The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-05-05

Metropolitan National of Kansas City,
which is also large stockholder. The
bank was a reorganization of the Valley
State Bank, which closed a year ago. The
deposits are small.
NORFOLK, Va, April 27.-Business cir
Giles were startled tonight by the news of
the assignment of N. Burruss Son & Co..
one of the most prominent and widely
known banking firms in the South A deed
was filed at o'clock. transferring to Judge
f. S. Garrett. assignee, all properties held
by Capt. Burruss. individually or as tirm
to secure creditors. The liabilities amount
to between $780, 900 and $4,000, and the as
sets are stated by the firm to be 100000
available, with nominal assets much more.
1t is stated that the bank will pay out
even. and this is probably Il fact, most
of the property transferred is valuable city
real estate. In addition to this, there is
a large amount Of personal property. The
assignee is instructed to wind up the bust
ness at once.
Capt. Burruss gives as the cause of the
failure, hard times and great demand
for money: $4,000 has been withdrawn
from the bank since July l, and thOugr
| offers Of assistance were received from
numerous banks at home and abroad IN
Guiding $4,000 offer from Richmond, 1t
was deemed best. for the protection of the
depositors we'll the firm, to assign
at once.
OflCAIO, ApTll S-CnafleS II. ocLadI
and Franz Koch, whose bank went into
the hands of a receiver last Monday, will
be ready this morning to meet all creditors
and to assist in conserving the assets of
the bank. Mr.. Schaar will make his Office
with Receiver Boyd in the Ashland build
ing while Mr.. Koch will remain at the
banks old premises, 1908 Halsted street.
Both parties joined yesterday in this state
ment:
The cause of the failure inability to
realize on real estate and mortgage securi
ties. Making conservative estimate. our
assets exceed our liabilities at least $4,000,
but realization under the depressed cOndi
ton of the real estate market will neces-
sarily be slow. However, with reasonable
time, We will pay dollar for dollar Many
of creditors have been to and
all show a spirit of lenency."
ST PAUL, April 2S.--A warrant is
sued today for the arrest of William r.
Bickel, vice president of the Minnesota
Savings bank. The complainant is T.. }.
Lucius. a depositor of the bank, who
charges Bickel with stealing $1,000 from the
bank The missing money was deposited
several months ago by Mr.. Lucius, who
accepted Bickel's note for the amount.
CHICAGO, April Fit is disgrace,
the penitentiary or the lake, and l have
chosen the latter" wrote John S. Sheldon,
the reading banker of I-Oda, ILL.,. to his
confidential friend and attorney. John Ii.
Moffet. The receipt of the letter in Pax
ton, H., where Moffet lives, was followed
today by the closing of the leading bank
of Ioda the assignment of four of the
leading business firms and individual as
signments by many Of the leading cit-
zens of the town. In addition it is said
Banker Sheldon's financial troubles involve
the funds belonging to the school trustees
of Loda township. and that trust estates
involving between 100000 and s250OOO went
down in the general crash.