The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-03-17
DOLLAR SAVINGS BANK.
Meeting or Dopositors and Other Gre
Gftorrg.
REPORT UPON TIE CONDITION OF THB BANKS
AFFAIEs-THE PROCEEDINGs IN BANKRUPTCY
AGAINST THE BANK RBPupIATEp.

AGAINST THE BANK RBpupATRD,
A very large meeting OF the deposjtors
and other creditors of the Mutual Building
Fund and Dollar Savings Bank was held last
night in the clearinghouse No. 140O Main
street. Mr.. /. s. Tower, chairman of the
Board of Trustees, called the meeting to
order, Mr.. Edward Mccarthy was chosen
chairman, and Mr.. Benjamin T. August sec.
retary.
Mr.. Tower stated that the meeting had
been convened to consider recent proceed.
ings in bankruptcy against the bank, and as
relating thereto gave brief review or the
work Of the trustees since they were en-
trusted with the affairs Of the institution.
The following report from Dir. N. August,
expert, appointed on the part of the credi.
tors, was presented and read rs afording In.
formation Of value:
RICHMOND, Marcli 16. 1874.
/" To the Oepos'tors IN he Mutual Building
Fund and Dollar Savings Bank:
"Gentiemen,--At your instance, with the
concurrence and By the appointment of the
trustees of the Mutual Building Fund and
Dollar Savings Bank, commenced on the
10th day Of January last the examination of
the books of said institution. My ipyesti-
cations extended back from the 31st Decem.
ber, 1870; the statement made up to that
date being the last, as was Informed By the
late cashier, that he was willing to swear
by My labors 80 far have been confined
entirely to the examination of the cash &C.
count and the bills receivable account as it
appears upon the cash-books and ledgers.
'In regard to the former account, find,
after the correction OF errors, that there
should have been balance Of cash on hand
amounting to S9,O62.17, to which there
snould be added the sum of S2,319.17, being
tue oaance received from depositors since
the suspension Of the bank, in September
| iast, making total balance of cash which
| should have been tdrned over to the trustees
of $l1,3SI.34. :. o''0"'
"The bills receivable account 7 have ex.
amined bill by bill, commencing with N. Iist
of bills made up by the late cashier to the a AZ
December, 1870, and have arrived at the fol.
lowing result:
"Of the bills then reported as being ON
hand, and those received since, as they an.
pear on the eash-books and ledgers, U have
not examined the biIl.books, except 10 refer
| 10 them in occasional instances for speciu
informatioD,) there appears an uncreditet
balance of $1S3,732.47, from which should
| be deducted the sum of 922, ,875.2S, credited
to this account for bills which do not appear
from the cash-books and ledgers ever TO have
been in the possession OF the bank, making
| the balance Of bills receivable S16O,917.I9.
GA complete and thorough examination
of this account would necessarily have to be
commenced at period anterior to the 31sl
December, 1870, as the list furnished to that
date is manifestly incorrect.
| Respectfully submitted,
IN. AUGUST"
| Captain Joseph G. Jackson, counsel for the
trustees, represented that fair progress in the
collection of the assets OF the institution had
been made. He deprecated the movement
and intimated that the petitioners in tba
case were in sympathy with Mr. Bossieux
He referred to the proceedings in the United
States District Court yesterday, and showed
that the efforts of the trustees to get posses
sion of Mr.. Bossieux's property had for th
time been estopped by the Cappel & Co..
petition to throw the bank into bankruptcy
The greater portion of the assets consiste
| Of notes, some Of which are not due Tor thre
years to come, and in the case of bapkruptc
| would have to be sold at auction to the higl
est bidder; whereas the trustees, if left
prosecute the business, would collect then
as fast as due. ., .....
Mr. Joseph C. Dickinson expressed his al
proYal of the movement to throw the ban
into bankruptcy.
Mr.. Benjamin T. August preferred to hay
| the trustees manage his affairs rather tina
| allow them to go into the Bankrupt Cour
He believed the latter thing would be til
worst days business they could do.
AR. August offered the following:
81. RESOLVED, That it is the sense of th
meeting that the action of Adolph Capp'
aud Robert Verne, praying the Unite
States District Court 10 declare the Mutu
Building Fund and Dollar Savings Ban
bankrupt, is unwise and detrimental to til
interests Of the depositors In the said banl
go. That our attorneys, hessrs. Wise an
Howard, be instructed to use their be:
efforts in opposition to the said petition.
"3. Having full confidence in the clpacit
and integrity of the trustees, resolved tbs
they be requested to proceed to wind I'D th
affairs of the bank as speedily as possible"
In reply 10 question, Captain Jacksu
stated that if the bank was thrown int
bankruptcy creditors representing three
fourths Of the amount Owed could take
out and place it under control of their repre-
sentatiyes.
Captain George D. Wise stated if the ban
was forced into bankruptcy the creditor
would have the right to choose the assignee
and he begged them in that event to stan,
as unit.
The resolutions offered by Mr. Angus
were unanimously adopted.
After some remarks by Captain Jackson
CAPTAIN Wise, Mr.. Tower, Mr.. Dickinson
and others, ali the creditors present signed
n petitIon asking Judge Hughes TO dfsmis
the petition of Cappei & Co., and not t,
adjudicate the bank bankrupt.
After the signing Of the petition the meet
All creditors not present at the meetin!
last night who desire to sign the petition viii
find it at No. 1400 Main street, late the bank
ins-hou OF the institution.
The DOLLAR SAVINGS BANK CAsE.-Th'
United States Courtroom, Judge Hughe
presiding, was right well filled yesterday Dy
persons interested in the case of the Mutua
Building Fund and Dollar Savings Bank
The petition of Towers and associates, trus
tees of said institution, seeking to thro"
Bossieux, its president, into bankruptcy, wa
to have been heard, but on Saturday credi
tors in the interest of Bossieux had f!ed
petition charging that the deed of trust IRON
the bank to Towers and his co-trustees wa
an act of bankruptcy on the part of tht
bank, and praying that the bank might bt
declared bankrupt.
Bossieux's counsel hearing Of the last pc.
tition came yesterday into court and urged
that the petition Of the trustees against Bos
sieux ought not now to be heard, because
the trustee under which Towers aud his CO
trustees were acting should be decided b!
the court to be an act OF bankruptcy, thet