, 1877-08-10

4otAs'* 94U
Thu charter dc,nanded that no business
should llu transacted until $lGJ,000 OF carttal
stork hui hccn sHtlncffted for, hut on tho 5DtI!
9f August. 1Sta>, thc cg'ntanv opened !ts s!oora
been ta!sct:, Lombara xas il frat President,
autl 7. y. I!igss Ylcs-pscsi4eat and Easl,lcr.
Lomhani paid IN sao, w, but Immediately drew
out slo,tN0 M hs ownnotc, Fernando Jonca
5 e 70 it, assy sfk s x ks{s W.. NJ Sysr sw @ sii N Hyyt yt
hut lyo ef,aves Of his stock. llancs
neither paid any tn.eney ,,nort nor raye any
on hls own notc. Z. II. sI.cion never i.nid
anything. J. l.. Lou,t'arl paid $4,000, aul soon
alter drew out a. QUO on hts uwn note. Briggs
!le note. =, n. Siekerson paid for biz stock
by other stock Ii The First National Hank, hut
Ben, Lombard quietly took POSSESSION of this
stock anl rave his nnIe for $ls,0hl Il, tic Cot,-
on his own stork anl s1,uoo va to H. asei IN
paying fur Ntckersun's stuck. It Is almost
needless to say that th!s tl9,uD note was nrvcr
paid. In September, 1867. 7. N. Dclanay tuck
ior ill., balasess, s BIT IL It W.: s. sab,sqneni'y s y
Cancelled, and corresponding amount
u stuck sarreudsred. q. Il. Galo
also took thirty, stares about tho satne
| ucred II. Davtd Lombard, On the eth OF sep
tc.nter, took hyc sllafea Mn! psht for It like .
man III eas!'. jan. 8, lY7D, Godfrey RYDER paid
for len shsrss. Feb, =. Dari4 Lombard took
i'a.ld Lombard. IT,, Invested in fivs sha5es..
'whIrl, were ast, ,,ala for. Evidently xulne Of
tho Lolnbafds had nut aiootel the u,uirrn
ana1,cIal system ol Ben Lombard- lu May,
1hi', the Natlou1t lfe-lnslranre Company
stopped issuing insurunce-atrost policies long
pail fur them,
Thy bunk commenced business with s4o, ,Boo,
] B.n ltr.t nj,
Y pte, and tvs kindly uiEcreA to taAu care u
sloooo ol t's a,n"unt Il week utter The iustitu-
thy opeae1 ~, ~ 4s. 80 that Il really Began
business win *p.tWo. .enthc remaining l6o sharea
| which WcEs subsequently is4ird, olly II 800
was paid fur In rush. Tie worthy tresIdcpe'
aud Uther UtliecFs Of the bunk always repre-
| .cnted that shc concern tad slW,O00 ot stock
fully pail up, AMI culnplalnants aver that II
| was Oh this representation that they weru .ll.
luced 70 deposit their earnings with The bank.
On tho 9Th Of May, ls1s, the bank, under tbs
| title Ut the Franklin Bank, aid stamped the
hral OF the revolutionary philosopher on lr-
p"s!t books. checks, and every oti.sr available
Ta.s little deytre was unsuccessful In enabling
them to allure unsuspcctIng deposttoEs, anu
iank ~ btyathca % il. last: Tlho following
are .he b'.sless en !elosst BY eoa'ptalnauts Vt
Ntrho!ls y Fitch, sH7.71;, j. r. Niehoils,
TRUSTEE. S:1s.y1; J. +. Nichols IL Co., S:,s.5s
!ohn @ Hutchinson, tsl1.5o: ". L; Goddard,
Chsi.nus. $.a,51s S.; G. j. liamLlctun, 81 ~;
tho Commercial National Bank. es.3Ob. l'he
bank WIS subsequently put In bankruptcy, and
two dividends Ut u and pr cent respectively
have been paid In the ADORE Claims, wbleh ex-
hausts the estate.
u coscLuslos,
complainants alltgu that the Loan Il Trust
Cotnp4uy had NJ Right or power to do busiucsi
s.aoans of sspltl s.osE Ini not s' been ssi 3abs'
scz.ncd for aud paid in; that consequently
tho several Stockholders arc ltablc,
like partners iu private cur
pezation; that the CompauY was ~ fAee