The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-11-30
SGll,3an 10
ASSETS valued ny Mr.. II. II. De-

ucnd. itS discount notes coi,lu not De col
lcctcd because uf The absolute dearth of mo-
ncy. The bills in circulation, which had been
reduced during the first few months of The
war to The small SUN comparatively Of
SlC0, 600, had been increased by the call OF the
Confederate Government TO the large sum of
$500, 900.
These bills were scattered over every part
of the country, and soon became the object OF
large and eager speculation. They rose rapid
|.ly In value, were brought forward constantly,
and daily presented for redemption, and us
this, in the depressed condition of the bank,
WAS Impossible, s,iits were threatened, and
every means used to force n settlement
In the meantime the board, exercising q
rigid economy, had reduced the expenses Of
the bank 10 the lowest possible limit. Only
three ofliccrs-thc president, cashier and soi-
citoi--werc kept on duty, and the salaries
were largely diminished. The assets were
nurscd, every opportunity for the purchase of
the bills at the lowest rates WAS embraced,
and soon n marked dimlnution in the out
standing circulation was effected. They CON-
! Inanded high rates in the market. and their
advance In price was much greater than shown
in the bonds and stocks which formed so large
| n part of our asscls.'
Sensible of this, and sat stscd that although,
our stocks would ultimately bring very high
prices, yet sale Of them aL that time would
involve runous sacrifice, and possibly bring
OH The insolvency of the bank, The board con-
ceiycd the project Of selling the real estate
owned by the bank. This. after great drlibc-
ration and full discussion, and after many and
free conferences with the solicitor Of tho bank,
was effected for $4,000 cash, and tic proceeds
| at once invested in orr bills, ut u large dis
| count. The bill-holdcrs being still pressing in
their demands and suits having been actually
| commenced, looking to the payment Of The
funds Of the bank into court, the appointment
| OF q receiver and the forced sale of The assets,
with distribution among creditors, the hoard
| instructed the solicitor Of the bank TO make
application TO the Court Of Equity for insruc-
tions upon the many embarrassing questions
presented for their decision, and for an inlunc-
tion against oil creditors sueinr their claims ut
law. This measure was Co:nrietcly successful,
| and q marked advantage wus obtained as well
in the settlement Of claims against the bank.
and the more slow and profitable disposition
Of It's assets.
| IL would prove tedious to ,so into minute d.
tails OF every operation.
The death of our president, ID. J.. Mckay,
deprived us OF his valuable aid and financial
abilities. immediately upon his death, and
the election of The prcsen. president, the
| efforts 10 reduce Ike outstanding circulation
were renewed, ard ~ policy OF more rapid
| liquidation of the circulation was ina,ig.ratrd.
Any bill which could be bought was purchased,
and the circulation, which in 1860 was Sis2. ms,
was soon reduced to s6G,99S.
| The condition Of The bnnk to-day is shown l,y
the following statement The securities have
been valued by Mcssrs. II. II. DeLeon nnd i
,1O2 shares South Carolina Railroad
Company, ut $40. SIt ,OSO 90
| 1902 half shares South Carolina Rail-
! road Company, at Sl8 25. ..... 13,2SI on
$500 shares Peoples Bank stock at
So. 1900 GO
at GO per cent. ....... -. CESS Oh
SIG ,OlO bonds OF Grcenvllln and Co
| umbla Railroad, State guaran-
tee, at 60 per cent; ......:.:,. o,6oG 90
$4,000 Spartanburg and Union Rail-
| road bonds, Stale guarantee, at
SIG, 1000 Charleston and Savannah '' ~
| Railroad g. per cent. bonds, State
guarantee, al sper cent. 80. $3.50 90
| $23, 800 Savannah and Charleston
| Railroad 7per cent. bonds, State
guarantee, at GO per cent. ...... l4,756 90
$4,000 Mississippi and Tennessee
Railroad bonds, lrst mortgage,
at 80 per cent. ..........-. oc,4oO 90
sI5,5OO Mississippi and T,nrcssco
| consolidated bonds, 8 per cent,
40, at at 70 per cent. lo,s5o 90
road bonds and coupons, at =
! per cent. Observation-Disclosures. 20,100 90
Total .$l74, ,952 90
Tho Legislature, at It's Inst session, passed
| an act TO enable the banks OF this State to rc-
sumo business, or to place them In liquidation.
BY the first section Of this act it Is provided
that oil banks Incorporated by this State,
which shall continue refusing to pay It's bills
aftcr lst December, 1869, shall forfeit oil cor
poratc rights and privileges, and forbidden to
transact any business rs banking corporations.
The second section provides that, In case of
| 'Ich refusal, the banks 30 refusing shall be
pnt In the hands OF receiver. to be appointed
by the Judge0f the circuit In which the bank
is situated. But that If any of them agree to
redeem their bills, they rhall notify the Comp
trollcr-Gcncral of their agreement SO to do.
The fourth section provides that any of the
banks rcdeeming their bills, and arc able to
| redeem them, and havo remaining in their
possession assets of the market value of
~ootooos hiuy iOouiHo OuSlilCs5 Us ~ D1nKlnn
corporation.
REAL. ESTATE.
Calhoun street property "a, 900 90
"a, G04 acres Florida lands 5000 90
$4,000 90
CAHII ARsETH.
Now York exchangc..... +56 90
Cash on hand. ...."......6 .6,0s0 81
n,,,. ooo,o,, ,; 5,5ac27,
change, aud other assets valued
VI. OBSERVATION-DISCLOSURES. O3,O0O 90
s255, 5,4ss 27
LIABILITIES.
Circulation outstanding .66,095 90
Estimated to have been
lost or destroyed. ..40,0o0 90
--- 2G.e95 90
Surplus. ................... $22s,49 81
Observing III, provisions OF tho act, tho
board have prepared their statement. have