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

lie
these persons then to the indulgence Of !
their opinions, IT may be remarked tina,
the more the bank can retain of this |
stock the better for the institution. IT.
wants active funds but for two purposes
hrsty, TO pay the loan of s 1 100000 due
ID LONDON. And, secondly, to give az
dluonai capital to its Offices. All the
othces south of Philadelphia, venture TO
say, have as much capital as thew can
use advantageously.
tcannot stop to give my reasons for
this opinion. 1t is doubtful whether moro
than hall million in addition to its nre.
sent funds could be frofta6ly employed
az inc parent bank mere than an atdi>
uonai fnh'ion L am satisfied cannot under
any circumstances be probably employ.
CD az view York, Ga great many crude
suggestions TO the contrary notwi,hstand.
ing); and doubt whether at this mo-
mcnt dollar more ought to be added
though am of opinion that million
ought to be added to the capital of that
once al proper timeS making the
capHai S'ooo.oOO dollars. Half a mil
lion added 10 the capital OF the Office at
Boston, making the capital SI,5OO 900,
will DC enough Tor that office. All this
viii be supplied by the redemption OF the
two millions 6 per cent loan, and il a
little more be necessary, it will soon be
supplied from the suspended debt think
therefore, If the bank find il necessary to
part with million and half of this loan.
II ought to do it with regret; but it
should on no account, part with more
Hhe nnexunguishcd part of the premium
OF this loan is about II per cent, and the
last London quotations are 95 90, and
the exchange in favor of London 10 to
I0a per cent. 1t is obvious, therefore,
that at the lowest quotations now or at
any other time Of this stock. il would re-
alize the cost, in connection with the rate
OF exchange, the rise of which against
this country, IS supposed to be the prin-
clpal cause OF the depression of this
stock. There is one error in relation to
this subject which it may be worth ex-
planning.
1t is supposed by some, that because
the government Of the United States have
not been enabled 10 convert their six per
cent stocks into fives, that FIVE per cent
stock IS deemed undesirable abroad: but
the government has never offered a
stock like that which the bank holds in
exchange for the skies. n has offered
stock redecmable in eight or ten years.
The stock held by the bank is not re.
deemable in less than Is years and
months NO stronger proof can be "a.
ven that the SKIES would be exchanged
tor such stock, than the fact that il is
quoted higher than the average of the
average of the six per cents. In the
london market.
The bank, by a resolution of the 9S,b
day OF Novemper, 1916, agreed TO remit
20 1.-THE holders OF the capital stock of the
BANK, residing in Europe, the dividends
winch should be declared theron, free of
expense. This was deemed very dis.
advantageous and burihensome engage
men! ON the part of the bank-adYicc of
eminent counsel had been taken, 10 know
whether the bank was bound 10 continue
these remit,ances, and it has been advised
mat 1t was not bound longer than it should
desire 10 do so from i,sown views of cx-
pedIepcy or advantages. II was determin-
ed therefore 10 discontinue this agency
except as to those who had made regular
requlSiuons or who should 60 so by ei-
ven day. As TO these it was thought bet-
Scr that the bank should make the sacri,
sice which these remittances required,
than incur the suspicion of having misled-
the holders of stock who had made the
Tequisilion, perhaps under the impression.
that the regulation was not Disadvantage
Gus to the bank, and that it would be per-
manonl; as to all others there was no pre-
tencc OF claim. There is one case OF
$40 shares which IS under consideration,
which The bank has heretofore determined
not TO be entitled to this privilege, bu,
the parties have urged consideration of
IL. If this be embraced the number of
shares on which the bank has determined
10 continue remittances, will be 1880
shares. II they De excluded the mum.
Der viii be 1890 shares.
With these facts, and an inspection Of
Che documents which are referred and
ready 10 be exhibited, the stockholders
will be-able to form an opinion Of them
selves, with all the lights and information
which have or Of which the subject is
susceptible, Of the state Of the bank, and
may offer their advice and express their
opinions accordingly.
DANGDUN CHEVES.
President Rank limited States