Planters National Bank - Richmond, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1628
Charter Number: 1628
Start Date: December 14, 1895
Location: Richmond, Virginia (37.554, -77.460)

Metadata

Model: gpt-5-mini
Short Digest: ab12c613

Response Measures

None

Description

President James B. Pace made an assignment (deeded real estate to the bank) after his failure (Dec 14, 1895). Receivers (George L. Christian and J. J. Montague) were appointed mid-December 1895. No run is reported (articles explicitly say there was no run). The bank was put into receivership and trustees proceeded to sell stock; no reopening is described in the sources, so this is classified as suspension leading to closure/receivership.

Events (3)

1. December 14, 1895 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President James B. Pace failed personally; he deeded real estate to the bank to secure liabilities after friends' paper defaulted and losses in cotton speculation, indicating bank-specific solvency trouble tied to his failure.
Newspaper Excerpt: The assignment was purposely made on Saturday afternoon ... Mr. James B. Pace, president of the Planters National bank, was announced this afternoon. He has made the bank secure by deeding to it $280,000 worth of real estate ...
Source: newspapers

2. December 16, 1895 Other

Newspaper Excerpt: last night Geo. L. Christian and J.J. Montague, the trustees under the deed of assignment made by J.B. Pace Saturday, were appointed receivers. This action was taken by Judge Lamb, in the Court of Law and Equity, on motion of the Metropolitan Bank of Richmond.
Source: newspapers

3. February 23, 1896 Other

Newspaper Excerpt: report of the trustees and receivers ... sale of the stock of the Planters National Bank ... offer of $220 per share for the 2,135 shares formerly belonging to Mr. James B. Pace ... the undersigned recommend the sale be confirmed.
Source: newspapers

Newspaper Articles (5)

1. December 17, 1895 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, December 17, 1895

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Article Text

BE MAKE HIS BANK SAFE. Then Mr. James B. Pace Falls for the Res of a Million Dollars. Richmond, Va., Dec. 16.-The failure of Mr. James B. Pace, president of the Planters National bank, was announeed this afternoon. He has made the bank secure by deeding to It $280,000 worth of real estate, which will cover his liabilities to that institution. The total liabilities are about $1,000,000. The direct cause of the failure is attributed to the inability of friends, whose paper he held, to meet their obligations. He has also unfortunate in cotton speculations. The property transferred by Mr. Pace to secure the bank includes his $12,000 mansion on Franklin street and the Pace block, in which the general offices of the Chicago and Alton and Ohio railroad are localted. There was a meeting of the directors of the Planters' bank, at which Mr. Pace announced this failure and tendered his resignation as director and presidenit. President Montague says the bank is made absolutely secure. It has on hand $200,000 in currency, which the officials think will be sufficient to meet any run that may be made on it Monday. Mr. Pace was looked upon as one of the wealthiest and most solid business men in the city. The assignment was purposely made on Saturday afternoon in order that the people might have Sunday to consider the situation before the bank opened. Mr. Pace was interested in many concerns, and is a large tobacco manufacturer.

2. December 17, 1895 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, December 17, 1895

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BANKER PACE'S AFFAIRS.-A proposition has been made in Richmond to organize a syndicate to assume the liabilities of Mr. J. B. Pace, the president of the Planters' National Bank, whose failure Saturday caused so much surprise. The idea is for these capitalists to take the assets and realize on them in time to pay off the debts, the balance to be returned to Mr. Pace. The syndicate would receive a commission for its services. The main idea would be to liquidate the obligations promptly and let Mr. Pace go to Europe for a long rest. Upon his return, restored to health, he would be placed in the same financial position that he was before his assignment. Mr. Pace's financial friends in Richmond yesterday offered to loan him sums aggregating $1,000,000 for the purpose of putting him on his feet again. One big manufacturer and capitalist proffered him a check for $200,000. His visit to the bank was an ovation. Friends offered to let him have $500,000 if he needed it. One of the most prominent capitalists there assured Mr. Pace that his check for $200,000 was at his service if he desired the money. There was not the slightest run on the Planters' National Bank yesterday, as WAS thought possible. Last night Geo. L. Christian and J.J. Montague, the trustees under the deed of assignment made by J.B. Pace Saturday, were appointed receivers. This action was taken by Judge Lamb, in the Court of Law and Equity, on motion of the Metropolitan Bank of Richmond. The Christmas hern blowing has already

3. December 21, 1895 The L'anse Sentinel L'anse, MI

Article from The L'anse Sentinel, December 21, 1895

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LATER. The funeral of Allen G. Thurmac took place at Columbus, O. The services were simple, according to the wishes of the dead statesman, and the remains were placed by the side of his wife in Greenlawn cemetery. A boulder fell upon five workmen at Big Stone Gap, Va., killing them all. Miss Helen Culver, of Chicago, gave $1,000,000 to the University of Chicago for the advancement of the science of biology. Al Stinson and William Davis, white cap leaders at Anderson, Ind., were sentenced to six years in the penitentiary. A dispatch from Madrid says that Gen. Martinez Campos had resigned his command of the Spanish army in Cuba and would be succeeded by Gen. Weyler. James B. Pace, president of the Planters' national bank at Richmond, Va., failed for $1,000,000. While playing on the ice at Indianapolis John Horhamer, aged ten, and Otto Greenwaldt, aged seven, cousins, were drowned. The American Federation of Labor in session in New York elected Samuel Gompers, of New York, as president. Secretary Carlisle estimates that it will cost $418,091,073.17 to run this government during the next fiscal year. The appropriations for the present year made by the last congress amount to $412,753,264.81. Severe storms in Germany did damage in the city of Hamburg and vicinity estimated at over 6,000,000 marks. W.A. McKeighan, member of the 52d and 53d congresses from the Fifth Nebraska district, died at his home in Hastings, aged 53 years. At Syracuse, N. Y., Clearwater won the pool championship of the world, defeating Keogh, of Binghamton. The national committee of the people's party will meet in St. Louis January 17 to fix the time and place for holding a national convention. The official call for the national republican convention to meet in St. Louis on June 16, 1896, was issued by the national committee. The state salt inspector of Michigan reports that 3,675,751 barrels were produced during the year, a gain of 190,323 barrels over 1894. President Cleveland returned to Washington from his duck hunting trip in the vicinity of Cape Hatteras. Five San Francisco seafaring men and ten other Americans were sentenced to life imprisonment in the Saghalin prison by the Russian authorities for prohibitory fishing in Siberian waters.

4. December 28, 1895 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, December 28, 1895

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A fire-damp explosion in a coal mine ar Raleigh, N. C., killed 43 men. Secretary Carlisle estimates that it in cost $418,091,073.17 to run this govnment during the next fiscal year. e appropriations for the present ar made by the last congress amount James B. Pace, president of the Plants' national bank at Richmond, Va., iled for $1,000,000. The police at Buffalo, N. Y., arrested gang of six of the most notorious prossional car burglars in the country. A1 Stinson and William Davis, white p leaders at Anderson, Ind., were sennced to six years in the penitentiary. At Syracuse, N. Y., Clearwater won e pool championship of the world, deating Keogh, of Binghamton. The principal business portion of thel, N. C., was destroyed by fire. Figures on the racing season of 1895 the United States show that $2,826,) was earned by horses placed in the 62 events decided during the year. A heavy rainfall was reported roughout Illinois, Iowa, Michigan, isconsin, Missouri and Kansas. William Supleben, 29 years old, a nd soap peddler in New York, in a lous rage killed his only child, a girl ir years old. and then shot himself p The Bennett national bank at New nateom, Wash., forced to close by a n November 5, has reopened for busi*SS The probated will of the late Senator urman, of Columbus, O., shows he S worth $170,000, all of which was t to his heirs. Mrs. Mary Grossman, wife of a promint business man at Ann Arbor, Mich., owned herself and three-year-old имоия SBM cashs °N cistern. u III PU the act. The manufacturers of plumbers' ss goods of the country formed a 7" As a result of the decline in stocks e failure of the following firms was nounced on the New York stock change: Nichols, Frothingham & , Samuel S. Sands & Co., De Neufle & Co., L. A. Feldman and B. Fen1 During a freshet near Old Monroe, ., John Heitman, August LongneckHenry Longnecker, W. Meadows 1 wife, and a stepson of James Blankhip, named Martin, were drowned. 'wo youths, aged respectively 15 and years, the youngest named Blount 1 the older Fourche, engaged in a el with pistols near Pontotoc, Miss., 1 both were killed. . B. Payne, postmaster at Longw, Ala., was murdered by Jasper bors, his nephew. The Union Traction company, owner the street car lines involved in the at strike in Philadelphia, consented arbitrate the differences with its ployes, and the strike was declared lbert Neeland, a photographer of Louis, who already has three wives, $ arrested in St. Joseph, Mo., when ut to marry the fourth. 'wenty-nine miners lost their lives he Nelson mine near Dayton, Tenn., an explosion of fire-damp. he exchanges at the leading clearhouses in the United States durthe week ended on the 20th aggre-'992'621'1$ po the previous week. The increase, apared with the corresponding week 19'91 SUM 199 'ire in the Riche block at Denver sed a loss of $125,000. he third floor of the Palace clothing ise in Minneapolis collapsed under eavy load of wall paper, killing Gale Iters, a clerk, and doing damage to extent of $10,000. here were 377 business failures in United States in the seven days led on the 20th, against 388 the week vious and 349 in the corresponding e of 1894. spices up dealers "oo 8 Packard "IV 1 I teas in New York, made an assignnt with liabilities of $100,000. riends of Henry Ward Beecher are fecting plans to erect a memorial Iding to him in Brooklyn. eorge Wolfe shot and killed Mrs. liam Rattledge, with whom his di-

5. March 11, 1896 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, March 11, 1896

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I This. Will About Accomplish DISPOSED OF. THE WHOLE LOT Receivers Make a Special Report, the Transaction, Recom. Judge Minor Confirms It-Will Left. and tave Considerable Property and the Law By a decree entered night in by Judge E. C. Equity Court last case of the Metropolitan and Minor in the against Christian Bank of Richmond, and receivers for trustees stock formerly Montague, B. Pace, the bank's sold, and there owned James by Mr. Pace is Mr. Pace's affairs assurance that his debts every straightened out, left paid will soon dollar be for dollar, and a residue him. trustees and receivers- J.J. MontaThe Christian and Mr. a special George yesterday evening. and que-late L. Law Equity filed offered Court, that report in the they had been setting forth for the 2,135 shares of stock $220 per share to Mr. Pace, the proformerly from belonging Messrs. A. L. position coming James N. Boyd. The agBoulware and this transaction statement reaches gregate of according to the would $469,700. and receivers and trustees. indebtedof the them to pay off all the The enable trust, in their opinion. as the ness of makes the an excellent showing and re- to work report done by the trustees extraordinarily and reveals an Pace's affairs. HAVE A ceivers. gratifying condition of Mr. RESIDUE WILL Montague were Judge Christian and Mr. Dispatch reporter both called upon by a were reticent last night. and while they Mr. Pace's in what they said concerning encouragingly of they spoke attended their business, success which had of the the so far in the administration that so far labors Montague stated the trust. Mr. Mr. Pace sold by the only property of the bank stock consisted of and the receivers to, some railroad stock. referred upon his ranch in Texas. tattle friends are very hopeful that Mr. Pace's will be able to pay every the receivers indebtedness and leave him It dollar of comfortable his circumstances. concentrain very predicted that by the the has been bank stock of Mr. Pace. of tion of the the Planters' National affairs Bank presidency would be restored were gotten to him into when proper his Pace was business shape and his health entirely questioned regained. by a When Mr. last night as to the probaDispatch man the work of the receivers bie result of up his business, he said he in winding course, say nothing with any ascould, of he believed that the definiteness, but off all of his indebtedness sets would pay a few odds and ends, and leave real him estate, which, he added, slow mostly of at this time find a would just Pace spoke more hopefully market. Mr. has done since his failure feel on than he and his friends December 14, 1895, will again rise to a that he world. position confident of power in the financial The Report in Full. Below is printed in full the embracing report of and receivers, was the trustees of sale, which promptly their recommendation confirmed by a decree of Judge Minor Hon. E. C. Minor, Judge of the of To Law the and Equity Court of the City Richmond: undersigned, J. J. Montague and reGeorge The L. Christian, trustees that, and actbeg leave to report this celvers, decree entered in 23d ing under the day of February, 1896, cause on the been able, although they they have made not strenuous efforts to Planters do so, have make sale of the stock of the the trust Bank belonging to per National fund in this cause at the price of $235 in the minimum price mentioned reshare, They have, however, and said decree. James N. Boyd celved from Messrs. share Boulware an offer of $220 per A. L. of such stock formerly for the 2,135 to shares Mr. James B. Pace, trust and conveyed belonging to the undersigned by wife the dated by said Pace and Metrodeed made 14. 1895. or in case the to December of Richmond prefers not politan the Bank 103 shares pledged with said bank, to the sell said Boyd and Boulware, offer the take the remaining 2,032 shares at same -namely, $220 per share. SITUATION OF THE STOCK. as The situation of the said stock is S follows One thousand seven hundred and Messrs. twenT ty-two shares are pledged with principal Boyd & Boulware for debts, the amount whereof is $225,000. are t shares Two hundred and fifty Richwith the Union Bank of which mond pledged for a debt, the principal of $30,000. e Sixty shares are pledged with debt, the Vir- the ginia Trust Company for a a principal of which is $10,000. c And 103 shares are pledged with for the a e Metropolitan Bank of Richmond u debt. the principal of which is $25,000. stock la All of the holders of the said t collateral (except the Metropolitan suras Bank of Richmond) are willing to A render the same to the said purchasers the 1 receiving the purchase-price of stock upon at the said rate of $220 per of share, the to be credited on their debts as date of payment. I The undersigned further report order that a ( the Virginia Trust Company, in to to facilitate the said sale, are willing i waive their priority under the trust-deed of to of December 14, 1895, or the deed Texas, same date conveying property in Boyd d over the debts due to James N. S and the First National Bank and Union in Bank of Richmond, and secured said trust-deed, and to allow said Boyd E and said banks to receive their debts out of said proceeds of sale, provided, however, the said Virginia Trust Comp pare shall not be prejudiced in any way de in its right to be paid out of the repriC maining trust assets, in the order of th ority set forth in said trust-deed. The undersigned further report that G the Metropolitan Bank is willing to take or the 103 shares of said stock held by ti said bank at the same price of $220 per S share, and credit the proceeds of sale on their debt. ri po WISH THE SALE CONFIRMED. b The undersigned recommend the can.