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The Bank of Pennsylvania. From a report which the directors have recently made, it appears that the whole of the capital of this institution $1,875,000, and the whole of the surplus fund, $205,316, have been sunk. The stockholders will not get one cent. The notes in circulation amount to $546,392, and the deposits to $413,396: together $960,788. These will be paid in part, perhaps in full-if the note holders and depositors wait long enough. To the other banks of Philadelphia, there is due thesum of $964,288. To cover this debt bills receivable to the amount of $1,222,965, have been pledged as collateral security; but, it is believed that a part of these will ultimately prove unavailable. To foreign banks," e. to banks not within the bounds of Pennsylvania, the sum of $225,433 is due. For this no special provision has been made. Our limits allow 118 to make only the following extracts: Among the assets were found notes,checks, etc., of an insolvent house, the head of which is the brother of the late president, amounting to $119,266 57, of which a small portion was secured by doubtful collaterals, and the effects in the hands of the assignee of the firm are expected to pay a very small dividend. Of this large sum, but $12,350 was discounted by the board of directors. * The obligations of a former director and his firm, appear to the extent of $146,818,21. 'The best inv estigation which the board have, under the pressure of other duties, and in the y short time left them for that purpose, been enabled to make, has satisfied them that some of the declared dividends were not earned, although from the manner in which the books of the bank were kept, and the results exhibited to board, there was in every instance an apparent surplus, which would have justified their being declared; a very large proportion of the deficiency can, in their opinion, be accounted for by the enormous sums paid for usury by the late president, who sold large amounts of the best bills receivable of the bank whenever its exigencies seemed to him to require it, and allowed to some parties excessive interest for deposits without consultati on with, or report to the board as to either. The proceeds of two such sales to a single individual, amounting to $178,128 08, were credited to Mr. Allibone's private account in December, 1853, and March, 1854, and do not appear to be accounted for. Other credits in that account are for sums of money which obviously belonged to the bank. That account which amounted to more than eight millions of dollars during the period for which he held the office of president, embraces very large transactions with brokers, but for whom does not appear." The transactions of the Bank of Pensylvania, of Thomas Allibone acting as President of the individual are bank, capacity, and of Thomas strangely Allibone mixed in up his together. On a thorough examination it may be found that he was not actuated by dishonest motives, but desperate speculation produces as much evil in some cases as does downwright dishonesty. With the reader's consent we will now indulge in a few moral reflections." 1st. The Bank of Pennsylvahia was one of the oldest in the country. It was established in 1792. Only two or three of the existing banks could boast of greater antiquity. It stood through all the vicissitudes of peace and war, of embargo and non-intercourse, of suspensions of specie payments and resumption of specie payments. It did, indeed, occasionally lose a hundred thousand dollars or so through the de fault of a clerk, or some such little accident, but to reduce its to Yet capital has all gone those from mishaps $2,500,000 last. Ought served only $1,875,000. it at not its melancholy fate to be a warning to other banks? 2. While the Bank of Pennsylvania, had no profits to divide, it was making large and handsome dividends. May not other banks equally as unsound as the bank of Pennsylvan be doing likewise? 3. Though the bank of Pennsylvania was rotten to the core, it made, in its quarterly returns to the auditor, as good a show of assets any bank in the country. Can any one, after this, place implicit reliance in the statements which the other banks make of their condition? 4. The personal standing of the president, or other officers of a bank, is not even presumptive which control 8 a to what evidence bank that ought the bank be. Mr. Allibone they was one of the most zealous members of the church (the P. E. C.) in Philadelphia, and of exemplary walk in all the departments of life, except, as DOW appears, was and here he Here he tempted, the banking department. fell, many others would fall, if in like haps placed as percircumstances. Let no man be so selfconfident in his own virtue as to say what he would do, and what be would not do, if he were President of a bank. the affairs so desperately were should those of be the bank entangled of as which of Pennsylvania, and his so with of be to own personal the bank, that affairs it would entangled impossible those separate the one from the other. We have room for only one more extract from the report: estimates the estate he poses as the bank a "Mr. to transfer Allibone giving margin of pro$150,000, over and above all encumbrances; amount upon enquiry, we think in if time, which be correctly realized, informed under proper management, may we are as to the amount of the prior liens."
