Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1876-04-28

| although the proof Is not clear, yet the
inference is strong that it was O Co
partnership steal, and that the hu
manltarians SO active in the manage
rlent of Howard University and the
Freedman's Bank should share and
share alike in the profits. One of the
most interesting transactions in which
Stickney was engaged was that with
one Juan Boyle, a real estate agent OF
this city. This fellow Boyle Was one
of the strikers and tools of the Dis
trict ring. He was also a broker for
Stickney, the actuary, and it was q
common practice when persons, who
had good security to give, made appli-
cation for loans at the counter of the
Fre-dmau's Bank they would be re-
ferred to Juan Boyle. He would
manage the negotiations and charge
| the concern a commission. In this
way he drove quite lucrative busi-
ness. The finance committee were
| familiar with this practice, and
countenauced it. Finally, when
the panic of 1873 came, and the
bank had to raise some ready
cash, there was lot of United States
bonds in the vaults, and Stickney sent
Boyle TO Baltimore to sell some of
them, and Alvord went to New York
on like mission. Baltimore was the
last place on the continent almost that
sane man would have undertaken to
sell bonds IN large amounts at that
time, but Boyle, it seems, got rid of
hundred thousand dollars worth
Shortly after this Boyle appeared to
have $21 900 Of the banks money.
5tlckney's ate ntion was called to this,
rH hn l.
loaned to Boyle, and shortly thereafter
certain uotes to secure the loan were
given by Boy e. These notes, it ap-
pears, were good, but after while
these were Withdrawn and Blyle's ill.,
stltuted therefor TO N AXE them good
hs gave Sickuey a deed for certain
absolute to Stickuey, but with the
as he alleged. that he
WIS to hold it for the benefit of the
bank.
The commissioners of the bank in
vestigated the matter, and found tina;
there were prior liens on the property
to more than its value, and the i'm
were not completed They |
found also that if they under took to |
advance the money to complete the |
Is
they could ever realize tharefrom and |
hence they let it go as a bad debt. |
The loans made to Vandeuburg, the |
contractor. show the worst sort of |
IN management, if not criminal negli'
ycnce on the part of the finance COM
nittee and the actuary, Stickney. On
securities, the face value of which was
less than ninety Thousand dollars, this
contractor obtained S160,0S8 80. A
large portion of tlis. as is proved, was
obtained upon the assurance of Boss
Shepherd that lie would see it paid |
put Of the first appropriation made by
Congress. But he did not keep his
word, and the bank has no recourse on
him of course. The present amount |
0faVnndenburgs Indebtedness to the |
bank, exclusive of interest, 1924, $40 SO,
and to secure it there is about $50, 900
worth of securities, real value. As a
defense of himself Vandenburg sets up
that Eaton was interested with him in
some of his largest contracts, and he |
Also claims that portion of the col
l. cterals he deposited with the bank |
nave been sold aud the proceeds not |
applied to the liquidation of his in
lebtedness.