Merchants National Bank (Petersburg, VA)

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BY TELEGRAPH EFFECT OF THE NEW YORK PANIC PETERSBURG BANKS SUSPEND REPORTED SUSPENSION* OF PROMINENT BUSINESS FIRMS. MERCHANTS NATIONAL BANK PROTESTED FOR $60,000 IN N. Y. [Special to The State Journal.] PETERSBURG, September 23-3 P. M.-The following banks have suspended: Merchants National, First National, Citizens, and Planters. The last two expect to resume payment in a few days. The Commercial National bank is still paying over the counter, and it is asserted that they will continue to do so. The alleged cause of the suspension is owing to a panicky condition of the people, and the failure to procure discounts in New York. The Merchants National bank has been protested for sixty thousand dollars in New York. There is intense excitement on the street, crowds and groups of depositors and others discussing the condition of things. The oldest and hitherto soundest business houses are suspected, and rumors of failures are circulating all around, but are unauthenticated. Itis currently reported and believed that the following business houses have suspended: McIlwain & Co., Plummer, Young & Co., F. M. Wright & Co., James Jones & Plummer, and others.

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Bank Suspensions in Virgilia

RICHMOND, VA., Sept. 23.---The Merchants National Bank, the Plauters' and Mechanics Bank, the Peoples' Bank and the First National Bank, all of Petersburg, suspended this morn ing. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commércial failures are rife in that city. The bank of Richmond are all quiet. There is considerabie excitement here over the news from Petersburg.

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BY TELEGRAPH

EFFECT OF THE NEW YORK PANIC

PETERSBURG BANKS SUSPEND

REPORTED SUSPENSION OF PROMINENT BUSINESS FIRMS.

MERCHANTS NATIONAL BANK PROTESTED FOR $60,000 IN N. Y.

[Special to The State Journal.]

PETERSBURG, September 23—3 P. M.—The following banks have suspended: Merchants National, First National, Citizens, and Planters. The last two expect to resume payment in a few days. The Commercial National bank is still paying over the counter, and it is asserted that they will continue to do so. The alleged cause of the suspension is owing to a panicky condition of the people, and the failure to procure discounts in New York. The Merchants National bank has been protested for sixty thousand dollars in New York. There is intense excitement on the street, crowds and groups of depositors and others discussing the condition of things. The oldest and hitherto soundest business houses are suspected, and rumors of failures are circulating all around, but are unauthenticated. It is currently reported and believed that the following business houses have suspended: McIlwain & Co., Plummer, Young & Co., W. M. Wright & Co., James Jones & Plummer, and others.

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Bank Suspensions at Petersburg

RICHMOND, VA., Sept. 23.-The Merchants' National Bank, People's and Mechanics' Bank, People's Bank, and the First National Bank, all of Petersburg, suspend this morning. The Citizen's Bank of Petersburg. although not suspended, declines payment. Rumors of heavy.commercial failurs are reported in that city. The banks of Richmond are all quiet, but there is considerable excitement 1 here over the news from PetersSHIUUUU

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IN VIRGINIA

SUSPENSION OF FOUR BANKS AT PETERSBURG-EXCITEMENT IN RICHMOND. RICHMOND, Sept. 23.-The Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, although not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet, but there is considerable excitement here over the news from Petersburg.

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A special dispatch to the State Journal dated at Petersburg, Va., Sept. 23, says the Merchants National, First National, Citizeus and Planters Banks have suspended. The Merchants National Bank had been protested for $60,000 in New York. The cause of the suspensions, is failure to obtain discounts in New York, and the panicy condition of the public mind. The Commercial National is paying its depositors, as fast as demanded. Mellwaine & €o., Plumper & Co., F. M. Wright & Co., James Jones and Plumner. and other business houses have su-pended.

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EXCITEMENT ABATING.

New York, Sept. 23, 10 a. m.-The Gov- Terning Committee of the Stock Exchange have decided not to open the Exchange to- day. The Gold Exchange is open, and reg- ular transactions are being made. The ex- citement on the street seems to be lessening and wearing itself out, and a better feeling appears to exist. Brokers have congrega- ted in front of the Stock Exchange and formed a street market, all sales being for cash. A number of poor women and labor- ing inen have gathered at the Savings Bank, awaiting their opening, but nobody seems to think that anything like a run will take place.

ANOTHER BANK SUSPENSION.

The suspension of Henry Clews & Co. is announced. The failure tends to increase the excitement. The firm paid $1,250,000 in legal tenders to depositors during the past few days, and it was generally the impres- sion that they would pull through, but to- day the Fourth National Bank refused to clear their checke, although the firm had $500,000 of securities, against which $300,- 000 had been drawn.

The clearings of the Gold Exchange Bank are completed and balances will be paid as usual. The Assistant Treasurer has re- ceived $20,000,000 in greenbacks, from Washington, and is ready to buy all bonds offered. $3,800,000 of the $10,000,000 loan certificates issued to relieve the banks, have been taken up, and it is expected that the remaining $10,000,000 will be taken up to- day; in that event additional loan certificates will be issued.

At 20 minutes to 3 o'clock the banking house of Henry Clews & Co. suspended pay- ment. As soon as the announcement was made that the bank had suspended, large crowds gathered in front of the building. Intelligence that their checks were refused payment at the Fourth National Bank reached the banking house about 2:30 p. m., and the closing of doors followed the an- nouncement. Immediately after the closing of the doors, several prominent capitalists were eagerly seeking Mr Clews, who was not to be found. Assistance is necessary to pull through the day. There would have been had there been any suspicion that the bank wou'd refuse payment of Henry Ciews & Co's checks. The fact of the suspension created as much excitement as the suspen- sion of Jay Cooke & Co. The Clews left the street at the close of business in a condition of great excitement, and the headway made in restoring confidence, in a great measure lost. This afternoon Mayor Havemeyer, after consultation with several gentlemen, decided to issue an address on the present financial crisis and to tran mit it to the spe- cial Board of Aldermen which was called for to-day. When asked what his views were about the panic, the Mayor said he had intended to advise the working men and laborers of this city not to continue to run on the various savings banks, as he feit assured their deposits were perfectly se- cure, and that a run during the present panic might possibly result in the loss of both principal and interest of the amount de- posited.

The effect of the panic upon the importing business, or the withdrawing of goods trom the bonded warehouse for the current de- mands of trade, is hardly perceptible as shown by receipt of duties. The following dispatch is published:

London, Sept. 23.-Jay Cooke, McColloch & Co. are throwing out drafts drawn by Jay Cooke & Co. and which have come to hand since the news of suspension was received.

Washington, Sept. 23. The most promi- nent depositor in the First National Bank of this city, next to President Grant, was An- drew Johnson. At the time of the failure of the bank Mr. Johnson had $60,000 to his credit, on which he was receiving 6 per cent interest, which was his only revenue. Should the bank be unable to discharge its obliga- tions, a contingency by no means improba- ble, ex-President Johnson will be almost penniless. The widow of a former navy agent had $17.000, the proceeds of a sale of all the property she had, and it is said General Hunter had a large balance to his credit.

Mr. Knox, collector of currency, whose money was in the bank, said he hadn't money enough to go to market with, the day after the enspension.

General Schofield, commanding the de- partment of Columbia, has issued orders to the commanding officer at Fort Klamath, Oregon, to carry out on October 31 the sen- tence of the military commission which tried the Modocs. The Indians to be executed are Captain Jack, Schonchin, Shack Nasty Jim, Boston Charley, One-Eyed Jim and Stolock.

Richmond, Va., Sept. 23-The Mer- chants' National Bank, Planters' and Me- chanics' Bank, People's Bank, and First National Bank, all of Petersburg, failed this morning. The Citizens' Bank, although not enspended, declined payment. Rumors of heavy commercial failures are also rife in that city. The banks of Richmond are safe, but there is considerable excitement over the news from Petersburg.

Chicago, Sept. 23. A report gained cir- culation here to-day, that there were rumors in New York of the failure of heavy grain dealers in this city. There is not the plight- est foundation for the report, as there have neither been failures nor rumors here.

The slight run which began on some of the savings banks yesterday, has entirely subsided, and the banka are now paying those who cell for deposits without asking any no- tice.

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ALBANY

Sept. 23. Tue run on the Auburn Savings Bank here. ceased this noon. and the deposits the close were much larger than the amount paid out. The panic is over here. RICHMOND, VA. Sept. 23. The Merchant- Nat., Bank. Planters & Mechanics Bank. People's Bank, and 1st Nat.. Bank. all of Petersburg, suspended this morning. The Citizens Bank of Petersburg although not su-pended, decline payment. Rumors of heavy commercial failures are rife in that city, There is considerable excitement here over the news from Petersburg. PHILADELPHIA, Sept. 23. The financial crisis is over and bankers and brokers are transacting business as usual. All the State Banks that were under temporary difficulties have resamed, except the Union & Citizens, and the latter willsoon restime. The National Banks stand firm. and nodoubts are entertained of their stabilly, CHICAGO, Sept. 23. A report gained circulation here today that there were rumors from New York of failures among several of the grain dealers in this city. There is not the -lightest foundation for the reports as there has been neither failures nor rumors here.

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Respension of Virginia Banks

RICHMOND, Sept. 23.-The Merchants' National Bank, Planter's and Mechanics' Bank, People's Bank and First National Bank, all of Petersburg, suspended this morning. The Citizens' Bank of Petersburg, though not suspended, declines payment. Rumors of heavy commercial failures are rife in that city. The banks of Richmond are all quiet. There is considerable excitement here over the news from Petersburg.

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failures reported were the Union Trust Company (the cashier of which was said to be a defaulter to the amount of $600,000), the National Trust Company, and the National Bank of the Commonwealth. The excitement and panic which followed the announcement in the Stock Exchange of the suspension of these institutions were beyond description. The Stock Exchange resembled a mad-house, and the streets were blocked with people, all laboring under great excitement and frenzy. Prices tumbled from two to sixteen per cent., and stocks were slaughtered without any apparent regard to values. President Grant and Secretary Richardson proceeded to New York on Saturday night, and on Sunday a conference was held with some of the leading financiers at the Fifth Avenue Hotel, to endeavor to arrange some plan for governmental relief. A proposition was made that the President authorize the Secretary of the Treasury to place $30,000,000 of legal reserve in the city banks, and Commodore Vanderbilt offered to add $10,000,000 more. This proposition was declined, the President stating his belief that he had no constitutional power to afford the relief asked for in this manner. It was finally determined that the Assistant Treasurer be instructed to purchase all the government bonds offered for sale to any amount, and as the savings banks hold many millions of these bonds, it was thought probable they would sell them and deposit the proceeds in the national banks, which would give them relief. At Washington, on Saturday, there were continued runs upon the Freedmen's and City Savings Banks, but both held out. In Philadelphia the Union Banking Company suspended; in Chicago, the Franklin Bank, and at a meeting of the officers of the different savings banks, it was unanimously resolved to notify their depositors, that they will avail themselves of the privilege given them by their charter of giving sixty days' notice before paying their depositors.

The managers of the Eastern railroads have come to a determination to issue return passes to stock drovers on and after October 1st.

The Assistant Treasurer at New York continued purchasing all the 5-20 bonds that were offered by the banks on Monday, for the purpose of easing the money market. Both the Stock Exchange and Gold Exchange continued closed during the day. A run was commenced on the savings banks in the early part of the day, but later a feeling of greater security prevailed, and the crowds of depositors dispersed. The day closed with a general confidence that the crisis was entirely over. On Tuesday, 23d, the New York Stock Exchange continued closed, but the Gold Exchange was open and regular transactions resumed. Up to 2 o'clock p. m. the monetary situation might have been summed up in a sentence, "Confidence is restored, the banks are conducting business as usual," but just as the street was beginning to feel that the end of the panic had been reached, the painful rumor started that the house of Henry Clews & Co. had suspended payment. As soon as the announcement was made that the doors of this banking house had closed, the most intense excitement again prevailed, only equaled by the first announcement of Jay Cooke & Co.'s failure. The run on the savings banks was continued moderately throughout the day, but the time rule allowing the banks to require thirty days' notice on all sums over one hundred dollars, was generally enforced. A London telegram announced that Jay Cooke, McCulloch & Co. were throwing out drafts drawn by the American house and which have come to hand since the news of their suspension was received. A Petersburg dispatch announces that the Merchants' National Bank, Planters' and Mechanics' Bank, People's Bank, and First National Bank, all of that city, had suspended. The Citizens' Bank, although not suspended, declines payment. Rumors of heavy commercial failures were also rife in that city.

It is stated that the Pennsylvania Railroad Company have reduced the hours of work for laborers and road men to eight hours per day, and the pay rolls will be reduced accordingly. The laborers, it is said, will strike against the new rule.

Up to noon on Wednesday, the Government had purchased about $12,000,000 of bonds in New York City, but the financial crisis was apparently not yet over. The principal failures announced were the London house of Clews, Habecht & Co., and that of Howes & Macy, New York-both brought about by the suspension of Henry Clews & Co. on the previous day.

At Philadelphia, Sept. 24, Thomas B. Parker, a wealthy retired iron merchant, shot his wife and then killed himself with

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prespondence of the Richmond Dispatch

] PETERSBURG, October 18, 1873. day has been one of extreme dullness the line of news, as the following will incess: trial of Francis E. Rushmore, charged the murder of a German named Mehl circumstances already fully reported, included -day in the Hustings Court, Mann presiding. After argument by splain D. 1. Hinton, Major W. F. C. ecory, and G. F. Doggett for the State, Judge Joseph Budd. Captain R. G. Pecom and Hon. Charles F. Collier for the personer. the case was submitted to the jury, which returned a verdict of not guilty, and prisoner was discharged. The verdict to be generally sustained by public ment in the city. The dry-goods house of E. G. James & was closed up to-day by the United Marshal under direction of the Bankcourt and in consequence of proceedinstituted by the receiver, Mr. Adams, Merchants National Bank. This is of the houses in which Mr. T. T. the president of that bank. was inand thus it becomes involved in which attend that institudifficulties Messrs. W. R. Mallory that Young have received notifications in bankruptcy proves unhas changed the day for Circuit Court of Sussex 25th to the 27th (Monday). returns to the labors of his cir20th. when the Greensville term and ladies who gave, this popular and successful performance for the benefit of the Monument Fund have arranged to realmment on the 24th instant to for the relief of the sufferers of Shreveport. Heretofore but been gotten here. but this it. if anything will. who have lately visited the in testifying that the nemothing like their usual do notattend political Tortsaremade 10 turn leved that this is not a but real apathy of the of the fact that the not any money with canvass. However hadan appointment the Dinwiddie Courthouse, audience and tried fixing up certain personown here. but not more could be got together. one of many cases. prevails here to hear ColT. Beard when he can speak at full and under favorable circumstances. our people very strongly ou tuesday night. and the brevity of his remuch regretted. been decided to abandon the scheme barbecue in Prince George. onserv ROBIN ADAIR. Cause hard times. [Special telegram to the Dispatch.] PETERSBURG, V.s., October 18.-D. B. Tenmail. a wealthy and leading citizen, fell while coming out of MeIlwaine & Co.'s story.about nightfall, and broke his leg

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LOCAL MATTERS

A PETERSBURG BANK OFFICER CHARGED WITH EMBEZZLEMENT.-Yesterday Mr. T. T. Broocks, late president of the Merchants National Bank, of Petersburg, was arrested on a warrant issued by United States Commissioner M. F. Pleasants upon complaint of Orson Adams, receiver of the bank. The accused was brought before Commissioner Pleasants and bailed in the sum of $15,000 for his appearance on the 24th instant before him for examination into the charges against him. The following are his sureties: J. L. Carrington, Asa Rogers, and Z. W. Pickrell. The complaint charges that Mr. Broocks embezzled and misapplied to his own use the moneys, funds, and credits of the Merchants National Bank, of Petersburg, to the extent of $100,000, with intent to defraud the owners of said moneys, funds, and credits. It is understood that the affairs of the bank have been examined into by an agent of the United States Treasury Department, and that upon his report the Controller of the Currency ordered the receiver of the bank to make complaint before a United states commissioner. The case excites a great deal of interest both in this city and in Petersburg. The accused was represented by John Lyon, Esq.

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ALLEGED EMBEZZLEMENT BY A BANK PRESIDENT

-On Thursday Mr. T. B. Broocks, late president of the Merchants National bank, of Petersburg, Va., was arrested on a warrant issued by United States Commissiner M. F. Pleasants, upon a complaint of Orson Adams, receiver of the bank. The accused was brought before Commissioner Pleasants and bailed in the sum of $15,000 for his appearance on the 24th instant before him for examination into the charges against him. The complaint charges that Mr. Broocks em bezzled and misapplied to his own use the moneys, funds and credits of the Merchants National bank, of Petersburg, to the extent of $100,000. It is understood that the affairs of the bank have been examined into by an agent of the United States Treasury department, and that upon his report the Controller of Currency ordered the receiver of the bank to make complaint before a United States commissioner. The case excites a great deal of interest both in Richmond and Petersburg.

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Petersburg Correspondence of the Richmond Dispatch. PETERSBURGE November 19. The regular annual meeting of the St. Andrew's Society was held last night for the officers and to for the on usual election supper of the festival arrange day of the So. ciety's patron saint. The Society of St. Andrew is very numerous in this city, and its membership includes many of the most substantial and influential citizens-the very leading men of the town. It was decided, in view of the stringency of the financial market, and the probable prevalence of suffering among the poor during the winter, not to have any supper this year, but to devote the proceeds of the collections bad for that purpose to the relief of the indigent. The following officers were then elected : D. B. Tennant, president; J. A. White, first vice-president; John Kevan, second vice-president; James Kerr, treasurer: Alexander Wilson, secretary; John McGregor, assistant secretary. Managers: John Donnan, O. B. Morgan, Dr. David Steel, John McGill, Thomas Grant, John Cooper. Committee on Accounts: N. T. Patteson, James tee: Morgan, T. R. C. L. Campbell, Watson, Dunlop. W. R. S. L. Standing Simpson, Watson; Commit- Alexan- W.T der Steel, J. H. Bullock. Committee on Installation: Alexander Donnan, Andrew Kevan. Meetings of citizens will be held to-night in the Third and Fifth wards to elect delerates to the Farmers' Council. To-night the members of the new artillery company will also meet at the court-house to effect an organization. The Medical Association also sits to-night in annual meeting, assembled to elect their officers for the ensuing year. A sample-merchant named Wren was arrested here to-day, charged with selling goods without a license. He was required to provide himself with a license, and was then discharged. A night or two ago, during the prevalence of a high wind, a tree in front of Mr. Tennant's factory, on Washington street, was blown down and fell across the railroad track. It lay there unnoticed in the storm and darkness until the next train passed, when the engine ran into it, smashing its headlight and sustaining some other injury, though, fortunately, it was not of a serious character. The escape of the train from very severe and perhaps fatal consequences was providential. It is stated that Mr. Adams, receiver for the Mercbants National Bank of this city, announces that a dividend will be distributed among the depositors of that institution about the 1st of next year. The per centum has not yet been ascertained, but it will not probably be over twenty or twentyfive. Mr. P. Ramsdell was in the city to-day, but he had very little to say, I learn, in regard to his recent election-to stay at home. A colored man named Nathan Hammett was kicked last night by a mule and badly hurt. It is said the tolls on the Upper Appomattox canal have been reduced one -third. Every effort is already being made by our people in advance to prevent the extension of suffering among the poor and the unemROBIN ADAIR. ployed this winter.

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Great Expectations

A buoyancy in stocks was occasioned by telegram from Washington that both the President and Secretary of the Treasury would recommend to Congress that the $44,000,000 reserve be made part of the permanent circulation of the country, that the reserve would be heavily drawnupon this week. It is reported that the Grinnell matters have been privately adjusted. The suspended Bank of the Common wealth will pay a dividend to depositors, of 30 per cent. in December. Clews & Co. The Times says the fact is well authenticated that the banking firm of Henry Clews & Co. having effected satisfactory arrangements with most of their numerous creditors, contemplate a full resumption of business within few weeks. The presentation of the affairs of the house made to creditors has averted any unfavorable action. The house has resources and opportunities to resume to recover its extensive business, and with a reasonable extension of time, to pay fully 100 cents on the dollar. Th Banks to Paddle their own Canoes. The Post says of to-day's action of the Clearing House: The results of the meeting were the defeat of the old Committee of Nine, and of the attempt to make the Clearing House a central power, having legislative functions. It is now left with each bank to manage its own business and to abide by the results of such management. Railroad Extension. POUGHKEEPSIE, Nov. 25.-The inability of the contractor to get money has compelled a suspension of work on this section of the New York, Boston and Montreal Railroad. The Petersburg Failure. RICHMOND, VA., Nov. 25. - G. T. Brooks, late President of the Merchants' National Bank at Petersburg, charged with embezzling the funds of the bank, has been held in $15,000 bail to appear before the U.S. Circuit Court.

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A BANK PRESIDENT IN COURT

Criminal Conduct in the Management of a Bank at Petersburg, Va. RICHMOND, Va., Nov. 25, 1873. This evening there was concluded before United States Commissioner Mathew F. Pleasants, of this city, the first examination of a criminal case which has arisen in Virginia under the national banking laws. From the high social position and aristocratic associations of the accused, and because of his, until lately, supposed great wealth, more than usual public attention has been attracted to it, and the business men of the Commonwealth have looked on at its progress with an interest that was heightened greatly by the remarkable developments expected. For eight years, and until the great panic of September came, Mr. T. T. Broocks was President of the Merchants' National Bank of Petersburg. He was the great financier of that city and was a man in whom the merchants trusted and to whom capitalists looked for advice, and his sway in commerce and business was little less than absolute. He was not only President of the Merchants' Bank and director in two or three other banking institutions, but was a partner in BIX or seven of the largest mercantile firms of the city and was connected with nearly every enterprise that needed a name or money to sustain it. He seems to have been good-natured, easily nattered, proud of his financial abilities and withal reckless as to whose money he used. By much speculating in common railroad stocks and other securities, and by a princely style of living, Broocks brought himself and all the firms with which he was connected into debt, and for twelve months or more ran the bank to hide his and their insolvency. When the panic of September came the bank, a weak and hollow thing. was forced to suspend and was placed in the hands of Orson Adams as receiver. After nearly two months of careful investigation Mr. Adams concluded to have Broocks arrested, charged with embezzling $100,000 of the money, funds and credits of the bank. The examination has shown that the charge was a mild one. For it has been proved that Broocks owes his bank, as payer, $259,684 46; as endorser, $243,999 90; for overdraits, $5,100; altogether, $508,784 36. The firms of which he was a* member owe, as payers and endorsers, $499,975 57. Their assets will not probably realize twenty per cent of the whole Indebtedness. All are now in bankruptcy. So sublimely was Broocks trusted that his directors only met once a year, but Broocks kept the record book of the board, and during the past year at regular intervals of two weeks falsely and fraudulently entered a minute like this:- March 11, '73-At a meeting of the Board of Directors held this day we hereby ratify and confirm all paper discounted by the President. Present-T. T. Broocks, E. G. James and W. c. Lumsden. Further. Broocks had time drafts to the amount of $84,000 drawn by himself upon nonexisting houses, or houses with whom he had no credits, discounted and placed to his account, and would never allow these drafts to be forwarded for acceptance. Paper of his firm was carried year after year, and the ring with which Broocks was surrounded got all the money they wanted by exchanging notes and drafts. Their accommodation bills at all times amounted to several hundred thousand dollars, although the bank was only authorized by law to carry $40,000 of this kind of paper. On the evening of the suspension of the bank, to straighten his account somewhat, Broocks discovered two notes of his own, endorsed by a Petersburg firm. amounting together to $50,000. On Tuesday, the 23d of September, when the news from New York came by the morning's HERALD, excitement in Petersburg became intense, and depositors, mistrusting this bank most and first of all, made a rush upon it. They soon exhausted its small amount of currency, and the bubble burst, carrying ruin to the homes of many farmers, mechanics and honest merchants, who were relying upon the unfaithful and neglectful directors to see that all went well inside the bank. The capital stock of the bank was $400,000. It owes depositors $750,000, and for rediscounted paper $350,000. Its assets consist of $3,500 cash, $18,000 real estate and $1,350,000 in bills receivable, all worth say $400,000. The failure of this bank came near bringing general ruin to Petersburg, and but little of the deficit can be made out of the stockholders. Broocks' offence is a grave one. and the wail of the widow and orphan. robbed of their sustenance, will be a sound that only death will hush from his ears. The directors, who gave up everything to him. and allowed him to rule and ruin, are regarded as scarcely less responsible. The commissioner, after a full hearing, sent Broocks on to the United States Court, at its April term, for indictment, and allowed bail in the moderate sum of $15,000. Broocks is completely broken in spirit and is almost deserted by his old friends. Like Tweed he 18 finding that the way of the trausgressor is hard in the end.

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Mr. T. T. Brooks, President of the Merchants' National Bank of Petersburg. was arrested on a warrant sworn out by U. S. Receiver Orson Adams, charging him with embezzieing or missapplying $100,000 of the funds of the Bank. lle was taken to Richmond before United States Commissioner Pleasacts. The hearing of the case was set for the 24th. and be was bailed 00 the 2010 of 215,000 for his

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A BANK PRESIDENT IN COURT

RICHMOND, VA., Nov. 25, 1873.-This eveniog there was concluded before United States Commissioner Mathew F. Pleasants, of this city, the first examination of a criminal case which has arisen in Virginia under the national banking laws. From the high social position and aristocratic associations of the accused, and because of his, until lately, supposed great wealth, more than ususal public attention has been attracted to it, and the business men of Commonwealth have looked on at its pro with an interest that was gress the developments heightened exgreatly by the remarkable pected. For eight years, and until the great panic of September came, Mr. T. T. Broocks was President of the Merchants' National Bank of Petersburg. He was the great financier of that city and was a man in whom the merchants trusted and to whom capitalists looked for advice, and his sway in commerce and business was little less than absolute. He was not only President of the Merchants' Bank and director in two or three other banking institutions, but was a partner in six or seven of the largest mercantile firms of the city and wasconnected with nearly every enterprise that needed a name or to sustain it. He seems to have been easily flattered, abilities and as he used. By in railroad stocks whose money good-natured, financial commmon money withal much and reckless proud other speculating of securi- his to ties, and by a princely style of living, Broocks brought himself and all the firms with which he was connected into debt. and for twelve months or more ran the bank to hide his and their insolvency. When the panic of Septem ber came the bank, a weak and hollow thing, was forced to suspend and was placed in the hands of Orson Adams as receiver. After nearly two months of careful investigation Mr. Adams concluded to have Broocks arrested, charged with embezzling $100,000 of the money, funds and credits of the bank. The examination has shown that the charge was a mild one. For it has been proved that Broocks owes his bank, as payer, $259,684.46; as endor- alto $243,999.90; for overdrafts, $5,100; ser, gether, $508,764.36. The firms of which he was a member owe. as payers and endorsers, Their assets will not $499,975.57. whole probably cent of the All are now in was Broocks realize ness. So sublimely twenty per bankruptcy. trusted but indebted- that Broocks his mer once a year, the record book of the kept directors only intervals Board, and two during weeks the at regular of and fraudently entered a falsely past year minute of like the this:-"March 11, 73-At a meeting Board of Directors held this day, we hereby ratify and confirm all paper discounted by the President. Present-T. T. Broocks, E. G. James and W. Lumsden.' " Further, Broocks had time drafts to the amount of $84,000 drawn by himself upon non existing houses, or houses and with whom he had no credits, discounted placed to his account, and would never allow drafts to be forwarded for acceptance. of his firm was carried year year, the with which Broocks was Paper these ring after surrounded and all the money they wanted by exchanging got notes and drafts. Their accommodation bills at all times amounted to several hundred thousand dollars, although the bank was only authorized by law to carry $40,000 of this kind of paper. On the evening of the suspension of the bank, straighted his account somewhat, Broocks to discovered two notes of his own, endorsed by a Petersburg firm, amounting together to $50,On Tuesday, the 23d of September, 000. when the news from New York came by the morning's Herald, excitement in Petersburg became intense, and depositors, mistrusting this bank most and first of all, made a rush upon it. They soon exhausted its small amount of currency, and the bubble burst, carrying ruin to the homes of many farmers, mechanics and honest merchants, who were relying upon the unfaithful and neglectful directors to see that all went well inside the bank. The capital stock of the bank was $400.000. It owes depositors $750,000, and for rediscounted paper $350,000. Its assets consist of $3, 500 cash, $18,000 real estate and $1,350,000 in bills receivable, all worth say $400,000. The failure of this bank came near bringing general ruin to Petersburg, and butlittle of the deficit can be made out of the stockholders. Broocks' offence is a grave one, and the wail of the widow and orphan, robbed of their sustenance, will be a sound that only death will hush from his ears. The directors, who gave up everything to him, and allowed him to rule and ruin, are regarded as scarcely less responsible. after a to the United States at The Broocks Commissioner. on full hearing, Court, bail sent its in for indictment, and allowed sum of $15,000. comthe April moderate term, almost Broocks deserted is pletely broken in spirit and is that by his old friends. Like Tweed be is finding the way of the transgressor is hard in the end.

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Letter from Petersburg

Correspondence of the Richmond Dispatch.] PETERSBURG, February 21, 1874. The Finance Committee of this city address a communication to-day to Hon. J.J. Knox, Controller. of the Treasury, asking that the 10 per cent. and premium of the $400,000 in United States bonds deposited for the security of the Merchants National Bank be sold, and the same, amounting to about $60,000. be distributed equally among the creditors of the bank. They base this application upon the ground that the city is sorely pressed for funds to pay its employ és and to continue certain public improvements now in a condition not to be abandoned. It is thought that if this is done Colonel Adams, the receiver, will be able, with other collections, to declare a dividend of at least 25 per cent. to all the creditors. The following is the tobacco report for the past week : Inspections, 223; reviews, 67 ; receipts, 130. Total inspections for 1873, 3,117; for 1874, 2,567. There have been twelve transfers of real estate during the past week. This morning about day light a very fine mule was stolen from a colored man named Cralle Stokes while the latter was camping about seven miles from this city in Chesterfield county. Stokes is a resident of Amelia, and is said to be the most substantial colored man in the county. The thief was tracked within three miles of this city, when his trail was lost. The detectives are working up the ROBIN ADAIR. case.

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UNITED STATES CIRCUIT COURT, WEDNESDAY.-Judges H. L. Bond and Ro. W. Hughes presiding.-The grand jury of this court yesterday morning, through its foreman. Mr. Frank J. Bramhall, brought in an indictment against Mr. T. T. Broocks for unlawfully embezzling, abstracting, and misapplying the moneys and credits of the Merchants National Bauk of Petersburg, while president of that institution. The indictment contains fifty-one counts and covers ninety pages of legal cap, and charges that Mr. Broocks misused and misapplied about $400,000 of the moneys and credits of the bank for his own purposes and about $500,000 for the purposes of the various firms of which lie was a member. The bank is now in the bands of a receiver, and is closing up its affairs under the provisions of the United States laws. Soon after the indictment was presented. a bench warrant was issued for the arrest of Mr. Broocks. It was placed in the hands of the United States marshal, who served it upon the accused and brought him before the court. No bail being offered, he was recommitted to the custody of the marshal. His trial will probably take place at this term of the court. Judge Bond will leave in a day or two for South Carolina. The Circuit Court docket will be proceeded with by Judge Hughes until all jury cases on the criminal and common law dockets are disposed of. By the 1st of May Judge Bond will return. when the appeal and review dockets will be heard; and it is expected that ChiefJustice Waite will be present, and the business of the court in May will he proceeded with by a full bench, consisting of the ChiefJustice, the Circuit Judge, and the District Judge.

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ADJUDGED BANKRUPTS

-The - following parties were adjudged bankrupts by the register for the district during the month of pril William H. Judkins, of Greensville county; James H. Buckley, of Brunswick; B. W. Gillis, of Richmond; William D. Gresham, of King and Queen; Richard Woodson, of Prince Edward; Peter A. Piercy, of Meeklenburg; William E. Bradshaw and Jasper H. Wells, of Priuce Edward; Charles H. Smith, of Henrico, and John W. Liedig, of Amelia. The proceedings in involuntary bankruptcy against Robert Norton and the Old Dominion Coal Company, were compromised and the cases dismissed. The firm of Jones, Plummer & Co. has been adjudicated bankrupt at the instance of Orson Adams, receiver of the Merchants National Bank of Petersburg. The members of the firm were sometime ago adjudicated bankrupts.

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Letter from Petersburg

[Correspondence of the Richmond Dispatch.] PETERSBURG, December 28, 1874. Last night several attempts to commit burglaries were made in this city, but fortunately in every instance frustrated. The residence of Mr. M. J. Blick, on Halifax street, was partially entered, as was also that of Captain J. Rives Hoffman, adjoining it. In the latter case the burglars injected chloroform into the parlor, mistaking it for the chamber. In their attempt to enter through a window they aroused the family, and were frightened off by the firing of a gun. The police gave a dinner to-day, upon which occasion speeches were made by Mayor Gregory, Dr. J. M. Pleasants, J. J. Campbell, and Captain Goodwyn. Mayor Gregory and T. Jefferson Clarke, Esq., addressed the colored temperance society to-day, this being the anaiversary of their organization. The Masonic fraternity celebrate St. John's Day by a supper to-night. The Merchants National Bank will declare a dividend to-morrow of nine per cent. This is the second dividend declared by this icstitution, the whole amounting to twentyfour per cent. The receiver, Mr. Orson Adams, is confident that when the affairs of the bank are wound up he will be able to declare a total dividend of forty per cent. This is much better than had been anticipated. ROBIN ADAIB. Cloudy and sultry.

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UNITED STATES DISTRICT COURT

WEDNES. DAY-Judge - Hughes.-Judge Hugbes made an order allowing Orson Adams. E-q., receiver of the Merchants National Bank of Petersburg, to sell the lot and building now occupied by that bank, in the city of Petersburg, to the Planters and Mechanics Bank of that city for $8,500-one fourth casb, and balance on a credit of six, twelve, and eighteen months. The following orders were entered in bankruptcy cases: In the matter of John T. Boutwell. bankrupt. The assignee's account was referred to Thomas S. Atkins, master commissioner, to be stated by him and reported to the court. In the matter of S. W. Keyes, bankrupt. The order of the 30th of March last was suspended. and the assignee restrained from selling the bankrupt's real estate. Thereupon the cause was referred to Thomas S. Atkins, mas er commissioner, to inquire and report the liens upon the property. In the matter of Charles Lindner, bankrupt. The petition cf B. W. Gillis for rent was dismissed, and the real estate of the bankrupt- consisting of two lots in Cook county, III., valued at $2,500, but subject to a mortgage in favor of Strasberger, Pleiffer & Co., of New York, for $757.30-was exempted to the bankrupt as a homestead exemption. The balance of $53.13 in bank was ordered to be paid to the officers of the court.