Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-04-04

FxE1INc IN PORTSMOUTH,

A Nssbes e. small Lssers-Ihs oshsr 8eeks
Hsvs ysrev sf slsssv-A ssd Case.
fconxspondence OF tho Richmond Dispatcis.l
NORFOLK. April 3. 1885.
The excitement caused by the bank
failures yesterday has in q great measure
subsidized, but there Is deep feeling, and
gloom hangs over the city. In Ports
mouth yesterday the feeling was in
tense. People from the country have
Aocked 10 both cities. and are terribly
upset.
Balm & Brother were considered IS
safe as q gold-mine, and most Of the
country people in the adjoining coun-
ties kept their accounts there. 1t Is
not believed that the truckers, rs rule,
have lost very largely, as at this time
Of the year most Of them have their
funds invested in their growing crops.
But some Of these people who had sur
plus money have undoubtedly lost.
The losses fall heaviest on the small
depositors, especially with the concern
of Balm & Brother. Hundreds Of young
men, women, and even many Of the
preachers, had their little savings with
this bank. met two young men in
Portsmouth this morning as l walked
along the street, and both had lost their
savings. -.
Then, too, the merchants in Ports
mouth did most Of their business with
the Bains' bank. Mr.. George NJ. Balm
was the treasurer Of the Virginia
Methodist Conference, and it was ru-
mored that the Conference had money
deposited with him, but this is mis-
take. The Bains owned amajority Of
the stock in the Franklin (Va.) bank,
and of course it went by the board.
causing serioos losses to the people Of
that section. The Suffolk banks are
all right.
Dir. Balm says he had on deposit at
his bank some 100000, but he does
not give his assets, and the probability
is that he does not know what they are.
1t is currently reported here that the
concern owed the Exchange National
81, 200. O00--certainly as much as $780,
900. They own securities in Seaboard
Compress stock, 100000; Meherrin-
Valley railroad bonds, 100000, and
Southern Telegraph bonds, 100000 |;
but these do not represent their face
value by any means, and are held by
the Exchange Bank.
MIR. j. G.. Balm is said to be worth
personally some sl25, 1000, but nobody
seems to have any idea what assets the
concern has with which to pay its ere
ditors.
THE EXCHANGE NATIONAL.
Mr.. James G. Brown and Mr.. b. U.
Keyser came to the city to-day from the
office Of the Comptroller in Washington,
and are now engaged. with the officers
Of the bank in sscertaining the amount
of its assets and liabilities.
Two courses are open to the Treasury
authorities-the one is for the Comp
troller to appoint receiver il the bank
is insolvent, and if not, to allow it to
go into voluntary liquidation. The
latter course seems to be preferred by
the depositors.
Some Of the losses in this bank are
very heavy, presuming Of course that
the bank cannot pay out. One COM
mission merchant had SIS, 900 on de-
post, and another sl00, 600 but these
are the exceptions, for commission mer-
chants, as a rule, carry very little
money in bank.
The principal losers are individuals
not in business, and some OF the in
sursnce orders had deposits there.
One case in particular is very sad one.
A widow lady who had just received
death benefit Of 81, 000-all she had
must wait till the bank has settled up
before she can use cent of it.
But the most distressing feature is
the bad moral effect for while the
other banks in the city are in a good
condition and have plenty Of funds to-
day they are very careful about dis
counts. &C., and it is hard to get any
sort Of accommodation, SO that bust
ness is much crippled, and it must be
some time before it can recover.
Mr.. Harrison Phebus came in last
evening and brought $4,000 for the
Home Savings Bank, and says he will
put up $4,000 more if the bank needs
it. AS stated above, all the banks
have plenty of money to-day. and no
other failures are feared. ELLA.
MEETING OF DEPosIToRs-THE
FRANKLIN SAVINGS BANK.
Especial telegram to the Dispatch.l
NORFOLK, Va, April 3.-There
were no new developments in the bank
cases this evening. The depositors of
the Exchange Bank and Balm & Bro
ther held meeting and appointed a
committee to decide as to the best
course to pursue. 1t will be two weeks
perhaps before the bank examiner is
ready to report.
The Franklin Savings Bank to-day
made an assignment in favor of several
creditors. Assets, $50, 900; liabilities
not known. Everything is very quiet
in bank circles and no further trouble
looked for.