New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-29

-, rho orvelone which contained the bonds, with
the account of vermiye Co. with the bank was found
IN Tantor's desk but the bonds are gone they were
od nv him "a collateral margins in his stock opera
,ions and have undoubtedly been used up Vermiye x
"a lose of course the difference between the amount Of
be loan and the market value of the bonds and the bank
the amount OF the loan. The owner OF the $4,000
worth Of securities heretofore mentioned called at the
bank yesterday, in considerable trepdaton, and was
much relieved when Mr.. Meigs assured him that his
property SAFE and congratulated him on his narrow
escape. During the day large number Of depostors
called ami were anxious to ascertain whether or not
their special deposits safe. In instances they
grated by the announcement that their packages
were intact while others disappointed on being
told that only the empty envelopes which had contained
the securities remained.
INDIGNATION AGAINST DIRECTORS.
The feeling against all connected with the bank very
bitter the part of the deposors The employees claim
that they be held in wise responsible, and that
they knew nothing OF the actual condition Of the bank
The securities in charge OF the cashier The cur
rent funds Of could also be taken by him to an
unlimited amount, he simply giving his check as
voucher
1t was not until the President had declared his inten-
ton OF calling meeting Of the Board OF Directors and
nsttutug thorough investigation that Taintor aban-
doned all hope OF carrying his stock operations along still
further with possibility of extricatinR himself from
his desperate position.
THE CONTROLLER WARNED.
That the bank in straitened condition as long
AGO as 1872 is evident by the report OF Bank Examiner
Megs TO the Controller Of the Currency II evident
from an examination Of the assets Of the bank that
many OF these were worthless and others not worth
their face value Believing that the capital of the bank
was i'm paired Mr.. Megs recommended that 1t be pre-
vented from declaring any dividends until it was
shown that the impairment of capital was made good
and the dividends declared were shown to have been
earned a thing which the Bank Examiner was clearly
Of inion had not been done for some time pre-
vious recommendations of Mr. Meigs were ordered
by the Controller of the Currency 10 be carried into
effect and the officers Of the bank informed No more
dividends were declared but the character OF the assets
not materially changed what had before Injured
call loans, carried forward from year 10 year. were
changed time loans and other alterations similar IN
character made but without adding 10 the sOlvency OF
bank What Mr. Megs thought OF the transacuoh Is
! noace bot Mite ne AFFAIR." q e Association .llf.
III date ny lost report on Feb w As ear AZ m mue Of
different form their books OLA loans and discounts on
and bnt amounts Of sab matter reduced cash
daring the pest ear me ppe for The Sa5 .y Poe. 1
ny judgment entirely for bis position 9d The cashier
neats as Surround him can sgsges to your no ees
Dsned ,lepd until tbey can hoT a clean capital
we the shareholders he adnei to take decisive action for
the Assertion will gradually dy up very well kept up
MEETING OF DEPosIroRs.
In accordance with the terms Of advertisement In
serted IN the newspapers, anu u houce pdccu III
lobby Of the bank the deposors vacated the premises
of the bank at p No. and adjourned to general and
formal meeting for the purpose Of considering their
wrongs. THIS held at the office OF Messrs. Albeit
Fuller. No 229 Broadway, Mr. W. j. H. Fuller presiding.
large number present. and great feeling Of in
dignatiOn manifested
Mr. Faler stated that Taintor the defautng cashier
had told him that morning that his TaintOr's) embar-
and peculatons had long been to the
offc nj he han Mr. of
had positively denied it, that Mr. Root said he had no
doubt thai TAntor now had all the money and that the
latter had converted his property into cash month
Mr. Fuller IN violent terms declared he was In favor OF
OF protecting tue depoSitors He claimed that
under the National Banking law the shareholders were
for all dana ges urged that the directors, and
officers and shareholders should be held responsible Tor
the crimes of the cashier.
Gen Cook followed IN a similar strain, but even more
violently and proposed to even 20 so far as to bring ac-
tons fraud against tine bank officers the stockholders,
and the brokers VINO had been tasacLng business Tor
TaintOr He said that T8ntors father aud some OF his
shareholders In this bank They ought to he
proceeded against He declared that there were times
when the tar barrel and feathers were brought out for
the punishment Of such men, and he AID not know but
that the primitive times were the nest Inc deposltoIs
not Only demanded their money but the punishment Of
the Negligent and criminal directors. n-.
Dr. Cutting had confidence Ia the stories OF Taintor.
but believed his populations were OF recent date-even
late the last crisis in Wast He advised them not
proceed too rashiy aad 10 ignore al testimony pro
ceedng from LudloWst jan, where IalItor is confined
in default Of 5000 bail.
INDICATION OF DEPosIToRs COOLED
other depostors followed in the same STRAIN, violently
denmnciug the directors and President of the bank
criminals and urging that criminal prosecutions be be-
gun against them until every man OF hem was in State
prison. Most of the speakers small depos0rs and
the smaller the amount at stake the more indignant and
violent did the speaker appear against the officers. AT
one time the violence great that some Of the
larger deposors proposed 70 Their counsel to withdraw
aud pursue tner legal remedies Individually Untl al
most the very close of the meeting the indignation
against tho officers was most intense but the last
speaker, Col A O. DAVIS changed the !eenR very pei
cepuby. Col. Davis had been repeatedly called for
during the meeting, but declined TO address 1t until re-
quested by the Chairman he then stated that he was
reluctant address the depOstOrs because he did not
any degree sympathze with the excited feeling pre-
vaiing among them, and would have take issue with
the majority He had attended there not 10 urge ven
geauce against the directors and sOchhoders many vi
whom he knew be gentlemen of the highest problty
and honesty but secure his clients money Applause
rectors understood be the Hon Rowel s. BurrOwsl
the speaker had known from boyhOod, and like some
Others Of mis- associates was known to the whole state
10 lie above dishonest act Of any sort. They might
have been negligent, or too cOntding in their sub
inal. The depoatOrs might have right to recover
their money from the Shareholders but to punish them
sDe. He would 10 legal lengths 10 recover his
clients money lappausel but he would not JolD IN any
the confessed criminal Taintor; aud he thought the
DisrictAtorney and proper officers OF the Government
could trusted 70 deal with him he deserved. He
continued In this vein for nearly half hour insisting
that the business for which the deposOrs were assem-
bed was first, TO their money, and he thought
vengeance and all thoughts Of 1t had better be deferred
until guilt Of the directors WAS as clear as ta oil the
cashier lie concluded by proposing the appointment OF
a committee OF five, to beIcOmpOsed of the calmest and
largest of the depCsors to examine into the
Of the bank and ascertain the rights and
remedies OF the deposltors When Col Davis sat do"n,
the foil wing luton moved and adopted
Of Eve Do appointed 10 advise with aud
receiver Mr. Charles Strong IN winding up the as OF
stockholders Individually responsible, 70 the
deostors protected that they td
Ournet meeting. II. Libby T. d. g. Cook L. H. kOcb
ester ". C. W. A Puesa GePosor but not bsre.
tolaers-rere appointed such committee
CONSULTATION WITH THE RECEIVER
The meeting then adjourned 10 meet at the call OF the
Chairman. The Committee held short consultation
with the receiver who informed them that he could gave