Alexandria gazette & daily advertiser. [volume] (Alexandria [Va.]) 1817-1822, 1821-07-06

people of the ridge country, who would
do we'll TO lease or purchase nds on the
tide water; their skill, perseverance and
good example, will be serviceable to us
and our advantages of situation would re,
ciprocate the benefit.
A MARYLAND FARMER.
Charles Co., June IS.
BANK OF THE UNITED STATES.
At a meeting of the president and di-
| rectors of the Bank of the United States,
on the ed July, 1921, the following report
was adopted:
The committee appointed on the 9th
ultimo to consider the state Of the bank,
and to report whether any, and if any,
what dividend should be made OF the pro-
fits which have accrued during the last
six months, respectfully
REPORT,
That on examining the accounts of the
bank, it appears that the amount received
on account of discounts, exchange and
interest since the LIST of January last, is
oil ,305 dollars IA cents. OF this sum,
however, $54,739 SO has been received
on account of interest which had pre-
viously accrued leaving S956,565 IS as
the sum which has accrued and been re-
ceived during the last six months. But,
to give accurately the current profits of
the halfyear, to this sum must be added
the semi annual dividend about to be de-
clared, which the bank is entitled to re-
tain, on 1913 shares of its own capital
stock, which it holds as pledge, and
which have been transferred, according
to the instruments of hypothecation, to
the president, directors & Co.
The expenses of the bank and the Of
fees during the same period, the usual al
lowance for the extinguishment of the DO
nus and other semi-annual appropria-
tions, amount to the sum of two hun
dred and eighty thousand, eight hundred
and Twenty-Five dollars, sixty one cents
L2SO,829 Gil which being deducted, will
leave balance that would authorize di
vidend of two per cent. and give sur
plus of D.5O,76l 46.
The committee, are, however, decided
ly of of opinion, after very mature delibe-
ration, that it is the duty of the board,
and the soundest policy of the bank, to
make, at this particular time, smaller
dividend than two per cent. The first
great point in the management of the
bank, is to remove all doubts as to the re-
establishment of the capital 1t is not
enough that it be made whole The stock
holders and the public must be satisfied of
the fact, for otherwise the one will not
hold, and the other will not acquire with
confidence, and like all uncertain inter-
esrs, the value of the stock must be d.
minished in the estimation of both buyer
and seller. The committee therefore,
proceed to exhibit brief view of the sit
uatiOn of the bane, and their reasons for
the opiRion that less dividend should
now De declared than would be autkoris-
sed by the net profits of tie last six months
if abstractedly considered.
The committee have had before them
estimates of losses furnished by the re-
spective Offices of the bank, except four
of the western Offices, brought down to
the LIST ultimo, and some OF them to lat
ter date. which they have attentively ex-
amined, and where they have not been
satisfied with the sufficiency of the allow
ances made by the Offices, the committee
have made additions, but in no instance
have they diminished these allowances.
These estimates are in some instances
a little more, and in others little less,
than those which were relied upon in JAM
uary last. In the aggregate they exceed
the estimates then made of the losses of
the same Offices DIS, 1862 81, and in this
near coincidence perhaps is discoverable,
a probable proofof the fidelity and accu-
racy of the estimated of both periods
With respect to the four western offices
above excepted, the committe have thought
it safest again to rely upon the estimates
of the cashier, MIR. Wilson, particularly
referred to in the report of the committee
on the state of the bank, which was a.
greed to by the board on the Esd of Jan
uary last, and published in the Gazettes
According, then, to these premises,
the estimated losses of the bank to the
LIST instant are DIS, 547,s32 SO. But al
though great pains have been taken to
Examine thoroughly, and no hesitation has
been INDUCED in stating fully the losses
which have probably been sustained, the
COMMITTEE are nevertheless of opinion,
that it is the duty of the beard and the
policy of the bank to ensure, if possible,
by adequate sustaining means, the certain
ty of that result which the estimates now
acted upon render probable.