The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-03-26
Florence between liabilities and AS

100 Observation-Disclosures. S25.220 so
which occurs (Says the committed because
for the past two years there have been no
n-nrts, and there have been paid for 8 in
ridcntal expenses, salaries. and interest .
the sum 0! S26,6i2.4I. II, however, all the
above assets should be good the difference
would be increased. 50 far As general distrl-
button is concerned. because 4 number OF
the debtors OF the bank are dcpositorS. and
their deposits are Offsets to their indebted
ness: and while this decreases both the
a>SrlS and liabilities to the same extent 1t
leaves = smaller per cent. for general diStrl-
button.
In the classification OF the assets the COM
mttcc find tina. there are S2l.,I3.G4 which
are g50I doubtful, S23, 1885; worthless.
Slo3.9 1854! Surprising all the good assets
20 be realized, and twenty-five per cent. or
the doubtful, we would then have the sum
OF S21.1i0S5 TO meet our lndebtedcSS OF
Sl73,G9Gl3. and the expenses OF llqulda-
ton. or about sixteen per cent. to each Gre
ditor, leaving out the expenses. There are,
however, hvpothecatcd assets 10 the
amount Of S54,597.2I which are claSSed
as doubtful, and which the committee
thought should not be deducted from the
gross assets and liabilities, because only 4
small percentage would be likely to be real
lied. They would probably realize $4,000
from these assets, which should be deducted
from the liabilities, which would bring that
sum to $lT0,696.l3
Good and doubtful. aSscts.. So
Deduct amount realized on hypo,iic-
LalvinC..,.. .,...........S2i'iIo %
10 pay Sl70.G9Gl3, or about fourteen per
cent. 10 each creditor. The committee
thought il would take ABOUT five or six per
cent. OF this 10 pay expenses OF settlement.
In justice to the officers OF this bank it is
proper to say that the committee found
large balances 10 their credit. The COM
mittcc thought the above statement was Il
sufficient answer to the inquiry delegated
to them as 10 the feasibility Of running
new bank on the assets OF the old.
1t is easily seen. therefore, that the affairs
Of this bank are in 4 hopeless condition. l
have said il was not done by wild specua-
ton. | zee no reason to change that opinion.
While it has brought distress upon this COM
munty. the standing OF its officers precludcs
the idea that the result is due TO other than
inetliciency and bad tuck: or, in other words,
that the officers, being honorable them
selves trusted too implicitly in the honesty
OF others, discarding the maxim that
generosity and charity have no affinity
with true banking.' and being subjected,
OF cotiSc, 10 Tue utplcssloli vi tue titiieS'
The dcpoSitors received this report with
philosophical good humor. They were in
part prepared for it. There was grim lu-
dicrouSness in the resolution offered by MIR.
Thomas Wood that the committee be COM
prn>atcd for their labors out OF the assets
OF the bank. and that they be discharged
sine die
The ladies Of the Methodist church gave
tableauX at the Town Halt last night,
which were well attended.
Rex. A. Is. Woodfn has been elected
chaplain OF the University for the ensuing
two years. Mr.. Weodhn is Nlrglnlan,
now Il resident Of Columbia, S. G., and
during the war was chaplain Of Gordon's
brigade. He is said to be an able, earnest
worker.
Rev. X. b. Upper, who has been absent
at the South, returned to his charge yester-
day. QuIP.