The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-01-30
THE EMMETT BANK SCH.
THE CASE TIC SOM UP SHORTLY
BEP0RR THE ca ANC ELLSR,
The Report or h GIeTAt ana NEwter
-ARtnKuiar Cotsei0e aee-TnS
Final RiEures.

The suit CT Fisher against Ioegu",
known as the Emmett bank suit,
which was decided, go FAR as the Law
points are concerned, by the Supreme
Court, will come up before the chan
cellor shortly, in accordance with tine
order directing the clerk and master
10 make q statement OF the assstg OF
the bank and accounts involved in the
case. A representative Of the APPEAL
called upOn the lawyers and Others
Interested yesterday for the purposs
| Of obtaining some data about the inter-
eating suit, and was furnished
with the report jut q finished by Depu-
~ A. +. Walsh.
The trial balance which the clerk
and master IL directed to accept 80 &
true statement Of the assets If the
Emmett bank, he finds TO be errore-
GUS in 40 far s it does not account for
all Of the assets of the bank 80 the
books show. The item OF $259.S2.
difference in the face and amount #
county scrip sold, is charged to Fish
er's account. A ike discrepancy, but
for a much larger amount, occurs
in the city scrip account. The
cOmmiss ionefs reported, and the
master likewise finds from the looks
Of the bank 90 January g, 1880, the
amount of 1858 n, face value, OF city
scrip. Mr.. Fishers inventory accounts
for city scrip or credits for same with
! the city, $l9lS "a; city coupons be-
sides those belonging 10 bonds, $500,
they accounting for bat $2608 "a aud
leaving ~unaccounted for 1929 81. The
mAndamus account appears on toe
books solely as a credit account, but
the proof shows that the various cred
its constituting this account were
| the proceeds OF several mandamls
Judgments obtained on coupons FRI m
city bonds owned or purchased by The
bank in its regular course Of busint IS.
The total amount sued on, accord ny
| to complainaut's solicitors, is $4,000,
drawn from bonds $1,000, from Jas.
REILLY, $3.50, amounting in all TO
1920, and leaving a balance OF $3.50
to be otherwise accounted for. The
stocks and bonds acc cunt show as the
total proceeds Of city coupons sold
November and September, 1874,
S195S A. The balance to be account
ed fonts fought to be explained by
the sales and purchases through
a process OF estimation ~ to
their face value. The clerk
and master csnnos be positive,
however, that the discrel aucy can lie
satisfactorily acCout tad for in that
way. In concluding this branch the
report puts the cmount Of city scrip,
face value, unaccounted Tor, at
$3925 SO; finds oomplaira1t's mode Of
accounting for same extremely pIoba-
BILE, but rot conclusive, and finds the
facts in defendants favor. Should the
court sustain this finding, then Fisher
should bs charged with this amount
and his ba ance correspondingly d.
minished. The net profits of the bank
from JuRe 3, 1873, TO its suspension
were $27, 543 26, and deduct'ng S27,-
543 20, tue amount due Fisher, leaves
$25,043 20, which, divided, gives
League and Fisher each $l2,62l 50.
The master reports these pio t., ap-
parent prcfib, in the same seuse as
were those constituting the divisions
of 1872 and 1873, ios while there re-
NAMED an outstanding liability these
profits were liable to be reduced. Tho
receivers report only IAN show how
much real profit there WAS, though
tae ma tar found no liabilities ether
than those given. Summing up the
account would show az follows:
Fishers share of profits. ......,."..s l2, 52l 63
Amount due him from Loague..... il 80
.s'sr,'t. 80 s"ssss.ss'"'s -isoJ 70
Less amount due bank.,".","...". l,It6 vs.
-
Fisher's net balance. .,,....""". III ,26 90
SUMMARY.
Net profits from last
div. to ............... 81, 043 %
Amount due Fisher."..- ll,216 60
Amount due League. 1908 Be-S&i,SS5 y
fl,7OG IS
The above singular coincidence, &C.
counting for the profits and proving