Camden journal. [volume] (Camden, South-Carolina) 1852-1852, 1852-11-30
From the Chdrlestcn Courier.
The Hank Of tie State CT South Car.
GIiHa.

DS TcNTcuce 10 ullf l3lPSTal Hic !HoIsi' oi tne
proceedings of our Legislature yesterday, it will
be seen that the report Of the President and Di-
rectors of the Bank of the State was presented
in the House of Representatives by AIR. G. p.
Sullivan, of Laurens District.
As WIS to have been anticipated from the al
lusons in the Governors Message, the report is
highly satisfactory, and cvinces that the Instilu
ton enjoys large degree of prosperity.
From the 3Oth of September, 1851, to the lst
Of October. 1852, the profits Of the Bank have
amounted to s309, ,405.07, being per cent on
the capital, of which there have been applied to
the payment of the interest on the State Bonds
payable in London s53,020.23, to the interest
on the 6 per cents Of 1888, $4,000 81, and
transferred to the Sinking Fund S2G9, ,2s9.93,
making the total Of S309,405.O7.
The surplus profits of the ycarending the 30th
of September, 1851, were reserved to aid the
Treasury in meeting the special appropriations Of
the years 1850 and 1851. The sum required
for that purpose was S156, 1880, which, the re-
port states, has been drawn and placed to the
credit of the State Treasurer. There remained,
therefore, Of the reserved profits of 1851, the
sum Of SAL l,52O.Ol which has been transferred
to the Sinking Fund in addition to the profits of
1 -
the year Just terminated
The last instalment of the per cents issued
under the acts of 1889, to provide for an advance
by the State on its subscription to the Louisville,
Cincinnati and Charleston Railroad Company,
became due on the 1st of January last, and all
the certificates presented at the Treasury have
been redeemed and cancelled. A few stockhold-
crs have not called for called for payment.
The entire amount outstanding on the lst Of
October last was &S,4ls,42, and by the provis-
ions Of the act creating the Stock, it was made
the duty Of the Bank to pay off this debt out Of
the surplus revenue of the United States deposit
ed with this State, which had been placed tenn
porary nndrr the control of the Bank.
A part of the Stock, viz the sum of $+1 PAL
"A, hqs been heretofore redeemed by the State
out Of the current funds of the Treasury The
Bank has redeemed at different periods the sum
! Of s550,0Gl.99, which, with the balance out
standing on the 1st Of October, makes up the
sum of SG0O,000-the entire issue under the act
BY the redemption of this Stock, therefore, the
Bank substantially accounts for "Thc Surplus
Revenue
The amount of that fund placed in charge of
the Bank Vas Sl,05l42209, which 100000
was paid by the Bank for tour instaments on
the State subscription to the slock of lie South
Carolina Rail Road Company; 100000 paid for
redemption in part of per cent. stock of 1926
$4,000 ,0O0-not charged on he Bank, but paid
according to act of ls+S; s55o,oel.99 paid for
redemption of per cents, 1889; and Sc, 1912,
the bali lec of the per cents. of 1889, which is
outstanding, and to be paid by the Bank, max
ing in the aggregate S95s, s,4S0.4l, which leaves
balance of S92 ,04l.6S remaining in the Bank,
and for which the Institution is still accountable.
"Thc Surplus Revenue" Fund, thus Withdrawn
from banking operations, is represented by the
Stocks held by the State in the various Rail Road
Companies, which have been or are now engaged
in constructing roads through the different parts
of the State.
We further learn from the report that the Pre-
sidcnt and Directors of the Bank have continued
to direct their attention to the purchase of those
portions of the State debt not yet due, in com
pliance with the views of the Legislature at DIFF
fereut times indicated, but have not succeeded to
any considerable extent. They have, however,
purchased of the debt payable i'll London, seven
bonds of f25O each, and three bonds Of 95O0
each, in all f3,250, at the cost of $l5063.S3; ;
of the per cents, redeemable in 1870 one cer-
tificate for s2,44l; anG of the 5per cents re-
deemable IN 1853, one certificate for 81 1900, all
of which certificates and bonds have been sur
rendered to the Comptroller General, and can
celled.
We further perceive by reference to the usual
tabular statements accompanying the report, that
of the sum of S309, ,405.07, the profits of the
bank, 1926, ,56764 was the amount Of the profits
realized in Charleston, s55,5e7.15 from the
Branch Bank in Columbia, and 26,s5o.2s from
the Branch Bank in Camden.
Among the Assets i'll Charleston we perceive
the items of Bills and Notes discounted 81, ,4ol,-
2G7.15, and in suit s65,665.s3, making a total
of s2,5G6, 6,032.9s; Bonds secured by mortgages
ssO9,7l925, of which s29S, ,45l.2o were under
the Fire Loan Act; and judgments 81 i ,o4l.22.-
The Bank also holds Stocks as follows: CONNER
cial Bank Stock, 400; Magnetic Telegraph
Company Stock, $1,000; North Eastern Rail
Road Company Stock, 5000, South Carolina Rail
Road Company Stock. $ls ,454.74 Ditto Bonds,
S27,44444; Ditto Sterling Bonds, 95,5s425;
Georgia Rail Road and Banking Company's
Bonds, 10000; Western and atlantic Rail Road
Company's Bonds, $4l 900; and City of Montgo-
merry Bonds, $4oo.
In the Columbia Branch the notes discounted