, 1875-01-05

stJy,G73.D9. At JackHo1villo, Fla wn find
&l2l1ls.91 due, and among tho securities a5o
(which nover had any value). ;" ogcrdiatts Of
thc caAhior, thiseon cargoee OF lumber tndorscd
nuts, city luta, eto., cic. Az hlc1npltn. Inn1:.
sce thcro Ia loaned Z .s75.49' soino OF "hlch
here il n little item Of ti2428.90. with tho re-
lark, "stnyeB shipped to Europe BY httlrte-
yAnt," ulIatevor TINT mny moan. Al fickbburg,
largo a,in,H wero lent oil no security wlasovos,
nn,i at montgomery. Ala, TIM principal business
of tile hank aoetnH to have been to cash "orlOrB
ou tho lioard Of 1Iealtl, for servicea rendc1ed'
So much for tho "fohn" buSincss at tho
branches, Tho dopoB1toEa money, might ~ we'll
lihys been
Thrown OUT or THE w1Spows
II is unnecessary to rag tat the agents appoint
cd were in almost ovory casc dishonest, or utterly
ignorant aud incompetent. The Commissioner
nay that at several Of tho branches wl!oro no
loans wero made tl,o books wero incorrectly kent
aud such confusion exists that 1t will never be
possible to prepare correct Statements OF
aha actual asBosH and liabilities OF tno con-
cern. Yhceo books sacTu to havo lltd. in
almost eyory case, an unfortunate tendency
to show an oxccss Of liabilities over asscts nono
OF them being 30 bad III this respect Us thu Pri,i-
it'll Of oyor e5o,0U Indccd. tic Commissioners
aay that in tho present condition of tho books
and aecounta Of tho Company tt won'd bo lpi.
prudent atid unsafo to declare dividend 1!ow II
tLey had the money. AliuAion has previously
been ,nado to tho cxtravagant expenditures at
the branches. In Bpite. ut tho ptoslslon OF tho
act Of incorporation forbidding thu investment
Of rllo nasots Of tho bank In real ostnte, 1t ap-
poars that such Investments have boon tnado at
ion OF tho LiancheB and that tho bank now
claims to p0akesa nearly e50u,Duo Torth IN lib
own light. Tho report furnishes evidence IN
several caHos OF e1travagAnt expenditures, as at
Nashville, wIlcro $50, 0DU has boen put iuto q
building which WAS not needed, and which will
never bring anything nenr its Gust. We may also
no:lco Ill parting over the assets the item of
$ig QUO iii !" furniture At The different branches,
which OF course will never bring rs per cont Of
lis face vxluo.
Wild and reckless az WAS tho management Of
tho blauch offices Of tho bant, tbs Htnry OF tho
miBlocds OF the local managers is far moro cred
liable than lint Of tho nlauagers Of tue parent
bank III tho Washington olice Ia called. o.
this there ia nothing to bc said, except that it
was characterized ~ Incompetence at first. anu
OUTRIGHT swlNpL1Su
peraistcntly followed out during the last four
years, Tho report Of tho Commissioners docs
not attempt to give all nnido history OF tho man.
! agelnont Of tho bank, hut only of its present
laneutab1o condition. 1t ia very. doubtful!
whether that history can over be fully known.
Tbo Roy. J. W. A!yord, who WAS The first Iresf-
dent Of tho coucern, became = ragng luuatic
four wccl;s ago. and has bccu taken to asylum:
| i. W. Anderson, tho first Vice President mud
long tho acting Secretary, ia dead d. L. Entop,
| Trustees Aayo died, and others laro disaP-
poarcd. Tho list Of Trustees always boro
| IN imponlng number Of namcs Of intlu-
ential gentlemen who never attended bank
| mccting hut AMONG tho nl1ea OF thoso who
did attend aro George W. bulluck, Of un-
| savoy fame in connection with the Trcedmou's
Bureau; Z. 7. Smith, latoly p.onlueut a. Com
missioner Of Indian Affairs; Thomas L. Tnllock.
Lewis Clephane, and Hay!es J. Dowen. It is OF
llttle ACCOUNT, howovor, to natno tho Board Of
| Trustees, as it nppeafs that tho business Of tho
bank was really manascd by a "F!naneo Com
mittoo of five members appointed Ly tho iresl.
| Investments malo hero. Tho bisiMcsa Of tue
| bank seems to have gono on without anv great
amount Of stealing until 1870, when the ring
| veut to Congress and got an amendment to the
the real estato occupied by tho bank hero in
Washington, and authorizing loans on real estate
in tho District, but not to exceed one-ha'f the
vnluo Of tho property Il appears, however. that
| Of tho amendment, but began as early ~ Decem-
| Ler to loan Oh locnf lands. Thus 1nl an on
Try Of $4,000 on Doc. II, 1867, loaned to Thomas
L. Hume. Tho list Of ioal.catnte loans teens
| with entries which on tho fhco OF them are out
| rageous risks, Rlid
CAN SEyEn nE COLLECTED.
| The biggest items are, OF courae, tho loans to
tho Senaca Sandstone Coa1pany, to the Howard
University, aud to tho Young Mems Christian,
e75,000, the third e33ooo The na1nes Of prom
nont reul.estato agents who we1e parEners OF tho
ring arc scattered over evoEy page. 8: 7. Brown
4 Son, Notorious operators, got $15, 900 In ono
Arlington Hotel, e2s, ,oUG on furniture; N. V.
brown, s2i. .Dvu On fancy, lots; George Mating
y; $i5,oo0; hftcopth s:roos Freshyterian
Church: &1o, 900; phin & Solomon. real.cststo
900; john W. uuntes, $14o0o; Mary Ann Coyla
and others, S35,OUu; Evan Lyons, $34 300; A.
LanE1on, e25,0O0 Thcso ARC few Of tho larger
loans, md in almost every case they ato specu-
latiye ludecd, tho whole roal estate business Of
tho bank hoens to ilavo boeu carried on with
view to "bnl!.ng" the market. The
officers did not by, any, noaua conlno
their oporations, to the Dlstrct,. for wo find
operator, Samuel il. Suit, got $4,000 on hia
homo farm in Prince Georges County. MIR.
robert y. Douglas formerly private secretary
to tho President, aud now United Btatcs Mar
sLals Of North Carolina, obtained 81, on q
plantation in Rockingham County, in that State.
And then thoro was the outrageous Seneca stonU
fraud. Mixed up with tue other narneH OF tho
patrona Of tho bank ase those Of prominent ring
contractors a single entry will sutlics To snoY
| ZEAL ESTATE AND rIETy
we're combined by theso Eodly bankers. On tha
12tl OF January, 1874, We find $3i 800 loaned to
Robert 7. Fleming. ono Of these contractors, and
Association, approved bn1s against tho Trustees
Of tho colored hcAoos, amounting to 422 Oil .45,
and real'estato notes against Trustees OF colosod
schools, $4t055. On tho Batne day ho obtained
422, ,G00 Oh o.Aer accurites. Cases In which tho
loans exceeded tho totni valuo OF the ronl estate
pledged can 10 picked out by scorea. Il la ras-
calv list from beginning to end
The most remarkable achievements OF tile
Finance Oommittco, however, are seen in the
disposition Of tho 4'availabla fund" 10 fully
explain low tho FIunnco Committoa uBcl this
fund 1T would be necessary to reproduce ths
entire lat Of loarn. with explanation and com.
mont. Almost tho lrHt entry IL that Of loan
of 81 ,a0o, iu 1870, to Mr. 4. .. Mu!!stt, late
Supervising Archltoct. for which 100 sllares Of
Colorado niuing stock wore pledged. a llttia
further down con1es tho item OF 874 900 81 to
tho Central Branch Of tho Union Pacific 1ailroad
Company. +. Il. Gassaway, Of ring fape, got
&l,2so.t0, in 1870, on stock Of tho American
besl Lock Company aud other equally valuable
collateral. l.. L. Crouuss, = newspapor-corre-
spondent, extensively engaged in real eatato
opsratlons, aeotnA TO have got all l,e real estate
! notes caslnu without trouble. Tho rcdoub.ablc
s. O. PomeEoy, better known as "Old pon,," had
tue aa1ne facilities, j. V. ". Vanderburg. tue