Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1884-04-05

and John Vest $3.50 25
Cash, ,oI4 IS
Three hundred shares Baltimore
and Hampshire Coal Co., value 60 90
Loudoun National Bank, Lees
burg, 1o2 90
Furniture, safe, &C., 600 90
s42,29l 81
Liabilities.
Due depositors, s2,G2s 80
| Ninth NATL. Bank, New York, 557 IS
Franklin Bank, Baltimore, l3l A
Expenses, dividends unpaid, at
torney fees, &c. 500 90
Capital stock, 81, 0S6 20
Total SD, 9O3 II
Liabilities in excess of assets $12,6l2 so
| From the total assets, to-wit 1921 p
| Deduct amount due creditors 3,SI II
Left for stockholders sss,473 so
CAPITAL stock 5l,0SG 90
Applicable to stock holders 3S,473 SO
Deficit Sl2,Gl2 SO
The foregoing exhibit assumes that all the
items of the assets are good, and that every
dollar thereof will be collected, and from
this exhibit it appears that the capital ofthe
company has been impaired to the extent of
Sl2,6l2.50 and that the stock is worth
seventy-fye cents in the dollar.
But it will be assumed that some part ofthe
items Of assets are worthless and that there
will be loss Of about four thousand dollars
in the collection thereof, which sum will have
to be deducted from the amount applicable
to stock holders.
u. Applicable to stockholders, S3S,473 so
Worthless assets, 1000 90
b. For stockholders, S34, 473 80
Capital stock, s5l,OS6 90
b. Fol stockholders, 34,473 80
Deficit sl6,6l2 30
From this exhibit it appears that the
capital Of the company has been impaired
to the extent of sixteen thousand, six hum
dred and twelve dollars and fifty cents, and
that the stock is worth siXty-seyen cents
in the dollar.
The first item of assets notes in the First
National Bank of Alexandria,, gives only
So, 537.0 S as the amount thereof, whereas
the real amount of said item should be
S31 ,O25. 50, but as the company owes the
said bank the sum of S48S.44 this amount
was deducted and left the sum OF S22, 537 08.
II the fifth item of assets, or in the over.
drafts, is included the sum of 1864. IS due by
James II. Reid, rs a depositor, to the com-
pany, and the sixth item of the assets is the
amount due by him, as shown by his tickets,
after being credited with his salary up to
March 1st, 1884, and, on account Of these
items alone he is indebted to the company
in the sum of S., S4216.
1t appears by said tickets made by said
Reid against himself that he has drawn out
Of the bank, for his private use, since June
1st 1880, the sum OF $ll ,97ISl, but there is
no charge for the same, or any part thereof
on the books, aud the said tickets are the
evidence thereof
After crediting against this sum, his salary
for that time, to wit, S5,50O.O0 there
remains the said sum of G,477.Sl due from
him on this account rs given rs the sixth
item Of assets 1t will be observed that the
supposed surplus fund of the company,
amounting as reported by the late Cashier
to 81 900 90 has not been considered 10 max
ing up, or included in the foregoing state
mcnt; it is, because the whole actual assets
are less than the paid in capital. If there
ever was, in point of fact, any surplus fund
as reported, from time to time, by the late
Cashier then not only mas the amount
ital, but also the amount Of said surplus
fund, to be accounted for How and when
this actual loss of the paid in capital of the
company occurred cannot in the present |
condition of its books and affairs, be ascer
tanned with any degree of certainty. The |
books are not written up, and it has been
found, upon examination, that they are full
of errors.
1t will take competent book keeper six |
months time to post the books, and take off
a balance sheet therefrom. In order to as
certain whether there was surplus fund,
and to account for the loss of the capital Of
the company, and fix the responsibility
therefor, the books of the company must be
settled The Board recommend that this
be done.
As the capital has been impaired, and the
standing and credit Of the company has
been more or less injured, it would be un-
profitable to continue business; therefore,
the Board recommend that the affairs of the |
company be wound up as speedily as posi- |
ble
The Board Of Directors are confident that |
the assets of the company mentioned above
will pay after all the creditors are satisfied,
certainly sixty-fve cents, or more, in the
dollar, to the stockholders.
Respectfully,
ISAAC EICHBERG, President.
April 5, 1884.
Isaac Eichberg, President of the company,
then asked and obtained leave to present the
following statement on mis- own behalf:
Mr.. Chairman Il suppose the stockh hold
ers of this Company would like to hear from
me as the representative of the Board of
Directors. The state of affairs of the bank |
has happened in this way: The Board of
Directors had implicit confidence in their
late cashier, but you may say we ought to |
have compared his statement with the books
Of the Company. To this reply for myself, |
not being bookkeeper, l could not Judge J