Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-05-09
The Merchants Bank SwsDenxiOn-rnta-.

SseSnS developments.
Fome further developments in regard to the .us
pension of the Merchants Bank of Washington were
brought before the Board of Trade of that city on
Monday. The Star says:
Mr.. J. R. Elvans brought to the attention of the
Board the circumstances attending the suspension of
the, the N Merchants National Bank Of this city; He
fairs OF that bank, which he enabled to do hav-
ing Tor about year been director of the bank in
question; de was prepared to show that the failure
OF the Merchants National Bank was caused by
frau uent dealing, and he thought the business men
OF this city owed it to themselves to take hold of the
matter and have it thoroughly investigated. There
was always liability of failure, through unavoid-
able causes, attending all banking Institutions
as he did not hesitate to say was the case in the
present Instance; he thought that it was time
something should be done to arrest the evil He
stated that the Merchants National Bank was or
gahlzed chiefly through the insrumentality of Mr.
Huyck, who, as.he was not man of means, desired
only that his services should be rewarded by being
elected to the position of cashier, with salary Of
5000 per annum. The bank was Incorporated and
Mr.. l.. B. Bayne was elected President, and mr.
Huyck cashier. Whilst Mr.. Elvans was director he
frequently examined the books of the bank and found
therein many Inconsistencies. and general careless
ness, IN Keeping accounts. Accounts were often
kept on slips of paper in pencil, which were needed
to complete the footings on the books, but which
were not put In ink, as was explained to him, be-
cause they represented sums in transit and in of
error, might need to be changed. About year after
the commencement of the bank it was proposed to
elect Mr.. Huyck President which was done. Mr
ElEans and Mr.. Mayfeld opposing the measure
Mr.. Elyans then declared that he could have
no confidence in Hr. Huyck as President of the
bank, and sgnifed his intention of dsposing of his
stock and withdrawing. Mr.. Bayne answered Mr.
Elvans that in this country majorites ruled and as
ne held the greater amount of the stock, Mr.
Huyck should be the President. Shortly after the
election of Mr. Huyck, Mr.. Snow of the National
Intetgcncer, vas called upon by the President aud
asked II he dad not wish to purchase stock, Mr.
Snow said that he did, but declared his inability to
purchase, not having the means then at hand. He
was informed by Mr.. Huyck that that could be all
arranged. Mr.. Snow then called on Mr. Elyans
National Bank of Bait imore, where he had no depos
its, for $5,OOO but when presented, the draft was
paid. Mr.. snow then signed over the SIS 900 worth
of stock to Mr.. Huyck, which transfer was never
entered on the books of the bank and now Mr.
Snow is responsible for five thousand dollars when
he has no real interest," and has paid no money
at all. He thought that proper sitting of the
matter would throw light great deal that was
mysterious Other National Banks declare an an
nual profit of from $4,000 to $4,000 but this ban
declared profit of only about $50 000 and was doing
as good business as most others. He did not be-
lieve that single statement had been made to the
directors by that bank that had not been falslied
and he thought that this might account for the
and servants at an expensive hotel, at cost of at
least $4,000 year. and keep carriage and horses
which he confessed cost $1,000 on salary of 50 900
year. He hoped the board would take some action
IN the matter. When banks fail through the dishon-
Set@ OF ltS nchrs nothing should be left undone to
brlng the authors OF the calamity to punishment and
he had no hesitation saying that the suspension of
the Merchants National Bank was one of the most
astounding frauds ever committed on any commu-