, 1877-09-09

!
! ''All i have to report" replied the man OF
| figures, its this; that the gentlemen vo,, hove
| p1accd At my disuosaf hare near1r f;risbort +ho
st.tor,,ert ~ +ha tas
eka,1 ~. 49, m...,ssrea ~ 1a "n'su "'1'
sho" ar the moftsages on hand. etc. have
| taken OF from the books, not in the most CON-
| p1etc fashion. but in fashion ne rom n,e+o 90
nossIh,c. a statement ri Tho c,1,,tos.t ,as~ 40
ro.s' -,S.,a-.s 80 wv eo,tase1a' ioa''s'
"As n'os' alAious u nnu "hctner the books
laterals made up the balance Of the ledger.
| They do within few hundred dollars and ~
dit:renco is rrohoft, (,uo ~ aIo.;a., alo 'a41
| nnte1 p1oo!o', "ue ~ c1e'acal efFor. l
| nno that the collaterals represented as still
| unpaid on the books agree, within 4 few
| hundred dollars, with the amount that
ought to be outstanding according to the 1edrer
oa'aaees' ina' ono"s tnas Inc 1tehs marked
! as paid or lett unmarked rs unpaid are reason
| ably correct, according to the postings OF the
! LEDGER. Col. Tay}or will romnarc thosr with
~ documents h., b,e i, b,,d ~, -ao ha,,.
49,. Tast, aa~ss - . ana ~, ao" 1ns5
'siee' !as''s oesoseu cons'oe'ao'e part OF
last evening 10 tracing up the
ORIGIN OF MIR. sPENcER's DRAWINGS FROM THE
INSTITUTION.
! You know cnouqh Of the blind way IN which the
,S1." -s ,... .L ..:.s.:, " w.
dctails,-and therefore, you must be well
aware that it Is troublesome thing to find out
and trace up any of these things, I think T
ha,,u ,-at - .ho h..,. o,, - :. n., et....-
1'a'e sot W lug oasA enu u 't' anu e''n SUI"
where Spenccr's actions commenced. But OF
course 1t can't be done IN an hour or two, but has
to be followed up. and am following it nm.
,orn do,n eo,noth;ne, f,,rtt,r 1b,d ~ 49,. raat
'I' u'as 49, ''4s' 1"o 'a 1"et
ta6cn oH .! the cnauttloh VI opeuceIs accouht
Dohtn!v, Hom tEe tlnlc nc Jolned Tue lnstitu.
LOU W tne t1ile nc Wcnl A"as. on Tue t2ln oi
hprl1, lS1''' MS account @ a. was opened hy large
ocpos't OF ano't s-3l.ooo. u very large amount
was drawn OUT TIC same Gay, leaving only 1eW
there ~ weIe ere considerable transactions amounting
TO sluooto at llInc. AZ that tliae enc lhstl.u-
tion had general commercial business. At q
future time they stoppeu that +, business at1a
closed INC commercial letlscr: linen spSncer's
aceou'lt u"luuieu uo"H W hihail saw
lngs account Kept IN the savings ledger
lhls amountcn TO ont 1cw thousand dollars
ana SHOWS notntte. IN t.e Gafiy part o. open,
GERS account Tue amounts bcine very lalge'
I1Iea 70 iolloM up SOME Traces ~ oruGi 10 get az
Whetne1 u came out ol INC lns1'lutlon Or no1- !
found that It had peen marked on the BOOKS us
1etulneo ~ h.n. Anele rs ho WY u saow lao"
c1leess ~ese o!awn uv ~" ni1cu nc got FROM
from tue Intention, possibly, Of aolns away
with papers tnat II "oulu pe 'dGs'r:p'e E 70 nave
II Is dunc1itto gchaL 1he thlnS. lhet"oaceounts
that are dra"n Oh, ano noi.eagG ,,t ascount anu
1h sccouo!' , 'rtual5 cover nearly
oil tue assets OF the pank, except real estate,
aud When these arc chcckcn OUT ana compared
with thu secur't'es, you VIII see WHAT tncre Is
outstanding Ill MI spencerS name now TO
begin With, You VIII naturally suppose that
there are assets to tho credit OF collateral Sc
curity account wh,ch are NOT represented hv the
lcuger oalanccs. 1hat Is tI'!e' put Whea
tell you what Spencer has done-that there Ii
this note for S449,0og III one ac.:"nnt-it Is sub,
jcct to very large deductions 1ol doubt!nl anu
bad debts. At one fell sWoop 1hat would work
off considerable OF the amount Calumet
stock is another outstanding m account,
to the amount oi s13l,Wo. Thosc two
sums form Il part OF tho supposed assets, with
the collateral loan account, anu IN ttat account
there will be large amount TO oe deducted Tor
bad debts. In the same account there are the
following notes:
A. sF1EK,
late Inspector OF Banks, s@50o; SPHINX Bros,
Sl,2250: and A. Sphinx, l0W
Mr. Wcntworth-Are there any co11ateraist
Mr.. Davic--1 don't know that there are. My
object is to get the thing on Tic books so that
you may know, as neariy as possible, what you
ought to have on hand
Alr. WcntWorfh-Nhat Is thc nature o1 the
Myers assets: - -..
Mr.. keeier-lhey arc mortgage secutl1les,
aud don't come IN tn1s HsI
Mr.. Davie-l know that tncsc Spink notes arg
here ms not oelt1R N.t'onai bauht ~ strueh
nc as very peculiar tnat tnese notes s4oun oc
among tile sccurltics o. Jus oanh. ! Atet,
Warus lcafnea that oplnsS WAS peisonal u'ehst
aud ne'ghoor Oh spencer anu as spencer was
running tho COOK Couhty NaL1onal BANK ana