Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-03
THE BANK OF TENNESSEE
Report OF the Trustee Showing the
Condition of the Bank, Nov. Il.

import OE IEusLec SnO"luR the
Condition of the Bank, now.
To the General Assembly Of the State
Of Tennessee.
respectfully submit to you the follow
ing report in relation to the Bank of Ten
neSsee. A statement of the condition Of
the bank up TO November l, win be
found annexed.
From this statement it appears that
the amount Of domestic bills" and ''dis-
counted notes" unpaid is 81, ass, AGO SO.
Of this amount S352, 554 03 will be
settled in bankruptcy of which we have
received notice. A large amount will b
settled by insolvency where parties have
not gone into bankruptcy a payment Of
q portion is refused on the ground Of the
consideration being Confederate money,
and the collection of large portion de-
ponds upon legal questions which are
now, and have been for some time, before
the courts Of the State for decision.
But there will be added to the above
list Of bills and notes all those bills and
| notes which were paid South after the
removal of the bank from the State. The
Supreme Court has decided most Of such
payments to be void, and we have for
some time been engaged in thorough
examination Of the books of the mother
bank and its branches, and seeking evT-
| dence from other sources in order to as
certain what notes, and bills have been
paid South. I
The list already amounts to $685.
269 50. When we have made the list
complete and correct, we shall report the
same to the Chancery Court for it's
approval, and most of these notes and
bills will be an addition to the assets 81
the bank as above reported.
| The items in the annexed statement
notes, bills and checks discounted South
amounting to $539,650 ii, are, az
stated in my former report, for loans
made by j. A. Fisher, South, almost al
of which were for Confederate money and
probably of little value.
| The item real estate, in the above so
count, is the nominal value of the rea
estate as it stands on the books Of the
bank.
We have sold the banking property 81
the Knoxville, Athens, Columbia, Clarka'
vile, Somerville and Trenton branches
and have offered for sale the Sparta
branch property. Creditors Of the bank
are claiming that they have lien upon
the Sparta branch property, by virtue d
judgment against the bank in White
county prior to my appointment as
Trustee. We are resisting that clainl,
and the property was recently offered fOa
sale by consent, the proceeds Of the sale
to abide the decision of the court. The
bids for the property not being as much
as it was valued at, there was virtually
no sale.
The parties not. being able to meet
the payments for the purchase of the
Athens branch property, we have re-
scinded the contract. The payment OF
the purchase money of the Knoxville
Bank property has been enjoined on the
ground that an attachment prior to my
becoming Trustee would be lien on the
property.
The first note for the purchase of the
| Memphis branch property has been paid,
but we have been compelled to bring suit
on the other notes; and also on the
notes given for the Trenton branch.
There remains unsold the banking
houses at Rogersville, Athens, Sparta,
Shelbyville and Nashville. The bank
ing house at Nashville has not been sold,
partly because the vaults are almost in
dispensable to the safe-keeping Of the
numerous valuable papers and the val
liable assets of the bank, and partly be-
cause there has been no probability Of
its bringing anywhere near its value
We have solicited offers for it, but none
have been received that were satisfac-
tory to the Board of Directors.
In addition to the bank buildings, the
bank owns two lots in Nashville. There
were no deeds to these lots in the bank
and there was no record on the books o.
the bank of the titles to them. They
were only discovered recently, after q
good deal of research. They are valued
at about $4,000, and are in the hands Of
an agent Tor SALE The bank also owns
a lot in Chattanooga aud some land il
, the neighborhood, and two thousand
acres of land in Arkansas.
The branch bank buildings unsold and
/ the lands aforementioned have no
been offered for sale because parties liv
ing in the vicinity have advised US tina