The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-03
RICHMOND BANKS
ARE ALL RIGHT
Continued from First Pagc.J

An[ I'LL nlu1l
CONTINUED from First Pagc.J
cent. of its entire deposits. We have not
called n single loan, and could pay off
all our depositors as fast as the checks
could be handed in and the money
counted. Having full warning Of the
embarrassment of our friends, we placed
ourselves In position to pay every de-
mand that could possibly be presented"
Banks Stand Together.
The Clearing House Association OF
Richmond was prompt to act
A strong committee was appointed, with
virpinius Newton as chairman. to seq
that IL any bank in the city In the course
Of the day needed help, assistance pc
yond all needs should be given ut once.
This was just an extra precautlon. 1t was
not needed and probably would not nave
been no matter what the day had brought
FORTH President Newton, of the First Ma
tional. declared that lie could have mil
Iion dollars available for depositors IN
few hours.
Mr.. w, M. Habllston, president of the
National Bank Of Virginia, was round
In his office. He was actually IN boy,sh
spirits. Deeply regrctting the dihlcuities
of his friends at the corner above, Mr..
Hablis!on was nevertheless juDllant over
the situation in which he found his own
and nil tho banks of the city. Mr.. Hablis-
ton is admitted to DO one of the best post
OH mon IN the State on financial lnstltu-
tons. ..,,,
hanks of Richmond were never IN such
n strong position, or more conservative"
ly managed. and each one OF them is
fully able to meet any demands maze
upon 1t.
an a recently published statement.
showed that the banks at Richmond had
Increased their deposits from $685. 600 In
1897 to s23O7O,OOO in 1903. Exclusive OF the
two trust companies, the last call of the
government, September 9th. showed that
the banks held in cash and due from
banks over s5,s73,o0O. Since that state
ment the banks have increased their
reserve can speak officially Tor the
National Bank of Virginia, and for the
Broad Street Bank, and can state that
they were never In as strong positlon
as they are to-day"
Bought Williams Stock.
ut is reported. Mr. Habliston. That
Messrs John l.. Williams and oSns re-
Gently sold to yourself. Mr. T. Williams.
Jr., and Mr.. Robert 8. Bosher their hold
| ings of the National Bank OF Virginia
stock. Is that ,true?" was asked.
For some little WHILE" replied Mr..
Habllston. "the gentlemen named their
associates and myself, have controlled
large block of stock in this bank. but
not the ma jority. This interest. being tho
roughly satisfied as to the solidity of the
! institution, did recently buy from Messrs.
John L. Williams and Sons, their entire
| holdings Of stock in the bank. The ma
/ jority of the stock has never been owned
| by any one interest since my connection
with the institution.
with the people of Richmond, l am
exceedingly grieved at even temporary
embarrassment of such an energetic set
Of men. who have done SO much for the
| city Of Richmond
Some Were Overcautlous.
few persons OF Richmond were 50
overcautIous yesterday as to withdraw
| their money from the banks. One bank
| president said that q customer came for
| his entire deposit and was given 1t SO
quickly that he was almost bewildered
While he was at the paying teller's cage
] two or three persons came IN ana deposit.
! ed their savings. Most Of those who got
scared were persons who had been saw
| ino their money for q considerable time
| and we're not willing to take what they
| considered to be Gny risk whatever. lheS
| seemed to feel better In having the money
/ where they could see and handle II. as
i.r as could be learned not large sum
NO . uithdra.yn during the entire day.
Home People Cannot Lose
Tho amended statement, the first given
ont ot the office Of John l.. Williams ana
Sons Yesterday morning Is interesting:
| 1--WE have not a single note outstaio-
ing without collateral, ana me ou.a =, -, o ~
Indebtedness is held by banks ana nhnk-
ers in New York, Pennsylvania and Mary
land. l.,
| Richmond on Seaboard stocks; IN 1act,
the total amount borrowed by us from
all the Richmond banks together on sea
board stocks does not exceed saoooo.
(signed) >,.,
| Early Yesterday morning also the fol-
lowing telegram was sent to all creditors
| IA whom the circular letter had been
mailed on Thursday night:
| "ReferrIng to letter sent you by Ad-
vlsory Committee yesterday, we desire TO
say that our matters arc IN process OF
prompt adjustment. and we beileve tha'
with a little beathing time we Will pay
everything in full and have large res
idue left over. We earnestly ask that you
co-operate with us to the extent or a
reasonable extension of time and refrain
from the unnecessary sacrificing OF col
laterals.
(Sgned)
JOHN L. WILLIAMS & SONS
Are Not Pre- sing Th'm
A member Of the firm of John L, VIII
Iiams and Sons was interview also re-
earding the prospects for the future, at
we'll as the antecedents of the trouble
In reply to question he said:
80 far, very few show disposition tc
press u.s. TO the contrary, we have graf
flying Indications of disposition to give
both firms time to realize on their assets
aud mako q settlement. am satisfied we