Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-07-22
The First National Bank.

PUBLIC SALE ORDERED.
To-day, in the District Court, Judge Hum
phreys rendered hts decision in the case of t1e
application of f. l.. Stanton, receiver of the 1st
NATIONAL Bank, for authority to sell the build
Irg, tnrhiture, &c, which was argued last
ceiyer, and Mr.. Davidge for the Cookies. The
decision is as follows:
IN the Saprems Court Of the District of Colum-
oId-DIstrict Court branch hereof-Jgfy, 1874
In the matter of the First National Bank of
Warrington city, District of Columbia: Edwin
Il: stanton, receiver of this bank, under the act
or June 3, 1854 10 Stat. at Large, has applied 70
this court for an order TO sell the banking house
IN W ashlngtOn aforesaid, belonging to the bsnk
lie had an offer OF eighty thousand dollars for
the property; e-third 10 be paid in cash; bal
ance in one and two years, with interest at SIX
per cent. The matter of the adequacy of that
sum as q price for the property was referred to
the auditor and commissioner, Robert Laech to
report pom. He took evidence, both for the
proposed buyers and for the trustees or Jaw
Cooke x 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 eught not TO be ordered
sold st the said price offered To
this report exceptions have been fill ID ani
me cause fully argued by counsel on both sides.
Ihe evidence inciines to establish that a min
imHm price for market value will be one hun
dred thousand dollars. and that the prob ability
Is that larger sum than even tn at will be 60 ~
manded when the business season fully reDpsns
The court under this state OF proofs could NOT
order the property cold n the sum stated nor
are greatly mistaken in their judgment "a bust
ness men, December will be the most appro-
pirate time for sale to be ordered. The re-
ceiver can exercise his discretion a. IN the rent-
ing of the premises till the second Wednes law
In December, 1874 | have drawn the folio "
ing order in conformity with the views ex-
pressed
This cause coming on to be heard on excep-
TONS 10 the report of the auditor and commits
sioner OF this court and oeng argued bv caun-
sci, upon due consideration it is ordered IN At
the exceptions filed to the report of the auditor
be and the same are hereby Overruled. And IL
Is further ordered that Edwin l.. stanton re-
ceiver of the lst National Bank OF WASHINGTON
proceed to advertise in some newspaper or
papers, in his discretion, that he will sell AZ
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 Wednesd Az, being
the 9th day of December, 1874, in front of the
building, the banking house and the furniture
and appendices 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 or
the receiver, made decree authorizing the re-
ceiver to compound the Indebtedness of the firm
OF Jay Cooke 81 Co. to the First National Bank,
TO the extent of valid unpaid claims against said
bank, surrendered to petition aud cancelled,
credit to be given the firm on its open accou Mt
with the bank, provided that there sh all not be
waived any claim for preference or priority of
lien asserted in favor of the bank against the
firm in respect of any portion of its indebted
ness TO the hank