American watchman and Delaware advertiser. [volume] (Wilmington, Del.) 1822-1828, 1822-10-11
UNITED STATES BANK.


UNITED STATES BANK.
. From the Philadelphia National Gazette.
At Trienniel meeting of the Stockholders Of the
Bank OF the United STAGES, held by adjournment
at their Hall in the City of Philadelphia, on Tues
day the 1st OF October 1929.
THOMAS ELLIceTT, Esq. in the Chair, and
WILLIAM MEREDITH, Secretary.
The following Report of the Committee of in
spection and investigation, appointed agreeabiy to
the resolution Of the Stockholders, at the meeting
held on the Cd of September, 1929, having been
adopted, il was 6 Resolved that the Report with its
Appendix be published in the public papers and
that the President and Directors of the Bank OF the
United States do also the same to be publish
ed in pamphlet form, and that copy thereof be
held al the disposal Of each Stakeholder"
Your committee to whom was referred an exami-
nation OF the condition OF the Bank
REPORT,
That they have care lully considered and diligent-
~ investig rated the subject confided to them. But,
before submitting any opinion statement in de-
tail as to its actual situalion they beg leave to
fer 10 the luminous exposition Of the President,
hereto appended, containing fund OF Information
in relation to the Institution IN connection with va
rous topics Of sound speculation and practical ulli
ty, which cannot fail to prove highly interesting TO
the Stockholders and to the public; while at the
the most appalling difficulties may be surmounted
by the steady application Of industry, integrity and
"a mt.
In compliance with the provisions of the 18th ar
tice of the lth section Of the Charter, your COM
mttee have ascertaned that the suspended debts at
the Bank and its various Branches are
Upon personal and other than Stock
securities S6,401 1855 90
And upon Loans securedby pledges
Of Stock, S4,0i7 ,050 76
Together amounting to Sl0,41S,5 500 Gel
Your committee are decidedly of opinion that the
loss TO the Bank upon this debt together with over
drafts, counterfeit checks, and from all other
ces, cannot exceed S5745, $780, loss arising partl,
from the peculiar situation of the moned relation
of the country, but principally from misplace
confidence in unworthy agents. But your commit
tee feel grati6ed in saying that fund more thar
sufficient has been derived from the previous profits
of the Bank and specifically pledged. and set apart
TO meet this loss besides which possesses sui,
plus OF OIL ,425 dollars At cents, arising from ba
lance which stood to the credit Of the Profit and
Loss account on the LIST Of July last and from inte-
rest which has actually accrued but which has not
yet been paid, upon that portion OF the suspended
debts which it is confidently believed will be ulti-
mately obtained.
The preceding facts, with the following analysis
your committee feel assured will render the conyc-
ton irresistible that he Bank Of the United States
has arrived at that point hen its Capital may
be declared to be sound and entire, while it possess
ses contingent interests Of nearly million of dol
lars, TO be applied to such objects the future adj
mnisirators of its affairs may deem advisable.
DIR. Bank ofthe United States, TO
Stockholders for Capital paid in S34,992139 IS
The sum paid, but not yet extin-
guished for Bonus, premium on 4
millions of 5 per cent. Government
Stock, and for Banking Houses,
provided for and to be extinguished
by the semi-annual appropriation Of
100000, 2,ol5,8oa Is
Estimate Of all the losses Of the
Bank, up to the present period, s,74s, 899 90
Balance 97i,425 Al