Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-09-28

1.-The loans and advances included IN
the foregoing statement to various
persons upon securities, certificates OF
settlement and other vouchers under the
District of Columbia government, in
cluding the board of public works,
amount to tbirty-siX thousand and nine
ty seven dollars, and the securities, GER
tificates and vouchers upon which they
are made, representing at fair value
forty-four thousand and thirty dollars.
The indebtedness of the board to the
District of Columbia government is
seven thousand six hundred and ninety
eight dollars. Among the loans and
discounts are three notes Of the North
ern Pacific railroad company sggre-
eating one hundred thousand dollars and
maturing October Is, 1873. 1t has been
stated to me that the Indebtedness will
be paiG at maturity. / have notified
the treasurer of the company that pay
ment at maturity is required, but if this
Indebtedness be wholly omitted from
the value Of the losses and discounts, OF
if the value of said Indebtedness be sep
arateiy estimated, the one hundred
thousand dollars, which is the amount
of the surplus entered on the books OF
the bank as having been invested in the
business of the bank, would, ii is esti-
mated, cover the losses that may be sus-
tanned in realizing the rest Of the loans
and discounts. Itappears from the fore
going statement, that were the indebt-
edness of Messrs. Jay Cooke & Co. to
the bank to be paid in full, the creditors
of the bank could be paid in full and
its capital stock would be unim-
paired. The proportion in which the
debts of the bank can actually be paid
must largely depend upon the extent to
which the Indebtedness TO it of Jay
Cooke & Co, shall be discharged. This
il is not in my power to estimate. De-
tailed exhibits of the aggregated items
presented in the foregoing statement
have been prepared, and as soon as
copies can be made they will be forward
ed TO YOU, and meanwhile / will in per-
son submit the information therein con-
tanned. have called upon the various
hanks indebted to the First national
bank to remit the sums due from them,
and also upon the depOsitOrs whose ac-
counts have been overdrawn, to make
good the deficiency. AZ soon as the cur
rency and coin could be counted, / de-
posted it, to the aggregate amount q
ninety-fve thousand six hundred and
twelve dollars, in the treasury of the
United States, subject TO your order, in
trust for the creditors of the bank. The
proceeds since received by me, resulting
from remittances by other banks fol
their Indebtedness, from the payment
of loans, and from collections Of other
Indebtedness to the bank, have also been
in the same way deposited in the treas
ury of the United States, fOr the benefit
of the banks creditors. Mu-
tilated currency belonging to the bank
might also in my judgment be forwarded
to the treasury. This action has been
delayed by revision of the accounts re-
lating to mutilated currency and items
presented by some of the banks, from
currency, which has been reserved for are
turn to them of the amount forwarded.
This question will be the subject OF
consultation with you, whether the
amounts claimed shall be returned, OF
whether all of the currency be forward
ed to the treasury. The First national
bank will in either event be entitled to
credit as an offset to its Indebtedness as
reported above. Blank forms have been
prepared for the presentation of claims
against the bank"