Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-27

The domestic exchanges low and uniform.
All its controversies with the General and State Co.
vernments settled.
With peace at home and abroad
And one can sec nothing 10 create doubt OF It's
safety So thought and declared all the Directors
| of the Bank, who, by numerous lommt'ees ana u,
successive Boards unanimously united IN repeated and
strong assurances that the Bank was then IN cond-
| ton of undoubted strength and prosperity
On the LIST of January, 1885, the Board OF Directors
| consisted of the following gentlemen:
Joshua Lippncott, John Bohen,
John r. Nef, Caleb cope,
John A. Brown, Cheyney hickman,
WIN. Plat, Jos. R. Ingerso
Lawrence Lewis, Lewis Saln,
John J. Vanderkemp, John Cohnel
Joseph Cabot
OF these gentlemen, dividend commsttee was APP
pointed on the 4th of January, 1889, consisting OF
Joshua Lppincolt, Lawrence Lewis,
J. j. vanderkemp, Joseph Cabot,
John Conncl
This Committee made report TO the meeting oil the
Board at which present Messrs. LpPlncott, an
dcrkemp, Cope, Brown, VAIN, Lewis, Bchen, HEX
man, Cabot, Connell, who unanimously adopted IT.
Now this report stated that there "an aggregate oil
nett profits amounting S4,34i, 707 3D. that deciar-
ing dividend of four per cent, would "leave the
amount of the surplus profits of the BanG Sa?44 7OI
90" "From these statements they proceed, ut VIII
appear that the estimated probable loss OF real estate and
suspended debt is SO $50 81 less than III: estimate OF
JULY last, and that the Contingent Fund is S!263l 10
more than the estimate of probable loss They con-
cude by saying, that the nett profits of the last SIX
months were 81 ,52s 020 10, which after deductlng the
dividend Of four per cent, SliGO0OO, ;wonld leave
1928 ,020 10, the surplus profits of the last SIX
months"
Up then to the 9Th of January, 1880, there was no
doubt in the mind ofthe Directors Of the perfect safety
and prosperity of the Bank since they had surplus
profit on the last six months business OF Sl2S20 IL,
total surplus Of S4,344,707 % decreasing loss on
J,J Jakt and of al
the Contingent Fund above the losses il was destined
to repair.
On the 9TH of January 1850, came in the new Board
of Directors for that year. 1t consisted Of
Manuel Frye, Joseph Cabat,
John A. Brown, Cheyney Hickman,
Richard Alsop, Lewis VAIN,
Caleb Cope, Ambrose White,
J. j. Vanderkemp, J. X. lngeTsoi,
Richard Price, Matthew Ncwkirk.
Now what did these gentlemen declare OF The situa-
ton of the Bank,
In March, 1889, on the day Of my retirement, the
Board unanimously adopted several resolutions; in one
Of which they describe me, among other things, as one
'who, having performed much and SO faithfully,
leaves the Institution with which he IS identified, pros
porous all its relatonsstrong in its abilities to pro-
mote the interests Of the communities by which 1t IS
surrounded in its associations with sister es-
adjustments and in the respect and esteem OF
oil who are connected with it in foreign or domestic in
tercourse"
tee consisting Of Messrs. Ambrose White, Caleb Cope,
and j. r. Ingcrsoll, say: (" In every emergency you
have given it efficient support and now that your OH
ca connection has ceased you have the rich consola
ton of knowing THAT YOU LEAVE 1T ENTIRELY PROS
Porous" Nor was this all.
In July, 1880 four months after lett the Bank-the
dividend committee consisted of
Ambrose White, Rch. Asop,
Matthew NewkIrk, j. j. 'anderkemp,
Richard Price.
HI If
surplus profits amounting to 42l S9 dollars, 81 cents,
and they therefore declared dividend OF four per ct
This port was ratified unanimously by the following
members their present:
Manuel Eyre, Joseph Cabot,
Richard Alsop, Lewis VAIN,
John Bohlen, Ambrose White,
J. J. Vanderkemp, Richard Prce,
Cheyney Hickman, Matthew Newk'rk,
That these gentlemen should make dividend Of four
per cent unless they believed the situation Of the Bank
just fled il, cannot be presumed
Further than this
In December, 1880, nine months after my retire
ment, Mr.. Jaudon submitted to the creditors of the
Bank, the following official statement published IN
London
"a SPECIAL committee consisting of five members Of
the Bank Of the United States Messrs. Richard Al
sop, Lewis Vain, Richard Price, John Cornell, and
J. J. Vanderkemp,l was appointed on the l2lh OF No
yembet, to examine into the situation oil the bank.
On the 18th of November, Uhe day before The sailing
y
that the limited time allowed them, precuded an inves
gation Of all the items of the account and that they,
therefore, directed their attention to the least persp-
cuous items The other items however, had been IN.
vestgaed by the committee on the state OF the Bank,
ION which Messrs. Richard Alsop, Ambrose, White,
Matthew Newkrk, and c. Hickman.] The following
is given as the result The details are then men,
toned, and the statement concludes thus
"Probabe surplus beyond the capital IF 3o,OO0,OO0
Of dollars, 81 OIL ,OO4 81 1t should be rccoeced
~, IL, ncofc in he char-
ter has already been charged to the surplus fund, and
that if this had been distributed in annual payments
over the whole period Of the charter was done BY
the Bank of the United States this fund would stand
900 Of dollars higher than it now docs.
On the LIST of January, 1SlO-ten months after my
sgnation-ano,her dividend committee, consisting of
Caleb Cope, John Bohlen,
Joseph Cabot, Richard Price.
Matthew Newkirk,
made report concluding thus
"From the foregoing statements exhibiting surplus
of S527S,.)2o al, the committee v opinion that
dividend could be declared By the Bank and strong
inducements to suggest that course would press them
selves the committee if they considered only their
wishes to meet the very natural expectations Of the
stockholders of the institution who have looked with
great confidence regular distribution Of the profits,
at the accustomed period. But upon mature consde-
ration Of the subject they are induced to believe that
the permanent interests Of the institution and ultimate
benefit of the stockholders themselves will be promoted
by Withholding dividend for the present. The ac-
tual condition Of the Banks of this State and respect
for the Legislature now the of assembling, fur
nish additional motives for this course
This report was unanimously adopted by the Board
consisting still of
Manuel Eyre, John Bohien,
Richard Alsop, }. j. fanderkemp,
Lewis VAIN, Cheyney Hickman,
Caleb Cope, Richard Price,
John A. Brown, Mathew Newkirk,