The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1885-04-16
Norfolk Banks.

Ne
A dispatch from Norfolk, dated April
the Sth, says
The government examiners assisted by
the clerks Of the Exchange National Bank,
have been hard at work upon the books
and accounts, but it will be some days yet
before report can be made. The depos-
itors7 committee held another meeting
yesterday. and adjourned until tomorrow.
They will endeavor to persuade the gov
eminent to permit the affairs Of the bank
to be wound up through the process Of
voluntary liquidation, Instead Of by the
appointment OF a receiver. A Sub-com-
mlttee goes to Washington to urge this.
Ii voluntary liquidation is refused. they
will suggest the appointment of Judge T.
5. Garnet and w. II. Peters as receivers.
Meanwhile it has been decided by the ex-
amlner that securities and papers. yalu-
ables, Nc. deposited simply tor safekeep-
ing, will be returned through Mayor I4amb
to the owners at once. Paper sent on for
collection will also be returned A meet
ing of Balm & Brother has been held in
Portsmouth. at which d committee was
appointed TO look after their interests
Work on five farms located in Western
Branch township. and owned by Balm &
Brother, has been suspended. An effort
is being made to make some arrangement
by which work can be resumed. as all the
crops are in the ground. Their brick and
lime kilns have also stopped.
1t has now been ascertained that Balm &
Bro. owed the bank 81 .2S1 600 most of
which was unsecured. The sum of $50
900, which was reported to have been paid
by the firm to the bank has turned out to
have been in securities at their face value
$500, 600 stock of the Seaboard Compress
Company, $500, 900 bonds Of the Meherrn
Valley RAILROAD, aud $4,000 bonds OF the
Southern Telegraph Company. Their real
value in the market will be considerably
below their face value 1t is said that
one-third of the balance due by the firm to
the bank was not endorsed in any way.
The Bains will make assignments Of their
personal property for the benefit of their
creditors. Some OF the papers have already
been prepared. But the position OF Mr..
Geo. M. Balm, the cashier of the Exchange
Bank, is a very embarrassing one, as he
stands between two fires-the depositors
OF the bank and the depositors of the
banking house.
The excitement has almost entirely
quieted down. and all the bank officials
state that the trouble is over. The banks
are now dOubly entrenched. the holiday
having given them time to add materially
to their resources. Still. the lookup of
deposits in the concerns that have failed
will cause serious annoyance, and, in some
cases, worse than that. One commission
merchant IS said to have had 100000. and
another $4,000, with the Exchange Bank,
and there are besides. such cases as that
of a widow who had Just received a death
benefit and deposited it-all she had. Very
many OF the country people in this section
had their savings with Balm & Bro, and
most of the Portsmouth merchants kept
their accounts with them. Their total de-
posit line is said tc have been about $780,
600. A good deal Of money has been
brought into the city to reinforce the
banks. Mr.. Harrison Phnbus. for in
stance. brought in $4,000 for the Home
Savings Bank just after the failure. and
states that he will put $4,000 more if the
bank needs it.
1t is understood that there is a margin
of 900 deposited in the United States
Treasury at Washington to secure public
moneys which may have been deposited
with the Exchange Bank. over and above
the amount due the government and dis
bursting agents, according to the books of
the bank at the time of suspension.
PETERSBURG, VA. April 5.-The Elk
change National Bank. Of Norfolk was
depository of the Norfolk and Wess ern
Railroad Company. and the latter had a
large sum of money on deposit up to the
time of the suspension. The day prior to
the suspension the employees on the eastern
division of the road were paid off with
checks on this bank, but will lose nothing.
as the authorities OF the road have tele-
graphed their agents to cash these checks.
The same company had several thousand
dollars deposited in the Planters and Me
chanlcS Bank of this CITY, when in failed
last May.
None Of the banks here are affected by
the bank failures at Norfolk