Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1834-02-01


oil the United States, at the commencement Of this year.
was highly satisfactory add furnishes ground. OF
confidence in the strength and Of that great
institution 1t seems
That the nett profits for the last six months
From which deduct the dividend of Sl.2
per cent. l225oOO 90
There remains a surplus Of profit on the
operations OF the past year, anountinsto 216lg9 81
We learn, moreover that the reserved fund. OF the bank
are as follows:
For several years past a
contingent fund 10 repair
all the losses OF the bank
has been accuinulatng
till IL has reached tho
sum of S5 GAG 6sS GO
The total of these losses is
ascertained by rigorous
examinations 10 amount
to 5,494s76 %
Leaving a surplus of Ill+sia IS
The banking houses cost
originally l,22O,l49 81
There has been appropia-
ted OF the earnings
Of the Bank-a sinking
fund TO extinguish this
cost, which now amounts
976,Ie9 SO
Leaving present cost at 244O29 90
Being 90 per cent Of the ORR
ginai cost.
The estimated value OF these
buildings in Jan. 1884, is 9I4,445 0S
The present reduced cost 1929 90
Leaving surplus of -e7oaf5 Is
To this is O be added the amount of profits
undivided and disposable-f the ba-
lance OF the profit and loss account
which is S.l52,s77 rs
Making total Of 1867, sos 80
Being upw ards Of III per the capital.
Here told, that the Bank has surplus of 3d.
9676o5 %, being upwards OF eleren per cent the
pitai"
Now, il this statement be true, and the statement made
TO the Committee Of Ways and Means last year by the
Bank, and to by Of the Exchange Committee
be also true then the Bank has lost in its operations
last year, Hpodrds Of tour millions of dollars,
than eleoen per cent. on its capital.
In the Report OF the Bank the Committee Of Ways
and Mears in January, 1885, page 22 the resources of
the Bank stated TO be $50 S65 465 90
The claims against il, 81, S07 1922 IA
And there remains said they, an excess
Of 43O5S,l43 25
Deduct the capital stock, 35,0OO,O0O 90
SURPLUS SsO5s,I43 20
Upon this statement, the majority Of the Committee Of
Ways aud Means, in their report to the House, the
following remarks viz:
Sc If these statements and evidence be relied upon
the available and of the Bank amounted
the first OF January last eighty millions eight hun
dred and sixty five thousand dollars, whilst all the claims
against it, for bills debts and deposites, including those
OF the Govennent and for the redemption the public
debt, but $37 100000 leaving forty three
millions guarantee the nation against any losses
For, the whole amount Of debts, bills and depostes
be paid before the stockholders the whole capia
and the surplus mast be considered pledge the debts
due to individuals and the Government"
AS the capital consists OF thirty five million of dollars
II would appear from this statement that the Bank
cent. above the amount OF its cap,al,''&c
"The single pOn, Of view in which this surplus very
important to the nation, is in regard its bearing the
healthy of the Bank and ihe safety the
public deposes, and the sound Of the currency For
these objects is sufficient to inquire whether the surplus
does or does afford sufficient guarantee that the
original capital OF $4,000 900 is unimpaired."
Thus reported the majority of the Committee of avs
and Means upon statement furnished by the Bank
What have now An official statement from the same
Bank, THOUGHTS organs that instead surplus of t,oen
~ per cent to which some of the Directors s,core
not 90 sof4 cuI, tpfe
cent! Instead of surplus of S., e59 is3 to- which they
last year, they now tell us their suptusss ouly
S3, 967 ,6O5!!
From these facts one OF two things is certain:
L. The Bank has lost 81, 0905S7, within the Iaa year
q The statement made TO the Committee cE,Wayo and
Means, and TO- toas false.
Mr. fBiddie may take which born of the dilemma he
peases; but both he cannot escape. We will cay that
the statement sworn to by some OF his duunuton Drec
tors and Exchange Committee men, false; but we
demand 10 know is ii he has sunk eleven per cent.
upon the capital of the Bank during the last year, he has
been able make dividend Of per cent. OF
the earnings" oil the two last years.
We see how these SURPRISES, got up paper for
eecone erDg purposes, vanish into Thin air. Last year
fbe Bank told US il had ,oenty,oO per cent One hall
Of it, the Bank tells U.S. has been pit away
in single year. and 1t nowhas surplus OF eleven per
cent Another year, and il may vanish entirely: onoter
and may find deficiency OF ten per cent, in the capt.
tai.
But we verify believe the surplus presented s
wholly deceptive.
Whoever will take the trouble to look at Mr. ,BidJles
letter TO Mr. Clayton, dated 18th April 1882 will find
that be concludes exposition Of the "Contingen fund.-
with the following remark, viz:
so that the actual losses already ngushed,
aud the fund 10 meet the estimated loss is 1910 6l4 IA
beyond a rigorous estimate OF those losses."
What does the Bank tell US now? Why, that "he total
oil these losses asceraned by rigorous examinations
amount 10" within $14I3l2 SO Of the whOe amount of
the Contingent Fund
Mr. Blddc put down the contingent fund in April
1892 at S56II74S 81
Losses, % 1919 GIG Oh
Estimated losses, ,S01 SIG AZ
------5 30I ,132 43 |
Surplus, sIO,6i4 II