The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-03-22
VIRGINIA BANKING AND TRUST COM
PANY.

REPORT OF COMMISSIONER wADDELL-sTA-
+ rUs OF THE ooNCERN-wHAT HAS BEEN
REALIzED-wHArM MAY BE EXPECTED.
On the evening Of the 23rd of October, rs,
a check was presented at the counter of the
Virginia Banking and Trust Company, and
although tie signer of the check was known
to have money OH deposit, payment was re
fused The bank had suspended.
1t was peculiarly an institution OF the peo-
pie, the majority Of its depositors being work.
ing-men and women, farmers, tradesmen,
operating upon small capital, mechan-
les and day-laborers. These people, by
rigid economy, had managed to accumulate
Il small fund, and for safe keeping, it was de.
posted with the Virginia Banking and Trust
Company. When the suspension came, 1t
fell like thunder clap from cloudless sky
The general business depression and the
harsh winter. that Immediately succeeded,
made it particularly severe upon those whe
imagined they had made provision for the
but actual suffering was the result.
Shortly after the suspension, the Judge Of
the Circuit Court appointed Judge Jno. N
Hendren and Gen. Jnos EcIsols, as trustees
of the concern.
Mr.. Jos. A. Waddell rs commissioner, was in.
structed to make report of the condition Of
the bank at the time Of suspension, and also Of
the subsequent transactions OF the trustees.
This report was compiled up to the first of
March. 1877, and OH Thursday last, the 10th
presented in court. 1t will doubtless prove
Of interest to persons in every neighborhood
of the county, and every square of the town.
THE REPORT.
E ANIle sreportY shewse that when the bank
tailed tShad $64'74 in cashonhand and 81 Al
stamps. "A. r lg-&. H.
COLLECTED AND DISGUISED.
At the close oftlle. fitlnciary year, ending
October 23d, 1876, the Trustees had collected
OF the assets s2s, 992,07, from which their
commissions Of five per cent: was deducted,
leaving balance of 1927, 955 50. This amount
HAS Uccu uiSuuTscu " Ittct CItSScss rs AOi
lows /:
1st. Notary fees, w. P. Tams' salary for
year ending October 25th, 1876, and other
costs.
I'd. Preferred claims, viz Amounts due
from the Banking and Trust Company as
General Receiver of the Circuit Court, upon
which Trustees have paid an aggregate Of
SIS, 30l 500 amounts due Sam'I Paul, Treas
urer of Augusta County. upon which has
been paid an aggregate OF $9,76l, 3S3, and
sum paid to Geo. Harlan, iailors by special
order OF the Court, $3.50, 90, sSgregating s25,
22,Ss.
Sd. Sums due depositors oifsetted by notes,
and due from them respectively: Thus :
The Trustees are. charged, Dec. l, 1875, with
]. E. 'Taylor's note for s5l5,sl, and credited,
Nov. goth, 1875, by $lG7,3l, paid to him
the latter sum being balance due him as de-
positOr.
THE ASSETS AND EFFECTS
of the Virginia. Banking and Trust Company
at the date of suspension lin addition to Office
furniture which was sold for $77 SOY consists
of bills and notes discounted. overdrafts,
bonds Of stock holders, not paid up, and col-
tents of the 'still'a OF snondescript charac-
ter
The aggregate ofunconected assets is SLY
953, "a, exclusive of interest and costs. A
few of the claims have been collected by the
Trustees since Oct. 23d, 1875. The amount
thus collected since the close of the fiduciary
year is $3,617,27, of (which has been dsburs-
ed So, SIS, 90, leaving a balance in hands of
Trusteessas of March lsts ~, of $43 80.
One claim as It came into the hands Of the
was $9,77s 10 but by payments be-
fore suit aud usurious interest abated on trial,
the amount was reduced to 81 1919 so, for which
Judgment was rendered. The same expla-
nation applies to other claims. Again: Jno.
P. Porter's negotiable note, endorsed by w.
S. and NJ. H. McClintic, for $500, due No
vember 2, 1875, was, by express agreement
between the officers of the bank and McCIin-
tic, the last endorser, to be charged up to
said McCllntic, who was a lepositor to the
amount of $500 50, as of October %, 1870
This agreement is testified to by W. P. Tams,
clerk in the bank, and Others. Another
claim was the note of Armentrout & Co., en-
lorsed by G. r.. Haines, for 5000, due Novem-
Der 5, 1875. The drawers being insol,ent,
The endorser has paid $3.50 to Trustees, leav-
ing balance Of $50 due on note. But the
Haines, has to his credit as depos-
tor, the sum of $47 ~, and claims credit
therefor on his note. AS the endorser is the
only party pecuniarily responsible, and must
settle the note, his claim seems to the Com
missioner reasonable and just. Other cases OF
l somewhat similar character are referred to
BY the commissioner.
s.5- ASSETS.
The list of assets exhibited, subject to cor
ection in accordance with the foregoing
statements as far as necessary, and num-
Der OF other. claims, inquest ionably worthless,
S as follows: - yA
Whole amount of assets. .....$ll7, 1858 81
Deduct correcti ons and worthless. 12.47l 46
''Sa@t q y - $l05.4 s2 0s
Aggregate of sto. * bonds........- 34,3l4 80
Aggregate of asse Is exclusive Of
mterest........... .................Sl39,79 6 ~
The commissioner does not report the above
balance Of $105, 4S2 0 s as good. on the con-
rary he is satisfied IT, vat a considerable por-
ion of the claims-at least one-third, and
possibly one-half-wi IL ultimately prove
worthless. 1t is impos sble for him to dis
eliminate between the claims making up the
above balance, and prom ounce with certain
Y which are good and W bich are bad. Many
# them willlprobably LA, e to be prosecuted
n 'ehanccry. and much til. DC will be required.
The Trustees have not i. instituted suits in
many cases, and their disc. -etion has, in the
opinion of the Commissio ner, been wisely
exercise d. Some debtors I'VE been induced
8 pay nplaad to secure III e amounts due
rom them, when nothing CT 'uld have been
made by legal process.
LIABILITIES.
Amount due depositors and 9TH
ers. y...s...a,.a. $94,147 48
Deduct amount Offsetted, etc.,. 5,OzS 80
aH III aa13 $S9, 11s G3
Add balance due as General Re-
.Y......'.... .......'' 4,'@t w