The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-04-28
ASSIGNMENT Of
DURRUSS SON \ CO.
Failure Of This Well Known
Banking Firm Yesterday.
A SHOCK AND A SURPRISE
One Of the Best Known Institutions Of
The Sort in The South.
LIABILITIES $4,000.
$34o,ooo.

nble-Decd OF Assignment Trans.
fcrrin@ ALI Properties 10 sudro
Theodore y. Gnrnett, Assisnoe-
Largest Bnnk Failnrc Since 1888.
The community was Startled last even
ing by rumor which was c.rculat ed
on the streets that the well known
panktng-houGe Of Bu!Tus!s Son a. Co. had
made an assignment, and an investiE
non ,i, developed the truth of the report.
me house was founded In 1864 by c.
Burruss and William II. Harrison as
l5ur"uss, Harrison &-Co. Later on MI
Harrison retired from the firm, and It's
name was changed to that Of Bur,uss
Son Il Co. the members being c. Bur-
russ and N. Burru:is. After the death OF
Mr. Z. burruss, Captain N Burruss con-
t!nued the business under the old name
and later on the late George Newton
entered the firm, the name remaining the
same. After the death of Mfr. Newton
captain n. Burruss became the sole pro-
ptletor' continuing the business under
the Old name Of Burruss Son 6: Co
1t was learned in. en- interview with
Captain Burruss that the assignment
was due TO the extreme dull times, and
the pressing demands for money, the
WITHDRAWALS f:om July 1st last up to
yesterday amounting 10 SITS OOo. This
together with the fact that the bank hp 5
been compelled to carry very large
amount Of paper, realizing thereon ONLY
interest, put he bus ness N such n condi
zion that Captain Bur.uss deemed 1t his
duty to his depostors and TO himself to
make an assignment that all parties
Nigh, he better protected than by any
cndeaHor to continue the business, which
gave no promise Of Improvement under
the present condition Of affairs
OFFERS OF ASSISTANCE.
Captain Bur!uss had Offers Of assist
hnce from banks and bankers both at
home and abroad, notably an offer OF
S60.OOO from Richmond bank, all Of
which he declined, because he could not
see IN the present conditions that tenn
porary assistance would avail under the
c!rcums tances
The liabilities OF N. Bulruss. doing
business both ats Burruss Son & Co. and
as an individual. are about 5000 To
secure this amount the ssets believed to
be available will realize about s40O,o00
While the nominal assets may reach q
very much lager sum. The assets CON
ssEt largely Of real estate, the majority of
which Is Of very improved character.
SURRENDERED ALL.
Captain Burruss in his assignment
has surrende: ed all Of his property OF
every kind, and Mrs. Burruss surrenders
her dowery. Judge Theodore S. Garnctt
the assignee. has taken charge Of the
business OF the firm and will proceed TO
the trust. which are 10 wind up
the banks affals. OF course it will re-
quirc time 10 realize upon the properties
Dut with the assets OF the firm il is MOI
be ;ieVed that any serious loss will come
either to dcpcsitor or creditor
Ihere Is a vast amount of sympathy
felt throughout the community. and es-
peclaily In business circles for CAPTAIN
BurruSs. who has labored uncea singly
10 stay the assignment, which he saw
was inevitab bic. All during the first par,
or the night groups Of interested people
gathered on the streets and discussed the
failure, expressions Of sympathy and re.
gret being heard on all sides
II would be difficult to describe the sur
prise and shock caused by the assign
ment. Bur;uss Son & Co. have been con-
sidered one OF he most subs tantial firms
or or the sort in this part Of the country.
Their business was one OF the most ex-
tensiVe in the South. and the failure IS
the largest since the great financial dis
aster Of April 1885. caused by the suspen-
sion OF the Exchange National Bank,
followed by the closing Of the Franklin
Savings. Balm Bros. and Farmers
banks
PROPERTY TRANSFERRED.
The following IS an exact copy Of tho
inventory contained in the deed of as
sisnmens Of the properties transferred 10
secure the creditors:
The said Bur:uss Son & Co. do grant
unto the said Theodore S. Garnett trus.
tee. al the notes, bondt, bills. securities.
and also all personal property Of what
ever description. together with the fol-
lowing buildings and improvements:
Nos. lS7. lS9 l9l. 200. 202, 226, 22S Main
s.: eet; 45 Charlotte street. Ncs. 10 12
II. JIG Princees anne avenue; 1863. 1874
16S Cumberland street; l2S, 100 Marshall
avenue: %. "a. 2G. 2S Queens Court: 42a
424 426. and 42s Baxter avenue. 4 Brew
er street, 81 Nebraska street SO Bank
street Il Wate: street. !. lot Of land
a. northwest corner Plume and Atlantic
stress, known as Thayer's ..ab es: !,
10; on Plume and Atlantic streets known
81 Ill onl-c - !