National Republican. (Washington City (D.C.)) 1872-1888, 1874-07-23
THE FIRST NATIONAL BANK.
DECISION OF JUDGE HUMPHREYS.

DECISION OF JUDGE HUMPHREYS.
Judge Humphreys in the District Court yes
terday rendered the following decision in the
case of the application Of E. L. Stanton, re-
ceiyer ofthe First National Bank, for authority
to sell the building, furniture, &C., of the First
National Bank, on Fifteenth street. The case
was argued last week by Hon. Montgomery
Blair for the receiver, and Mr.. DaYidge LOT the
Cookies:
n he Supreme Court Of tie District Of Co
Elr1abid-D District Court branch tasreof-Jtly,
Ain the matter of the First National Bank
of Washington city, District of Columbus: Ed
win l.. Stanton, receiver of this bank, under
the act Of June 8, 1884, Is Stat. at Large, has
applied to this court for an order to sell the
banking house In Washington aforesaid, be-
longing to the bank. He had an offer Of eighty
thousand dollars for the property; one third
TO be paid in cash; balance in one and TWO
years, with interest at six per cent. The mat
ter of the adequacy Of that sum as price LOT
the property was referred to the auditor and
commissioner, Robert LeeCh, to report upon.
He took evidence, both for the proposed
buyers and for the trustees Of Jay Cooke
& Co., who insisted that the sum offered was
below the market value thereof. The audi
tor reports that he is of opinion that the
property ought not to be ordered
sold at the said price offered. To
cause fully argued by counsel on both sides.
The evidence inclines to establish that mini
mum price for market value will be Que hun
dred thousand dollars, and that the probability
is that a larger sum than even that will be
commanded when the business season July
reopens. The court, under this state OF proofs,
could not order the property sold at the sum
stated, nor at this season Of the year. Unless
the witnesses are greatly mistaken in their
judgment as business men, December VIII be
the most appropriate time for sale to be
ordered. The receiver can exercise his discTe-
ton as to the renting of the premises TIL the
second Wednesday in December, 1874. have
drawn the following order in conformity with
the views expressed:
The cause coming on to be heard on excep-
tions to the report Of the auditor and commits
sioner of this court, and being argued by cOun-
sci, upon due consideration it is ordered that
the exceptions filed 10 the report Of the auditor
be and the same are hereby overruled. And II
is further ordered that Edwin L. Stanton, re-
ceiyer of the First National bank, OF Washing
ton, proceed to advertise in some newspaper or
papers, in his discretion, that he will sell at
public auction, to the highest bidder, for one
third cash, remainder in one and two years,
equal annual installments, bearing six per
cent interest, on the second Wednesday, being
the 9th day of December, 1874, in front OF the
building, the banking house and the furniture
and appendages thereof, and report to this
court for confirmation. For the unpaid Install
ments the receiver will retain lien upon the
premises and require the purchaser to keep the
same insured.
Judge Humphreys also, on the application of
the receiver, made a decree authorizing the
receiver to compound the Indebtedness of the
firm of Jay Cooke & Co. to the First National
Bank, to the extent of valid unpaid claims
against said bank, surrendered to petition and
Cancelled, credit to be given the firm on its
open account with the bank, provided that
there shall not be waived any claim for prefer
ence or priority of lien asserted in favor Of the
bank against the firm in respect Of any portion
of its Indebtedness to the bank.