Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-04-16
REPORT.

1911, TO examine the details of the statement, then
submitted by the President, respectfully submit the
following
REPORT
The Committee originally appointed, consisted Of
Joshua Lppincott, Moses Kempton, Charles Massey
Thomas p Cope Richard Willing, and David Krkpa-
trick. The three Last named gentlemen declined act
ing; and Edward Coles James S. Newhold, and John
Bacon having heen selected to fill the vacancies, the
Committee were finally organised, BY the election Of
Joshua Lippinc9s1 chairman, and George Shars
commenced kped
| them.
of Directors, with aF4llGl - - Deh@ere
from time to time, attended by Committee of thai
body, as veil as by the Officers and Clerks of the
Bank Escry facility afforded to them, in the
prosecution of their abors, far as was practicable
by submitting TO their examination the books OF the
Bank, aud by giving such verbal explanations, ane
furnishing such extracts and copies as were requested
At an early stage of their proceedings, they were off
cialy notified by the President, that resolution had
been adopted by the Board Of Directors, "tat the Com
mittee Of stockholders be informed, that the Board is
ready TO afford them every facility, in the prosecution
of any investigation which the Committee may be will
ing to make, of the affairs and transactions OF this
Bank and the Of its actual situation, and that
ID the wish Of this Board, that the Committee should
make such investigation, in order that the results may
be laid before the meeting ofthe Stockholders in pr
next."-Conceving it 10 he their duty, under the
terms of their original appointment as well as under
the invitation thus extended TO them by the Board, the
| Committee accordingly commenced an examination OF
the affairs and transactions of the Bank and 'the
causes Of its actual situation.
The Committee proceeded, in the first instance, to
verify in detail the statement Of the Assets and La
bll,ies of December q, 1870 The securities and cy
dences in The possession Of the Bank at Philadelphia
we're accordingly produced, and comparison there
i III tha v,S md IN he he was
counted on the second Of March, and correspondent
with the Ledger Balance of that day. The returns
from the several Offices and agencies read, and
found to agree with the printed statement. The &C
counts of the circulation and issues Of the late and
present Bank also examined
The Committee have prepared, and herewith submit,
still more detailed statement Of the Assets and Liabi
lilies Of the Bank the twentyrs day Of December,
1910 than that heretofore presented exhibiting the
partcu lars Of each item CT the original stalemen in
the order and arrangement is therein pursued;
emitting, however, the items Bank United States
Stock balance unsold, and the amount credited as
"Bonus for Charter.
| The next object proposed, 10 make valuation
of the Assets. With this view, they proceeded to re-
examine the items of Active and Suspended Debt,
Stocks Real Estates, Bonds and Mortgages, Foreign
Bills of Exchange, and amounts due BY Stale Banks.
The President OF the Bank also requested TO obtain
an estimate Of the probable loss, the Assets at the
different Offices and Agencies; returns from all of which
nave accordingly been received The estimates thus
made are pre- rnted i'll column, added TO the detailed
statement now submitted and before referred TO- Gap
pendix A.
The attempt TO make al estimate of probable loss
es was found 10 be attended with considerable diff
culty and embarrassment To adopt the present de-
pressed market value of the several stocks, and loans
held y the Bank would not be fair criterion Of their
nctual WORTH which, rather than their present avail
ability was that at which the Committee endeavored
10 arrive Still they have been necessarily guided, IN
great measure by the Prices Current OF the day OF
t,e Reai Estate and Bonds and Mortgages, very i'm
erfct Judgment could be formed without inquiries
10 title and membranes, which the COMMITTEE had
not time 10 make. Many Of the securities are of a
character to render il almost mproctcable to form even
reasonable conjecture of their value WhIle there
fare the Committee bcspeak for this portion of their
abors that regard which is due TO an honest effort
rom the best within their reach, 10 arrive at
The truth they must be permitted to qualify IT with the
remark that il is necessarily only approximation, in
WHICH they cannot ask the stockholders 10 lace entire
confidence The ability of the Institution TO realise
any thing like far equivalent LOT us Assets WIN de-
mend much upon The course of policy it may in future
nnrsue and upon circumstances which no one can DC
.rneced TO foresec. The estimate is presented, how
ever with less reluctance, from the details now
q;ven each stakeholder will be nbs to form Judg-
ment for himself. 49,
,boraht hest by majority of the Committee, not TO
submi, the lists in detail OF the active and suspended
debt The injury which would result to the credit OF
;n5;vduals by such exposition, might ultimately be
detrimental 10 the interests OF The stockholders, while
M bere6t of sufficient Importance TO counterbaance
noh mischief appeared TO present itself In regard
- ,,a ,,yo lines therefore, the Committee will con-
ION, themselves with remarkIng, that but small pro-
or,;o, consists OF regular mercantile discounts On
h Active Debt December q, lc1o are loans to seven
o,nn,ed or other Companies, of ,2l 1893 dollars,
90 ap, ncIudnr one Of SOP 222 dollars, y cenls TO
,ho philadelphia, Wilmington, and Baltimore Railroad
C..nr The sum of 40, O5G dollars, 81 cents, are
IN ohI;Ga,ions, having on that day more than SIX
,L =, run and OF this sum 5g1 ,02S dollars, cents,
Id we Than twelve months to run. The sum OF
nan o"s all,rs Al cents, part of this Line entered
a. s,Rlls Receivable, being nomnally payable on de-
I'D thourh really composed OF permanent &C
nnn,rn'odotons, is not inc uded in either of these
,rro,,p,s Nor is the sum oil bbSoO dollars, co
cents, "Bis receivable Tor SAFE OIL oices; eons-
da.shI mar, of il is in large amounts as will sufficiently
80. ron the fact that iortyeight individuals tifns
RI nnonies have discounts exceeding 20,ooo dol
I,rs eoch each Of whom twenty seven have discounts
o.aJ;na 10000 dollars each and nine exceeding loo
ooS dlI,Ts each similar examination OF the sus-
WV dsb, yhbits as the result fftytwo individuals,
So md companies, standing charged on the BOOKS
c,i d.nortment with more than u, 600 dollars each,
.a, nine with more than $4,000 dollars eacl and
;ohtesn with more than 1O0OU0 dollars each. lhere
re .;v individuals and firms whose depts amount :"
. a. ooO dollars; two Of which are over 0ouooo dol.
-',h , large amount of which will be lost and
o,hs,s who have loans amounting to 169,000 dol
ars Eleven Joint Stock Companies are indebted on
H. t O7 $50 dollars % cents, of which the fhIladel,
mia and Germantown Railroad Company IS l2'''o2
dollars, 40 cents. O.
The whole result of the valuation made by the oom-
m;ttee, may be thus stated in short
The Assets Of the Bank, amounting on the twenty
FIRST day Of December $780, according to the statement
II the Committee, 53I 42 dollars 40 GEMS nas ,e
been ah daduc, liabilities 80, 959539 CD
-, .,o Sl4,s2O,256 4
q. ,,n,,I Of ss5,Ooo,ooo 90
Less amount It OF OF Bank o'''t' 0'N'' a,471,4oo 90
So, 525, 600 90
To this may be added the sum OF iour " I'VE nun
dred thousand dollars for that part Of tne c nnn
.mountinp ON the 2st of December olp' 70 9,9ooooo