The times. [volume] (Richmond, Va.) 1890-1903, 1892-01-19
PRICE TWO CENTS
ANOTBER FAILURE RESULTS.
George W. stevens Fails on Account OF tn
Nicholson Bank Crash.

BALTIMORE. Nm, Jan. 1S.-George w.
Stevens. dealer in builders supplies at il5
and III Light street. made an assignment
this afternoon. Mr. Stevens established his
business IN Baltimore IN 1885. 10 was admit
ted that the Nicholson bank crash was the
cause OF the failure. Mr. Stevens claims as
sets to the amount Of $4,000.
Mr. Stevens OWES about eighty houses in
different parts OF tho city. but stated that
they are mortgaged in good many instances
20 amount OF their full value. Tho liabilities
5000 is due the Nicholson bank.
party secured. The trustees IN the Nicholson
failure are beginning 20 bring order out
Of chaos. and some sort OF state
ment OF the affairs Of the old banking
firm will probably be made about the end Of
the week Bank presidents and cashiers from
all parts Of the country are coming 20
town 20 discover az much as possible about
the condition Of the firms finances. An oi-
der was passed by the court to-day which
Will bring 10Y 10 many by enabling
them 20 regain possession or notes and
and drafts which had been forwarded u
the Nicholson for collection. A very largo
number OF drafts and other negotiable paper
were lodged with the firm for collection iy
persons IN n0wse indebted % the frm. The
Court directs the trustees 10 Surren-
der 90 the owners all such paper
now IN their possession. Among tie
officials seen az the bank to-day were
representatives of the Manhattan Bank OF
Strasburg. Va. and the Shenandoah Bank
OF Woodstock. Va. The BeTyyille and Front
Royal banks Of Virginia are also concerned
as % notes sent on here for collection.
President Sawyer. of the Battery Park
Bank. and Cashier Mcleod. Of the
Western Carolina Bank Of Asheville. \. c..
were at the bank this morning aud had
ff.f1 a.
lars each. The order of the Court passed.
however will satisfy these gentlemen Tor
awhile. The Mutual Life Assurance Company
of Worcester this afternoon instituted
peculiar proceedings in the Nicholson failure
IN the superior court. They have attached
the entire assets of the concern under the act
of 1866 claiming that John III. Il. Nichol-
son was non c0mpOs mentis at the time
Of the execution Of the deed 20 the
trustees and it will not hold. The company
had s3OH deposited with the NichOlsons. II
these proceedings should prove successful
there will be q general scramble among all the
creditors for the assets of the concern. and
the policy Of first come. first served, will
settle the entire business up. Mr. Carter,
tle trustee. does not think the attachment
will lie. Charles Nicholson. son Of
John II. Il. Nicholson. reports his father )
condition 20 be extremely critical. No
change for the better or worse has as yet
occurred ana MA Qeath may tako place az any
time. Deputy Sheriff Roseman today served
another repleyen on the Nicholsous and recoy-
cred . number of checks aggregatlng about
@700 tor the Jefferson Savings Bank Of Shep-
herdstown. W. Va. This bank closed its
doors on Friday az a result Of the Nichol-
son failure and although it has made
no assignment as yet. It's position is
a hazardous one. IL was learned to-day that
the NichOlsons owe the West Virginia institu-
tion about ga. 600. and until it IS known what
this will realize the bank has closed its doors