The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1839-11-27

In November, 1886. per cent. on si,2l9 $50 Of
capital a. that lime paid 10. Ia May, 1887, per
sen., On The whole capital; in November following
following, ~ per cent; and in May, 1889, ~ per
cent.
This history Of the establishment and operations
OF the Gifard Bank has been gone into, with the
view OF exhibiting the stockholders the extent Of
business which the Bank has transacted, and, also
10 show that scarcely any point Of inquiry has been
entirely overlooked BY your committee.
The first duty performed by the committee was
to examine and verify the statement furnished to
the stockholders with The books Of the Bank with
which they were found faithfully and strictly TO
| conform. They also, counted the cash, and found
the amount on hand al the close OF the business Of
Monday, to correspond with the statement Of the
teller In whose custody II is held, the amount oil
specie on hand being, when examined, $i09 go 81
The next was TO examine into the character oil the
bills discounted, and bills receivable and 70 inspect
the securities held for loans whether in the form Of
discounts Of post notes aud that n every case
where any doubt OF the ability Of the borrower TO pay
existed. These were found for the most part en-
lirely satisfactory and indeed the committee could
not but feel much surprised at the large surplus held
by the Bank In the great majority Of cases. They
were also graiihed in finding so large an amount OF
business notes included in their discount line,
IL Is proper here 10 remark that all the assets oil
the Bank and particularly the suspended debi, were
most scrupulouSly inspected by the committee with
the view OF ascertaining whether lis capital remain
ed unimpaired In order 10 arrive at Just results,
Of the bank and such accounts appeared upon
the credit books of the bank 10 be large; and when
ever collateral securities were given they were cali
ed for, examined and investigated by The committee.
All stocks held collateras estimated al the
present deprecated prices al which they are selling
in the market
Besides this the most liberal allowance was made
for losses and the entire conviction OF your COM
mittee is, that under any circumstances the capital
OF the bank is wholly unmpaired, and that the con-
tingent fund alone is more than adequate TO meet all
losses that have occurred are likely To occur On
this point your committee Is cleaI, and they there
fore make this declaration with full knowledge of
all the responsibility which is thrown upon them.
The issue of post notes being matter that has
gagged the attention of the public the Committee deem
il duty 10 state that the amount issued by
the Girard Bank exceeds two millions and half OF
dollars and that the amount outstanding al the time
the statement was prepared the Stockholders,
SSO7 600 Without expressing any opinion as TO the
policy of such issues the Committee would remark
that Il has been source OF large profit 10 the Bank.
Upon the whole, after faithful and conscientious
discharge Of their duty in the matters entrusted TO
their care, the committee have arrived at the follow.
ing conclusions, and, on each point, by unanimous
votes:
LIST. That the bad debts already made and likely 10
occur on the bills and stocks held by the Bank,
cannot in any human probability, exceed the sum Of
$400,000 and may fall far short Of that amount,
against which the Bank has contingent fund Of
$3.50 ,000 set apart from former earnings and also
standing TO The credit OF profit and loss the sum Of
$2lS,273 7G, (the earnings Of the last six months)
making an aggregate OF GIGS, 273 76.
3D. That for the purpose of relieving In future the
Bank statements of the unproductive items which
form the above amount, the committee deem II ad-
visabe and recommend that the same TO wit, $780,
600, be charged TO contingent fund and also that the
balance remaining at the credit OF profit and loss be
transferred TO the credit Of contingent fund.
3D. That the conduct OF the officers throughout
the investigation has been such as 10 command the
respect and gain the confidence of the committee,
which they deem il duty TO make known to the
stockholders.
All which is respectfully submitted
JOHN w. ASHMEAD, \
JOHN j. McCAHEN,
THOS. CAVE, ) Committee
CHARLES S. RICHIE,
RICHARD S. SMITH
JAMES EVANS Lancaster, Pa.
HENRY WELSH
Philadelphia, Nov. IL 1889.
Mr.. John A. Brown then offered the following re-
solutions which were read to The meeting, and UNA
NIMoUsLY adopted, viz:
Resolved, That The report of the investigating
committee is satisfactory to the Stockholders.
Resolved, That the report completely silences
many of the false Iumors that have been industrious
ly circulated in the community in relation TO the
Girard Bank, and vindicaes the soundness of the
institution and the integrity OF its officers.
Resolved, That the thanks of the Stockholders are
hereby rendered to the members Of the committee,
for The laborious and impartial manner il which
they have discharged the duties assigned TO them.
Resolved, That the proceedings OF The Stockhold-
ers, together with the Report of the Committee Of
Investigation, be published in all the daily papers.
Mr. Henry Horn then submitted the following
solution, which was adopted, viz
Resolved, That committee of nine be appointed
BY this meeting, to prepare ticket for Directors of
this bank be supported by the Stockholders al the
approaching election.
WhereVpon, Messrs, John A. Brown, Hy. Horn,
Thos. P. Hopes, James Harper, Simeon Toby
John W. Ashmead, Richard D. Wood Jas. Evans
(of Lancaster) and Daniel M Brodhead, were APP
pointed said committee.
hemee,ing adjourned.
JOHN R. vODGEs, Chairman.
HENRY WELSH, Sec'y.