Chicago Daily Tribune Newspaper, September 9, 1877, Page 3

Ar Si 4 meas: _ that at the gathering a week previous. THE CHICAGG TRIBUNE: SUNDAY. SEPTEMBER 9, 1877—-SIXTEEN PAGES, ° i, REPORTING PROGRESS. The State Savings Depos- jtors Told What Has Been Done. A Corrected List of Assets and . Liabilities Submitted for Their Inspection, Mr. Wentworth Warns Them to Shun All Politicians and Shysters. What Mr. Davie Has Been Able to Find Out About Spen- cer’s Account. His Deficit Gradually. Ran Up from $200,000 to Half a Million. pow Bulkley Was in the Habit of Cooking Up the Books. Argument on the Motion to Appoint a Receiver Postponed. LONG JOON. WIS REPORT TO THE CREDITORS. Another mecting of the depositors in the State Savings Institution was held at the fabernacle last evening. As before, only thoso sho exhibited their books were admitted, but she attendance was not as large by one-third 25 Then ‘ the victims of Spencer were excited and full of anger; now their blood is cool, and, realizing the situation, they can calmly Jook the matter in the face, hoping for the best. At $ o'clock ‘Long John” arose on the platform, and said: I will commence this mect- ing as Ldid the other, by reminding you that this is strictly a business meeting, and themore yonlisten, and the quieter you are, the more Jou will know about your property. This is your business, aud business is business. ‘There re some here who were not here last Saturday night, and since that time we have found out some things that we dian’t know then. I recog- nize in this assembly a number of good business men, who understand this thing from the begin- ning; but there are others who do not under- stand bookkeeping. You knew notn- ing about the way in which these great bauks keep their accounts, and we ‘will try to make it plain to you. I think the better way to commence will be ask you to iay aside your prejudices. Whatever may be your preconceived opinions, abolish them for the time betsg, and begin with the statement that shall be made to-night. Time has clapsed, and the excitement hss cooled off considerably. ‘There were a preat msny very excited people bere at the other meeting, and some new com: ers thought I was going to be fooled by a trap sprung, and they feared some harm would be done. Others came with the idea that they could ron the meeting, believing there was some financial or political capital to be made out of it. . Some of the Committee are heavy depositors. Others, like myself, are not. But we have all looked ‘upon ourselves as the eyes of the depositors, all of you not being ableto go to the bank and ook over the books. You sent us there to do just exactly as if you were there—to loox over ‘the wreck and see what was left. We proceeded. with our duty with that view, ‘but hadn't pro- gressed far before ~ THERE CAME AN OUTSIDE PRESSURE. We were getting too inquisitive. We might hurt somebody by proceeding with our inquiry. But we thought, as misery loves company, if we could get. another man in with the 1400, he wouldn't be ony worse of than the balance of them. When the news first reached your ears you were afraid that there was something wrong about it. The idea seemed to pervade your minds that perhaps what Spencer did not steal the uew comers might steal.. When these assets get into court ther area matter of record, and you kuow ex- ® actly where you stand. You wanted to know what Spencer left, and, if he left anything, Whether it was zoing to be properly invento- yied on the court records. We found $12,000 in cash—all they had to protect themselves against, aran, Then there was.@ little over $12,000 in cashitems. It certainly looked, when we went into the bank and found only these, as Spencer hed carried off a large som of money with him. ‘That was the general ovinion in Chicago. Our expert, I think, will show you that we could not ‘find out that he really took off any money. He nay have made false entries in his books, and must have done so if he carried off funds with dim. But he left these $12,000, and, if be touk some cash, he might ag well have taken all. ‘There is one item of credit against which a draft for £1,800 was drawn, perhaps in the regular or- der of business. Spencer undoubtedly’ looked upon the bank as good _property—as one of the greatest institutions in the Northwest. He Wanted to control it, and use it to make & great man of himeclf,—a Vanderbilt, or Cooke, or Scott,—all the time using Py, money to. help him do - it. e bought an interest. It was very easy for the other stockholders to see his ambition and to fistter him; and to threaten him that, if he did not buy their stock, they would scll to somebody else, and he mizht lose his chance to control the bank. Consequently the stock went up very high, and, determined to control, Spencer kept on buying and buying at exorbi- tant prices, and taking your funds to buy with. THE BANK BOUGHT ITSELF. ‘Avother thing. Spencer made a- most des- perate effort to carry the bank over the panic— sacrificed everything he could sacrifice to sus- tain the credit of the institution. When he cot control of it he began to spread out, and had an ambition to control the Calumet & Chicago Caual and Dock Com- any. and you sre in for $500,000, stock and jouds. At that time there were at least two of the Dock Company in the bank, and it was very casy for them to set.this thing up for Mr. Spen- cer, and make him think that having one good thing he ought to have another ood thing—the Dock Company. Sohe not only bought out their interest in the bank, but in the Canal Com- pany also. You have noticed’ 2 good deal of outside pressure upon the Committee ever since {thas been at work to prejudice the public against them. We were to go into the bank as far as we could and tell you what was there, and Ieaye the matter with you. ‘The question arose, Are you going to tell every- body the different men tliat have been engaged in this thing? Are you going to tell who the debtors to that institution are? We are here for that purpose. The assets are the property of these depositors, and they Know of what they consist, [Applause.] One of the main things that brincs about the terrible devasta- tion upon the poor people is the anzicty to seem Yich whether you. are rich or not,—not to be rich, but to make people believe you ares And all gorts of devices are resorted to keep up these appearances. Hence you find the Republic Life-Insurance Companies, and ‘Protection Life-lnsurance Companies, and I don’t know how many otters, Fotten up witha great swell, and the men at the head ran them for the express purpose of appearing to own s0 much stock. In prosperity they pocket the profits, but when losses come, the poor people have to stand them. {Ap- plause.}. It was onaccount of the developments Made resarding these institutfons that ALL THE RINGS, COMPOSED OF POLITICIAN and others, brouht pressure to bear, not wish- ing the people to be told how they did things. Some said “Long John bad no business in here, ashe would make a fuss.” fApplause.} The Com- mittee went in with a determination to find out rllthere was, and then tell it. confidentially to the depositors. [Applause.] We gave the de- vf Geopgtet ny Sy the reporters. If will take the consequences. fApplause. Committee has acted in ood faite if any ignominy attached to their work, put it on my head. If there is any credit, you may five itto them, [Applause.] You will understand % the difficulty there is in indicting the bank offi- cers—in finding charzes under which they can be arrested. You cannot bring:a man back from s foreign country for any crime less than forgery. We want Mr. Spencer to come here “once more, and pay bis respects to you, and we guarantee if ‘he does come you will not-make another runon him. [Laughter.) The Grand Jury bave had the matter betore them. As fasvas we got any new tacts we com- | municated them, and everything has. been done that could be donetosecureanindictment. For what crime tbey will tind a true bill I cannot say. If tor any‘crime for which the men cau be brought back, they will be brought back. | Ap- plause.} Meu like these cannot getaway. Some day we will have then. Ihave noticed thata man who tled from his country, no matter how long he staid away, : HAS TO CONT BACK To DIE. {Applause.) When an indictment is found it cannot be outlawed. So eventually justice will take its course. Butthere are three of them. One, Mr. Guild, 1 suppose we can have at any time. His friends are willing to fetch him back if we will guarantee bim protection. IVoices, * We won't!” + Never!” “No protec- tion!”] A cuarautee of protection don’t amount to anything, nor docs a man'sy turnin State’s evidence. We bave bad experience in this re- spect. In the whisky cases, squealing was 00 good, for when a man is a confederate and un- dertakes to get out of a scrape by telling un lis partners in crime, the law requires that be inust be corroborated by other testimony. One friend stated that Mr. Guild could be of gi service to us in_ pointing out where the iniquity might be proven by the books: and another that he made nothing out of the transaction, — that he was comparatively au innocent man,— was working for.tbese parties, and if he hadn’t done as they told him they would bave dis- charged him; that with him ‘it was a matter of bread and butter. Now, this bread and butter is the fountain of more rascality than anythive else 1 know of. |Applause.| Some ren re- quire more bread and more butter than others. {Applause and laughter. } eo tHepE the idea that “a man fs to be re- lieved 6¥ his crime because be has committed it under the plea of br d-butter—why, you might as well open all your Penitentiarics at once. The proposition is to indict Mr. Giuld, and wheu he is in jail then be will be protected against any mob, (awzhter.| le can stay there as long as he pleases. Then, when nis trial comes on, if he has mind to tell, that's another thing: if be amiud to volunteer to explain these book can take the books over to him at the jail and Jet him point them out. [Laughter.] is also doubtful about the precise position of the other = man—the — brother-in-law of Mr. Spencer. How much money he took we don’t. know, but we have found bis fovt-prints, or rather his ink and pencil, all through the books, and he is the man that perpetrated the crimes on the books, if ‘there have been any crimes perpetrated. . Now, I will state to you what I have told you before, DO NOT SELL YOUR BOOKS. ‘There is no knowing what may come out of it. It may be that if we catch Spencer he will be willivg to give up something, as Tweed did in New York. [Laughter.) Therefore. | say to you, keep your books. It is the easiest thing in the world for a man to lay out town lots on pa- per, and call them suburban residences, and I say this with more safety because my fashion has always run to lands. ‘I tell you, in all my ex- perience, the bizgest rascals that ever diseraced this country nave been these real-estate’men. fApplanse.] They will sell you land for little or nothing, payable monthly, and when you think you bave got your Jand, your next tax-list shows you that your land has got to be aban- doned for taxes, even if the title is good. Now, there is another argument. used to show why we should not goon witb thisinvestization. We have been told that the populace was so excited that there would be a mob andariot. Itold people that Chicazo mobs and riots were vlayed out. During the whole of this excitement there never were such order- ly crowds assembled in the streqts of Chicago as we have witnessed. At the last mecting there was considerable disturbance, and T thourht it came from men sent here to make trouble. After the mecting was over, several of their friends came to me and said they were persons who had been DRIVEN TO INSANITY BY THER MISFORTUNES. When Isee a man who has a bank-book in his. hand, particularly a laboring man, I know there isa good citizen; and when I sce a lady with a deposit-book in fer band, I know there is going tobe a zooa mother and 2 good wife. [Ap- plause.] "When a person in this country makes up his mind that he will have something, and begins to accumulate, that moment he takes the first step not only towards being a wealthy man, but towards becoming a first-class citizen. When the loaf- ers and political bummers undertake to et up’ riot, you can call on any of these savings de- positors to defend the city. [Applause, and some evidences of dissension, such as: “ We yyon't put any more money in the banks; not a d—d cent more.”] Bevause there are a few ras- cals, don’t damn the whole community. What the poor men want here to-day is an honest sys- tem of banking, and when you say you want it, you'll get it. . Another argument was used. PUBLISHING THE. NAMES OF THE DEBTORS might injuré their credit. That argument is simply this: don’t bring discredit upon the com- munity; Don’t let it be known that there is anv dishonesty in Chicago; hush it up, or you may disgrace the church to which the man belongs. [Laughter.] I say all this hes been said for the purpose of covering up this rascality, and for fear it would diszrace men’s famnilics. ‘Now, in relation to giving the notes, if there isa man that owes that concern he owes you. It is your note, and you ave a. right not only to. see the note but. to inquire whether the man that made it is cood or not. It’s vo disgrace to me to hare to give my note. I gaveit the other day to raise money to pay my taxes. Suppose it had found its way into this bank. The inquiry would arise only when it became due andT didu’t pay it. Everybody has given notes. A man’s credit is his character. AN the way through it scems as if we were stepping on ‘ somebody's tocs. The rings are anxious to have this Committee subside. You will see from the statement to be made that the bank has been BANKRUPT TWO OR TOREE YEARS. It has been a dead dog for a couple of years at least. You want to know what breaks a bank. Jf you find a bank that has been doing a leziti- mate banking business you fina it has shaved everybody's note that came alozg, without dis- tinction of cinsses. That is commercial business. ‘That is what you expect a bank to do. But if you sce a bank that is ranning along a __ particular line of business. making discounts to a certain class, and lending its moncy to leading poli- ticians who control the political rings, you want to know. and rou want others to know it. Now, there is another foolish idea prevailing in Chicago to a greater extent than anything I ever heard of in my life. . They think it is a dis- grace 10 be poor, 2 disgrace to be insolvent. This great country has passed 2 Bankrupt law for the benelit of the people, - so that when they fail they can begin over again and” make another start. Why this fear of being considered poor and fnsolvent? ‘Woy the fear that your credit. wiil be injured by telling these poor Jaborers that you owe the bank? Suppose the frost comes and blights my field of corn after I have done all that was poa- sible towards cultivating it to perfection, and I am insolvent. Why, everybody says Iam not to blame. I couldn’thelp it But suppose I only planted a few rows, and the rest was weeds, and suppose Itry to lay my insolvency to the plighting frost, everybody is ready to say. “You deserve the wrath of Providence and you've gotit2? [Laughter] ASSETS. LIST OF REAL ESTATE. My friend, Col. Roberts, will now give you some music. He will read to you the list of real estate. The courts have to manage this entire matter. You have got to have good titles, for if there is anybody you must beware of it is the shysters that mule it their business to pick to pieces every man’s title that they can. [Applause.] Col. Roberts came forward and read, in his stentorian voice, the following statement of real estate: George Honslein, Lot 137 North Clark, cost bane ham hitter, two lots North Franklin street, between Schille? street and North avenue, 2, 403.28. ‘Sito jiartung, two lots on Wisconsin street, 1. 454.90, aA. Siehaet Leary, lot southeast corner Menominee id Wells streete, $10, 010.03. agalentine Kestner, lot on Clybourn avenue, 35, SH. 83. Sieh Twenny, North one street, between 77 2 7.89, e and Elm, $3.077.08. 4 Mifeney 1 Chicago avenue. $5,707. si No. G05. Wabash. ‘avenue, Tyler. Nos. 32 and 33 South Park 1: 193 acres. Palatka, Marion 11. 956 ‘Spaldins. a; 4 IN. : cost the bank 32.’ oT. Copett Honore, lot N. E. corner Drexel and Fifty- first strect, $26,535. 66. ‘Bldridge tract, $40,533.39. George H. Rosette, 75 Wabash avenue, marble- 3 $19. 461.01. tromogls 2a, Beandalc, $79,614.56, Thorhas ‘Foster, 693, 696, 698 Falton street, $6, 692. 20. lumet farm, $14,316, 34. Sock 33, Dreset Smith's Subdivision, twenty- lots, $72,324. 45. nie Or Stone, Lotz, Block 7, H. Q. Stone’s Sub- division, Astor's Addition, $3,535.85. sclagg, GoM, Lot 260 West Jackson street, $5,060. christopher Bachman, Lot 77, Block 12, C. T. Subdivision, W. 13 Block 3, 9. 14, $3,000. ‘To which sid the following smoun Henry Catlin. Benjamin ludan . James Koven. Total oe vsee sees senses S FeO 422 Norz.—This is ail the realestate T have been able to find belonging to the bank. I am having the records examined, and may find somo more. Talso have information of some leases held in the name of other persons, and have taken..steps to follow it up and recover it. ‘Anyen Tarior, Assignee. Col. Roberts next read the following list of STOCKS AND ONDS? Grondy County, Iil., one bond. $ 1,500 Cleveland, 0., West Side Street Rail- way stock, 100 shures.... ses 10.000 Joliet Iron & Steel Company, 14 shares 15,400 Inter-State Industrial Exposition, 10 shares. 6 1,000 Tron Company, 1,33 ‘Tuscarora Coat tn 66,000 ‘Company, 165 shares 7,425 Calumet & Chicazo C Company. 145 bonds 185,000 Cainmet & Chicago. C: Company (at American Exchange Na- tional Bank, New York), 120 oonds. 120,000 Cainmet & Chicago Canal and Dock Campany, 3.409 ahares........ .-... 346,900 Calumet & Chicago Canal and Dock Company, 24 shires... 3.400 Fort Dodge Coat Company. 8,000 Real property bonds, Bowen Bros. bonds... 3 32,000 South Park bonds at Americ: change National Bank, New York... 120,000 Chicayo & Pacilic Railroaa bonds in the hands of P. Bayacd ++ 200,080 South Park bonda...... 61,000 Highland Park School bonas, 5,000 ‘Total... shee seen s$1, 182, 625, bonds and the $200, - cago & Pacific Railroad bonds are held to secure Dobbins’ note for $120,000. ‘The $61,000 Sonth Park bonds are held by the Canadian Bank of Commerce to secure a loan of $52,050. CASH AND CASU ITEMS. 20,000 Sonth $ 12,341 y 689 change ou Bi is 100 rash at South Branch, 298 ‘Total... $ 13,925 Due from i New York, and Chicago, as shown by the books. --$ 11,553 ‘Total... ace $ 25,478 RECAPITULATIO! Notes secnred by real estate in bank Notes seciired by Feal estate, now in the bands of attorncys for collection...... Real estate belonging to bank. Notes aecured by collateral iy cured note: Bonds and sto Cash and cash Total..—......-+ Next came the LIABILITIES. items. Due_ depositors. .. Certificate of deposit. ii}s payable Dobbins’ note, i coL. Col. Taylor then spoke as follows, being re~ ceived with applause: Lapiss anv GENTLEMEN: I desire to make ssn explanation in relation to some of the asscts that have heen read to you, since they differ somewhat from those reported to you a weelt former report the ago to-night. In the real-estate Joans were stated as over $500,000. These figures were the result of a hasty examination. Ona more care- fal investigation, some of tnose loans have gone into the collateral loans, thereby increasing that item, and some have gone into real estate. They were carried along on t@ books as real-estate loans, while they had gonc into rea! estate, and. it required aclose examination to trace them out, but we have donc it. We believe that the report presented to you is very nearly correct. Tbave attempted in the short time ] have been there to follow out every siece of property that Teould hear of, and get it into your possession. {Applause | n addition to that read to you attached the house that Spencer lived in, all his furniture [applause], and also several other Jots that ] found scattered through the city standing in his name. [Applausc.] That prop- erty will be secured to you, and added to these assets. [Applause and crics of “Good.’"} 1 have also been looking after other pieces of real estate that are in other men’s names, and one piece, held by J. Q. Adams, i have no doubt is tne property of the bank and will be secured toyou. [Applausc.] While Ihave been there Thave tried to TAKE CARE OF THE PROPERTY TO THE BEST OF MY_ABILITT: [Applause.] Not a dollar that was in tne bavk when ! took charge has gove out. Everything is there. [Applause] And every asset that I could scrape up is there; and all fs ready to be turned over to you [cheers} as soon as any prop- er course is fixed upon, so that it can be done. ‘This igall I have to sas. [Applause.} ‘Mr. Wentworth asked how much of the stock was liable. ‘Mr. Taylor replied that all of it was, Every stockholder was holden in double the amount of his stock, but it was all held by Spencer, “Guild, and Bulkley, with the exception of about $60,000. ‘The holders of that would be proveed- ed against, and he bad no doubt it would be re- cosercd. [Applause.] Mr. Wentworth—I would state, TN JUSTICE TO COL. TAYLOR, B that there has been nothing that man could do for usthat he uas not done. [Applause,] "In- stead of puttin® on airs and asking us by what right we came there, he appreciated the condi- tion, recognized your sufferings, and-he helped us in cyery possible way. The poorest and humblest depositor has been told to come right in_and see what there is. He said to them: “The bank. belongs to you; sit down in that cbair; there is a “table, bring your Junch with “you [laughter]: it is Your house, if you sce fit to make it so. Make yourself as comfortable 25 possible.” [Laugh- ter.] Then be told them to come in and be one of the Committee. We don’t want to have any secrets from any of you, but we will tell you the whole thing. Ihave msde up my mind that a great portion of this opposition to Col. ‘Taylor was not so much to him personally as by different individuals and different rings who wanted to get the thing for themselves. Now let mae tell you something about HOW GOOD A JOB THIS 38. We hare Inbored for this thing expressly,— that you should know just what was there, so that if there were any assets unaccounted for hereafter through the court, the right man could be held responsible. You know but little about the process of winding up this thing. It is a nice thing for a man to get into, and to sct upon for awhile. The eges won't. bateh, and he keeps on setting. (Laughter.J Te gets a per- centage on all that is puid in, and.a percentage onall that is paid out, and then he can ally himself with some bank, and take away the deposits saved from one wreck and carry them over to the other bank for that bank to bank upon. Then that bank can foan its mon- eysout, and he can kecp the thing alive and kicking for just as many years as he pleases, without making you any dividends. “And that is not all. Heean ring in just as many of his wife’s poor relations as he wants to,—ring in alot of political bummers that he has to use the day of election, and give them | situations, and can make a very good thing out of it in that way. Andthere is another thing which I want youto understand. Many of you, | perhaps, have not thought of it. When there is | aedividend, it must be adividend tocvery person that has a book. What is to become of the money of persons who have lost their books or arc dead? Shall the Assience keep it, expecting to meet the owner at the Day of Judsment? In New York, when deposits are not. called for after a certain number of years, the money’ goes to the State. There is no suchlaw in filinois. The deposits, therefore, can remain) in the pockets of the Assignee as long as he- pleases. If you had a riug man—one in col- Jusion with other rings—perbaps he would make $100,000 out of it, perhaps only 850.000. and that is the reason why al! the candidates for Assignee haye been making 60 much fuss about the Committee. They were. afraid we. would find out all the tricks and make them public. Then there will have to be a: great many suits brought on mortgages,— a great many foreclosures, and the Jand, per- haps, bought iu; and that might he an excuse: for delaying a dividend. 1 haye been perfectly diseusted at the IMMENSE NUMBER OF PEOPLE THAT WANTED < THE SITUATION, and the immense number of rings gotten up to: get the control of the estate. No power on earth can take this matter away from the courts. Already there has a suit commenced to turn Col. Taylor out. Those who. brought it have a ring man to take his place. Many of you have asked ine why I could not take it. It wwouid take all my time, and you want for this position a man who isin the prime of life—~an active, energetic man who sympsthizes with you, and. is not afraid to wind — this jap for fear he cannot’ ect snother job when his work is done. [Applause] There is going to be a'good deal of suffering on the other side. Some very distressing cases haye come to my notice. One man had paid a hich price for his land, avd borrowed money to build. ahouse. Real estatewent up high, as it always does when there {s a departure from the specie standard. He bought when currency was 200 odd. His land has fallen in value, he cannot sell his house, for both are mortgaged. The Assignee has got to-sell him out of hoyse and home for your benefit. His wife is dead, und he has two children and_bis mother-in-law to take care of. One old lady, a depositor, heard him tell me his story, aud she was so much affected that ‘she handed — hin her book, saying that a man who would do as he had done-for bis mother-in-law was entitled to it. {Langhter.] He related this story to show what the Assignee will have to go through. We have talked the matter over with reference to our duty in the premises, and haye come to this conclusion: That, if the Judge should request us tu tame some good man to take up these assets where we leave them, we would do it. And if you have any geod man you would like to have appomted, it is only necessary for you to draw up a pellton and send it in, But, after all, the Judze will do as he pleases. aud hence we felt the greatest stimulus to persevere and find out what you had there, whoever the Assignee might be. [Applause.] We have made some good discov- eries. would like to make more. Real estate has fallen.. You can tell just as well as I can what the assets are worth; but so far as { know, the opinion of the depositors fs this: We would like to have the concern wouud up as soon as possible. (Applause.} And when a man got so he could pay 10 per cent, it would be a ercat accommodation to you to get that 10 rer cent; and when he got enough to make another 5 or 10 per cent dividend, let him pay it out, and 60 keep on until the whole thing is closed up. If that can be dove you will all be satisfied. [Ap~ plause. Voices We want Spencer,”] Ours has been a labor of love. We have charged nothing, and been at no expense. Col. Taytor has charged nothing for bis services, and ‘has paid out only asmall amount for gas, clerk hire, ete. Aé far as the matter bas gone T justi- y the whole of it. “[Applause.] Some fellows liave tried to bluff me out, but that isa hard thing to do. CONCLUDING SERVICES, MR. CHARLES I. DAVIE, the expert, was then introduced. He referred briefly to his discoveries made in the books, as detatied in another partof this paper. In speak- ing of the Chemica! National Bank he said there ought to be $2,000 there to the credit of the State Savings Institution. It seemed, however, that some drafts, not charged up, had come back protested, and it would ap- pear as if Spencer or Bulkley bad drawn some surreptitious drafts on the Chemical Bank that bad been the means of turning the balance against the State Savings, instead of its now being in its favor. No money was therefore left to pay the legitimate drafts. Mr. Davie did not think, however, that the amount would bo targe. He should endeavor to trace Spencer’s transactions to their fountain-head, to see when they commenced, and how they progressed. He could yery safely say that Spencer's defalca- tions had grown froin $200,000 to fully half a million. In conclusion, Mr. Davie expressed thehope that the courts would appoint an As- signee who would settle up the - estate as rapid- ly as possible, and cautioned the depositors against disposing of their books. MR, ALDRICH thought that work was more important than talk, and hence made a short speech. ‘Tbe com- mittee had done what it could, and, as he understood it, their duties were. not at an end. They had aimed to tind out what the depositors had, and while their statements were not, complete, they arere as_nearly complete. as they could make them. If their services were needed in the future, it_was for the mecting to state. He thought, however, that the depositors should have a committee to sec that a proper man was appointed Assignee. MR. KEELE had a good word to say for Col. Taylor, who had done all he could to assist the Committee jn their labors. In fact, Mr. Keeley publicly took back al] he had ever thought or said about Col. Taylor having been appointed as Assignee by Spencer for a purpose. Everything Col. Tavlor had done showed that he had been the servant of the depositors and not of the ofliciats in that bank. The report made uccounted for $200,000 more of assets than the bank books ac- counted for in their daily statements. [Ap- plause.] Several picces of property supposed to be held_as mortgage security for notes had beenfound to be the bank's property, thus swelling the assets. In the daily statements no account was made of this. ‘A depositor called for the list- of those who owed the bank money on UNSECURED NOTES. Mr. Keeley aid it would take along time to read the list, and it would probably’ be pub- ‘ished. It was very long, there being about as many names of debtors as creditors. Long John said the list could be ‘scen any time by any depositor. The Committee bad compromised on this, he said, and the aunounce- ment served to satisfy the audience for 2 mo- meat or tivo. ‘Mr. Bishop, with great good sense, said that the previous speaker had told the depositors everything, aud all he bad to remind them of was the necessity of appointing a new Com- mittee to look after the Assignecship. Several voices were heard’ demanding the retention of the present Committce. Some- body, with a biz, round voice, put. the senti- ment in the form of a motion, with the addi- tional feature that the Committce appoint the new Assignee, if,one had to be appoiates. ‘The motion was caitied with great unanimity. On motion of another gentleman, Col. Taylor and the Committee were thanked for their la- bors, and Col. Taylor jras siven three cheers. Gol. Taylor reiterated his purpose, expressed in the Committes meeting, to turn the property over to his successor without a charge for a dol- Jar’s worth of personal expenses. ‘Mr. Decker explained, since some people had endeavored to censure hitn and his course, that he had done all he could to protect the deposit- ors, among whom he and his_family were in- cluded. . Representative Thomas, colored, said he had become satisfied that Col. Taylor was a proper mau for Assignec, although he once thought differently, and moved that the Court be re- quested not to appoint another. The motion was carried. Some decidedly unpleasant fool had been in- sisting on the reading ot the debtors’ list, and now pressed his motion, and it was carried. The reading of a few of the names on tho list proved quite sufficient for the audience. They were 28 follow: J, Burkstein:.. H. B. &G. M. Bogue. . B. G. Caulfield... 3.L.&F, W. Campbell. J. L. Coolbauzh.... ... W. W. Farwell... Gondy & Chandler He Hi. Wonore. 1s bat one yote in the negative given above, and this was given by a MR. W. C. GRANT. Mr. Wentworth mistook him for Judge Grant, Spencer's attorney, and cafled.out to him that he would be heard from. ‘The audience rose to get a look at the sup- posed lemal adviser of Spencer. Mr. Grant denied that he had any such rela- tions with Spencer, and the depositors sat dawn. Then he went on to state—having evidently misunderstood the. action of the meet- ing—that the selection of an Assience should be Ieft with the Committec, since the gathering was too large to make it. He then spoke of the necessity for securing a thoroughly honest administration of the assets. {Applause.] Mr. Wentworth said he bad no preferences. All the Committee wanted was a good man. Several of the depositors shouted out “Tay- Jor,” and others said “ He is good enough,” and these expressions were hailed with applause. A depositor hoped the bank would be raflled off, 2,000,000 tickets to be issued at $1 cach. Ther the widows and the orphans would get 100 cents on the dollar. The Legislature ought to pass a special law for the purpose. Mr. Wentworth said the Legislature wouldn't meet until.a year from next winter, aad it was hoped to wind up_the institution before that tine. [Applause.] Besides, lotteries were ille- gal in this State. Tue mecting then adjourned. THE COMMITTEE. REPORT, FROM THE EXPERT. The Creditors’-Committee met about the usual hour yesterday morning. There was some discussion as to the propriety of allowing the reporters to be present, but it was finally @evided that, inasmuch as a report was to be made in the evening anyway, and as the matters to come up for discussion before the Committee were matters which wouid probably be broached. at the evening meeting, the reporters might be is made up of the smaller notes? permitted to remain in’the room during at least a part of the session, “ Now tell us what you have got,” said Long John to Mr. Davic, the expert, as the latter sat on the sofa with a paper covered with figures spread out between his knees. All Lbave to report,” replied the man of figures, ‘‘is this: that the gentlemen you bave ‘placed at my disposal have nearly finishea the statement of the mortgage accounts, which will show all: the mortgages on hand, ete, Ihave taken off from the books, not in the most com- plete fashion, but in a fashion, as complete as possible, a statement of the collateral loans. Iwas most anxious to find whether the books as kept would show that the outstanding col- laterals made up the balance of the ledger. They do within a few hundred dollars, and that difference is probably duc toa clerical error. I find that the collaterals represented as still unpaid on the books agrce, within a few hundred dollars, with the amount that ought to be outstanding according to the ledger balances. That shows that the items marked as paid or ‘left numarked as unpaid are reason- ably correct, according to the postings of the ledger. Col. Taylor will compare those with the documents he has in hand and sec how they agree. Lastly, I devoted a considerable part of Jast.evening to tracing up the ORIGIN OF MR. SPENCER'S DRAWINGS FROM THE INSTITUTION. You know enough of the blind way in which the books were kept,—the intentional absence of details,—and, therefore, you must be well aware that it is a troublesome thing to’ find out. and. trace up any of these things. I think I have gottothe back end of it, and can show where Spencer's actions commenced. But of course it can’t be done in an hour or two, but has to be followed uo, and Iam following itup. I have done something further. I had an abstract taken off of the condition of Spencer’s account onthly, from the time he joined the institu- tion to the time he went away. — On the 15th of April, 1873, his account was opened by a large deposit of about $231,000. A very large amount was drawn out the same day, leaving only a few thousand dollars there. From that time on, there were considerable transactions amounting to $100,000 at atime. At that time the institu- tion had a general-commercial business. At a future time they stopped that business and closed the commercial ledger. Then Spencer’s account dwindled down to s small sav- ings account, kept in the savings ledver. This amounted to onjy. a few thousand dollars, and shows nothing. “In the curly part of Speu- cer’s account, the amounts being very. large, 1 tried to follow up some traces in order to get at where the money came from to buy this stock— whether it came out of the institution or not. [ found that it had been murked on the books as returned to him. ; There is no way to show how checks were drawn or how much he got. From the blind way in which the books were kept, and from the intention, possibly, of doing away with papers that it would be .desirable to have, it is difticultto getat the thing. Thetwoaccounts that aredrawn off, the mortgage account and thecollateral-luanccount, virtually cover nearly all the assets of the bank, except real estate, and when these are checked out and compared with the securities, you will see what there is outstanding iu Mr. Spencer’s name. Now, to begin with, you will naturally suppose ‘that there ure assets to the credit of collateral: sc- curity account which are not represented by the Tedger balances. That is true. But, when { tell you what Spencer has done—that there is this note for $479,000 in one account—it is sub- ject to very large deductions for doubtful and bad debts. At one fell swoop that would work off considerable of the amount. Calumet stock is. another outstanding sccount, to the amount of $251,000. ~ Thase two sums form 2 part of the supposed assets, with the collateral loan account, and in that account: there will be a large amount to be deducted for bad debts. In the same account there are the following notes: A. SPINK, late Inspector of Banks, $2,500; Spiok Bros., $1,250; and A. Spink, $1,000. ‘Mr. Wentworth—Are there any collaterais? Mr. Davie—i don’t know that there are. My object is to get the thing off the books so that you may know, as nearly as possible, what you ought to haveon hand. Mr. Wentworth—What is the nature of the Myers assezs! ‘Mr. Keeler~They ore mortgage securities, and don’t come in this list. Mr. Davie—I know that these Spink notes are here. This not vee National Bank, it struck me as very peculiur that these notes should be among the seeuritics of this bank. I after- wards learned that, Spink, was a personal friend and neighbor of Spencers and as Spencer was running the Cook County National Bank and Spink had to do with that bauk, we can sce some connection. Mr. Wentworth—Can you find out the precise point which will show what THAT NOTE OF SPENCER'S, for $479,000, is nfor. Did he take money with it when it was given, or was it to cover up previous transactions! Mr. Davie—It will very probably prove in the end that Spencer, somewhere about July, I about three months after he joined the institu- tion, managed to get about $200,000 out of the bank. I think iis present indebtedness has been run up from that by gradually increasing amounts. I think whatever the charge against him is it will prove in the end to have originat- ed with that $200,000, which has been receiving accretions ever since. _ ‘Mr. Aldrich—You suppose he put in the note for that $200,000, and when he wanted more he put in another note, and that this $479,000 note Mr. Davie~Y would seem so. He proba- Dly took money—$5,000, $10,000. or $20,000 at a time—until it amounted to $200,090, and then he thought it desirable to make the note. The withdrawals, in the meantime, may have been kept iu the drawer on tickets as cash items. ‘As there is nobody here who appears to know what was in the vault night after night, it may haye been taken out of the yautt’ while the yault balance was still represented as correct on the books. Afterwards suppose Bulkley tells Loomis that he will take the vault balance.. Loomis has. no knowledge of what is really there, and takes what Bulkley gives him, puts it down, and the books balance. Tt is quite possible, you see, for money to have been taken out of the vault and yet not appear on the books. Bulkley, being the Cashier, may simply have kept Spencer's I. O. U. there in the vault. Mr. Wentworth—Have you found Spencer took any money from the bank? ‘Mr. Davie—I have not devoted myself to that articular branch of the question. Lace there isagreat anxiety to know where and how this began, and I have been devoting myself to that. T have no objection to telling you, as my present: impression, that ] don’t think Spencer has gone off with a very great deal of money at this time. Ihave uot found. the evidences in the bank books of avy ‘extraordinary depletion of the bank funds at that late day, ‘WITH THIS EXCEPTION. Mr. Wentworth—Since the Ist of January? ‘Ms. Dayie—I won’t go so far back as that. I mean go far back as July, when the run com- menced. ‘The exception f was about to make is this: there appears a draft on a London bank for £1,800. The bank officers, desirous of hav- ing a bank-account abroad, opened an account with one of the London banks and deposited there, 25 a guarantee against their drafts, $10,000 in United States bonds, which are to be held there a5 a guarantee; that those bonds now stand to the debit of the bank, and, there- fore, ag an asset on the books of the concern. ‘That London bank, in other words, owes this bank $10,000, A few days before the failure, Bulkley gets a first and second exchange draft to be drawn on that bank in favor of Mr. Will- inms, the Cashier of the Chemical National Bank of New York, for £1,800, on the presump- tion, I suppose, that when this draft was pre- sented the London bank would seil tne bonds and pay the draft; or, if they didn’t choose to do that, they would have the bonds as security, which they could sell ‘at avy time. There is 2 possibility that Bulkley never sent this draft to the Chemical National. After throwing the book- Keeper off the track, he may have destroyed these drafts and drawn fresh ones, and then used it himself, or Spencer _may have used it, or it may have'gune into the Chemical to the credit of this bank. Mr. Wentworth—Does it show that Bulkley took much money? = Mr. Davie—I have not seen anything of the kind, except that he may have taken money and charged it up to his salary. Money has perhaps been taken surreptitiously and charged up to some other account. ‘Mr. Wentworth—How about Guild? Mr. Davie—I_ presume, from all I see, that Guild was probably tne dupe, and the most in- nucent of the lot. Iam under. the impression, from ail I see, that BULELEY AND SPENCER MANAGED THIS THING between them. Bulkley made all the false en- tries, as reported to you yeeterday morning. ‘And bere Mr. Davie again explained those suspicions entries in the cash-book in Bulkley’s handwriting, which were referred to in yester- day’s paper. The idea of them was, added ‘Mr. Davie, to endeavor to steer clear of the pos: bility of having to answer tu a charge of em- bezzlement, and to convert the transactions on the books into legitimate dates. He could not but help thinking it was decidedly cool to charge up interest account $185,00v. ‘Mr. Wentworth—As Spencer owned most of a where the bank, aud was calculating to own the whole of it, why were these false entries made, except forbid! the public as to the condition of the Mr, Dayie—I don’t think he tried to blind people, because it must have come out sooner orate Wentwrorth—B Mr. Wentworth—But supposing he owned the bank and died with it on ie hands, c ‘Mr. Davie—I will explain MY THEORY, as far asf wnderstandit. Mr. Spencer, in the first place, evidently got possession of the bank to make use of it. “Whether he had money 10 buy into the banit legitimately is 2 question. He is said to have had money from B. F. Allen, and. it has been said that he borrowed moner to buy stock and then repaid It out of the funds of the institution. I ave not been able to prove that yet. His private account is opened with a yery large deposit, but, on the other haud, it is a suspicious circumstance that on the very same day there is a very large withdrawal, leaving to” his credit only $2,000. The stock has been unloaded, or an attempt made to un- Joad it, on the bank. My theorv is this: thut Spencer went on for a time expecting to make some money ont of it. There is no question that he used the funds of the bank for shav- ing. There is evidence that when parties came in here to make a loan, Spencer would take that loan himself, and have 2 memorandum put in the cash-drawer for the amount so drawn out. Spencer evidently considered the Catuinet Dock Company a most admirable speculation, or he wouldn’t have got into it sodeeply. He intended evidently to gct posses- sion of that whole concern, and it is understood. that he captured it to a certain extent by get- ting possession of the bonds. By and by hie sot loaded up with stock, bought at a high price, but which in the end became almost, if not quite, worthless. Ihave no doubt tat a cone siderable purt of the amounts against him on the books consists of lasscs on this stock. Ie has endeavored to ‘charge up a part af these fosses to the bank by,these false entries—tried to unload and convert it into a legitimate debt, which, as [ think, would stand tn the eye of the Jaw as a distinct embezzlement. Mr. Wentworth—Besides this London draft business, do the books show that he took any- thing else? Mr. Davie—Not so far, and there is a hope that that money may turn upin th€ Chemical Bank and be returned. Mr. Wentworth—You don’t think, then, that Spencer took much with him when he went away! Hadn't he been RORBING TUL BANK POR SOME TIME PREVIovS? Mr. Davie—I cannot find traces of bis having made drafts on it to any great extent. It may prove that some of the money charged to the Various accounts may haye been taken by him You are justified ia saying that Spen- cer borrowed. a very considerable amount of the bank, consolidated bis notes, and that now -the amount is a large one. Whether you choose to characterize that as embezzlement or a steal, is not for me to say. It is my idea that there are interpolated entries on the discount register, This itern of the note of $479,000 is one of them. They left this lust. line on the page vacant in order to foot np. Here is the word “forward.” And yet Bulkley here, out of its date, “Dec. 31, 1876. D. Spencer, $479,000,” on the ast line. Ther the entry of Calumet stock is also inter- poluted. Then, again, on the next page is an interpolated entry in Bulkley’s hand- writing. of $115,000. Besides: that, interpolated on’ a previous pi Guild's name, and the awounts $53,800 and $25,800, and on the next page he uses the blank line to put in exactly the same amounts again. They are all interpolated to convert embezzle- ment, or something like it, into a legitimate act. There was along discussion on the propricty of allowing the reporters to take off the names of those * : PERSONS WNOSE NOTES THE BANK OLDS. Mr. Davie explained that bis list of those notes wasitaken from the books, and might be cor- rect or not, depending on the correctness or in- correctness of the books’ showing. The other gentlemen, except Long John, objected to hav- ing anv notes, whether those that appeared on the: books or that were found in the yault, pub- lished, because the publication would injure the credit of the persons who owed the bank. The end of it all was that the reporters aidn’t get the names, and the Committee said they would compare Mr. Davie’s list with what was found in the vault, and see if there was anything miss- ing. Mr. Keeley wanted to know if THE BOND ACCOUNT was all right. ‘Mr. Davie—The bonds are accounted for, but whether money has been got on any of’ the bonds and pocketed, I have not found out. You have a list of what should be on hand, and you cau compare that with what you have and sce what is. missing. You lave gone to work right. You have tried to show what there was on hand that was tangible. Now [ am trying to show how the tangibilities compare with the books. and to see what the deficit is. Lhave not gone into the mortgage-uccount. You are familiar with that aud can tell about it pet- ter than Lean. ‘There was some rambling talkon_the subject of the Calumet bonds, the South Park bonds, the Chicago & Pucitic bonds, the agreement be- tween Spencer and Baird, ete., but nothing new was advanced except that Mr. Wentworth an- nounced that an effort was being nade by a lot of speculators to contest the sient on the dock property; that. the case would come off betore Judge Wallace Monday; that he was about writing to Bayard, who ‘has property in South Chicago in his own name, to know what course he would take, when he learned from rd’s attorney that if Bayard was interested. in the ment it would be more for his in- terest to have it confirmed thav otherwise. In- asmuch as the bank owned this stock, and there was alarge assessment to be levied, would it not, be for the interest. of the Axsignee to con- test the suit aud take his chances? As the vank owned the bonds it should appear in the case, because judgment would go. ugaiust the Com- pany by default, At the suggestion of Mr. Aldrich, the Com- mittce agreed tu consult Syduey Smith on this point, ‘Mr. Davie said he had supposed THE DOBLINS NOTE was the property of the bauk, but it now secmed as if there was a clear case of embezzlement on Spencer’s part in connection with the transaction. ‘The other members took the same view of the mutter, Mr. Keeley remarking that there was no record of the trustees haying instructed Spencer to go into the trade, and that he did it on his own account. The only important ques- tion was whether the bank was responsible for the payment of those Dobbins notes. ‘No definite opinions were pronounced on this point, and, after discussing the question of the evening mecting, and arranging to have a posse of police on hand to keep better order than was displayed a week ao, the Committee adjourned, and Long Jonn went down to ask Mr. Hickey to send around his po- Ticemen on time. The’ Committee met again shortly after 4 o'clock, and Long Jokn and Mr. Keeley set to work COUNTING THE BONDS AND STOCKS, to see how nearly they compared with Gol. Taylor’s lists. The other members of the Com- mittee apparently regarded this as a piece of unnecessary work, and paid yery little atten- tion to it, expressing it as ‘their opinion that Col. Taylor had made a fair count, aud that the Committee would so find. And so it turned out. After the counters had spent half an hour in going over the papers. and discovering now and then that they had made mistakes, and had it all to go over again, then came the cash, and that was all right. Among the collaterals were Jennie Williams’ diamonds, put up as security for a loan of $1,500. Long John wanted to sce them. When they had been brought into his presence he Jooked at them with a face on which sat wonder and admiration. “Why, Wentworth would give $2,000 for the diamonds, wouldn't you, Wentworth!” said Mr. Aldrich. Long John took another look, and said no. But just as he said it, Mr. Bishop remarked, sotte voce, ‘Yes, with Jennie thrown in.” ‘There was a big red spot on each of Long John’s cheeks as his brother commitreemen turned the Jaugh on him. | During the count Col. Taylor explained that, while there had been some few necessary ex- penses requiring an outlay of money, he had rendered no bill for persona! services and didn’t intend to make any. He nad not taken the po- sition of Assignee to make money, the Timesto the contrary notwithstanding. ; ‘Then Mr. Davie came in With a big book un- der his arm and said he had something to tell the Committee, who gathered around ts listen. In looking over the books he sald he had come across Spencer's TRANSACTIONS WITH THE NEW YORK LOAN & TRUST COMP. NY, and remembering a statement he had heard going the rounds. he had looked into the matter father closely. He baa found that Spencer had said a Ioan of $100,000 with a draft_on the New York Loan & Trust Company, and the ques- tion arose, How did he have such credit at that bank? Putting this and that tozether, it would secm that Spencer had used the credit of the State Savings Institution with the New York bank to borrow money on his own account. Such was the only theory. man could form in Jooking over these books and discovering such entries. 5 , The Committee appeared to. think it quite probable that Spencer bad not overlooked 80 fine a-scheme as this to get mouey on the credit. which the State Savings had with other banks and use it tor his own purposes, and they ox- pressed the hope then Mr. Davie wi making his diseoreries. cals eco ong John again wanted to know if Mr. Davie did not think that Spencer had not. taken ae much moncy as was at first supposed. Dr. varie replied that he did not think Spencer took much away with him. Long Jon then asked Mr. Davie if he didn’t think Spencer was a poor man, wherever he was, in Canada or elsewhere. | d “Yes?” replied Mr. Davie, “especially ir reputation.”? “In other words,” continued Long Jon, # fins banks has been broken for two or three ars? No doubt about it,” replied Mr. Davic. © ouly, it has been getting worse during all tha: time.” The Committec invited Mr. Davie to be pres. edt at the evening meeting, and that gentleman at last yielded to the pressure, much acainst his inclination, however, and said he would be on hand. ‘The Committee then closed the doors on the reporters, and went into the shbject of THE ASSIGNEESUIP, the question being whether they should recom- mend anybody to the meeting. Several names were brought up and considered, with what re- sult will be seen from the proceedings of the evening meting. MISCELLANEOUS. A RECEIVER WANTED. The matter of the application fora Receiver came up again before Juage Williams yesterday morning, and theattorneys for the complainants, Mr, Eames et. al., were in court ready to make their argument. Mr. Sidney Smith, who appeared for Mr. Tay- Jor, however, stated that there was to beanother meeting of. the depositors. in the evening, at which’ it was probable some action would. be taken toward recommending a successor to the Dresent “Assignee. In any event, Mr. Taylor did not propose to act in that capacity, and the only question was whether a Keeviver should be appointed by the Circuit Court under this pro- ceeding, or whether asuceeséoras Assiguceshould be chosen by the County Court under the statute. For these reasons Mr. Smith thought it desir- able that the matter should be deferred until after the depositors’ mecting. He also stated that he would notify tue Committee who are aiding the Assiguec that they must determine which course they will pursue. No objection was made to a postponement by Mr.James L. High, Mr.C,.C. Bonney, and Mr. E. B. Sherman, counsel for Eames, and with the un- derstanding that the matter was to be finally disposed of ‘Tuesday morning the parties leit the court. = 3.1, DUNHAM. To the Editor of The Tribune. Carcaco, Sept. 8.—In your report of the mecting of the self-ronstituted committee of the defunct State Savings Iustitution, you say they consilered several applications, mino amongst others, for the position of Receiver of said Company. As you signaled out my name, to point ifnot to adorn your remarks, permit me to say that the infereace drain as to the ap- plication being mine is most unqualifiedly false. Tne same was made cntirely without cy privity, or consent, 2s were als inregard to my appointment whicit have appeared in your paper and others. Thave said I would not take the office if every depositor would make a personal appeal to mo todoso. Morcover, I have nota natural talent: for “sitting around and whispering soft things to anxious depositors”; if I had, the writer of the above report is the tirst to make the discov- ery, and shoul be entitled to great credit. [ hase also money enough to Keep my digestive organs in good working order’ without ‘Sleclar- ing an occasional dividend.” If the item published is a fair criterion of the work of the Committee, thedepositors will havo every reason to wish them in. the company of theif late manager. J. H. Dusiaa. THE RAILROADS. WASHINGTON & OHIO, RicnMonv, Sept. 8.—The case of McComb and others against the Baltimore & Ohio Rail- road, asking for the appointment of a Receiver; etc., which bas been under argument several days in the Circuit Court of Richmond, was concluded to-day. Judge Wellford decided “that the affairs and management of the road remain in the bands of the olicers and directory of the Company, but subject to such restraining: anddirecting orders from the Court as to giving bond, marking reports, and depositing reeipis from month to month during the litig:tion as the Court in its diserction and’ the preservation. of the property may determine. IvEMS. Mr. W. K. Ackerman, “First Vice-President, Mr. Joseph Tucker, Master of ‘Transpértation, Mr. E. F. Jeffery, Superintendent, dnd Mr. Horace Tucker, General Freizht Agent of the Illinois Central Railroad, returned yesterday from a trip over the Northern Division of their road. ‘They report the crops along their line a3 having been the best for many years. They have perfected arranzements to move the new crop Without delay. While they are in high fice over the excelient business prospects, they rearet that much of the busiuess is diverted to Milwaukee, owing to the better market at that plave. Mr. James Charlton, General Ticket and Pas- senger Agent of the Chicago & Alton Railroad, agentleman noted for literary tastes and ac- irements, delivers the reeular address before the General Ticket and Passenger Agents? Con- yention which will be held at Boston on the 1th of this month, 4 Mr. D. J. Whittemore, Chief Engincer of the Chicago, Milwaukee & St. Paul Railroad, : rived in thi sterday on a tour of fnspex- 8: fonnd the bridges and culverts along the fing of tne road ia tec most perfect conditivn, and they. will need no repairs for some time to con a SOUTHERN PENITENTIARY. Speciat Dispatch to. The Tribune, SpriNGFIELD, Ill, Sept. 8—The report o Commissioners Fonda and Clements, in favor o. Chester as the location for the Southern Peni- tentiary, the same which was last night claimed not to be ready, was this afternoon formally filed with the Governor, and bears date of Sept. 10, when it is designed to: be laid before the entire Reviewing Board. The report is in- tensely verbose. It uames Chester as the point selected, and what is known as the Portlund tract above the city and near the mouth of the Kaskaskia River-2s the site. The location is urged as in Southern Mlinois, and south of the Ohio & Mississippi Railroad, As the Commis- sioners construe the law to meari, Chester fa do- elared to be accessible by rail and river. Graf- ton is argued auinst as having no railroad, and. regarding the bond of Jersey County citizens to build a railroad in case of the prison location there, the Commissioners say they doubt whether such an obligation could be enforced by law. East Carondelet is declared to be below the high water mark of 1344. Alton Is de- clared to- be unsuitable, the old prison untit even for tentporary “use, the price asked for adjoining fands ‘ too _hish, and it {s further urged that the land offered, though in one body, is irregular in outline, and some of it too broken for any use whatever. Chester is stated to have good limestone, with sandstone on the Kaskaskia, only three miles distant. The report concludes with further eulogy of Chester. : Commissioner Lawrence dissents, but has not presented his objection in writing, nor as yet prepared 2 minority report. The Governor is authority for the statement that the location will be approved by the Re- viewing Board. It seems that the threats that. Egypt would henceforth go Democratic if not awarded the location have proved efficacious in bulldozing the approving Board. St. Louis river men are also happy in the victory. << ‘ THE BANKERS. New Yorr, Sept. §.—The Annual Conyen- tion of the American Bankers’ Assotintfon to be held in this city next week is expected to be attended by prominent bankers from all parts of the country. The Convention will last three days, and two sessious will be held daily. Dr. George Marstand, Assistant Secretary of the Association, says the first day’s sessions, after the election of officers and other necessary busi- ness, would be entirely devoted to the resunp~ tion of specie eayments. The_ question will be the jef subject of discus- sion in the second day’s sessions. The third day several topics will be considered. Manicipal bonds will be thoroughly discussed. yrith the purpose of showing the evils of the present excessive issues, and of sucgesting. measures to abate the alarming incfease of municipal debts, regarded by bankers‘as threat ening the public credit. ‘The amount of munic- ipal bonds now afloat, Dr. Marsland sald, is very nearly 31,050,000,000, or one-half as much 23. the net national debt. ‘The annual interest on these bonds is nearly 265,000,000. The taxation of banks will also be discussed very fally. : . \