Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-11-09
RICHMOND, NOVEMBER Q.
lN?EN ESJING

On Friday last, Mr.. Drayton, from the
general committee of The Stockholders Of
The Bank Of The United States, made a
report on The stale of thai Institution.
Inch was ace pied by The siockl,olders
g begins Us stating thai The losses at The
'Tanch IN baltimore asceriaIued 10 have
accrued and which may be expected TO
accrue, amount 10 about S ! 700 OOO-
estimating the stock pledged in BALI
more la the parent bank, Tor the securiiy
OF loans upon /, 4; 5 l00a share
IL STATES that II Is moi so easy 10 ascer-
IAN the losses clsew here !; that from
i"ank OF The western branches no returns
OF losses have been received bV The
parent bank since June last Sub
sequenlly 10 that period, therefore,
no Information respecting The losses
IN those branches can, be obtained
through o'hclai channels bur, when ibe
committee reflect that MANY of The debts
dueio tie institution were contracted
hen lands aud produce, which have since
deprecated were al enormous prices aud
when speculation was yery prevalent
anh when they combine these facts with
The CONNECTED and monied situation ol
The county, and give The weight which is
due Ia respectable Communications made
Oy gentlemen examined before them, they
are convinced that the asceriaimed and
probable losses IN The parent bank, in The
western, and IN all the other branches. will
tall liitle, 1t at all, short of S 300, 600
These Two sums make together 81, O00. 900.
rom which, deduciIDg 5 100000, The
ba'anre OF profit ana loss Oi the bank to
IN hrNi OF july 1919, tie remainder will
he 100000, which ohght, therefore, 10
De regarded as constituting d reduction.
pro tant0, from lhc capital IN July last.
"btIi 1t was expected HAT dividend
would have been made among the stock
holders. The prof OF the bank since
ihai PERIOD, added to What upon a fair
and inodeia caicula on will berecelypd
by July IeXi, will then be more Than suE-
tcieni 10 rcpldceits lUsses. Under these
circumstances, the committee would NOT
think themselves justified in holding on,
10 lie stockholders tie prospect OF "a
DIV dend before igc frs OfJanuarv, 1921.
Without some extraordinary calamity the
condition OF HE institution aust then lie
such az H. render IFS STOCK valuable and
productive.
The report then deveIopes the causes
~ lie gr,a, loss in Baltimore:
II recommends certain alterations TO be
matte III the charter. II suggests that no
cashier or subordinate officer, sboull I've
permitted 10 speculate in The stock of the
bank.
IL next touches upon the cost %, the
banking house now building in Phiiadel-
phid lie ground S I57, 900 The esti-
mated cost OF Tie house S 10 900.
IL states That The local banks Of Phila
deIphia have received from the parent
bank s 1909 an Specic. more than tl,py
rave pald 10 II; tina, the local banks owr
1t S2,5O2,G38, and il owes to ihrni bat
S "a ,UOO-iiIe iaancr being 5 ,5ji .G5S
for which II is euiItied o draw specie
&c.
IT concludes with the highest enorium
OH tie President, Mr.. Chetes, whose al
mlnIstraiionis commended a " firm, and
temperate, wise aud cOnrIiaiirg." de
~ certainly d man Of the finest mind
aud hOuOUr.)
Ihe Report occupies about column
and half of a newspaper. We have
touched every point il embraces.