The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-07
STOCKHOLDERS OF THE o. S. BANK.

At an annual meeting of the stockholders of the
United States Bank, held in the banking house, on
Monday the Sd day OF January 1872, Henry C. Cor
bit, Esq. was appointed chairman, and Joseph K,
Chandler, secretary.
Mr.. Robertson, the president of the institution, pre-
sented the annual report of the directors, which
read by the Secretary. We are indebted to the Cou-
rers correspondence for the following sketch Of the
REPORT
We are unable to give the report in full, owing to
the late hour at which it reached us 1t commences
with detail of the circumstances under which the
assignments made by the bank took place Ii then
relates the measures taken to close the different
branches and agencies the bank had established
The Merchants Bank at New Orleans, which had
cost the L. 5. Bank S,000,000, or Sll0 per share,
was sold to Edward Yorke, Of New Orleans, for
S515,000, S57 80 per share. The Insurance Bank
of Columbus in Georgia was sold TO DIR, Robert Col
Inns of South Carolina. 1t cost the United States
Bank 1894, 900, about STA per share. The price
obtained for it was 10000, or $50 per share The
report then goes on to say
Another important measure of the bank, was the
dssolvng the contract between the Bank of the Uni
ted States, and The Associates OF the Bank OF the
United States in New York which was made in
August, 1888. By the terms Of that contract, the
associates TO transact the business OF this bank
for fifteen years for compensation OF twelve thou
sand dollars per annum this bank to pay all the ex-
penses incident TO the conducting of the business
These expenses the rent of the banking house,
salaries of officers and clerks and contingencies such
as stationery fuel, sc.
As the business Of that bank had very much d.
minshed, and materially changed its character from
active to suspended debt, the Board of Directors in
August last in their desire TO reduce much pos
sble the expenses of the institution were anxious 10
put an end to the contract. The only way in which
This could be done, at least amcably was eNpressy
pointed out in the contract itself which that
in case either party wished to withdraw before the
expiration of the term agreed upon they should each
choose person arbitrator, and the persons so
chosen should appoint third, who should together
ascertain the value of the contract for the uneXpred
term thereof; and whose award declared in writing,
should be binding upon the parties. This was &C
cordingly done The arbitrator selected by the par
ties were Horace Binney and Samuel Grant, Esqs
of this CITY, who together chose David d. Ogden Esq
of New York, for the third referees.
The bank was represented before the .arbitraiors
| by Committee of the Board of Directors Gone OF
Nhom was gentleman Of the bar,) who explained
to them the views Of the board in relation the sub
| ect.
In due time the arbitrators agreed upon an award
| and the sum awarded to the New York associate was
paid to them by this bank, and the contract was o
| course dissolved.
The amount of the award Of the arbitrators of the
value ofthe contract which was paid by this bank was
Sl0l ,6l3 GO.
The SUN awarded as the value of the unexpiret
term of the lease Of the banking house, was + ~,
9iS AZ; and this sum was also paid To the New York
associates-they being the owners of the bankin.
house.
The closing and settlements OF this contract rcduc
ed the annual expense 'of this bank about thirt,
thousand dollars.
The situation of the debt due by the Bank of TIL
United States in Europe, engaged much of the auen
ton ofthe Board of Directors since the last meeting
Of the stock holders and particularly in relation 10 tn
interest which became due in September and Octp
Der last and part oithe principal one OF the loan
i due in October.
The amount Of interest due in Sep
! TENDER t3,OOO
Do do in October $4,000
! do $1,000