Burruss, Son & Company (Norfolk, VA)

Episode Information

Episode UID
6784345091168
Episode Type
Suspension → Run → Closure
Bank Type
private
Bank ID
678434509 hash
Start Date
April 28, 1897
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2679cd2137fb0ce5

Response Measures

None

Events (6)
1. April 28, 1897 Suspension
Cause
Local Shock
Cause Details
Extreme dull times and heavy withdrawals since previous July combined with large amounts of illiquid paper forced an assignment; trustee/receiver appointed.
Newspaper Excerpt
ASSIGNMENT OF BURRUSS SON & CO. Failure of This Well Known Banking Firm Yesterday.
Source
newspapers
2. April 29, 1897 Run
Cause
Bank Specific Adverse Info
Cause Details
Crowds of depositors gathered and sought funds after news of the firm's assignment/failure.
Measures
Returned deposits made the previous day and paid about $20,000 of collections and checks received before failure; trustee/receiver later managed distributions.
Newspaper Excerpt
the sidewalks in that vicinity were blocked early in the morning by anxious depositors and crowds of the idly curious.
Source
newspapers
3. May 4, 1897 Other
Newspaper Excerpt
Judge Theodore S. Garnett, trustee, has been appointed by Judge Martin receiver for the defunct bank.
Source
newspapers
4. January 20, 1899 Other
Newspaper Excerpt
Notice of Dividend... pay a second dividend of 10 per cent. to the creditors of Burruss, Son & Co.; Theodore S. Garnett, Receiver.
Source
newspapers
5. December 20, 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.
Source
newspapers
6. August 10, 1900 Other
Newspaper Excerpt
A DIVIDEND OF TWENTY PER CENT. will be paid... Theodore S. Garnett, Receiver of Burruss, Son & Co.
Source
newspapers

Newspaper Articles (12)
1. April 28, 1897 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, April 28, 1897

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Article Text

ASSIGNMENT OF BURRUSS SON & CO. Failure of This Well Known Banking Firm Yesterday. A SHOCK AND A SURPRISE One of the Best Known Institutions of the Sort in the South LIABILITIES $340,000. 2 Assets Stated to Be 8400,000 Avoid. able-Deed of Assignment Trans. ferring All Properties to Judge Theodore N. Garsett, AssigneeLargest Bank tilure Since 1885. The community was startled last evening by a rumor which was circulated on the streets that the well known banking-house of Bu:russ Son & Co. had made an assignment, and an investigation developed the truth of the report. The house was founded in 1804 by C. Burruss and William T. Harrison as Burrues, Harrison &-Co. Later on Mr. Harrison retired from the firm, and Its name was changed to that of Burruss Son & Co., the members being C. Burruss and N. Burrues. After the death of Mr. C. Burruss, Captain N. Burruss continued the business under the old name, and later on the late George Newton entered the firm, the name remaining the same. After the death of Mr. Newton Captain N. Burruss became the sole proprietor, continuing the business under the old name of Burrues Son & Co. It was learned in an interview with Captain Burruss that the assignment was due to the extreme dull times, and the pressing demande for money, the withdrawals f:om July 1st last up to yesterday amounting to $175.000. This together with the fact that the bank has been compelled to carry a very large amount of paper, realizing thereon only interest, put he bue ness in such condi. tion that Captain Bur use deemed It his duty to his depositors and to himself to make an assignment that all parties might be better protected than by any endeavor to continue the business, which gave no promise of improvement under the present condition of affairs. OFFERS OF ASSISTANCE, Captain Burnuss had offere of assigtance from banks and bankers both abroad, home and notably an offer at of $60,000 from a Richmond bank. all of which he declined, because he could not see in the present conditions that ternporary assistance would avail under the circumstances. The liabilities of N. Burrusa, doing business both as Burruss Son & Co, and as an individual. are about $340,000. To secure this amount the assets believed to be available will realize about $100,000, a while the nominal assets may reach very much larger sum. The assets con. sist largely of real estate, the majority of which is of a very improved character. SURRENDERED ALL. Captain Burruss, in his assignment, has surrendered all of his property every kind, and Mrs. Burruss surrenders of her dowery. Judge Theodore S. Garnett, the assignee. has taken charge of the business of the firm and will carry out the Instructions proceed to the trust. which are to wind of the bank's affairs. Of course it will re- up quire but time to realize upon the properties with the assets of the firm it is believed that any serious loss will come not either to depositor or creditor. There is a vast amount of sympathy felt throughout the community, and pecially in business circles for Captain esBurruss, to who has labored unceasingly stay the assignment, which he was inevitable. All during the first saw of the night groups of interested people part gathered on the streets and discussed failure expressions of sympathy and the regret being heard on all sides. It would be difficult to describe the ment. prise and shock caused by the assign. surBurrues Son & Co. have been of sidered one of the most substantial conTheir the sort in this part of the firms business was one of the most country. the tensive in the South, and the exlargest since the great financial failure is aster sion of April 1885, caused by the disthe Exchange National suspenthe closing of the Savings, followed of by Franklin Bank, banks Bain Bros.', and Farmers' PROPERTY TRANSFERRED The following Is an exact inventory contained in the deed copy of the to secure signment of the properties transferred of ay the creditors: unto "The the said Bur:uss Son & Co. do tee, all said Theodore S. Garnett. grant and also the notes, bonda. bills. trusever all personal property securities, of lowing description, together with what. Nos. buildings and the folStreet; 187, 189, 191. 200, 202. improvements 226, 14. 16 Princees 45 Charlotte Anne street. Nce. 228 10, Main 12, 166 avenue: Cumberland 22. 24, street: avenue: 128. 130 Marshall 163, 164 424, 426, and 428 26, Baxter 28 Queen's avenue, Court: 422, street. er street, 71 31 Nebraska street, 38 4 Brewnorthwest Water street. A lat Bank

2. April 29, 1897 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, April 29, 1897

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Despite the efforts of two policemen, who had been detailed for duty in front of the building, the sidewalks in that vicinity were blocked early in the morning by anxious depositors and crowds of the idly curious. The excitement, while intense, was not manifested by loud discussions. People stood about and discussed the matter calmly. The concensus of opinion seemed to be that Captain Burruss had done the best he could under the circumstances. Much sympathy was expressed for him in his misfortune. To a great many deserving people the suspension of Burruss Son & Co means loss of accommodation not to be found elsewhere by them. OPINIONS OF BANKERS. Mr. Walter H. Doyle, cashier of the Citizens' Bank, stated that in his opinion the failure would not affect any other banking house in this city. He thought the concern would in all probability be able to pay out dollar for dollar. Colonel Walter H. Taylor, president of the Marine Bank, said that there was really no alternative for Captain Burruss but to assign, owing to the fact that his business had fallen off 50 per cent. during the past eight months. The property transferred under the deed, Colonel Taylor thinks, is amply sufficient to cover all liabilities and leave something over.

3. April 29, 1897 The Times Richmond, VA
Article from The Times, April 29, 1897

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THE NEWS OF NORFOLK. THE TUG LUCKENBACH LIBELS THE SHIP'S VOLAGE. Great Excitement Over the Failure of Bur. rus' Son and Company's Bank-No Run on Any Other Bank. NORFOLK, VA., April 28.-Special.Two of the seamen who were quite badly burned in yesterday's fire at Newport News-Robert Holden, from the tug Wanderer, and a sailor from one of the foreign ships-were carried to St. Vincent's Hospital to-day. Their condition is considered serious. Captain J. B. Grant, of the tug E. Luckenbach, which saved the ship Volage from the hre, to-day libelled her and her cargo for $30,000 salvage. J. 15. Crismond, who is in jail awaiting a hearing before the grand jury on the charge of firing Whitehurst's Hall, was brought before Judge Watts, of the Hustings Court, at 1:30 o'clock to-day on a motion of his counsel for ball. A motion for a continuance was allowed, and the prisoner remanded to jail. The jury in the case of Joe Brown (colored), who was tried in the Norfolk County Court on the charge of wife-murder, failed to agree and were discharged. They stood nine for murder in the first degree and three for murder in the second degree, Brown was remanded to pail to await trial. EPISCOPAL CONVENTION. The second day's session of the convention of the Protestant Episcopal clergy of this diocese began this morning, Rev. Beverly D. Tucker, dean, presiding. Rev. F. G. Scott, of Smithfield, preached the sermon at Christ church at 11 o'clock to a large congregation. At 4 o'clock this afternoon a missionary meeting, conducted by Rev. J. W. Ribble, of Newport News, and Rev. W. M. Meade, of Accomae, was held, and the convention closed its session at 8 o'clock, when addresses on general and diocesan missions were delivered by Rev. J. F. Ribble and William M. Meade. At St. Luke's church to-morrow morning will convene the fourteenth session of the Sunday-School Institute of the diocese. Addresses will be delivered by Rev. H. L. Lancaster, of Berkley, Rev. H. L. Duhrling, of Philadelphia; Mr. Jacob Heffelinger, of Hampton; Hugh 8. Bird, of William and Mary College, and z. Swarland, of Portsmouth. BANK EXCITEMENT. When the news of Burruss' Son & Co.'s failure became known this morning it created intense excitement. Crowds of depositors gathered in front of the bank, and the services of a squad of policemen were necessary to keep the streets clear. No run was made on any of the other banks; however, and the statement of Trustee Garnett, of the defunct concern; that the assets will largely exceed the liabilities has served in a large measure to quiet the depositors. To-day the bank returned all deposits made yesterday, and also about $20,000 of collections and checks from other banks received a few hours before the failure. Mr. Walter H, Doyle, cashier of the Citizens Bank, states that not one of the banks in Norfolk will be inconvenienced by the failure. SUCCOR FOR INDIA. A committee of Baptists, consisting of Rev. Dr. J. J. Hall, Rev. C. W. Duke, and Mr. A. B. Walker, called on Mayor Mayo to-day and asked him to call a public meeting looking to the sending of a ship from here to India laden with food for the starving natives of that country. The Mayor, while in sympathy with the plan did not think it best to take

4. 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

5. 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.

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. January 6, 1898 The Somerset Reporter Skowhegan, ME
Article from The Somerset Reporter, January 6, 1898

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NOTABLE FAILURES. Merchants, Bankers and Capitalists In Financial Straits. JANUARY 7. J. H. Johnston & Co., jewelers, assigned in New York: liabilities over $200,000. 25. The National Bank of Potsdam, N.Y., closed its doors FEBRUARY. 15. C. Bunting & Co.'s banking house at Black foot, Ida., went into the hands of a re ceiver: liabilities, $200,000. APRIL. 5. The Globe Savings bank of Chicago assigned. 27. Burruss, Son & Co., bankers of Norfolk, Va., failed for $340,000. MAY 19. The Belmont Savings bank of Laconia, N. H., closed its doors owing depositors $1, 000.000 JULY 1. The Globe Building and Loan association of Louisville assigned liabilities. $400,000. AUGUST 2. The Golden Rod Sill. Co. of Paterson. N. J., failed liabilities $103.000 SEPTEMBER 9. J. R Willard & Co. of New York made an assignment liabilities reach $1,000,000 OCTOBER 2. W. G. Hitchcock e.

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 20, 1899 Virginian-Pilot Norfolk, VA
Article from Virginian-Pilot, December 20, 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 3 D. m. on and after the 20TH DAY OF DECEMBER. 1899. THEODORE S. GARNETT, Trustee and Receiver of Burruss. Son & Co. del7-1w

10. 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)

11. 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.

12. 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