21651. Burruss, Son & Co. (Norfolk, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 1, 1897*
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
bb05da19

Response Measures

None

Description

Burruss, Son & Co. was an older private banking house that failed/assigned in April 1897 and a receiver (Theodore S. Garnett) was appointed May 1, 1897. There is no contemporaneous description of a depositor run; the sequence is failure/assignment and receivership, followed by dividend payments during liquidation. Dividend notices (1899–1900) show the estate was liquidated under a receiver rather than the bank reopening.

Events (5)
1. April 1, 1897* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed/assigned for large deficiency (articles state failure for about $340,000; collections precluded and forced the house to the wall).
Newspaper Excerpt
Burruss, Son & Co., the oldest banking house of Norfolk, Virginia, has failed.
Source
newspapers
2. May 1, 1897 Receivership
Newspaper Excerpt
Judge Theo. S. Garnett ... appointed receiver of the defunct bank.
Source
newspapers
3. January 20, 1899 Other
Newspaper Excerpt
On and after January 20th, 1899, I will pay a second dividend of 10 per cent. to the creditors of Burruss, Son & Co., upon the presentation of the Receiver's Certificates ... THEODORE S. GARNETT, Receiver for Burruss, Son & Co.
Source
newspapers
4. December 21, 1899 Other
Newspaper Excerpt
NOTICE OF THIRD DIVIDEND ... DIVIDEND OF TEN PER CENT. will be paid to all creditors of Burruss, Son & Co., ... THEODORE S. GARNETT, Trustee and Receiver of Burruss, Son & Co.
Source
newspapers
5. August 11, 1900 Other
Newspaper Excerpt
Judge Theodore S. Garnett, receiver for the estate of Burruss, Son & Co., failed bankers, began paying a 20 per cent. dividend yesterday. This will make 50 per cent. paid the general and unsecured claims.
Source
newspapers

Newspaper Articles (11)
1. May 1, 1897 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, May 1, 1897

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nearly due to the amount of $200,000. Wages of ouddlers at the iron mills at McKeesport, Pa., were reduced a few days ago. A strike of all the workmen in builders' trades, Chicago, is expected to be declare 1 May 1, and yet some people claim that a wave of prosperity is sweeping over the country. Schaar, Koch & Co., private bankers, Chicago, Illinois, are in the hands of a receiver. Baker J. Lamar, of Urbana, Md., has appointed a trustee. Burruss, Son & Co., the oldest banking house of Norfolk, Virginia, has failed. The business was established in 1864. The prosperous (?) condition of business generally precluded collections and they were forced to the wall. Harry A. Cassin, cashier of the Georgia Savings Bank and Loan Banking Company, of Atlanta, Georgia, has been arrested. He had confessed defalcations to the extent of $45,000, which his friends agreed to make good, but the officers of the concern discovered that the shortage will be several times the sum named. A receiver has been appointed for the United States Bond Company, of which Cassin was also cashier. A receiver has been appointed for the Superior Consolidated Land Company, of Wisconsin, upon application of the estate of Thomas Scott, of Philadelphia. The secured indebtedness of the company aggregates $650,000. The Lumber Exchange Bank, of North Tonawanda, N. Y., has suspended business. Its deposit funds are being transferred to the State Bank. The bank is perfectly sound, but it has not been making money, and has decided to liquidate. Thomas Holloway, of Worcester county, Md., has been declared insolvent; liabilities $12,000. Chicago, April 28.-"It is disgrace and the Penitentiary or the lake, and I have chosen the latter,' wrote John Sheldon, the leading banker of Sheldon, III., to his confidential friend and attorney, J. H. Moffet. The receipt of the letter in Paxton, III., where Moffet lives, was followed by the closing of the leading bank of Loda, the assignment of four of the leading business firms and individual assignments by as many of the leading citizens 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 $200,000 and $250,000 went down in the general erash. The financial wreck which brought Sheldon to this end was precipitated apparently by the demand of the heirs of the Sheldon estate in Chicago for $30,000 realized a year ago from the sale of North Chicago Street Railway and Diamond Match stock. Sheldon was unable to meet the demand upon him, came to Chicago and wrote a 20 page letter to his confidential friend, advising him that he would take his life by jumping into Lake Michigan, and indicating as the best line of procedure closing up his own involved estate. Carried down with Sheldon are a number of Loda business firms, including the Slocum & Bradley Company, a hardware and lumber firm; Gray & Swanson, dry goods and groceries; Nels Peterson, furniture and farm implements; W. L. Kinsman, grain dealer, and a number of individuals, including John Peterson, E. E. Slocum, Fannie S. Bradley and several others. These people were all on bonds for Sheldon. the amount of which, it is said, is between $130,000 and $200,000 in trustees' guardian estates. Liberty Cycle Company of Bridgeport, Conn., has assigned. The Savings Bank of Phoenix, R. I., has suspended; liabilities of $417,693; assets nominal. F. A. Phillips, Jr., the Consolidated Stock

2. May 2, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, May 2, 1897

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A NORFOLK SENSATION . Growing Out of the Failure of Burruss, Son & Co. NORFOLK, VA., May 1.-(Special.)Something of a sensation was caused in this city to-day, when it became known that W. H. H. Trice, as trustee for H. H. Trice, had instituted suit against Nathaniel and Margaret Burruss, his wife, and W. C. Burruss, trustee, to set aside a conveyance of $1,000,000 worth of real estate in this city from Nathaniel to Margaret Burruss, his wife. Mr. Burruss is the head of the bankinghouse of Burruss, Son & Co., which failed for $340,000 this week. Mr. Trice charged that Mr. Burruss assigned about $150,000 of his worst property to his creditors, and $1,000,000 worth of the best property in Norfolk to his wife. He alleges that any man familiar with the values will say his wife's property is the best in Norfolk. Mr. Trice's claim against the bank for money deposited amounts to $8,180.

3. May 2, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, May 2, 1897

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Aprointed Receiver. NORFOLK, VA., May 1.-(Special.)Judge Theo. S. Garnett, trustee of Burruss. Son & Co.'s assets, was this afternoon. by his own motion in the Court of Law and Chancery, appointed receiver of the defunct bank.

4. May 4, 1897 The Times Richmond, VA
Article from The Times, May 4, 1897

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PARTY TO THE BURRUSS SUIT. The Dismal Swamp Canal Being Dredged for Deep-Draught Vessels, NORFOLK, VA., May 3.-SpecialTwenty-five depositors to-day joined with W. H. H. Trice in his suit against Burruss, Son & Co., to set aside the transfer of valuable real estate to Mrs. Burruss. Judge Theodore S. Garnett, trustee, has been appointed by Judge Martin receiver for the defunct bank. Three forty-foot dredges have been put to work on the new Dismal Swamp canal which will shortly be available for deep draught vessels. The Supreme Conclave of the World Heptasophs will convene here to-morrow.

5. May 7, 1897 The Chanute Times Chanute, KS
Article from The Chanute Times, May 7, 1897

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BOILED DOWN. Gold is going to Europe again in half million lots. England is getting ready for trouble the Transvaal. Governor Pingree of Michigan vetoed the Donavan curfew bill. Senator Vest wants the Mississippi inundations carefully looked into. The Schmidt hotel and the Mineral Spring Park hotel, Milwaukee, burned. Three small Mexican towns near Guadelupe were destroyed by a waterspout. Chicago gossip says Marshal Field is engaged to marry Phil Sheridan's widow. Deb's latest scheme is to lead an unemployed "army" to Utah to form a socialistic colony. Greece has a new cabinet. the outof dissatisfaction with the proseeution of the war. President McKinley will be invited Salt Lake City to attend the jubilee elebration in July. The Turkish minister of marine has stealing millions every year from the Turkish naval fund. Senator Platt of Connecticut and Mrs. Jennie P. Hoyt of Upper Montclair, N. J., were married. John M. Risher, the big Pittsburg operator. confessed judgment to wife on notes amounting to $115,Daughters of the Confederacy untheir statue at Dallas. Ex-SenReagan made the address. Greece has assured the British and French ministers at Athens that the Greek fleet will not bombard Salonica. Ed Newcomb, leader of a noted band Oklahoma outlaws, has been caught lodged in jail, and the band oroken up. Maryland Steel company's plant at Sparrow's Point, Md., will resume vork with 2,000 hands, after three ears' idleness. Japanese newspapers talk of sendwar ships to Hawaii to enforce the anding of undesirable Japanese imnigrants. Banquet hall in the Monongahela Pittsburg, was swept by fire aused by an explosion in photographit for the American club. William P. Nicholls, president of defunct Bank of Commerce of New Orleans, was convicted of the embezlement of $20,000. Emil Sohlerns, a Chicago saloonteeper, was shot and instantly killed one of three men who entered the aloon for the purpose of robbery. The Westinghouse Air Brake comany has posted notices in its foundry lepartment announcing a reduction of vages ranging from 20 to 40 per cent. Upan receipt of a dispatch from Veyler stating Western Cuba had pacified the queen regent of pain signed the decree granting Cuban eforms. Senator Allen of Nebraska has inroduced a proposed amendment to the ariff bill for the abrogation of the Hawaiian reciprocity treaty on July 1898. All the conductors, engineers, brakeand switchmen on the Philadel& Reading and New England ailroads have been notified of a ten cent reduction. Three steamers landed 800 Irish most of them between 18 and 22 of age, at Ellis Island. Repreentatives of a Catholic mission looked fter them. Many of the girls will West. McKinley's bimetallic missionaries xpect to sail from New York for Europe May 8. The election of Deboe in Kentucky vill not affect the plan for reorganizaof Senate committees. Lieutenant Wise of the army has inented a device for signaling at night forces ten or twelve miles distant. Rev. Mr. Spanbower of Lafayette, has been arrested at the instance Miss Deborah Scott, who charges riminal libel. Four perished in a New York tenefire. Mrs Barnett, to save her hildren from the flames, dashed them a window. They were killed. Dr. H. S. Tanner, the celebrated has issued a challenge to the world for a fast to a finish for $10,000 side. Flood situation is bad at Keokuk, N. Burruss, Son & Co., Norfolk Va., ankers, assigned. General Merritt has three months of absence to visit Europe. Over 1,300 Irish girls have arrived at New York. Congressman Henderson of Iowa have to lose his leg from erysipM. Averoff, a Greek millionaire phi-

6. July 11, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 11, 1897

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Burruss, Son & Co.'s Failure Again. NORFOLK, VA., July 10.-(Special.)Judge Martin to-day rendered his decision in the Trice-Burruss suit, brought to overthrow the property transferred to Mrs. Burruss, prior to the assignment of Burruss, Son & Co., bankers. Counsel for the defence wanted Receiver Garnett made a party to the suit, and counsel for plaintiff demurred. Judge Martin decides in favor of the plaintiff, and Receiver Garnett will not be made a party to the suit. The answer of Mrs. Burruss to Trice's suit will be heard in Judge Martin's court Monday week. On it depends the trial of the caso on its merits.

7. February 8, 1898 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, February 8, 1898

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Many Matters of Interest Around About City Hall Square. THE BURRUSS-TRICE SUIT COMES UP Argued Before Law and Chancery Court Yesterday - Corporation Court Convenes for February Term -Nent on to the Grand Jury for Forgery. The suit of W. H. H. Trice and other creditors of Burruss, Son & Co., bankers, who failed last April for a large amount, came up in the Court of Law and Chancery yesterday upon motion to appoint a receiver to take charge of the rents accruing from the property transferred to Mrs. Burruss, in lieu of her dower. The property In question Is a valuable Main street block, and was conveyed to Mrs. Burruss at the time the banking house falled. The case was argued and submitted. Counsel were Judges D. Tucker Brooke and Edward Spaulding for the plaintiffs, and Messry. A. P. Thom, William H. White and George McIntosh for the defendants.

8. January 20, 1899 Virginian-Pilot Norfolk, VA
Article from Virginian-Pilot, January 20, 1899

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Notice of Dividend, On and after January 20th, 1S99, I will pay a second dividend of 10 per cent. to the creditors of Burruss, Son & Co., upon the presentation of the Receiver's Certificates at my office, room No. 224 Citizens' Bank Building, THEODORE S. GARNETT, Receiver for Burruss, Son & Co. ja15-t20

9. December 21, 1899 Virginian-Pilot Norfolk, VA
Article from Virginian-Pilot, December 21, 1899

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NOTICE OF THIRD DIVIDEND ) Office of Theodore S. Garnett, Trustee & Receiver of Burruss, Son & Co) 224 Citizens' Bank Building, Norfolk Va.) DIVIDEND OF TEN PER CENT. will be paid to all creditors of Burruss, Son & Co., on presentation of Receiver's Certificate at this office between the hours of 10 a. m. and 8 p. m. on and after the 20TH DAY OF DECEMBER, 1899. THEODORE S. GARNETT, Trustee and Receiver of Burruss, Bon & Co. del7-1w)

10. August 11, 1900 Virginian-Pilot Norfolk, VA
Article from Virginian-Pilot, August 11, 1900

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BURRUSS, SON & CO'S DIVIDEND. FOUR DIVIDENDS PAID, MAKING 50 PER CENT. REALIZED ON $330,000. Judge Theodore S. Garrett, receiver for the estate of Burruss, Son & Co., failed bankers, began paying a 20 per cent. dividend yesterday. This will make 50 per cent. paid the general and unsecured claims. Those claims which were secured by mortgages were paid in full. There were no preferred claims. There have been three previous dividends of 10 per cent. each, so that the present dividend makes one-half of the original claims for which there are about 450 creditors. The assets of the estate are still not exhausted. There are several valuable pieces of property remaining unsold which are steadily enhancing in value and becoming constantly more marketable. This dividend is paid from the proceeds of the recent sale of Plume street property, at Atlantic street, for $62,000. It requires about $33,000 to pay a dividend of 10 per cent., hence the extent of the claims is easily estimated. The failure of the banking firm of Burruss, Son & Co., over two years ago, caused some distress and great consternation. There were a large number of depositors, many of whom had put small amounts of savings in the bank for the purpose of drawing a higher rate of interest than usual and because of the personal relations existing between the popular banker and his clients. Many sold their claims for what they could realize, and about $75,000, perhaps, of them were settled in a controversy between the certain creditors and Mrs. Burruss in an effort to preserve her dower right. That settlement was made on the basis of 50 per cent., SO that if the estate pays another dividend, the purchaser of those claims will realize between 50 per cent. and the amount of dividends!as shown by the first settlement. If the property had been put up at auction. at once. or sold indiscriminately. it is possible that not more than half the 50 per cent. dividends would have been realized.

11. August 11, 1900 Virginian-Pilot Norfolk, VA
Article from Virginian-Pilot, August 11, 1900

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# DIVIDEND NOTICE! ON AND AFTER FRIDAY, AUGUST 10TH, 1900, A DIVIDEND OF TWENTY PER CE.T. will be paid upon presentation of Receiver's certificate at this office, No. 224 Citizens' Bank Building, between 10 A. M. and 3 P. M. THEODORE S. GARNETT, Receiver of Burruss, Son & Co. au7-1w