Article Text
EFFECTS OF MR. CONRAD'S DEATH. Voluntary Dissolution of His Banking House-Sale of Leaf Tobacco in July. DANVILLE, VA., July 31.-Special.The death of Charles H. Conrad, who was killed by falling from a Richmond and Danville train last month, has brought about the dissolution of the banking firm of W. S. Patton, Sons & Co., of which he was a member, and the bank has gone into voluntary liquidation. The assets are largely in excess of liabilities, but owing to the financial stringency they cannot be promptly realized. W. F. Patton, the surviving partner, this afternoon applied to Judge Alken for the appointment of a receiver, and the Judge appointed Mr. Patton, who gave bond In the sum of $350,000. The Virginia Safe Deposit and Fidelity Company, of Richmond, became security on the bond, and Mr. Patton will proceed at once to wind up the business. None of the depositors will lose a cent, and none will be out of their money for any considerable length of time. This is in no sense a bank failure, and in no way affects any of the other banks of Danville. The sales of loose leaf tobacco this month were 1,443,487 pounds, being 1,019,807 po ds less than in July of last year. The sales from October 1st to to-day were 35,908,503 pounds, being 1,371,700 pounds more than for the same period of the last tobacco year. The shipments by rail of leaf tobacco from this market in July were 3,566 hogsheads, or 4,022,100 pounds. The shipments of plug tobacco in July were 304,500. pounds.
