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iohs W. Tn. established course OF business
lens 10 have been, for The First elie' 10 pay GH


s;ion al the counter al checks, notes o! oae DIE
rdo-sd the order or the initials OF ona oil me casnie'


80 c. ,hesa a. vouchers IN his drawer, Tor so niuch
,.b ,rher. ,hev remained, until Iust peio!s tne esua
PERIODICAL counting Of The cash. by the S'ahGhe


of the Board on the state Of the Bank ihess vouchers


s- ,bar ,aEsn ou, and entered . Bills hece'aoie,


anal Memorandum Book under the charge OF one OF
n. clerks These Bills 70; discounted oeI oo,e NJ
rer n,yabe sern-snnualy and secured oy peose
Of stock or som. other kind OF property II Is eN'aeH!
impossible under such circumstances 10 %
i sanctioned by majority of the Exchange Oonl
Tee |, can be said, however. with entire cea'"t' 'i'a'
fhe ysry large business transacted IN ms way coes o
near pon the face 81 the Discount Books was SUI
,ba examination of the members OF the Board, at
J.. -arrs- meetings nor Is II any where entered on INC
mrutes as having been reported 10 tAa' ooC!; 'o nc
information or appreciation As Illustrative oi 'e AI"
OF these transactions. II may oe proper 10 s'd'e ma "
sum total Of g Bills Receivable 49,, -
On the 4;h Of March 1885, was - -
On the 4h OF March 1884,. : Io5,t4o ~
on the -th Il March ls3-. .'--%'2o3 -' - -
On the 18th OF March l>39 .:'.oL ~ -
On the 4th OF Narch I>iU, ~ -


The amount outstanding on the books of this Department
m e tfh Of March lsi had become reduced TO the sum
Of 1855; dollars Y cents The account, have been sci
ed in various wav or transcfredto other heads the DI-
rectors havng resolved abolish altogether course oil
proceeding pregnant with 'schie and ioSf anu 10 p'o
hbit entirely. all loans excep; by the Bosrd ltsei


There saa= upon the books OF the suspended Leo.
Department; transferred thereto lrom Bills Receivable
sl unsettled S1i70I55I - portion Is on the is' OF
Active Debt having been changed nio Bus DScouReo d
deferred periods OF maturity.


Tbe.e loans were generally in large amounts In the
list OF Debtors Bill RcceNab!e oi the iFs OF jan
uarv 1881 tyreny-one individuals firms and companies
stand charged each with amOrn CT one hundred thou.
sand dollars and upward One firm OF this c.y received
accommodations OF this kind between August, 1850, and
November. 1881. the amount ot Si,2la>'o 81 more
than hall Of which obtained N 1871 Inc oilcers ol
the Bank themselves received this way loans 10 large
amount; In March go when the Sank went into ope-
ration under ia new charter Nj. Samuel Jaudon, then
elected s Principal Cashier, was indebted 10 II iVy25o'
When he resigned the situation OF Cashier, and was ap-
pointed Foreign Agent, ~ IN debt SiU>,5cs - anu
IN the 1s Of March lSl he still stood charged with an
Indebtedness OF tIl750D Mr.. John Andrews list As
sant Cashier was Indebted the Bank in March, ls3o
iIo40oo BY subsequent loans and advances nade curing
the next three years he received IN all the sum OF flo
$50 81 Mr. Joseph Cowperihwae, then Second Assist
ant asher indebted the Bank IN March, 1856 a
OOO when he appointed Cashier IN September IoS T.
1920 3S2 50 when he resigned and was elected Di-
rector BY the Board June 1870, 1890 and ne stands
CHARGED March g. 1871, the BOOKS with the sum OF
sj50Sl 95. appears on the books OF the BANK 'ha'
these three Gentlemen engaged IN making investments
on their Joint account the Stock and Loan OF the Gam
den and Woodbury. Railroad Co, Philadelphia Whining
ton and Baltimore Railroad Co, Dauphln and Lycomlng
Coal Lands and Grand Gulf Railroad and Banking Co.


The various settlements effected with the oihcers and
Oi
10 pass without notice These settlements were without
the knowledge appreciation OF the Board, at least so lar
as appears from their minutes The large loan 10 in
in this city, before adverted was settled by The receipt
in paymeRt of various stocks and real estate, except Sli
26i 50 in cash Another large amount OF loans TO single
individual of 81 0l4,97 So, settled IN Ike manner
There was taken settlement OF debt from Messs Bevah
& Humphreys (Mr. Joseph Cabot, one OF that hrn being
at that Director oi the Bank) one thousand one
hundred and fifty shares OF United States Bank Stock IN
lS3S viz: on the % OF August two hundred ana MY
shares at $l23 the Bank selling on the same day S2U
less brokerage on the 22d OF August i've hundred shares
and on the 23d Of August four hundred shares a. % e
market price those days being Sl23 % The bank
selling the dav after at Sl23 less brokerage Settlements
of similar character with debtors for smaller amounts,
OF frequent recurrence


Bank in other than money, which the Committee can lnd
was in March, 1885, when Mr.. Samuel Jaudon (ihen IN
London the Agent OF the Bank) Air Joseph Co~peIth-
waite Chen Cashier and Mr. John Andrews Chen rrst
ASSISTANT Casher) paid debt OF s269,5O0 which they
owed the Bank joint account IN Dan'ie and Potts'le
Railroad Co, five per cent Loan, .OoOo
Union Canal, per cent. Loan,. ....:....... o'ooo
Philadelphia and Reading r R. Co., stock $500


shares, OBSERVATION-DISCLOSURES. .....-.1 19,oVo
West Fclicana f. r. Co, stock 1000 shares,. l0,oo0


$3.50, 500
Of course the Committee cannot say that the Exchange
Committee did did au,horise or sancion this set
tement The paper which constitutes the only evidence
OF IT, and which the Committee have seen exhibits no sign
of such authority appreciation, otel than the initials OF
Mr.. Andrews himself


OF the Residue OF the large debt CT Mr Andrews Of
10l S. which includes his one-thlrd proportion OF
the foregoing sum OF 1868 50O all except s23ll So was
settled BY the transfer of Stocks and Loans


An Account of the settlements with Messrs Jaudon
Cowperthwae & Andrews accompanies report mace oy
the Exchange Committee the Board the 2lst OF hu-
gust, 1910 The Committee Remark in their Report
Your Committee unable say, any authority was
given BY the Board under the Charter from Congress- but
are very certain that the Boards under the present Charter
have never sanctioned such loans settlements, and they
cannot too strongly condemn such acts The power OF
making loans and settlements must be reserved 10 the Bank
while the Officers must be with being the executive
The accounts of these officers herewith submitted
together with some others (Appendix CD


In order to inform the Stockholders, only OF the cha
ractsr Of the Assets but the mode by which they
the possession Bank there attached 10 this Report


statement showing the particulars of the Stocks on hand
at the Bank the aeun taken IN settlement OF debt pur
chased .r subscribed and list OF the Stocks in possession
,uril i 1899 CAppendx H ) OF the whole amount OF