Page:Federal Reporter, 1st Series, Volume 3.djvu/828

TBUSTEB3 MUT., BUII.DINQ PUND, ETC., V. BO8SB10X. 831 �liolders of stocM who hàd paid little or notliing ■whatevefc-of what.was due. upon it, as a list exhibited will show. ': it chargea that in the years 1872 and 1873 the direotora entirely abandoued ail their duties as such, except to hold semi-annual meetings, and left the entire management and control of the bank to Bossieux and Armstead, president and caBhier, "who recklessly squandered" what then remained of its capital and f unds, by "discounting and guarantying worth- less paper, and pcrmitting their favorites to overdraw their accounts to large amounts." It charges that after the sus- pension of the bank it discounted and guarantied paper to a large amount out of the funds of the depositors, much of the paper being worthless, a list of such paper being exhibited. It charges that the directors permitted President Bossieux to transact a portion of the business of the bank in hia indi- vidual name. It charges that the directors so neglected their duties as to permit Cashier Armstead, in 1872 and 1873, to be in default in his cash to the amount of $9,162; and as to permit the president and cashier to guaranty the paper of A.:.A. Hutchinson (whose acedunt at the time was overdrawn $15,000) io the amouiit of $3,845, as a liat exhibited sets forth. It charges that during the years 1872 and 1873\ the directors, through neglect, were in absolute ignorance of the condition of the bank, and yet made and published the reports upon its condition, whioh appeared in the public prints of the times, copies of which are exhibited ; and that thia igno- rance, and the fallacy of these reporta, are virtually confessed by the directors in a report of a committee of their body, made on the eleventh of December; 1873, in which they say that they cannot make a report of the condition of the bank in consequence of the inaccuracies in the books of the bank, ■which report caused an assignment by the stockholders of the effects of the bank in liquidation. �The bni charges that the directors bo neglected their duties as to permit the president, cashier, and book-keeper to so negligently keep the books of the bank between its suspension in September, 1873, and the assignment in January, 1874, that no dates appear to the entries made, and the bill charges ����