The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-15
A CAPITALIST IN A CORNER.
J.P. PACE OF RICHMOND MAKES AN
ASSIGNMENT.

His Liabilities Believed to Aggregate
100000 aud His Assets Expected
90 Pan Out Considerably More
Than This Amount-The Assign
ment Drought About by Continued
sickness Preventing Him From
Giving His Personal Attention to
His Affairs.
Richmond, Va, Dec. Thames b. Pace,
a well-known banker and capitalist. made
an assignment this afternoon. The deed
by which Mr.. Pace assigns conveys ali OF
his real and personal property, including
stocks and bonds. to Judge George l..
Christian and J. j. Montague for the
benefit of his creditors.
The liabilities are placed at about $780,
900. The assets are not given, but are
thought by those acquainted with Mr..
PAGES affairs to be ample to meet all Of
his obligations and leave a very consider
able balance.
Mr.. PAGES failure was a great surprise
to the business community, and there
were in all quarters expressions OF the
deepest sympathy for him. The deed was
filed in the chief clerks office OF the
chancery court shortly before 4 o'clock
The first news of the failure was quickly
Followed by the welcome assurance that
neither the Planters National Bank nor
any OF the other financial Institutions
over which Mr.. Pace presided, or in which
ne was interested, would be affected in
the slightest degree by his embarrass-
ment. The assignment Is purely per-
sonal one, brought about, Il is believed
Dy continued sickness, which prevented
Mr.. race from giving his personal at
tention TO his large and varied out-of-
interests "a critical
Besides being president of the Planters
National Bank, the Virginia Trust Com
Loan Association. Mr.. Pace was largely
interested IN many other industries here
as well as having important business in
terests IN the northwest and south, None
or the institutions with which he was
connected Will be in any way impaired
py his misfortune. Mr.. Pace had trans
terred to the bank some Of his most val
liable property i'm settlement Of the $685.
1O5 S debt to that institution.
Under the deed, the creditors are di-
vided into five, classes. The amount in
volved in the first class is S2 2c6, besides
servants hire, salary of employees, etc
Ihe claims OF creditors OF tho second
third class f4.s2s14 The creditors Of the
fourth class, are certain note holders. The
nfth class creditors are not enumerated
IN the deed, but comprise in the main
northern firms. banks and individuals
whose claims are estimated to aggregate
Before the assignment deed was filed
yesterday Mr.. Pace sent 10 his resignation
as president OF the Bank, Building and
Loan Association. and Trust Company
All these Institutions held meetings this
afternoon. J. J. Montague was elected
president Of the bank. James n Boyd,
president Of the Virginia Trust Company,
and the Columbian declined to accept the
resignation.
Al a meeting of the Clearing House As
sociaton, embracing the banks of this
city, held at tha REQUEST Of Mr.; Montague,
the newly elected present of the Planters
National Bank. and Mr.. Boyd. the presi-
dent of the Virginia Trust Company MIR.
Montague made statement OF the condi-
ton of the Planters Bank by which IL ap-
Pace to the bank has been settled, and
that institution will not suifer the loss of
a dollar by Mr.. PAGES assignment.
Mr.. Boyd made a similar statement as
to the Trust company and Mr.. PAGES in
debtedness thereto.
Thereupon it was resolved by the under
signed members of the association:
]. That they give this information to the
public with the assurance that It can
be relied on as correct In every particular
q That the banks of this city will sustain
the Planters Bank and the Virginia Trust
Company should they need any assis-
First National Bank,
BY A. l.. Boulware, President.
The State Bank of Virginia,
BY John s. Elicit, President.
Savings Bank of Richmond,
By r. A. Patterson, President
Merchants National Bank,
BY Fred r. Scott, Vice President
National Bank of Virginia,
BY George l.. Christian. President.
Citizens Bank of Richmond.
By s. G.. Wallace, President.
City Bank of Richmond,
BY William II. Palmer, President.
Metropolitan Bank,
BY N. w. Nelson, President
Clearing House Assn of Richmond
BY William II. Palmer.