms ali rer,i who