Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1822-10-17

at the Offices ia Kentucky and Ohio, 10
be with the said g contingent fund in-
.violably appropriated TO the extinguish-
ment IF tbs losses of the bank, unless
otherwise ordered or adyieed by the
stockholders at a triennial meeting or
at regular meeting which should De
called for that purpose.
The course Of policy pursued by the
board in relatiun to suspended debts
.dne in the Western States, was not to
press the debtors vigorously where they
were willing to give the best security in
their power, and indeed never to press
them except with view to security.
The most liberal indulgence therefore
has invariably been granted where sa-
tisfactory security or the best in the
power Of the debtor has been given.
On the LIST April, 1919, the sum due 10
the bank in Ohio and Kentucky, inclu-
ding balances due by local banks was
Dc ,35l ,l90 Soon the seth Aug. 1922
the sum due, in:ludiug also real estate
taken in payment, was 5,S69,477 dolls.
10, being reduction of 96l 65S dol
lars &c cents, (o) but in che debt now
due, is considerable sum of contin-
gent interest which has been liquidated
and notes taken for it, 80 tibet the re.
duction will exceed one million of dol.
lars of the principal.
Mortgages, and other collateral security
deemed ample, have in many cases been
obtained, in others valuable additional se-
curly, in others judgments, and suits are
pending in all, or near y all cases in which
security has not been obtained.
The Office at Cincinnati was discontinue
ed in Sept. 1890, and confidential agent
is now employed in winding up its affairs.
Thereasons for disseminating this office it
would be tedious and perhaps inviduous
TO narrate, they shall be stated 10 any COM
mittee you may appoint. 1t has been deem
ed inexpedient to discontinue any other
office. s@
The several funds which may be re-
lied upon to extinguish the estimated
losses are the following: 1, a contin-
gent fund of actual profits which has
been reserved of ,S'3,55O,9o0. 9. Any
excess beyond the par value of 37,954
shares of the capital stock Of the bank
pledged to it, and standing in its corpo.
rate name on the books. Though the
debts secured by these shares are only
estimated at par, they give claim to
the bank which will cover any value
beyond par, which the shares may here
after bear. The SUN Of ,S2t5,796o7,
now standing to the credit ofprofit and
loss. 4. The SUN of 81, s79, $50 81. ar
rears of interest due the bank. 1t must
be remarked that this last sum includes
interest as we'll on debts estimated as
bad and doubtful as on those deemed
good. There is now no charge on the
bank besides ordinary current charges,
except $4,000 dollars semi-annually,
which will, if applied for the duration
of the charter, extinguish the bonus. the
premium on thefive per cent loan, and
within trife of forty per cent, Of the
cost of the banking houses which have
been erected, and of any thatin all like.
lihood will be hereafter erected, aswell
as the completion of the building in
which you are assembled; and although
{ have been opposed and have even en-
tered my dissent upon the journals, to
some of the acts ofthe boardin relation
to this building, | nevertheless do adj
wise, as it is so near completion, and is
so beautiful specimen Of architecture,
that it be finished. Itnever again can
be done at so small an expense, and
never under the superintendance OF an
agent more skilful, economicaland &C
curate than the gentleman who planned
and has so far executed il. The addi-
tional expense will be small. ~
1t was expected by the stockholders
at their last meeting, that the bank
would have been enabled to have re-
paired the losses which have been sus-
tanned, and to have made dividend in
January, 1920. This the increased es-
inmates of the losses and the stagna-
tion Of trade concurred TO prevent,
while the same causes have diminished
the amount of the dividends which have
since been made. 1t will be seen, how.
ever, on reference to the accompany
ing statement H0) that the bank would
have been able to make dividends which
would, no doubt, have been satisfactory
to the stockholders during the whole
period of this administration, had it not
been encountered as we'll with the loss
es as the various embarrassments which
belonged, in their origin, TO previous
period.