Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1831-03-12

that Of "in.psctng such general accounts i'm The
Books OF the Banks. as shall relate to the statements
Dssursnt No. I. contains detailed statement. az.
hthng he eondi N Of the Bank OF Virsioio and II.
ssvseH branehss, on the let day OF January 1885, 10.
eeher with the nett profit OF tina, bank and its
Tor the last halt year, and the state OF the out,
debt due to the Bank the Is, day OF January 1881
Dccomsns NO. q exhibits the statement OF the bal
ana doubtful debts due the Bank OF Virginia on the
Let day OF January 1880, and al,o the present state OF
the fund eonsututing the annual aud standing prov
IN @sce Tor sne acknowledgement Of the bad debts.
Decumsn6 Nos. and 4, contain detailed state
msnt, exhibiting the co,dion Of the Farmers ,nk
o. vwgnia and tts several branches on tia lst dsy
january, 1881 together with tho rates of profit Of
shat Bank and s branches, for the year preceding
Document No. o. exhibits The state of the bad and
doubtful debt Of the Farmers Bank Of Virginia on the
lst day Of January, 1885, and ALSO the present sat.
OF the Fund constituting the annual and standing pro
vision made for ths exiting of the bad deb,
and further, the actual application Of part Of this fund
during the past year, towards this extingushment
Document NO 9. shews in detail the salaries Of tn
officers OF the Farmers Bank; and in aggregate tbos.
o. ss branches, ,oge,hsr with its other expenditures
Document No 4, shows the expenditures for sala
ries. &c. Of the Bank Of Virginia and branches, for
the year 1880. "
From Document No. 1, il will be ssen tina, Tho Rant
oil Virginia had, on the LIST day of January, 1881 in
sp sc Ssi1sss 2i in debts due from other Banks
dito England $42s, 0ss 81; in stocks of various kinds
$2s2,265 3S. Making in the aggregate fund Of
$i,S2S439 Co. Immediately available to the Bank in
outstanding debts And when to this is added the sum
oil SS66l257 30 (the amount of outstanding debts re-
ported good3 and the further sum Sa54IpO 81, the
value OF real estate held by the Bank il will be found
to possess an entire fund of SIS, 9l7 So for nav
nent OF all demands upon it, and for redemption Of lie
stock. VI ''
From same document, No l. IL will he coo, Tho, 4,
Bank owes for its notes in circulation the sum of 81 ISL
500 o2, and for deposits the of 1901 SOS So Taf
the amount OF the contine ent fund mr. snrnis s
S4S,o99 95,) constituting for notes in circulation and
deposit money debt due from the Bank of 81 3sI
3d. II to hisl be added the original ca,;,aI Of 90
74oOo0 atits par value, the whole debt and demand
against the Bank will be So GIG 1884 90 leaving :, Ia,
sance against the Bank the LIST of JAM 1891 Of 277
a6I OIL but from the balance 10 be deducted The s,,
OF $50 81, (beng the difference between the mar Va
tue OF ilSl shares which the Bank holds of lis own
STOCK, ana SsS,2o9 81, which they paid This differ
ence Is properly placed at the credit of the BANK he
cause In the statements which this report is based
.he Bank is charged with its stock at par)-the true
aenc,enSy 'hen now appearing against the Bank, will
by referring to the report made 10 the last General
Assembly, ii will be seen that the deficiency then re-
the sum of $2S8 ,04S To- she wing thai during tbo 80
1880 the sum OF S3047l II has been as surplus profits
provided by the Bank for the gradual extngishment of
the above deficiency. To this deficencv met he al
ded any loss SHOULD such be susained in be s,e Of
real property. And from it should be deducted wbate
yer shall be recovered of the bad doubtful debts
ton. 80 ~
by referring to the report made to the last General
Assembly, 1t will be seen that the bad and doubtful
debts, from which has arisen the above deficiency ar
crued principally during the embarras.mens Of The late
war, and was chiefly contracted in the Bank Al Nor.
.e's Ins nat N the year 1920 ii amounted the sum
OF 1886 OIL: That by the creation of Sinkins
rund contributed OF portion of the profits OF the
Bank annually retained for that purpose this defeen
~. na, oeen IN course OF adua reduction Aud
una, curing the past year lat the commencement of
which the deficiency was reported to be 1871
there has been applied by the Bank to this exppu,b.
ment, the sum Of $30,47I TT
BY document M Ri will la IN ,bet III 4. -
port OF the state OF the debts due to the nix was
made o. The LIST of January 1880. that since the
no bah dents have been contracted
Document No. 1, further shows, that the neil rro
hts OF the Bank, for the last halt year. amounted to
the sum oil Ss4,ol4 OF, equal to 3.46 per cent per
shnre Tor the ak months preceding.
q, Document No. 3, contains a detailed stateme nj Of
fhe condition OF the Farmers Bank Of Virginia on the
lt OF January. 1881 1t shews that this Bank has 10
specie $685., 3l6 3S--in the notes of other Ranks
$l3l,lO3 90; in serling bills Si62907 90 in de bis
due from other Banks Sl32,767 65 in Bank Stock
f$l06 36l 90 Constituting a fund Of 81 2I7,l57 So
Immediately available to the Bank in meeting de.
manes upon it, without any its debtors When
20 this sum is added the amount due the Bark repor,
ed good January is 1881, S3,029,9S5 81 1.-THE sum Of
$356,792 81 being deducted from the aggregate deb,
due [ses document, No. 81 And the fu rlhsr sum of
$2o9976 the estimated value of real estate held by
this Bank II will be iound TO possess aggregate fund
OF Si.5l7 AIS 81 to satisfy all demands against IL, and
for redemption OF its stock.
BY reference TO same document, No. 8. the Bank
will be found indebted for its notes 10 circul ton
$l7Sl ,23s so, and for deposits SII42,97l IT; and
for its capital stock So 600 900 making due
fr,m the Bank, and on every demand 81 S74,2II 81
TIE means Of the Bank, as before stated, being
$f5l7 4lS 81, there ap2ears deficiency 10 this Bank
OF 1886 792 30 From this deficiency, however, is to
be deducted first, the hand of surplus pro.
httconstiiuting sinking fund.- for reduction of tbi.
deficiency of $62 1856 o. md secondIv the ann NJ
S53,035 90, ss the difference between the par value
Ut its own stock held by the Bank aud the price paid
for IL when purchased.
The true deficiency, then, now appearing agains,
the Bank, will be found to be S2lO 967 rs 10 which
must be added any loss iii sustained in the sale of
real property and from IL deducted, whatever NAV
be recovered OF bad and doubtful debi and any gain
by the destruction OF its notes ia circulation.
by reference to document No. $, /, will be seen
thot during the past year, the of S77770 III of
the contingent sinking fund, has been actually an
piled by the Bank towards the exngui.hment of its
bad debt AMI consequent reduction OF the deficiency
which exists against IL. The same document she ws
that during the year 1880, tho OF S3l 0S5 81 was
reserved out OF the annual profits, aud set apart aid
Of tbe sinking fund.
No rsporI Of the state Of the debts due this Bank
has beeo made since January, 1880; but your Com.
mittee informed by The President that there vi
norcason to believes that any bad debt had been since
created.
Document No. shews, that The profits of the Far.
mars Bank, for $780, amounted to 80 per cent per
share.
Your Committee havs thought il proper that in adj.
dition TO the general statements furnished by the
Banks anomaly, TO require that they should report
the joint Committee of the Senate and House Of Dele
gates hereafter, statements showing by each Bank the
amount OF debts contracted, or loans made by them
within the twelve months preceding distng uisbing
them as far practicable Into good bad and doubtful
All which Is resPsc fully submitted.
BANK OF yIRGINIA.-From tho Kanawha Banner
Ia wing TO the political condition NJ