Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1884-08-20
PETERSBURG'S BROKEN BANK
THE COMMISSIONERS REPORT
In. Assets and Liabiiisies-TotnI Indebt,d-
ness About eits.0oo; Estimated Values OF
Assets About s250,coo.

tersburg and Others, Mr.. Joiin 4. ARMS
lead. the commissioner, has concluded his
report to the Hustinss Court, In obedience
TO It's decree rendered IN this cause. This
report was Gl6d Yesterday. From this re-
port h. Is learned that Messrs. W. =. Nc.
ilwame and Robert Gillian, Jr., trustees OF
the bank, produced before the commission.
or a statement OF their trans lc.lons as such
trustees. an account OF which ia given In
full TO August 18th.
The statement OF the trustees shows a
balance I'm their hands on that day OF
sl5, 44G.52.
The commissioner further reports that
by tee decree above mentioned he Is re-
onired TO stale "an account. OF the condi-
ton OF the Painters and Mechanics Bank
as IL appeared by the books OF said bank at
The time il closed, on the 29th OF May.
1884, He l. unable at this time to respond
TO said requirement because the books OF
the bank do not show, rs he Is informed
and believes. the true condition OF the
bank at said date. The books are in a state
OF confusion.
The trustees, with the assistance OF late
officers az said bank, and OF an expert boo &
keeper. representing certain Of the deposit
tors Of the bank, have ~ yet been unable
10 ascertain The actual condition Of the
bank with any degree OF satisfaction. The
commissioner, in the limited time had. could
not ascertain such conditions, and suggests
that IL such inquiry be essential 10 the OBJ.
jects OF the cause, that II be made a matter
OF further inquiry. The report further
says:
Your commissioner, in response T. the
requirement Of said decree that he report
an account OF the assets Of said bank that
went into the hands o; the trustees, under
the deed in the bill, showing the character
Of the said assets and the estimated value
thereof" states that the assets that came
into their hands, with their estimated value.
are as follows:
Face value Of assets sfjT.473G0. includ-
ing bills receivable amounting 70 S}0g.-
5000; oyerdrafts, Sll1.Sl0.i3; cash from
W. W. Whyte. teller, ?S,2Sl.7j.
The estimated value OF the assets Is $780,
600.
II seems to your commissioner That
this statement. ard the statement OF claims
proved against the bank. nearly apprOxi-
mate an answer 10 the inquiry as 70 the con-
dI.ion Of the bank on the 20;h o. MAY. ISS (.
But your commissioner deems It Jus, To
himself and all Interested in the bank y
say that the estimated value of the aforesaid
assets Is only his individual opinion. liable
TO be an an over or underestimate. TO
realize the actual worth Of the aforesaid
assets will require patience and watchiul.
ness, discounted by varying fortune,
The report gives a number Of private
claims that have been proved, aud goes on
10 state:
THE STATES CLAIM.
Your commissioner further reports
that he j. requested by counsel for The
Commonwealth OF Virginia 10 report sp,-
cialiy that they do no: rlcan By proving
their claims to admit the validity % the
deed Of trust made TO ". 3. McIIwaine and
Robert Gillian, Jr., dated May 10, 1854:
that they claim for said debt priority Over
all other creditors OF the Planters and Me-
chanics Bank, by virtue Of a Judgment OBJ
tanned against said bank in he Circuit
Court Of Richmond on the e5th day OF
June. 1851, and in an execution issued on
the said Judgment on the Sth day Of July,
and now in the hands OF the sheriff OF Rich
mond. The question thus raised Is sub
mitted to the decision OF the court.
OTHER JUDGMENTS.
Your commissioner further reports
that the Union National Bank OF New
York, the Norfolk and Western Railroad
Company. and the Citizens Bank at Belle
fOnte-oach a 0rpOration-appeaIed by
counsel before him, and requested that he
state specially that SAID three corporations
obtained judgments at law against the
Planters and Mechanics Bank at the July
term Of this court a. follows:
Union National Bank OF New York, one
Judgment for S9,j0O.29. with interest: an
other judgment for Si,j0S.Gl. with in
terest.
The Norfolk and Western Railroad Com
pany, 4 judgment for Sl9, 1863, with ILL.,
terest, subject TO a credit Of S31j.
The Citizens Bank OF }elleforio a iudg-
mont for S9,4S7.79, with interest.
And that these corporations had issued
executions on said judgment. and the
same were placed in the hands Of the ser
geant of the city of PctertNirG on the 1T
OF August. and that by yiftIe q said iudg-
ments aud executions said three corpora.
tions have prior lien onHpe ;ssets OF the
bank. and claim priority RsuCh lien over
all other creditors OF said bank. The sad
three corporations further requested your
commissioner 10 state that they proposed u
test the validity OF the decd OF trust from
said bank 10 The trustees aud Hrcln1eiOrc
referred to. on the ground thai the direc-
tors Of said bank could not, without the
direction Of tie stockholders OF said bunk,
execute such deed, and that they never
had such direction or authority.
DEBTS ASD LIABILITIES.
In concluding his report the commission.
er SAYS:
OF course only such debt, and habii-
ties are reported rs were presented TO and
proved before your commissioner. There
are other debts outstanding. as your con.
missioner is informed. and which can here
after be proved and reported in 4 future
account. The debts and liabilities report
ed TO your commissioner amount 10 $780,
7l2.1i. Of which the sum OF 81, 100 &c /, %
superior dignity, and the rest Of equal dig
nifty.
Upon the debts and liabilities proved
the trustees, out OF the balance in their
hands, can pay, il 50 ordered, a dividend OF
about II per cent. on the Sccond-cllss
debts after paying in full the iir-l-cnss.
The following figures show the liabilities
in detail:
LIABILITIES
Due the state Of Nirfinia............t13i. II
Due trta,-r-r ~ Norma! school. 4is5 II
Due tie Normal School...........-... lU.ASO 20
a N g. ~ o. 81 Hfafl n