2075. National Bank of the Metropolis (Washington, DC)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 526
Charter Number: 526
Start Date: January 1, 1866*
Location: Washington, District of Columbia (38.895, -77.036)

Metadata

Model: gpt-5-mini
Short Digest: 16759adc

Response Measures

None

Description

The bank suspended/entered liquidation in 1866 (final suspension cited as May 3) and later had receivers appointed (Feb 1867). Multiple articles discuss suits and liquidation; no clear newspaper description of a depositor run prior to suspension, so this is classified as a suspension followed by permanent closure/receivership. OCR errors in some articles corrected (Metropolis agt. Sprague etc.).

Events (5)

1. October 5, 1864 Chartered

Source: historical_nic

2. January 1, 1866* Other

Newspaper Excerpt: The National Bank of the Metropolis, of Washington, D. C, went into voluntary liquidation three years ago ... draws ... gold interest upon these bonds
Source: newspapers

3. May 3, 1866 Suspension

Cause: Voluntary Liquidation
Cause Details: Articles state the bank went into liquidation (voluntary liquidation referenced); Comptroller/examiners noted unsoundness but bank entered liquidation and suspended payments around May 1866.
Newspaper Excerpt: final suspension of the bank on Thursday, the 3d of May instant
Source: newspapers

4. November 28, 1866 Voluntary Liquidation

Source: historical_nic

5. February 27, 1867 Receivership

Newspaper Excerpt: Order appointing Messrs. N. Wilson and Jno. F. Ennis receivers, with authority to sell the lease and furniture and other property belonging to the Kirkwood House.
Source: newspapers

Newspaper Articles (13)

1. May 13, 1866 The New York Herald New York, NY

Article from The New York Herald, May 13, 1866

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Article Text

It is said to have been fully explained and well under- stood by the persons present at these interviews that un- less Bayne & Co. could secure from $150,000 to $250,000 without delay they must fail, and that this failure would involve the failure of the bank. The per- sons known to have been present at one or more of these interviews and consultations, and cognizant of the condition of the bank, were Mr. William L. Huyck, Mr. C. A. Sherman, president and cashier of said bank; Mr. C. W. Boleter, Jr., and Mr. Oscar King, directors; Mr. L. P. Bayne, of Bayne & Co., Baltimore; Mr. Huntington, cashier of the First National Bank; Mr. Frissel, assistant cashier of the National Bank of the Metropolis, and Lieutenant Colonel E. E. Paulding, pay- master, United States Army. After stating these facts to show how far the true con- dition of the bank was known on the 20th day of April, it remains for me to give a list of the depositors of the government and disbursing officer's and agent's funds from that date until the final suspension of the bank on Thursday, the 3d of May instant, and the amounts de- posited by them respectively :- May 1-Deposited by Brigadier General Rob- inson, to his own credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Paulding, pay- After stating these facts to show how far the true con- dition of the bank was known on the 20th day of April, it remains for me to give a list of the depositors of the government and disbursing officer's and agent's funds from that date until the final suspension of the bank on Thursday, the 3d of May instant, and the amounts de- posited by them respectively :- May 1-Deposited by Brigadier General Rob- inson, to his own credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. February 13, 1867 The National Republican Washington, DC

Article from The National Republican, February 13, 1867

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COURT IN EQUITY-Judge - Olin.-Stackpole vs. Stackpole. Order granting leave to amend petition. Jones vs. Stringfellow. Order to tenants to deliver possession to purchaser. National Bank of the Metropolis vs. Sprague. Order for notice of application for the appointment of a receiver and for an injunction. :

3. February 27, 1867 The National Republican Washington, DC

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EQUITY COURT-Judge Olin.-Purdy - et al. vs. Surratt et. al. Order to trustee to pay over balance to administrator de bonus non, in Prince George county, Maryland. In no., Susan Glover. Order for writ de lunatico inquirendo. Mary J. Selly vs. Jas. W. Selly. Order to file amended petition. National Bank of the Metropolis vs. C. C. Sprague al. Order appointing Messrs. N. Wilson and Jno. F. Ennis receivers, with authority to sell the lease and furniture and other property belonging to the Kirkwood House.

4. February 27, 1867 Evening Star Washington, DC

Article from Evening Star, February 27, 1867

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NATIONAL BANK OF THE METROPOLIS AGT. C. C. SPEAGUE AND OTHERS-Yesterday, 1 Judge Ulia appointed Jonn F. Ennis and Na. thaniel Wilson receivers in this case, with autherity to take possession of the lease, furnitare, &c., of the Kirkwood House, on giving bond in the penal sum of $50,000.

5. March 15, 1867 Evening Star Washington, DC

Article from Evening Star, March 15, 1867

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THE KIRKWOOD House.-Yesterday afternoon the Kirwood House was closed, and the receivers recently appointed by the Equity Court in the case of the National Bank of the Metropolis agt. Sprague et al., (Messrs Ennis and Wilson,) left the building in charge of W W. Kirby until the day of the sale. The boarders were informed of the intention to close yesterday morning, and after dinner there was a hasty vacation. Sprague, it appears, while proprietor of the hotel, borrowed $65,000 from Mr. Hutchinson, President of the Bank. and subsequently sold the lease of the hotel and effects to Mr. H. H. Dudley Suit was brought against Sprague, Dudley, and others, and other creditors holding deeds of trust also came into Court asking relief. The Court appointed receivers as above, and they will now sell the lease and effects and turn the procee is into Court subject to the final decree. Mr. Dudley has taken an appeal from the decision of Judge Olin, and it is expected that the case will be heard by the Courtin General Term tomorrow.

6. December 20, 1868 Nashville Union and American Nashville, TN

Article from Nashville Union and American, December 20, 1868

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at a premium. It will be a first important step towards a resumption of specie payments by the government and by the pecple. Congress would be compelled to redeem or fund the greenbacks as fast as a legal medium of greater value could be supplied. The difficulties of trade, it is be. lieved, would be less than is generally anticipated. The banks would be most exercised. Such as could open* specie accounts, and issue notes upon a specie basis, would probably do so at once, and this would gradually drive the others to adjust their business and circulation to the same standard; but in all this the difficulty would not beserious. With each one handling money doing his part towards adjusting prices to values, the whole labor 80 divided will be scarcely felt, and all will be, in a short time, surprised that a remedy 80 efficacious in results should have been so long feared and delayed. Whatever the judgment of the the court as to the lega:-:ender law may be, the evil will not be of the onerous character feared." The Court of Appeals of Maryland has decided that where a contract is made to pay in gold, legal tenders will not discharge the legal obligations of the debtor in other words, he must pay in gold. The National Bank of the Metropolis, of Washington, D. C, went into voluntary liquidation three years ago, with $400,000 of United States bonds deposited with the United States Treasurer to secure the government deposits of over half a million of dollars. This bank has now no office known to the treasury, yet it draws, through some means, semi-annually, the gold interest upon these bonds, and upon $202,000 of bonds deposited to secure $130,000 circulation. This drain of over $50,000 in currency per annum from the United States treasury is likely to continue ad infinitum. The Comptroller asks for no legislation to stop this leak, nor does he allude to it in his report. One hundred and fifty thou sand dollars has thus been drawn from the government treasury since the suspension of the bank, and this while it owed the government over half & million of dollars. Mr. Hulburd asks for legislation to enable him to sell the bonds of a bank deposited to secure circulation after it closes its business, and pay over all but enough to redeem the outstanding circulation, but nothing is said about selling bonds to pay the government back its deposits when the bank is unable to respond to the calls of the United States Treasurer or other United States officer.

7. January 1, 1869 The National Republican Washington, DC

Article from The National Republican, January 1, 1869

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THE COURTS. CIRCUIT COURT-Chief Justice Cartter.-This court was occupied as follows yesterday: THE BANK CASE. Kennedy, receiver, vs. the National Bank of the Metropolis. The jury in this case found a verdict of $20,000 for the plaintiff, and thereupon the defendant moved for a new trial. Falconer vs. Hines. Judgment by default for $195 for rent due. Clark vs. Hell. Judgment by default for $134. United States vs. Pettibone. Case called and jury respited till Saturday, Rees & Milliard vs. National Bank of the Republic. Motion for new trial overruled. Adjourned. THE EQUITY AND THE CRIMINAL COURTS did not sit yesterday.

8. February 4, 1874 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, February 4, 1874

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NEW YORK. Counterfeit Bank-Notes. NEW YORK, February 3.-Two-dollar counterfeit notes on the- First National, Ninth National, Marine National, National Shoc and Leather banks, and the National Bank of the State of New York, and the National Bank of Commerce, are in circulation. They are well executed and well calculated to deceive. Bank Suit. NEW YORK, February 3.-The State of Tennessee is plaintiff in a suit which is being tried before Judge Van Brunt to-day in the Supreme Court. The defendants are Fairbanks Brothers, stockholders and directors in the National Bank of the Metropolis, Washington; Mr. Hatch, the treasurer; and Mr. Davis, the attorney for the bank. The allegation is that in 1864 the firm, which became indebted to the National Bank of Memphis. Tenn., for $66,000, deposited bonds in the National Bank of the Metropolis as collateral security for the debt, and the bonds were sest to Davis by Judge Sherman, a Washington hawyer, accompanied by a letter. The Bank of the Metropolis went into liquidation in 186G, and the Memphis bank failed in 1867, and a receiver was appointed. The Attorney-General of the State of Tennessee applied to the Controller of Currency in Washington to have the debt collected for the Memphis bank, but he refused to take any steps in the matter, being influenced, it is alleged, by the representations of the defendants, who deny the indebtedness. The case is likely to occupy several days. Items. NEW YORK, February 3.-The cigarmakers who lately struck for an increase of wages have resumed work, their bosses effecting a compromise. The strike of clothhat and capmakers still continues. Some of the bosses have acceded to their demands, but they refuse to resume work till all the bosses do so. A further discrepancy has been found in the accounts of H. Gill on the tax account of Brooklyn. A warrant has been issued for Gill's arrest. but it is stated that he has left for parts unknown. William Adams has been sentenced to eight years in the penitentiary for robbing and stabbing Mr. Finch.

9. February 4, 1874 New-York Tribune New York, NY

Article from New-York Tribune, February 4, 1874

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THE COURTS. A TENNESSEE CLAIM. SUIT AGAINST THE DIRECTORS OF THE NATIONAL BANK OF THE METROPOLIS, WASHINGTON. A suit involving large issues has just been begun in the Special Term of the Supreme Court before Judge Van Brunt. The parties to the suit are the State of Tennessee, plaintiff, and Fairbanks Bros., (Theodore, Horace and Franklin) stockholders and directors in the National Bank of the Metropolis, Washington; Wm. B. Hatch, Treasurer, and Theodore M. Davis, Attorney of the Bank, and Lucius Chittendon, defendants. The complaint is that in 1866 a firm doing business in this city became indebted to the National Bank of Memphis, Tenn., in $66,000, for which they gave collaterals in the shape of bonds. These were forwarded to ex-Judge Sherman of Washington, who by direction of the Bank sent them to Mr. Davis, the Bank attorney, with a letter directing him to deposit the bonds in the National Bank of the Metropolis to the credit of the Memphis Bank. Two months later the Washington bank went into liquidation and the following year-1867--the Memphis Bank failed and a receiver was appointed. The Controller of the Currency was applied to in Washington in aid of the collection of the debt for the National Bank of Memphis, but he refused to do anything and there is an allegation that he was influenced through the representations of the defendants, who deny the indebtedness. The complaint further alleges that when the National Bank of the Metropolis went into liquidation Davis, by direction of the other defendants, collected the money on these collaterals and applied it towards the liquidation of the debt of the Washington bank, which owed $600,000 to the United States. In the answer of the defendants Davis admits that in 1866 the Washington Bank owed the Memphis Bank $66,000, and that collaterals were deposited to the credit of the latter in the National Bank of the Metropolis. He also admits the facts sworn to in the complaint in regard to the failure of both banks, but there is 8 denial that the debt of $66,000 existed then. Davis denies, also, that he himself ever received the collaterals as charged in the complaint, or that he applied any moneys of the Memphis Bank toward liquidating the debt of the Washington Bank. The answer by all the other defendants 18 a general denial. Alexander F. Weaver, the bookkeeper of the Washington Bank, was the first witness called yesterday, and he testified in reference to the financial condition of the bank at the time the cause of action arose. The various counsel employed in the case are Brownell and Althrop for the State of Tennessee: Dunning, Edsail & Hart, S. J. Storrs, and Grosven or J. Hubbard for the defendants.

10. February 5, 1874 New Orleans Republican New Orleans, LA

Article from New Orleans Republican, February 5, 1874

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[CONTINUED FROM FIRST PAGE.! stopped at Summitville, where the main body of the strikers is located. The passenger cars were detached, with but locomotive was allowed to proceed coming The mails on the tender. The train halfthe with mail due in Jersey City at the east, eight to night, was also stopped, engine gast cars detached, and the to proand passenger tender with mails only allowed ceed. a passenger, who arrived to-night burned From learned that the strikers have west of K was water tank at Budd's station. branch the Summitville. At Ellenville, on the A they threaten to burn the bridges. to. road. loaded with flour was broken open discar day at Summitville, and the contents &ributed to those needing it. telegraph office has been taken posThe mession of, and no telegrams allowed to but pass. The sheriff, with a posse, is out. powto act against the strikers, who num- besides ber erless tully 150 men at Summitville, 18 10000 eq> The strike is for arrears of wages. extend. ing several months back. Stevens, one of the receivers. with two United States deputy marshale. has gone to the scene of the strike. Discovery of Counterfeits. NEW YORK, February 4.-A large number of counterfeits have been discovered on the following country banks: Tens on New the National Bank of Lockport, Bank First York; twenties on the First National Cenof Plainfield. New Jersey; tens on the on tral National Bank of Rome, N. J : tens the Flour City National Bank of Rochester, County York: twos on the Westchester and New National Bank of Peekskill,INew York, Poughthe City National Bank of well -ua are these IIV 1 MeN no SOME graved, keepsie, and liable to deceive even good Brooklyn Finances. further discrepancy of $1500 has been tax A in the accounts of H. Gill. in the issued found at Brooklyn. A warrant was left for office Gill's arrest, but it is stated he has for parts unknown. Sentenced. William Adams. for robbing and stabbing Mr. Finch, has been sentenced to eight years in the penitentiary. Gurnsey Brown. for stealing a watch. neused on at sures eag 02 servences ser The tiary. state of Tennessee Sues Bank Direc. $6.10$ % und up "I JO OIL quit which is being tried before Judge Crunt to-day in the Supreme Court, special The defendants are Fairbanks the term. Brothers, stockholders and directors in National Bank of the Metropolis, Washington. Mr. Hatch, treasurer. and Mr. Davis. attorney of the bank. my our 1981 III that s! allegation 942 which became indebted to the National B ank of Memphis for $66,000. deposited bonds in the National Bank of the and Metrop. olis as collateral security for the debt. the bonds were sent to Davis by Judge Sherman (8) Washington lawyer. accomThe panied by a Bank of Me letter. tropolis went intoliquidazion in 1866, and the Memphis Bank The failed SUM e pur *2981 " Attorney General for the State of Tennesapplied to the Controller of the Cur.100 top ey1 have 04 Mashington or COM tency lected for the Memphis Bank. but he refused to take anysteps in the matter, be. influenced, it is alleged. by the repre ing centation of the defendants. who deny the Adusse 01 from They An Indian Shot. Lin Lisealla, & respectable Italian: was what fatally in the street by another Italian named J. Nari, while intoxicated. Nari .01 . Surgers 20111 SEM security *PuH @re or The strike of the Oswego Midiand vailroad terminated late last night. The strikat Ellersville agreed to the same terms ers offered by the receiver to the men at Sum. mitville Business was resumed this The morn. and trains are running as usual ing, paymaster began paying off the men this morning for December, and will continue all their demands are settled. : Improved Trade Facilities ) 11 The Pacific mail steamship Colon. will. en her next outwardtrip for Aspinwall, leav. ang this port on the fourteenth instant. take passengers and freight for Kingston, 0 .02 01 Subdaro 441 je 980dand being # open regular communication with the is 0 land of Jamaica The aptain of the Colon L will accompany his passengers through to San Francisco taking command of the iron dued 1ᵉʳ questions 1 11 N William Cresswell, alias Bill O'Connor. a

11. February 10, 1874 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, February 10, 1874

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The Stockholders and Directors of the National Bank of the Metropolis, Washington. A suit involving large issues, says the New York Tribune of the fourth instant, has just been begun in the special term of the supreme court before Judge Van Brunt. The parties to the suit are the State of Tennessee, plaintiff, and Fairbank Bros. (Theo. Horace and Franklin), stockholders and directors in the National Bank of the Metropolis, Washington, William B. Hatch, treasurer, and Theodore M. Davis, attorney of the bank, and Lucius Chittendon, defendants. The complaint is, that in 1866 a firm doing business in this city became indebted to the National bank of Memphis, Tennessee, in sixty-six thousand dollars, for which they gave collaterals in the shape of bonds. They were forwarded to Ex-Judge Sherman, of Washington, who by direction of the bank sentthem to Mr. Davis, the bank attorney, with a letter directing him to deposit the bonds in the National Bank of the Metropolis to the credit of the Memphis bank. Two months later the Washington bank went into liquidation, and the following year, 1867, the Memphis bank failed and a receiver was appointed. The comptroller of currency was applied to in Washington in aid of the collection of the debt for the national bank of Memphis, but he refused to do anything, and there is an allegation that he was influenced through the representations of the defendants, who deny the indebtedness. The complaint further alleges that when the National Bank of the Metropolis went into liquidation Davis, by directions of the other defendants, collected the money on these collaterals and applied it toward the liquidation of the debt of the Washington bank, which owed $500,000 to the United States. In the answer of the defendants Davisadmits that in 1866 the Washington bank owed the Memphis bank $66,000, and that collaterals were deposited to the credit of the latter in the National Bank of the Metropolis. He also admits the facts sworn to in the complaint in regard to the failure of both banks, but there is a denial that the debt of $66,000 existed then. Davis denies, also, that he himself ever received the collaterals as charged in the complaint, or that he applied any moneys of the Memphis bank toward liquidating the debt of the Washington banks. 1 he answer by all the other defendants is a general denial. Alexander F. Weaver, the book-keeper of the Washington bank, was the first witness called yesterday, and he testified in reference to the financial condition of the bank at the time the cause of action arose. The various counsel employed in the case are Brownell and Althrop for the State of Tennessee; Dunning, Edsail & Hart, J. Storrs, and Grosvenor J. Hubbard for the defendants.

12. February 13, 1874 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, February 13, 1874

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$66,000 IN SUIT. The Pointsand Facts in the Case of the State of Tennessee vs. the Stockholders of the National Bank of the Metropolis. A Lingering Remnant of the old Tennessee National Bank's BusinessThe Receiver's Part in it, Etc., Etc. EDITORS APPEAL-The following are the facts of the case now pending in New York courts of the State of Teunessee vs. the stockthe of National of Bank holders Metropolis of Washington, D. C.: In October, 1866, the Fational bank of the Metropolis, Washington, was indebted to the Tennessee national bank, Memphis, for about forty-five thousanddollars. It was mutually agreed this debt should not be pressed, provided sufficient security was given. Notes, stocks and other obligations to the amount of sixty-six thousand dollars were set aside, and a receipt therefor given, showing that they were held as collateral. A small part of this collateral was paid and properly applied. Two months after, December, 1866, the Washington bank went into liquidation; and three months later still, March, 1867, the Memphis bank failed. In the meanwhile the officers of the Memphis bank very properly took the collaterals out of the Washington bank and had them in the hands of Judge Sherman, who was afterward directed to give them back to the agent of the Washington bank, with the express understanding that they were the property of the bank here until the original debt was canceled. The receiver repeatedly called attention to the balance, some thirty-eight thousand dollars, still due when he took charge, urging payment either out of collaterals or otherwise. He also visited New York and Washington several times about this debt. At one of these visits the agent offered twenty thousand dollars cash and five thousand dollars in ship stock-the latter of no market value. On consulting his solicitor and agent of the State on his return, this offer was declined. Subsequently a peremptory demand was made for the collatterals or their avails. This demand was refused on the ground. First-That the bank could not give collaterals in the face of liquidation or failure. Second-That when the affairs of the bank reached him these collaterals were not distinguishable from the other assets. This claim was purchased by the State of Tennessee, September, 1869, and carried with it the collaterals now in suit. The State is plaintiff and the agent of the Washington bank, together with the directors and stockholders, defendants, and who reside in New York. It is Talleged that the Washington bank being largely indebted to the government, the collections paid were applied to that object, and not to the debt due the Tennessee national. It is also alleged that this diversion was known to some of the government officials in Washington, who took no pains to correct it. The defense rested chiefly on the grounds taken in the above reply to the peremptory demand of the receiver here. The plaintiff showed clearly that the securities reached the Washington bank agent as such, specifically, and it was also shown that he was the same person who had previously made the offer of twenty-five thousand dollars for the claim, twenty thousand of which wasin cash. Much credit is due for the success of this suit to the able management of the case by Messrs. Brunel & Lathrop. the attorneys for the State, who, notwithstanding the lapse of time and distance from evidence on their side, presented the claim in a clear and forcible manner. They acknowledge themselves indebted to the late receiver of the Memphis bank for the aid and evidence he gave, without which they say they could I. O. U. not have succeeded. wer

13. June 22, 1879 The Sun New York, NY

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tigation. It is known. however. that the Comptroller of the Currency knew for some time previous to the suspension of the bank that it was unsound. Jonn Bull. a Bank Examiner. reported to the Comptroller its condition, and he simply forbade the officers to continue discounting. and in the mean time the public knew nothing of its unsoundness, and depositors were thus swindled by the connivance of the Treasury officials. Among other deposits was one made by the Tennessee National Bank of Memphis. It seems that the latter bank was the custodian of part of the State funds, and some $600,000 of this money WAS sent to the National Bank of the Metropolis at Washington. The Memphis Bank had been started by Hutchinson. the cashier of the National Bank of the Metropolis. and 8 man named Rutter, who had formerly been doing a banking business in a small way in Memphis. The Metropolis Bank, it appears. advanced some $300,000 to the Memphis Bank, and in turn the Metropolis received $618,250 from the Memphis Bank. This latter sum was the money of the State of Tennessee, It was discovered by Mr. Bull, the examiner, that the President of the Memphis Bank had paid somebody in Washington $10,000 to cover up this transaction. The State drew for its money. and then trouble began. Rutter was arrested, but some of the State officials were implicated with him. and the matter was finally compromised by the payment of $350,000. and the balance was secured by notes, which were never paid in full. Rutter alleged that he was black mailed continually by Treasury officials, and finally ruined in health 88 well as financially by the trouble these people caused him. On the day after the failure of the Ocean Bank the depositors held a meeting. and C. J. Everett. who called them together, said: I know nothing about the receiver. I objected to him because he is A friend of the President. and you know there is a rumor that the officers of the bank have absorbed the assets. If the receiver's statement is correct, if we have $550,000 in bonds and stocks. $518,000 in loans secured by collaterals. $1,124,000 in discounted notes, why, then the bank is in a solvent condition. It the bonds have any value at all. they have a cash value. On the $518,000 loans we might have borrowed almost an equal amount: and If even part of the $1,124,000 dis. counted notes were bad. 30 or 40 per cent. at least cond have been raised. If this statement is correct. the bank could have met every dollar of its liabilities and still had a surplus. The question is. Way has the bank stopped Because I presume the men to whom the funds of the bank were intrusted took them out. There is no other explanation. In January. 1872, Mr. Davis sent to the depositors and stockholders a circular in which the assets and liabilities of the bank were stated thus: