The times. [volume] (Richmond, Va.) 1890-1903, 1896-03-11
Hs Planters National RaDk Stock Sells
for $3.50, 700.
J.E. BOYD AEDA. l. DOULWARE BUYERS
ihcy Gave Sge0Pcr Share FOR s'i35 shares.
The sale Approved by Nj. Pace Who
VIII Have - Large surplus After
Paying All His Debts.


l,o.k. owned by Mr. j. y. Pace but
which had passed under his assignment
a. DIS trustees. Mcssrs. D.. J. Montague
MA George J.. CarIslan.
AN IMPORTANT INSTITUTION.
G'hc Importance Of tho Planters bank In
iis community, the great intrinsic value
a. the stock. and the fact thai tne prr-
rhascrs of tho Pace stock would control
Do bank. as tlo total capital is 1900 shares
bf $500 each. made tho sale oi l'ia9 antrea
A matter OF great interest.
The price fixed for tho stock oy me
trustees WAS $685. a. share ana on uos7
figures some gentlemen, among Whon
NaI0r F r. scott an1 Mr. j. II. Branch
were Che main factors. negotiated FOR
tome DAYS. but finally Withdrew. ON
Monday Mcssrs. J. N. Boyd and A. Il.
Uouluarc made an offer of $40 a share Tor
au the stock. ana this offer has been ape
proved by Alr. Pace and Mcssfs. Monia-
rro and Christian. trustees. and wlll IL
b. said. De- confirmed by tho court. 1his
ralc viii realize Sl69f00 for Mr.. PAGES
creditors and will. with his other available
pssots. Day every dollar dee owes. pfinci-
paI and interest and leave handsome
surplus for himself. a. rcsul, which viii
civc great satisfaction Co his numerous
friends.
AiR. BOYD TO RE PRESIDENT.
Mr. Bovd is now president of che Nir.
e.nia Trust Company. and will Doe elected
president of the Planters Bank. vice >.
j Montague. who succeeded Mr.. Pace,
and. who. though elected lor year, viii
give mp the Ieins of power 10 the new
owners.
Nr. poulware viii be added 10 the
Board of Directors. who Will continue ln
office with some other influential add9-
iIons.
The officers of the bank will remain as
nov. despite the misfortune which lave
lefallcn two oi fhe principal owners oi
its stock. The Planters Bank itself has
always been q powerful financial mautu-
tion. Tho accession OF MIR. Boyd 10 the
presidency viii secure TO tAe bank the
benefit ol his special connection with the
tobacco trade. which has always had am
Interest in the Planters Bank.
HAD GREAT EXPERIENCE.
Ass director of two or three banks Mr..
Boyd has had much experience in such
affairs. besides being very successful
and wealthy business man.
As far as opinions could De gotten yes
tfriay evening. there was but one. ana
fnHf Was fht thc ownership ana man
aeement of tle bank aad fallen into most
worthy bands and that the interest of
if- patrons and of the public would DE
Wisely administered.
Thc following petition was hled late
Yesterday evening in the clerks office Ol
the Law and Equity Court
TIE PETITION.
Metropolitan Bank of Richmond
Montague d Christian. trustees.
10 The Hon. b. g. Minor Judge of the
Law and Equity Court of the city of
Richmond.
The undersigned. j. J. Montague ana
George j.. Christian. trustees and re-
tcivers. beg leave t0 report that. acting
under the decree entered iu Shis cause ON
the lath day of February, J,96, they
have not been able. although they have
made strenuous efforts TO DO so. 10 make
sale Oi tlc stock of the Planters Ma
ti0nal Bank belonging to the trust fund
in flis cause. 900 the price of S235 per
share the minimum price mentioned 800
ln" edid decree.
They have. however. received from
Aic-srs. james y. Boyd and a. j.. Roul-
ware an offer of $500 per share for the
.las shares of such stock formerly bee
longing tO AIR. James E. Pace. and COM
Ncy,l 10 the undersigned hy the trust
decd made hy saii Pace and wife dated
December ii l,H 0r. .n caso the Metro
polfan Bank 0f Richmond prefers not
to sen the il3 shares pledged with said
bank. ihe said Boyd and Noulware offer
to take fhe remaining 2Ul2 shares at the
same prIe.-namely. 500 per share. The
Situation of the said stock is as follows.
fi-- shares are pledged with Messrs
loyi AND Houlwarc for debts. the prin-
cipal .-nount whereof is S2loo0.
-n shares are pledged with tho Union
sInal of which is $4,000.
W shares are pledged with the Virginia
Trust Company for a. debt. the principal
a. which is $4,000. and lO3 shares are
iDdgfl with tHe Metropolitan Bank of
Richmond Cor debit the principal OF
which .s $4,000
Ai fle holders of tho said stock as col
lateral toNccut thc metropolitan Bank Of
liOhmauW are willing Co surrender the
tamc to the said purchasers upon receive
ins t1r purchase price of the stock al
the said rate of $500 per share. 90 Doe
credited on their debts as ol the date OF
llfm,ut.
THE undersigned further report that the
Virginia Trust Company. Boa order to fa-
ciIitafo lhD said safe. arc willing 90 waive
fheir priority under the trust deed of
December d. l... coz the deed of same
oafe conveying the property in Texas
and ilc First National Bank and the
Union Balk oi idchmOnd. and secured
iu tlr said trust dcod and 20 allow said
Boyd and sail banks TO receive their
ocbfs out of saii proceeds of sale. pro-
Nidld. however. tIc said Virginia Trust
Company shall NOS he Dreiudicci in any
way iu its right to be paid out OF the
Remaining trust assets in the order OF
priority set forth in said trust deed.
The under gnod further report that the
metropolitan Bank is willing TO take the
lH shares OF said stock held by The said
"4Ih tt fnc same price of 500 per share
ana r.e4t Che proceeds of sale on their
Lchf.
iHr undersigned recommend the con
liin"ion OF The sale OF said stock on the
ltinr tNi forth above. Under such sale
tn' lNdtf slere0 think an the debts OF
tf. p. p. Pace Will be paid and Mr..
race WHO ia therefore ultimately inter
'elci. approves the said sale and wishes
J. io he confirmed. AL The said stock is
pledged as collateral. and the debts for
which 10 la pledged. or nearly am of then,
pas Que. All the said debts. excepf fhat
"f iho METROPOLITAN Bank and of th,. Nir-
GINA Trust Company. are evidenced bv
collateral rotcs. which give the pledpee
the power Of selling the stock. Tho me-
JOrty OF The stock ia therefore. s,ibiec,
10 the danger OF sacrifice by "A forced
taie hy the pledges. unless this sale As
confirmed.
Tho undersigned viii add that Nessrs.
Boyd and B0uiware had az collateral for
tie debt % S225.O09. ia addition 10 the
LIZ shares OF stock. one hundred ana
ten fh0ugand IOilars par yaiue) OF ~o1i.
La