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1870-'71.] Document No. 6. 321
Wilmington, N. C, May 12, 1870.
Mr. S. S. Ashley, Secy. Board of Education, &c.
Dear Sir ;—In reply to your coiDmunication of the 6th, I
have the honor to state that in ray opinion the stock of the
"Bank of the Cape Fear" is worthless, and cannot be relied
upon for any "future pecuniary availability." The outstand-ing
circulation is about tkree hundred and seventy-five thou-sand
dollars, ($375,000.)
There are due to depositors four hundred and fifteen thou-sand
dollars ($415,000.) A considerable portion of these de-posits
was confederate money.
There are due the bank, one and one-half million dollars
($1,500,000). Suits have been instituted and judgments ob-tained,
but we apprehend but a small portion will be available.
In relation to this matter we quote from the President's re-port.
"Many of the debtors to the bank considered a year ago as
solvent, have since that time been declared bankrupts under
the Act of Congress; and in certain portions of the State, where
we had hoped to realize the greater part of the debt then due,
Ave have become satisfied that but a trifling per centage will be
received. Jas. A. Englehard was elected in place of Jno.
Wooster, who declined on account of ill health and has since
died.
The remaining of the old Board were re-elected, and is com-posed
of the following gentlemen : W, A. Wright, Geo. E.
French, Sr., L. Lattimer, A. Empie, R. Strange, J. II. Lind-say,
J. A. Englehard, T. H. Selby, S. H. Eogers, Geo. Little,
Jas. Anderson. Respectfully,
(Signed) GEO. R. FRENCH, State Proxy.
2. Roanoke Navigation Company.
The Board owns stock in this Corporation to the amount
of $50,000.
21
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| Title | Page 691 |
| Full Text | 1870-'71.] Document No. 6. 321 Wilmington, N. C, May 12, 1870. Mr. S. S. Ashley, Secy. Board of Education, &c. Dear Sir ;—In reply to your coiDmunication of the 6th, I have the honor to state that in ray opinion the stock of the "Bank of the Cape Fear" is worthless, and cannot be relied upon for any "future pecuniary availability." The outstand-ing circulation is about tkree hundred and seventy-five thou-sand dollars, ($375,000.) There are due to depositors four hundred and fifteen thou-sand dollars ($415,000.) A considerable portion of these de-posits was confederate money. There are due the bank, one and one-half million dollars ($1,500,000). Suits have been instituted and judgments ob-tained, but we apprehend but a small portion will be available. In relation to this matter we quote from the President's re-port. "Many of the debtors to the bank considered a year ago as solvent, have since that time been declared bankrupts under the Act of Congress; and in certain portions of the State, where we had hoped to realize the greater part of the debt then due, Ave have become satisfied that but a trifling per centage will be received. Jas. A. Englehard was elected in place of Jno. Wooster, who declined on account of ill health and has since died. The remaining of the old Board were re-elected, and is com-posed of the following gentlemen : W, A. Wright, Geo. E. French, Sr., L. Lattimer, A. Empie, R. Strange, J. II. Lind-say, J. A. Englehard, T. H. Selby, S. H. Eogers, Geo. Little, Jas. Anderson. Respectfully, (Signed) GEO. R. FRENCH, State Proxy. 2. Roanoke Navigation Company. The Board owns stock in this Corporation to the amount of $50,000. 21 |
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