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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.
