Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-09-05

A Card from the OfEicers.
At the usual hour for bank opening yes
terday, several parties who visited the Peo-
pies Bank for the purpose of presenting
checks and transacting other business were
apprized of the fact that the Bank had sus-
pended and that an assignment had been
made for the benefit of creditors. In a
very short time the news Of the failure
spread to all portions of the city, causing
the usual excitement incident to such fail
ures. By 10 O'Clock large crowd had COL
lected in front of the building corner Cher
ry and Union streets, where the people
generally, and especially those interested
discussed the situation. Amongst the
crowds were check holders, large and small
depositors, and not few who were in no
way interested, but who appeared as SYM
pathizers for their neighbors and friends in
the loss they had sustained.
The President and cashier of the bank
were at their accustomed places inside the
building, and as depositors entered to re-
ceive, if possible, some crumbs of comfort,
the officers stated the case plainly, ex-
planned the cause of the failure, and assured
all that everything would be done to secure
depositors with as little loss as possible.
Among the troubled in mind over the un-
expected turn which had occurred, were
many from the workshops, who persuaded
by the allurements Of receiving interest on
deposits, had entrusted their earnings from
time to time with the institution, until the
amount to their credit had amounted TO
considerable. To this class Of our popula-
tion, the failure was more severe than on
others who were better able to bea- the
losses.
The deed of trust made by the officers of
the bank was already prepared on the night
previous, and it was cknowledged and
registered yesterday morning before it was
hardly known what had happened.
The deed of trust provides that the Peo-
ples' Bank is indebted to sundry persons,
its depositors and others, in various sums
of money which it is at present unable to
pay in tull, and being desirous that all It's
property and assets shall be applied for the
benefit of its creditors without preference
or priority, and without the expenses and
sacrifices incident to litigation in bank
ruptcy; therefore said bank conveys, as
signs, bargains, etc. unto g. P. Thrus-
ton all the lands, tenements, goods,
chattels, money, property, rights, credits,
effect, and chooses in action of every name,
nature and description belonging to said
Bank. The deed of trust also provides for
selling and disposing of the said real and
personal estate, and to collect all monies
due the Bank, using reasonable discretion
as to the time and manner of selling said
property and also being allowed to COM
pound for said chooses in action, taking a
part for the whole where said trustee shall
deem it expedient to do so. The trustee
to dispose of the proceeds, and from time
to time, as often as he shall have money on
hand sufficient to pay dividend Of ten per
cent. or more, to distribute the same rata
bly, and equally in proportion to their just
claims, and should any surplus remain
after paying the said creditors, to pay the
same over to the Peoples Bank, or assigns.
Then follows the list of the depositors,
169 in number, who had sums to their credit
ranging from 20 cents to $11, ,464.13, the
largest amount deposited by any one indi-
yidual, the deposits in the aggregate
amounting to $79,3SS.01. A statement of
assets was also included in the papers ac-
companying the assignment, amounting in
the aggregate 10 Sill ,405.l3. In the list
of assets is that of the Memphis City Bank
iOT PGO,OOO ID COualuCICu
worthless, and a number of other claims
which will probably never be collected.
The officers of the bank are of opinion that
the sum of 100000 can be realized from the
list of assets, but in some cases it will re-
quire considerable time to force collections.
In connection with this failure we pub
Iish the following card which was issued
by the bank officers last evening:
SEPT. 4, 1S72.-It is with regret that we |
have to announce to our friends and GUS
toners that the Peoples Bank has been |
to make an assignment. Losses |
in bad debSs and the difficulty Of collecting |
in our assets have brought about this re- |
suit, and though we might have continued |
on for months, yet the prevailing dullness |
in general business made it advisable |
that we should take this step now
and thus save as much as possible for |
our depositors. The assignment has been
made to G. P. Thruston, Esq, attorney at !
law, who under the terms of the deed will |
proceed to realize on the assets as soon as
possible and make dividends to our credi- /
tors just as soon and often as he accumu-
ates ten per cent OF our liabilities. 1t is |
confidently hoped that the first dividend
can be made within the present month and
others soon after.
Our Indebtedness amounts to $4,000.
and our assets to Sill, 900. Some of these
after may prove worthless, but most Of
hem are collectable, with some delay. Re-
Getting all that are in the least doubtful,
We think fully IS per cent can be realized
or our creditors. For further information,
:reditors and others will please apply at the
)ffice of g. p ThurstOD COlonnade Build-
ng, No. 744 North Cherry street, where
.he undersigned or the Trustee will be
ound during business hours.
JAS. G. OGDEN, Pres't.
CHAs. T. WING, Gas.