American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1822-10-18

Change
! During the present administration of the Bank
considerable sums have been drawn from the CAPT
tai in erecting necessary buildings for the use o
the institution considerable burthens, which were
previously created, have been discharged, one mil
lion OF dollars have been paid on account OF the DO
nus to the government for the charter, six millions
oil funded debt have been purchased, and are nov
held by the Bank, three millions FIVE hundred ant
iiy thousand dollars have been accumulated to
the purpose OF repairing the losses which had beer
previously sustained, and there now stands to thu
, credit oil profit and loss the sum Of 245,796 dollar!
, cents; and there is due to the Bank ,279,52t
dollars "a cents, for interest which accrued before
the LIST Of July last, on suspended debts, and which
has not been received.
The losses of the Institution were estimated, al
the last meeting of the stockholders, at three mil
lions of dollars. They have been found to exceed
+ that sum- The estimates Of the Dividend Commit
tee, in July last, made the aggregate of the losses
85,743, 1899. This includes all losses to that time
from whatever cause. A very small portion OF these
losses, you will discover, has resulted from the bu
sness or manae ement posteror to March, 1919
II Is hoped, from the lapse of time, and the trying
circumstances which have interviewed, that the loss
es have reached their utmost amount. The grea esI
pains have been taken to probe the state of all the
offices TO the bottom, as the accompanying docu-
ments will shew. (8l
The western teLts, by which are meant tho e
due in the States of Ohio and Kentucky. have been
subject OF peculiar anxiety and attention. Tie as
certain the exact state OF them the Board were not
satisfied to rely on the ordinary means, but DIS
patched the Cashier Of the Bank, who was under
stood to De particularly well acquainted with these
States, to look into the situation Of the offices III
Kentucky and Ohio, and to furnish an estimate of
the PROBABLE loss which would be sustained upon
them. HIS reports which accompany this commu
nlcaton, Will exhibit these results. His estimates
very tar exceed those OF the committees of the Oh
hces and the Parent Board and the committees OF
that board have been governed by his estimates, il
forming their opinions OF the amount of these losses.
A number OF Investigations of particular cases have,
IN the course OF the current transactions of the Bank
taken pace, and, on all such occasions, his est
mates o; loss have appeared to be beyond the pro
oaole loss, with the exception OF the of soIne
local banks at Cincinnati. Doubts, however, OF the
sulhcency oil these estimates, founded on the fear
OF the fraudulent disposition of some of the debtors
and the unjust laws OF those States in relation to
Creditors, were excited-the board, therefore, in
July 1921, set apart, as an auxiliary fund.- in add
ton to the contingent fund Of 3,550000 dollars, all
excess over the par value of certain stock pledged
and transferred to the Bank, and all interest du
and to grow due on the suspended debts at the Off
ces in Kentucky, and Ohio, TO be with the said
extlngul,hment of the losses Of the Bank, unless
otherwise ordered or advised by the stockholders d.
trIennial meeting or at a regular meeting which
should be called tor the purpose.
lhe course OF policy pursued by the Board in
relation to suspended debts, and particularly the
debts due in the western Stairs was not to pres,
the debtors vigorously where they were Wiling 70
give the best security in their power, and lndeed
never to press them except with view to security
hS Halo. ~.
riably been gra ted where satisfactory security or
the best IN the power OF the debtor has been iven
On the LIST April 1919, the sum due to the Bank ~
onio and kentucky, including balances due by To-
ca Banks, was 6,35l,l20 dollars 30 cents ON the
SUN August 1922 the sum due, including also real
estate tken IN payment, was s. 1886, AT l8, bein
reduction OF 96l.653 dollars 62 cents, (o) but IN
the debt now due is considerable sum Of contn
gent interest which had been ilqudated and notes
taken tor It, so that the reduction will exceed one
million OF dollars of the cipal.-Mortgages andl
other cola e. al security deemed ample have in ma
ny cases been Obtained, IN others valuable additional
security, m others judgments, and suits are pending
IN all or nearly all Cases in which security has not
been Obtained.
The office at Cincinnati was discontinued in Sep
TENDER 1920 and a confidential agent is now EN-
ployed IN winding up Its affa,rs.-The reasons for
dlscontinung this office it would be tedious and per
maps inwdons to narrae, they shall be stated to any
committee you may appoint. II has been deemedl
inexpedient TO discontinue any other Office.
Inc several funds which may be relied upon to
exunguish the estimated losses are the following
l. n contingent und OF actual profits which has
been reserved OF tn millions five hundred and Fifty
thousand dollars. 2. ANY excess beyond the par va
lue OF 57,954 shares Of the capital stock Of the Bank
pledged to II and standing in its corporate name on
the books. Though the debts secured by these
snaees are only estimated at par, they give claim
70 the Bank which will cover any value beyond parl
which the shares may hereafter bear. The sum OIL
<4o'|9o dollar cents, now staining to the credit
OF PROM and loss. a. The sum of 1879, $50 dol