The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1822-10-09

the books. Though the debts secured
by these shares arc only estimated at par,
they give claim TO the bank which will
cover any value beyond par, which the
shares may hereafter bear. 8. The sum
OF S245,796 OF, now standing 10 the cre-
dit OF profit and loss. 4. The sum of
LAYS, $50 dollars Sd cents, arrears OF in-
terest due the bank. Ii must be remark
ed that this last sum includes interest as
well on debts esum atcd as bad and doubt
ful as on those deemed good. There is
now no charge on the bank besides ordi.
nary current charges, exccp; 10000 dol.
lars semi.annually, which will, if applied
for the duration OF the charter, exiingoish
the bonus, the premium on the five per
cent loan, and within trifle of forty per
cent, of the cost of the banking noeses
which have been erected, and OF any ,hat
in ell likelihood will be hereafter erec,ed,
as well as the completion oil the building
III which you are assembled ; and aitho'
have been opposed & have even entered
my dissent upon the journals, to some OF
the acts OF the board in relation TO this
building, 7 nevertheless do advise, as
IT IS so near completion, and is SO beauti-
iul specimen OF architecture, that it be
finished. 1t never again can be done at
~ small an expense, and never under
The suprrini endence oil an agent more
'kIiiul, c oLomical and accurate than the
gentleman who planned and has So far
Executed it. The additional expense
= i'll be small. (9.)
Ii was expected by the stock holders at
heir last meeting, that the bank would
nave been enabled to have repaired the
losses which had been sustained, and 20
have made dividend in january, 1896
This tie increased estimates OF the losses
and the stagnation Of trade concurred To
prevent, while the same causes have di-
mInished the amount of The dividends
which have since been made 1t will be
seen, however,, on reference TO the ac-
companying statement 10I that the bank
would have been able 10 make dividends
which would, no doubt, have been salts
factory TO the stockholders during the
whole period of this administration, had
il not been encountered as we'll with the
losses as the various embarrassments
which belonged, in their origin, to pre-
vious period.
The expenses of the institution very
soon attracted the attention of the present
administration,butit was not practicable to
reduce them Immediately. An accom-
Panying statement IL however will shew
that much has been done towards the acc
comp!ishment of this object. The a.
mount is still enormous, compared. with
the profits growing out of the proper ope.
rations OF banking F.; that is to say. the
profits of the bank, exclusive of the diyi-
dends received on tAe funded debt which
II holds, and which require no manage
mept or expense IN the receipt of them.
The monthly statements of the bank
exhibit an analysis of the state and cur.
rent business of the bank and the several
Offices as perfect as the nature of the sub.
Jecls wlll permit: but II taken without
explanations they are often likely to mis-
lead. No attempt at this time and in
this form to give such explanations in a
general way would be admissible or prac<
ucable, but all such will be cheerfuliy
aud promptly given In reply 20 every in
quiry on particular points which may be
presented.
You will probably desire to have sons
notices OF the condition of the principal
funds IN which the capital is invested.
This will briefly attempt:
i. he discounted paper. The cur
rent paper, of this bank and its offices is
probably as good, or better, than the
current paper of other backs, in the pla.
ces respectively where il IS due. There
is however, unfortunately heavy mass
OF suspended paper on which interest is
continually accruing, great part of
which will, no doubt, in time be recover
ed, but which adds little or nothing at tho
present time, 10 the fund from which the
oank is to divide. There is one portion
of thls which independent of the losses
already sustained by ii, and which are in.
Guided IN the estimates, consider as We.
~ good and productive. | mean the
forfeited stock consisting of 81 1854 shares
which may be considered as reduction
OF capital quite too large 20 the extent
Of their par value.
IL. The Funded Debt held by the bank.
| This no6 consists, with the exception of
very inconsiderable sum, % Of seven
millions of FIVE per cent, stock subscribed
by the Government-(2) of two millions
oil six per cent stock, purchased in 1920,
! redeemable at the pleasure of the go-
yernmeut--(9) of four millions OF five
Npr rent stnrk f,,rr IN 1891 80