Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-02-08

The sDf capital would be alo,79l Il
Or, fraction oGder nine per cent Of the entire capital
Repor. ofa Cr,am,ree # the Stockholders, appointed at
Me,r meeting, .'annary 4, lSl2:
The COMMITTEE |" whom, referred, under two
Resolutions Of tic ..,ockhoders the duty If examining
the Report of ia" President and Directors, made yes.
rrday and also. Of Investigating the general condition
of tie Bank, hry leave 20 report,
That Of adequate time necessarily compcs them
to be very brief and they only call the attention Of
the Stockholders 10 few particulars which, came IN
der their notice IN regard to the Report Of the state
o. the Mother &ana and Branches ,hcy would state
that they hclc tic 10 be correct generally, with
the reception however of that part Of which refers 10
the bad and dobu debts of that Institution, ard the
estimate value OF Tue stocks. The bad debts are set
dawn the report of the President and Directors, al
Sl7S,S and your Committee, after careful exa'n
nation OF The .nsous items, cannot estimate IL at much
less than 22pch0 and they have increased the doubt
rul debts, which WIS set down al G2Ooo TO be about
2a7, 600.
The rcpor, oc tic President and Directors further
shows the Amount * Stocks hand 10 he $3.50, SOD
held by the Bank al Richmond, while your Committee,
under the NEST liberal view Of the case, cannot est
mate i; as worth moro than S.ilS,o00.
THIS reduction in the estimated value Of the Stocks
held by The Mother Bank, say S22 600 added 10 lie
crease of bad debts, which tie Committee fixed al
SIS 600 ard these two items, in tnrn, added To lii" loss
Sc, forth III !a report Of the Pfcs'den, and D'rsc
tors 7GS GHn would swell the req! present loss of
From tie above Of SOS sos, dc3uc; the profits
on hand belonging 10 old and stockholders, Of
$50 29l, would leave the deficiency Of the capital Of
the Bank equal to about $4,000.
Your Comm tcc also had under examination list
of the suspended debts, which amounts 10 the Of
S502 900, Of which amount 2l7 900 considered as
lost by the foregoing estimate. And here your Com
nit,ee would rc,aark, their deliberate conviction
that of th loss has resulted f:o the creation
large debts, and The want of proper attention to them
after becoming SUSPENDED They further state tha,
they find one case where the eDGorser Of note has
been entirely released by neglect, though they consider
tbs debt is good al tia, another large debt might
have been lost und the statute of limitations but for
The timely counsel Of the present Cashier on his coming
into Office.
They also find that many of these suspended debts
winch Ina We always been, nnG now, considered good
have been lying without consde -aon from three 10
twenty years; state Of things, in the view Of your
Committee irregular, upus,,iiAh!c and entirely al va
rance with the true principles II Banking.
Your COMMITTEE, also .cund that no bend had been
taken from the lac Cashier under The charter and
the only alleged tor not taking said bond, was
that the Cashier refused give IL and ha, the Presi.
deut and Direc toia considered the old bond good
In conclusion, your Committee say, that they have
date upon winch they could investigate The state OF
Tie branches Of this Institution, therefore recommend
that Committee Of stockholders, consisting of other
than Directors, be afp led 10 examine INTO their con-
X A5 {; cs sse is :;s% resolution,
Essotred, That the mu"ca,cn made TO this meet.
ing Yesterday ~ The Nsidfnt, and the report OF the
Secretary the Journal, par, Of the proceeding
OF tins meeting.
Which resolution, on motion Of Mr. B. ". Leigh,
amended By .ddns the words without express.
ing any opinion Of the Stockholders on either"
The Rsse'a'ioa> Al amen I'd, was then adopted |