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- .Iamipe The details OF IN. statement tnen supA''


BY the President, respectfully submit 'ne 0-'


REPORT: ,ro.b,.


.r,naIIy annointed consisted OF Jo7hu-
r;,ni,co,t Heseg Keupton, Charles Massey --s tbr..
Cope Richard Willing, and DaTid oEdvard Coles
last named gentlemen declined acting S"q salscteI ,s
lanes G Newbold and John Bacon having ~ a.n7ed nv
6ll the vacancies the Committee were i~s and C.orge
the election Of Joshua L'pplnco Is o dy o 1anpaTv
Sherwood as Secretary and on 'ie 's. ;sd ,ben,
commenced the performance OF tne ouIes r.
@ -. accommodated by the Board oil D!-
- ~ ,, ~ on ,rrrneni in the Bank, and Se'- from ifne
10 ,iroe attended by Committee OF 'he' oo'!' e so "a q
by the officers and Clerks oil the bahs. E'e! 80 ~
Irdd ,o Them in the prosecution OF their iabos as isl q
no. ,,actfcabls by submitting TO their examination 'e
Books of the Bank and by giving such verbal e1pahso'
Ind furnishing such and copies, as were requested
AT ar early stage of their proceedings they Were ocdn
notified by the President that resolution had been adoP
ed nv the Board Of Directors that the Committee o.
holders informed that the Board Is ready TO AFFORD eh
eyery facility, the prosecution OF any h'esu


the ofnrnittee NAV be willing make OF the affairs ana
transactions of this Bank and the oil us actual a
ton and that it is the wish Of this Board that the COMMITTEE
should make such investigation, IN order that h results may
be laid before the meeting of the Stockholders IN hpInsH
Conceivng il be their duty under the terms oi 'e oI
pna appointments as well under the invitation mus e3
tended TO them by the Board the Committee accordingly
commenced an examination OF the affairs and transactions
of the Bank and g the Of lis actual SITUATION


Tho Committee proceeded ia the first instance TO verliE
in detail the Statement of the Assets and Liabilities oil De-
cember 81 1910 The securities and evidences IN 'ie p's
session Of the Bank at Ptladelphla were accofui"SH
duced and comparison therewIth tP same was iou
be correct The cash counted the second OF aIch
and cores2cnded with the Lege Balance oil that Day Inc
returns from the several Offices and agencies were redd ana
found agree with the printed Statement Inc dccU


of the circulation and sales o. late and present Bank
were also examined o.,


The Committee have prepared and herewith submit s,
more detailed of the Assets and Llaoies OF 'e
Bank on the 2lst day of December lSiO than nat mere
tofore presened-exhibng the particulars OF each item OF
the original! statement the order ana arrangement
as therein pursued; omng, however me lcin' % banh
United States Stock Balance unsolc, anc me dtoCn' 0i
tied as g Bonus for Charter" -


The next object proposed was make valuation OF the
Assets With this view they proceeded to ree&amiae the
items of Active and Suspended Debt Stocks Real Estate
Bonds and Mortgages, Foreign Bills OF EAchange, anu
Aonnts due bv State Banks The President OF the Bank
also requested to obtain estimate OF the probable loss
on the assets the different Offices and agencies
from all of Which have accordingly been receVe1' me
Inmates thus made presented IN coiui'h "uueu ~ Wv
dea,d statement now submitted and before referred TO-
(Appendl1 -, .o. ,-m ~


iii. attempt TO make estimate OF Probable Losses was
found to be attended with considerable dlcuy anu en-
barrassment To adopt the present depressed market vaue
of the several stocks and loans by the BANK wouu
be fair criterion Of their actual worth which Tathef ha
their present availability, was that at when 'he Oo


endeayored 10 arrive Still they have been necessarily
ouded in great measure by the Price Current OF the day
OF the Real Estate and Bonds and Mortgages very I'M
perfect Judgment could be formed without inquiries as 10
,le and ncumbrances which the Committee had not time
10 make Many of the securities OF character 10 rem
der il almost mpraccabie form even reasonable con-
lecture of their value. While, therefore, the committee
bespeak for this portion Of their abos that regard when IS
due TO an honest effort from the best means within eH
roach 10 arrive at the truth they be permitted to
qualify with the remark, that ii necessarily only an a
proximaton which they cannot ask the Stockholders 10
pacs entire confidence The ability OF the institution 10
realize any thing like fair equivalent for lts Assets VIII
depead much upon the OF policy II may IN future
pursue and upon circumstances which not one can be e1
pected foresee. The estimate is presented however,
+Ao jnfa aIle rlVSn eaHh
stockholder will be able form judgment Tor himself


II may be proper here remark that has been thought
best BY majority of the Committee not TO submit the lists
in detail of the active and suspended debt The injury
which would rcsu, the cred, of individuals by such an
exposition might ultimately be detrimental 10 the interests
of the stockholders while benefit OF sufficient Importance
10 counerbaance such mischief appeared TO present IL
self In regard these lines, therefore, the Commit
e. VI content themselves with emarkng that but small
proportion consists ofregula mercantile discounts On the
Active Debt December 2 lsi0 loans 10 seven moor
norn,ed or other companies of 2l 1913 22 including one
of $500 222 %, the Philadelphia, Wilmington and Bal
timore Railroad Company. The sum OF S749Ooo So, is on
obligations having that day more than SIX months TO
run and OF this $5s702S 05, had more than Twelve
months TO run The sum of S279SSS Al, part OF this
line entered as Bills Receivable, being nomnaly paya
bic on demand though really composed OF permanent ac
Communications included IN either OF these amounts
Nor is the sam of S66 500 Bills receivable tor tho sale
of Offices" considerable part fit Is in large amounts
~ will sufficiently appear from the fact that tcry-eight IN
diyduals firms and companies have discounts exceeding
10000 dollars each, OF whom tweniy-seVen nave as
counts exceeding $4,000 dollars each and nine exceeding
100000 each similar examination OF the suspended
debt exhibits as this result ftywo individuals tFns and
comnaues standing charged the books OF 'nai depart
meat with more than $4,000 EACH wentynine with more
than $4,000 each and eighteen with more than $4,000
each There individuals and firms whose deS,S aG
amount 10 So 900, two OF when are over HoouV0V
sb LARGE amount Of which will be lost and four others
Who have loans amounting S5d9oo0 Eleven JOINT Stock
Companies are included this list SsC3 Isl 2S, OF which
the Philadep pha and Germantown Railroad COMPANY Is


The whole result of the valuation made by the Commit
tee NAV be thus stated in short:


The Assets of the Bank, amounting on the Psi DAY OF
December fS4o according the statement OF tho Com


ttes 10 co s1l 742 dollars Is have been eSma-
I'd =, ....................S5 S5l,779,795 10
From which deduct Liabilities o,g2g25g %
Leaves the sum ls2o-29 II
TO represent the capital S5o,oo3uc9 %
eSs an,nnnt OF Eank Tinted States stock