Click image to open full size in new tab
Article Text
THE Richmond Banking and Insurance Co., of Richmond, Va., of which Mr. Jno. B. Davis is president, suspended payments on Tuesday morning. It IS claimed that the concern will pay the depositors dollar for dollar, but no statement of its affairs has yet been made public. The amount of deposits was about $600,000, including $300,000 belonging to the State of Virginia. The State depositories are the Richmond Banking and Insurance Company and the Planters National Bank. The capital stock of the suspended bank is $175,000, with a surplus of $60,000. The collapse of the Richmond Banking and Insurance Company was brought about directly. it is understood, by some hitch in renewing the bond for the State deposit. Certain parties refused to go on the renewal bond. The old bond remains in effect. The sureties are good for the State's deposit, and there will be no trouble on this score. But the fact that the new bond was not given caused a rigid investigation of the affairs of the institution, which resulted in the suspension. Mr. Charles E. Whitlock has been appointed trustee for the Banking and Insurance Company, and the necessary papers have been re= corded in court. 15 The Planters National Bank, of which Mr. Davis was also president, was subjected to a slight run on Tuesday. Many depositors rushed frantically to draw out their small savings; but the excitement was soon allayed upon the assurance of the directors, all men of great wealth, that there was no need of the least apprehension. Mr. Davis resigned the presidency of the Planters Bank, and Mr. Whitlock and Mr. J. B. Pace, the latter a millonaire, were elected Directors of the Planters. Hon. Jos. Jorgenson. The following letter from Hon. Jos. Jorgenson, for three terms past the representative in Congress for the 4th District of Virginia, will explain itself. It breathes a true spirit and does credit to the good sense and patriotism of the writer. We lay it before our readers, with pleasure : WASHINGTON, Sept. 6. 1882. Dr. Thomas Hening, Thomas Green, Esq., Stephen Mosely, Esq., Albert Walker, Esq., and others Dear Sirs,-Since the adjournment of the Burkeville Convention there has been uncertainty among my friends throughout the 4th Congressional district as to what would be the course I would pursue and whether I would submit to its action. This was caused by the letter I sent to the convention declining to permit my name to be presented for nomination. and stating that at some future time would give my reasons in detail. After mature and careful reflection, I have come to the conclusion that, however I may have deemed myself personally aggrieved, I would not be justified in being an obstacle to the success of a great political reformation, having for its object the attainment of incalculable benefits to the people of Virginia, more especially to the Republicans. On different occasions-nt public meetings and through published letters have given expression of my views and sentiments-and it is, therefore, unnecessary for me to recapitulate them here. Suffice to say, I still entertain these opinions, and have no doubt that the result of the election in No. vember will confirm all that has already been accomplished. Entertaining such convictions, I have determined under no circumstances to be a candidate for Congress at the ensuing election but to support the nominee of the convention held at Burkeville, Va., August 16th, 1882. fully appreciate the friendship of the thousands of Republicans in my district who have shown 80 warm and loyal a personal regard by repeatedly sending me as their Representative to Congress, and sincerely thank them-much more than mere words can express. Ican'only say that I haveen deavored faithfully to fulfill my obligations and to do my duty by them; their appreciation and confidence have been shown by electing me by increasing majorities to serve them in three Congresses-in 1876, by 1,400 majority in 1878, by 4,200 majority. and in 1880, by 8,200 majority, to which I shall point with pride and satisfaction hereafter. During the ensuing canvass I hope to see you personally and thereafter to frequently meet the people of the district when important public matters come before them. Very sincerely yours, JOBEPH JORGENSON.
