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recorded i, is therefore


:. Solrcs That the business OF oaning money exc!r


md of rgbt belongs TO the Board OF DTec;ors, and
-. III Io,ns or discounts made by Con.Inltter Of The


ard in concurrence with the officers .hosld De day re-
no,t.d 10 a re- guar meeting of the Board.


Rosolred That the oaning or dscoun'lhs' on Re DE-


~ collateral security or pronissory notes OF The OFF,


Of IN, Rank IS unauthorized, and contrary IN ne pro-
per administration of the affairs OF the Bank.


Ra.oJrcG That the large advances MADE oy me Cces
Of ,br Bank in the periods OF lS37-s and Boafa OF D.
rectors, merits and receives ou !A'' '


nation


,;ded that the Committee the state OF me banA to1-
,os.d of five members and elected by Ballot every three


,bs shculd az least once during their time - service.
,,nne and count The discounted notes and compare the
amount thereof with the balance OF the amount OF Di Ms
counted IN the General Leger: they shall also count ie
cash and the printed and the imprinted paper IN The pos


;on o IN. Casher-examine the evidences OF the pub
liz deb: and property the corporation, make an inventory
of the same to be compared with the books IN order 10
ascertain their agreement and report TO the Board me


top, arness 10 have been for this committee TO conhne
;ra,;o, exclusively 10 the cash, Bills discounted
on personal and other security, the Issues and the ffned
and Imprinted Bank paper hand Inc aCc'nn' however
M be GENERAL state OF the Bank submitted 10 me directors
q, sverv stated meeting contained the Heii> ol bS ne
ceiyatr on Bank stock and other security wAich ncnoed
a. ,. me bills receivable sale OF branches Ne Inc oans
made in the manner heretoors adveftsd TO- ana toegn
Bis OF Exchange under which head, was contained me
advances on shipments OF merchandise Thus on the 18th
of June 1885, on which day an examination was reported
bv the Committee on the OF the BanA there stood to
the debit OF Bills Receivable, the sum OF I5l0oG'4d0I'
lars IS cents and ct Foreign Bills o Exchange 'he sum
Of : 26 Oq dollars. 81 The Committee annex 70
This Report List OF the Djgectore and the several standing
Committees othe Board since the recharer Appendix ~


Not only in regard Loans and settlements but IN Tea
ton TO the purchase and sale OF stocks, the ~
of oacences and other portant measures oil genera pun
the Board of Directors regularly consulted VI
this the committee be permitted 10 present some ih-
stances as illustrative In September 1885, the Bank pu1-
chased the Merchants Bank OF New Orleans o me cap
ta of one million OF dollars for advance OF dollars
and established IT, as the agcn' Bank al tndt pace
On the eight day OF November, 1885, IN IKE manner po
chase was made for $4,000 dollars OF he Insurance
Rank of Columbus Georgia. In August, 1889, arrange
ments were made for purchase o the charter o The
Hamilton Bank OF Baltimore, and the purchase aiec'ed;
but as Bank went into operation The


bu, small There taken from Mr.. Joseph CowPefh
waite on the st of March, 1888, eghy-nne shaes OF
Rank United States Stock 100 dollars the Bank selng
the same day is dollars, less brokerage and on me
Sh January SiO there was received from nm ds casn
one hundred and thirty shared al 100 dollars me market
price OF ,hat day being SIS dollars - cents ON The ih oil
March 1899 Nessrs Joseph Cowperthwaltc Thomas Dun
lap Joseph Cabot agreed purchase OF the bank TWO hou
sand shares Of Philadelphia and Reading hafodd COS
Stock al ortvve dollars per share ON crcdlt oil TWO
years and on the application of these parties on the 18th
of February, 1910, the said contract was annuIed II Is
stated in Report OF the Exchange Committee o. August
2S, 1910, agd entered on the minutes o me boato' 'he
Philadelphia and Re4dirg Railroad Co had made con-
tract with Mr. Joseph Cowpc rhwaitc, Tor loan o UO,-
0OO dollars in his individual capacity, (ahoug supposed
BIZ the company have been account OF the bank, 10
be converted sterling Bonds al dollars 50 cents per
pound sterling At the period Of that report the sum OF
}26 900 dollars this loan had been taking up oil whcn
the Bank then holders OF dollars ana on thal
day. with the OF the Board assumed the balance
unpaid Of the Upon the eighteenth day o August


sS the Bank contract made BY Nr Nicholas
Bdde his individual capacity Tor the purchase oil TWO
thousand five hundred Bonds o the State o Mississippi OF
two thousand dollars each amounting IN the whole 10 D,
] ta1,1 Iolla he Of
then second Cashier affixed to the guarantee,
behalf Of the Bank upon the 29h January, 1889, the
Bank guaranteed the :ate OF Michigan, the punctual
fulmcn OF the obligations OF the Morris Canal and BANK
ing Company the purchase OF Bonds OF that state 10
the extent of 3,ll5oc7 dollars 30 cents tor 2TOoOoo
taken par and including interest on the nstaments pay
able every three months up to January 1873 On the 29th
of April 1889, the Bank guaranteed contract entered INTO
by Mr. Thomas Dunlap his individual capacity tor the
purchase million of dollars oil the Illinois and MI
chgan Canal Stock In regard TO these transactions, the
Committee can find authority the minutes OF the
Board and have been referred TO by the President
upon whom they called Tor Information


The Committee submit herewith, (AppendIx NJ state
ment of the Profit and Loss Account OF the CQHtngent
Fund and abstract OF the losses oargeabe thereto In
this last there charge under date June 80 1910,
of 100 900 dollars Parent Bank account, which
has not been explained TO the satisfaction ui the Commit
tee. 1t must be also mentioned that among the expendl
the Bank there entered, various dates
mencing May 5; 1885, amounting in all TO 6lo6lO
dollars Is cents pad on the "Recelps OF MI N BID
de" of Mr. n Bdde and J. Cowpeuhwalte" and
Cashiers md Vouchers" As the Committee were una-
bic to obtain satisfactory information upon the subject OF
these expenses the books officers OF the Bank, ap
picaon made by letter Mr. n. Blddle and Mr. J.
COwperhwaite from whom reply has been received


The Committee have performed the task assigned
them by the stockholders They have ndeayored select
from the of materials submitted to their examination,
only such seemed sufficient illustrate the general
of the administration of the Bank. To have gone
more into detail, would have required time than
allotted the Committee, and have accompanied each
particular with full explanations would have extended their
report beyond all reasonable limits They have given the
simple facts without comments bur enough has been pre-
sened II believed enable each stockholder form
Judgment OF the which the interests committed
by him TO his and agents the directors ana officers
have been managed 20 satisfy idle curiosity, the
Committee had inclination, and would have gladly
omitted many of the facts End explanations they have gven
could such have been reconced their oi