Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-03-11
The Sale Of His Assigned Bank Stock
Will About Accomplish This.
THE WHOLE LOT DISPOSED or
urce,yers lake n Special Report
n.e,%.,vSIl"s the Transaction
ara Judge Minor Confirms ''-"''
ffe,x. Considerable Property Left.


,.,.d nv MIR. Pace Is sold. and there is
10y assurance that MIR. PAGES affairs
,,,u soon be Strengthened out his debts
,,i5 dollar for dollar. and residue left
him.
The trustees and receivers-Judge
George l.. Christian and Mr.. j. j. Monta-
rye-!ate yesterday evening. filed a special
,.oort in the Law and Equity Court,
,e,tlng forth that they had been offered
t22o per share for the 2,lS5 shares OF stock
formerly belonging TO Mr. Pace. the pro-
position coming from Messrs. A. j..
goulware and James n. Boyd. The ag-
greeate OF this transaction reaches
1890. and according to the statement
NJ the receivers and trustees. would
enable them TO pay off ali the indebted
ness OF the trust, In their opinion. The
report makes an excellent showing as TO
the work done by the trustees and re-
.eivers. and reveals an extraordinarily
gratifying condition Of Mr.. PAGES affairs.
WILL HAVE A RESIDUE.
Judge Christian and Mr.. Montague were
10th called upon by Dispatch reporter
last night. and while they were reticent
In what they said concerning Mr. PAGES
business, they spoke encourasingiy OF
the success which had attended their
abors so far in the administration OF the
rust. Mr.. Montague stated that so far
lhe only property of Mr.. Pace sold by the
receivers consisted of the bank stock
referred TO- some railroad stock. and the
N fTgNaG
Alr. PAGES friends are very hopeful that
the receivers will be able to pay every
dollar of his Indebtedness and leave him
IN very comfortable circumstances. 1t
has been predicted that by the concentra-
lion Of the bank stock of Mir. Pace. the
presidency of the Planters National
Rank would be restored to him when his
business affairs were gotten into proper
shape and his health entirely regained.
When Mr.. Pace was questioned by
Dispatch man last night as to the proba-
bic result of the work of the receivers
in winding up his business, he said he
could. OF course, say nothing with any
denniteness. but he believed that the as
sets would pay Off all of his Indebtedness
ana leave MN itN bNN' HAAN NH'Nt
mostly OF real estate, which, he added.
would Just at this time find a slow
market. Mr.. Pace spoke more hopefully
than he has done since his failure on
December IA, 1895, and his friends feel
confident that he will again rise to a
position Of power in the financial world.
The Report In Full.
Below is printed In full the report OF
the trustees and receivers. embracing
their recommendation of sale. which was
promptly confirmed by decree of Judge
Minor:
To the Hon. Z. c. Minor, Judge Of the
Law and Equity Court of the City Of
Richmond:
The undersigned. ]. ]. Montague and
George l.. Christian, trustees and re-
ceivers. beg leave TO report that, act
ing under the decree entered in this
cause on the 23d day Of February. 1896,
they have not been able, although they
have made strenuous efforts to do so,
TO make sale Of the stock Of the Planters
National Bank belonging to the trust
fund In this cause at the price of $235 per
share. the minimum price mentioned In
said decree. They have, however, re-
ceyed from Messrs James n. Boyd and
A. L. Boulware an offer of 500 per share
Tor the 2l35 shares Of such stock formerly
belonging 10 Mr.. James B. Pace, and
conveyed 10 the undersigned by the trust
deed made by said Pace and wife dated
December "a. 1895, or in case the Metro
Iolitan Bank of Richmond prefers not 10
sell the l03 shares pledged with said bank,
the eaii Boyd and Boulware, offer to
take the remaining 2.OS2 shares at the
same price-namely. 500 per share.
SITUATION OF THE STOCK.
The situation OF the said stock is as |
follows.
One thousand seven hundred and twen-
ty-two shares are pledged with Messrs.
Boyd & Boulware for debts, the principal
amount whereof is s225.oO0.
Two hundred ana fifty shares are
pledged with the Union Bank OF Rich
mond for a debt. the principal Of which
is $oe0
Sixty shares are pledged with the Vir-
halaia AAuNN AoulpdHy AVi NNhet '''N
ps.ncipal Of which is $4,000.
And l03 shares are pledged with the
Metropolitan Bank OF Richmond for a
debt, the principal OF which is $4,000
All OF the holders Of the said stock
o. collateral Except the Metropolitan
Bank Of Richmond are willing to sur
FENDER the same TO the said purchasers
upon receiving the prrchase-priee of the
stock at the said rate OF S22O per share
10 be credited on their debts as OF the
Gate OF payment
The undersigned further report that
The Virginia Trust Company. In order
70 facilitate the said sale. are willing 10
waive their priority under the trust-deed
Of December Ii. 1895. or the deed OF
same date conveying property in Texas,
over the debts due TO James n. Boyd
and the First National Bank and Union
Bank Of RicnHond. and secured In
sai4 trust-deed. and to allow said Boyd
and said banks to receive their debts
out Of said proceeds OF sale, provided.
however, the sald Virginia Trust COM
pae shall not De prejudiced in any way
IN It's right to be paid out Of the re-
naming trust assets. in the order OF pri-
or'y st forth IN said trust-deed.
The undersigned further report that
The Metropolitan Bank is willing to take
The l@ shares OF said stock held by
said bank al the same price Of SEQ per
share. and credit the proceeds OF sale
On their debt
WISH THE SALE CONFIRMED