, 1874-12-15

those Of tho Washington branch, roro inaccurate !
and unreliable, those OF tho Washington branch I
alone containing at tho tino thu Con,missioners
took posaosBion laoropnnc'oa OF ovor $7o 0oo.
THO Sun, OF 310b b23 has Hluco boon discovered to
cot.aat 9t Tho duplication o. portion 1!. 9t to No.
ferrod from ono Of tho old lcdgors OF tho COM
rany. On account OF Irregularities thus exist
ing tho Co1nmissonors raado Tho pass'booka
noon bcoan,o apparent that doaignang pnrsona
wor0 engaged III
EXCITING THE SUSPICION or pEros1roRs,
md md t,ns tS,nsayorpg to prevent them from p1os'nt
AL the schedules except those Of Nov Or
1cnns and st. 1,ouia have bocn recoiYed. atost
OF them shoW tho amount duo dopoeitor e,1o
greater t1inn tic amount previously rep {? By
tl,n officers iu Charge OF tho sovofal h : hB.
Whon tic Cotnmleaionoss asausnod cor r. tho
running oxpnnscs Of tho branehos Of 5: .eti-
sSn Thsso s4sa Law" 1esa q cut do"a 70 sSeus par
ei Asonts have ,oen retained at small : lin q
number Of placoa to Euarl tho inte - Of de-
by by " lilo ~ Company aro oyord s. md on
many Of tho.n interest .; :; ~ 'n,sn eson
| cases tlrco years. Tho collootio1- .nl estate !!
[ loanR iH cxtromoly GLOW and difficult. hB 10 tho
collection Of The so-callea avatlablo lonns their
collection in still moro AG}cuis. About Anlf Of
them wore made III tho District Of Columbia So
| euritios now below par. or many OF thcso lohnH
the security is inadequate: OF tho othcrn uttnr-
IL wortblcss, and III somo caaos tho fundB OF the
bank hnl been
| LOANED UPON MERE PERSONAL HoTEa
! without any security whntoyor The anrno mny
substantially 10 said Of tho branch lonn1. Az
claas, thcao appear to bc tho worst In tho poaaoa
toubt whothor oven 50 por cent Of their amount
will ovor be collected. In attempting to rcnli2o
| upon tho reaa eBtntc paper Of tue COMPANY, tne
Commissioners hopo to eocuro tho co,opor9son
of Congroas in making over son1o OF tho Madli,
ingtou md JackBonvio property 70 tho United
States. for tho uses aud purposoa Tor WHICH thoY
nre admirably n3apteu. ,
In tho mRttoF Of assignments, nnding tnat
| persistent efforts wcfo being made to impose
| upon tho depositorB, tho Commissioners ahoptod
q rula to recognizo assignments only 80 far as to
! deliver checkA In paynont Of dividends to as
of}Einal lepositora. This rulc, though saveraly
| criticized, ind apparently harsh Oil 6oIno OF tho
,nost needy. has hccu found to operate boneii-
CHILLY on the masses Of deposltors, koeping t'lom
from Eacrifcing their interests fot uezo TITLE
Tho exhibit af
THE CASH TRANSACTIONS
,, from July u. 1871, to Nov. 20. 1874, both in-
elusive, showa baaneo Of cash aNd cash items
r any: "Tlo cash on hand does not promiAo, q
: yery early dividend, unless Congress comes to
our mid aud authorizes the purchase for tue uao
Of tho Goyornnaens Of some OF the tea! @ estate W
beforo no eau hopo to acc,imuato sufficient
f.lnda to nuke q payment Of 20 per cent tor It
requires nearly aG00,000 to mako such pay"
% tic Treasury subject to DRAFT at tho writing OF
this loport is s115,6os. The present cond'tion
It Of tho books and aecounta Of tho Company, too
a is such TINT oSen il wo had tho NECESSARY fnnas
| II. 1.fI Iuodst nj
inprudont but unsafe to do so. Honca it ia i'm
" possible for uB to say
I'd HOW SOON DIVIDEND WILL nk pEolAhHp.
" Timo should he allowed us either to reco,icllt
10 10 arrive s at aono satisfactory o1plana
70 70 ton Of tho,n, so that we may. not b
BY betrayed into tho Payment Of obligation
already aatise1, or neglect to provide tof tn9s
D. still duo, but which appear closed on tho pooRR
30 In the meantime it would be VOL il ConEEes
el,ould authorize us tonrcBt tho surplus baianc
J" }" to our. credit in tho Treasury Of tue unlte
If. posit in tho Treasury, 40 that doposltora mn
IN nrot(t by tue interest which would accumulate
d. d. said bonds until such time as funds may
~, ~ actually needed"
ae " 1t remains for uH, before closlp5' TO io1'
ITO brioly to tho
b. MANNER OF PAYING D1r1pESps.,
and to submit certain amendments to tha act
Juno 20, 1874, tho adoption OF which No dee
ry our duties. How are diyidohds to bo paid, Al
Yo wLcro How aro depositors to 10 identified
te. How arc assignments Of doposst accountH to
Il recognized These arc questions OF tue utmo
th importance to Tie, and to tho army Of crodItn
las OF the Company, and require full and free d1
lb- cussiou and adequate legislation boforo a.
iu~ lcnd eau possibly bo declared. We hope for 7
ho ponao viii, tho services Of most of tho Gentlon
or who now represent tu At nominal sa'"rleS'
iho ahalf DO
1aSonANr OF TIE ADDRESS OF DErostronb,
&Ar
to impossible to notify then! OF payment OF d.
te- dends and thousands Of thom, it paymants q
lily to DO made by checks will lind it Impractical
.ti- to identify themselves il tho ordinary mann
ing iirst llyidond will bs deelared fail 20 sec b
tho wo can possibly attend properly to thiH portl
ad' Of our dutieu. On tho other hand, TIC oxpont
on Of running tho branches aud looping thenl ~
lan ns nlrendy stated, will absorb great poftf
ou- OF tho aoue.s Of tho Company. 9nd
Tic course correspouding]y diminish the dividends
ing bo paid. It occurs: 70 us, tnerotoTr, enas
tho Treasury Of tho United States ahou!a ooI
yor tu assume these payments through 1ts LIE
asents aud ageucieu, aa tho aatest and M
economical pan, upon our dopoaiting, snilci. c
mo funds for that purpose, ata 1uFn'sntns
it il | uccepBnry dividend goAolulcs
lied Tho amendments 10 tho ack OF Juno ~, l6
or. | Which we submit. are:
tho fiyst-lo authorize and require US to ma
[or~ periodical reports.
uouud and compromise debts duo to and ilab
afo- Tics os tho Company, subject to tho approval
tho Socret ary OF tho Treasury.
Thi,1t-Io giyo lie oxprosg authority to nuy
auv property exposed by us for salo at auction
uuforcing tho collection Ut loans duo tho Go
pnny, md 10 aol| at public or private aale
property, whether real or personal, owned = d,
j. this Company. and oil property now vested
iiiat may hereafter become yoetota in tts, a
to nuke good aud sufficient conveyance to p
chasor Or purchasers thereof, in wlato
State Dlsrct or Territory sh1 sgans eano m9} ,n hs
mont Tho paymelt of tliyidonds :,
Fifh-1'o provide for specific aaa'gnmon'
dep6sitorB' acoounta
(siguod.) Jo11S A. !. CnEs"ELh'
ltoBEnr punyIs,
1touEHT II. L. LElroLD,
COMMISSIONER