, 1841-05-22

REPORTOF THE COMMITTEE OF IN,
VESTlGATION, APPOINTED AT A
MEETING OF THE STOCKHOLM.
ERS OF THE BANK OF THE UNI.
STATES.
The committee appointed at the meeting
Of the Stockholders of the Bank of the
United States, held January a, 184l, Ia
examine the details OF the statement. then
submitted by the President, respectfully
submit the following
REPORT.
The Committee originally appointed, con.
sisted of Joshua Llppincott, Moses Kenpton
Charles Massey, Thomas p. Cope, Richard
Willing, and David Kirkpatrick. The three
last named gentlemen declined acting; and
Edward Coles. james S. Newbold and John
Bacon having been selected to fill the VII
c~aaciss, the Committee were finally organi-
zed, by the election of Joshua Liprincott as
Chairman, and George Sharswood as Score
tary; and on the 29;h day Of January. com,
menced the performance Of the duties assign
ed them.
The Committee were accommodated by
the Board of Directors, with an apartment
in the Bank, and were from tine to, time.
attended by 4 Committee of that body, AS
well as bv the officers and clerks of the
Bank. Every facility was afforded 10 them,
in The prosecution of their labors, SD far as
was practicable, by submitting To their ex-
animation the books of the Bank. and b.
giving such verbal explanations and furnish
ing such extracts and copies, a. were re-
qlested. At IN early stage of their pro-
ceedlngs. they were Off ciallv notified by the
Dras,J,,. ,.., =, r..nI,,I,, b,I h.ap nl,n.
ed by the Board OF Directors, L" that the
Committee Of Stockholders be informed. that
the Board is ready To alinrd them every tlcili-
ty, in the prosecution o! any investigation.
which the Committee may be willing Ia
make. of the affIIrS, and transactions of this
Bunk, and the causes of It's actual situation,
and that IL is the wish uf this Board, that
the Committee should make such investiga-
tIon, IN order that the result may he lad be-
fore the meeting of the stockholders in April
next Conceiving it to be their duty under
the terms of their original appointment. as
well as under the invitltinn thus extended To
them by the Board, The Committee accord,
ingly commenced an examination of 'the al.
fairs and transactions of the Bank" and sthe
causes OF lis actual condition"
The committee proceeded in the first in
stance, to verify in detail. the statement OF
the assets and liabilities of December 81, 1910.
The securities and evidences in the posses
sion Of the Bank at Philadelphia, were ac-
cordingly produced, and on comparison
herewith, the same was found TO be correct.
the cash was counted on the second of
March, and correspondent with the Ledger
Balance of that day. The returns from the
several offices and Agencies. were read and
found to a.ree with the printed statement.
The accounts of the circulation and issues OF
the late and present Bank, were also examin-
ed.
The committee have prepared and here
with submit a still more detailed statement
of the assets and liabilities of the Bank on
the 2lst day of December. 1910, than that
heretofore presented: exhibiting the plrticu-
lars of each item OF the original statement.
in the same order and arrangement, as is
therein pursued: emitting, however, the items
Shank United States Stock. balance unsnld,'
and the amount credited as "Bonus for Char
ter
The next object proposed was TO make a
valuation of the assets. With this view,
they proceeded to re-examine the items of
Active and Suspended Debt, Stocks, Real
Estate. Bonds and Mortgages, Foreign Bills
of Exchange, and amounts due 10y State
Banks. The President Of The Bank was al
so requested to obtain an estimate Of the
probable loss, on the Assets at the different
Offices and Agencies: returns from all of
which have accordingly been received
The estimates thus made are presented in a
column, added TO the detailed statement, now
submitted and before referred to: (Appendix
A.
The attempt to make estimate of proba-
be losses, was found to be attended with
considerable difficulty and embarrassment.
To adopt the present depressed market val
ne Of the several stocks and loans held by
the Bank, would Inot be a fair criterion Of