Article Text
We learn from a dispatch from Staunton that the Virginia Banking and Trust Company of that place, suspended payment on Saturday afternoon, and made an assignment to John Echols and John N. Hendron, trustees.
21908. Virginia Banking & Trust Company (Staunton, VA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- trust company
- Start Date
- October 25, 1875
- Location
- Staunton, Virginia (38.150, -79.072)
Metadata
- Model
- gpt-5-mini
- Short Digest
3b0af60d
Response Measures
None
Description
The Virginia Banking & Trust Company suspended payment on Saturday, Oct. 25, 1875, executed an assignment to trustees John Echols and J. N. Hendren, and was wound up by trustees/commissioner. Articles describe suspension caused by large advances to Valley Railroad contractors and inability to collect; later trustee reports and distributions indicate permanent closure and receivership/winding up rather than reopening.
Events (3)
1.
October 25, 1875
Receivership
- Newspaper Excerpt
- the bank executed a deed of assignment of all their assets to Judge John N. Hendren and General John Echols, who are to wind up the affairs of the company.
- Source
- newspapers
2.
October 25, 1875
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Embarrassed due to large advances to contractors on the Valley Railroad and inability to collect amounts due; assets being realized to pay liabilities.
- Newspaper Excerpt
- the Virginia Banking and Trust Company of that place, suspended payment on Saturday afternoon, and made an assignment to John Echols and John N. Hendron, trustees.
- Source
- newspapers
3.
March 16, 1877
Other
- Newspaper Excerpt
- The report of Commissioner, J. A. Waddell, on the affairs of the Virginia Banking and Trust Company was handed in to the Circuit Court... trustees... had collected of the assets $28,992.07 ... Payments were made ... the sum due the Court Receiver on deposits $15,301.50 ... The Commissioner gives the following as the condition of the bank: Assets ... Liabilities ... $94,045.63
- Source
- newspapers
Newspaper Articles (9)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
FAILURES -A dispatch from Staunton, Va., reports the suspension of the Virgioia Banking and Trust Company. A Cincinnati dispatch says that McDonald & Co., of Wooster, O., manufacturers agricultural implements, have made an assignment, with liabilities stated at $500,000. A dispatch from B Stop announces that the Ames Plow Company is temporarily embarrassed. Its liabilities are $218,247. and assets $542,891. The failure of Robert Tilton, woolen manufacturer, of Spring Mills, Vt., oceasions some excitement in Boston, where bis indebtedness is said to be large, the result mainly of purchases of wool. His liabilities are about $140,000.
Click image to open full size in new tab
Article Text
BY TELEGRAPH. Suspension of Staunton Bank. [Special telegram to the Dispatch.] STAUNTON, Va., October 25.-The suspension of the Virginia Banking and Trust Company on last Saturday has caused considerable excitement in our community. It was not, however, wholly unexpected, as it was known that it bad advanced large sums to contractors on the Valley railroad, and which were still unpaid owing the suspension of work on this road last fall. On Saturday the bank executed a deed of assignment of all their assets to Jadge John N. Hendren and General John Echols, who are to wind up the affairs of the company. From the brief examination which these gentlemen have been enabled to make they assure depositors that they will be paid in full. They state that the liabilities are between eighty and nitety thousand dollars, and there are outstanding bills-receivable due the bank to the amount of $160,000. This amount of assets is exclusively of the stock and fixtures of the company. The feeling in the community is somewhat quicter this morning than it was on Sathrday. Whilst depositors will be greatly inconvenienced by the delay incident to the suspension. yet they seem to feel satisfied that they will ultimately be paid in full.
Click image to open full size in new tab
Article Text
The suspension of the Virginia Banking and Trust Company, of Staunton, has been announced. The Spectator says that the business men of that place have known for some months that the institution was embarrassed, principally because of the failure of the Valley Rail road Company to pay the amounts due to its contractors, some of whom were customers of the Trust Company, and on account of the inability to collect other dues, but it learns that none of the customers will ultimately loose anything, the assets being nearly, if not quite, double in amount to the liabilities.
Click image to open full size in new tab
Article Text
The Suspension of the Virginia Banking and Trust Company. Some little excitement was produced in our community on Saturday evening upon the announcement of the suspension of the Virginia Banking and Trust Company. Most of our business men have known for some months that the institution was embarrassed, principally because of the failure of the Valley Railroad Company to pay the amounts due to its contractors some of whom were customers of the Trust Company, and on account of the inability to collect other dues. We are glad to be informed and to believe that none of the customers of the Banking and Trust Company will ultimately loose anything, as we learn that its assets are nearly if not quite double in amount to its liabilities, and that time alone is needed to wind up its affairs in a manner entirety satisfactory to all concerned.-Stanton, - Va., Spectator.
Click image to open full size in new tab
Article Text
Virginia. The Srnod of Virginia will meet in Norfolk in October, 1876. One person was indebted to the Charlottesville National Bank $227 000. The Virginia Banking and Trust Company at Staunton suspended on Saturday last. The Charfottesville National Bank suspended on Thursday of last week. Rumors of suspensions of energetic business firms are afloat. Mr. Charles Batis, of Augusta county, commonly known as "the but cut of Democracy," died last week. Mr. Richard Fisher a carpenter, and housebuilder of Staunton for fifty years, died suddenly on Thursday of last week. Petitioners at Staunton for a new Church were successful in their application to the Lexing ton Presbytery recently. The Winchester Presbytery declined to accede to a proposition to grant a portion of their territory to make a new Presbytery. The Washington Woollen Mills at Fredericksburg were destroyed by fire on Friday night of last week-loss $75,000. Eighty-six hands thrown out of employment. One person burned to death. Rev. McDuff Simpson, the young, but very eloquent, Irish divine, now of the Lexington Presbytery, has been installed pastor of Loch Willow Presbyterian Church, at Churchville, Augusta county. Mr. Cvrus H. McCormiek. whilst on a recent visit to Lexington, gave some handsome presents to Washington and Lee University. One of $200 to the Lee Mausoleum Fund. Also $500 to be used as seemed proper to the University authorities. The failure of the Charlottesville National Rank has east deep gloom over that city. The heaviest losers are Professors of the University of Virginia and their fa milies. Liabilities $353,332.Assets reported $500,000. The case of Mat. R. Doom, watchman at the Chesapeake & Ohio depot, at Staunton, charged with violating the Civil Rights bill by putting Annie Smith, colored, out of the passenger waiting room there, was tried at Harrisonburg last week before Judge Rives of the U. S. District Court, resulted in a hung jury, there being 8 for acquittal and 4 for conviction.
Click image to open full size in new tab
Article Text
MEETING OF DEPOSITORS IN THE VIRGINIA BANKING AND TRUST Co.-A meeting for conference was held by depositors of the suspended Virginia Banking and Trust Co. in the office of Mr. John Paris Monday afternoon, at which Messrs. W. F. Butler, Jno. Burns, W. P.Ackerman, Juo. J. Ladd, J. Points, E. M. Cushing, Louis Eisenman, E. Hageman, P. T. Burkholder, Hugh J. McIlhaney, Wm. Craig, A. Shifflet, W.L. Lushbaugh, Meade F. White, S. M. Wilkes, Geo. Harlan, Wm. F. Ast, Wm. Crawford, A. Wade, Dr. J. N. Wayt and Dr. A.M. Henkle were present. The best spirit was shown by those present, and the greatest confidence expressed in the trustees appointed by the bank directors, but it was suggested as the depositors were heavily interested, they should be represented by persons who should co-operate with the trustees, especially as the trustees had signified their willingness and desire that it should be done. On motion of Mr. W. E. Craig, a committee of three was appointed to confer with the trustees and report such information as they may obtain to an adjourned meeting to be held in the Court of Appeals room next Monday, the 8th inst., at 11 o'clock. The commi stee consisted of Messrs. M. F. White, P. T. Burkholder and Hugh J. Mellhany, and the chairman, Mr. Jno. Paris, was ad ded to it. On a canvass it appeared that the gentlemen present represented $10,601 of deposits, about one fourth of the line of deposit in the bank. The largest depositors represented were Prof. J. J. Ladd, $1,300; Dr. S. Homer Henkle, $1,500; and W. L. Lushbaugh, $1,066. Among the deposits represented were the Catholic BenefiSociety, $150; Mechanics' Union, $280; the Hågerstown (Md.) Agricultural Implement Manufacturing Co., $200; the Stonewall Band. $116; and money of Trinity Episcopal church, $125.
Click image to open full size in new tab
Article Text
Yours, etc., R. G. MAYO. To Judge Jno. N. Hendren, Staunton, Va. SIR:-Having heard that you are one of the trustees of the Virginia Banking & Trust Co., I take the liberty of writing to you for information about the statement that is going to be made. It is now more than a year that the bank has suspended payment, and it seems to me that it is high time that the depositors should know a little of what is being done. I am a depositor for $900, and have saved that money by the hardest of all labor, that of teaching, and I cannot afford to lose all at once a sum so considerable. I have heard that some of the depositors have been allowed to make over their claim to creditors for real estate; for instance, Miss Baldwin has taken the house belonging to 'Mr. Harman, creditor, and has since received rent, or the interest of her money; but other depositors seem to remain quite in the dark about everything that is going on. I called three times on General Echols, another of the trustees, once at his own house and twice at his office, but have not been able to see him, and would therefore be much obliged to you if you would give me all the information you can on the subject. Hoping the favor of an answer, I am, sir, yours respectfully, M. L. SCHMIDT.
Click image to open full size in new tab
Article Text
# The Virginia Banking and Trust Company. The report of Commissioner, J. A. Waddell, on the affairs of the Virginia Banking and Trust Company was handed in to the Circuit Court yesterday. From it we learn that when that institution failed it had $64,74 in cash on hand and $7,47 worth of postage stamps. The Trustees, Gen. John Echols and Judge J. N. Hendren, up to October 23d 1876, had collected of the assets $28,992,07 and deducting 5 per cent. the trustee's commission, left $27,955,33, Payments were made out of this fund to three classes: 1. Notary fees, salary of W. P. Tams for the year ending October 23d, '76, and other costs. 2. The sum due the Court Receiver on deposits $15,301,50, the sum due Samuel Paul, County Treasurer, $9,761,38, and the sum due the county Jailor paid by order of Court, $150-aggregating $25,212,88. 3. Sums due depositors offsetted by notes due-James E. Taylor's note of $215,81 being credited by $167,31 the sum he had on deposited. Since the close of the fiduciary year ending October 23d, '76, the trustee's have collected $3,617,37 and disbursed $3,573 leaving a balance in the hands of the trustees March 1, '77 of $43,80. Some abatements of the assetts have occurred. One abatement occurred of some $2,000 by the plea of usurious interest, and one assett of $500, a note of John P. Porter was wiped out by an agreement with the officers of the bank prior to its failure, proved on oath, that said note was to be charged up to the account of W. H. McClintic who was a depositor to the amount of $512. The Commissioner gives the following as the condition of the bank: Assetts good, bad and in-different exclusive of stock bonds, $105,482,05 Including stock bonds, 139,796,89 Liabilities, exclusive of interest, $94,045,63 At the last special term of the Circuit Court Donald Allen and other depositors petitioned the court to require the trustees to give security for the faithful performance of their duty. The trustees have filed their answer, saying that they have collected and disbursed the assets that could be collected, and have obtained judgements for the remainder; that the position of trustee is not a desirable one, and is one that they would never have undertaken if they could have forseen the trouble with which it would be attended; that the activity they have shown in the discharge of its duties should rather merit the thanks than the complaints of the depositors, and that they are neither in failing nor doubtful circumstances.