The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-19
NEWPORT NEWS
DECIDEDLY &c D|L|.'YI SOLID.
Only Scorched, Not Much
Hurt, by the Jamestown
Exposition Failure.
BANKS STRONG;
SCHMELZ BROS,
Newport News and Hampton In
tcrcsts Closely Identified, and
the Banks Pull Together.
Growth Of the Banks
Of the scl1mclz
Brothers.
ny -r,,ANt< s.. wooDsox.

Y5-FlNAN S.s WOODSONst
Especial stat Correspondent
NEWPORT NEWS, VA, January IS.
The fact that the Jamestown Expo
sition was, from a financial standpoint,
a decided failure Is no secret. Every
body knows that: but the rumors that
have gone forth that the disastrous
winding up OF the exposition meant
the downfall OF several Of the Tide
water cities OF Virginia are simply
absurd.
/ Take Newport News. for instance:
1t Is not and never was creature OF
the exposition. It was here, and here
sition was thought of. and 1t is going
to stay here long after the exposi-
! tion Is forgotten. 1t Is true that
Newport News did not make altogether
rs much ready cash out OF the expo
sition MS 1t expected to do, and 1t Is
also true that some OF It's contractors
and spectators got "scorched' In the
work, and half dozen or more New
| port News concerns are In the hands
| OF receivers and trustees because of
| their overconfidence in the results Of
| tho exposition. But all the same. New
port News is solid, very solid, finan-
cially and otherwise.
Its Mninatny Is Solid.
The Shipbuilding and Dry Dock Com
pany, which is really the manstay of
1.-THE town. industrialiy speaking. was
never in better shape, and never had
a. any one time more work on hand
| to keep busy the vast army of 1000
employees. The company now has con-
tract work that amounts to $4,000. O0C.
| This, without any new contracts. many
OF which are likely to be made. would
Y 4. So NJ %or ht,o n -
!! or more A close calculator-stells me
THAT the work now on hand and en-
| gagged for year TO come Will make the
/ pay rolls Of the ship yard distribute
money In this town that will amount
| to IS per head per day of the entire
I population. And. be 1t remembered,
this is only one enterprise.
There Are Others.
The coal piers OF the Chesapeake and
Ohio Railway are dumping into the
hulls Of foreign and coastwise ships
more coal than they have dumped at
any time within the past 1--WE years.
The grain elevators OF the same COM
pany are sending to foreign ports more
grain than they have shipped at any
time since the Spanish-American War
opened up special business, and every
other industry and enterprise here. In
Guiding the wholes ole and retail stores.
are doing more business this winter
than they have done for three years
past.
Banking Concerns Solid.
The solidity OF the banks Of the city
lis unquestioned. One OF the six banks
OF the town overreached itself some-
I! what in the matter ofSexposition credit,
and this week it was developed that
| because OF these things 1t was In some
| 10 ~, Vuo oil vic
and the other banks at once came TO
the rescue and assumed all fliabilittes.
| The result was that the financial sta
bility OF Newport News was demon
lstrated, and not a single .depositor in
1.-THE disabled bank lost a cent, and a lit
| tie ripple on the financial lake lasted
| only. an hour.
| There are now here and In active
Operation five banks. According to the
statements filed with the Corporation
Commission recently. the total indi-
,vidual deposits in these banks, which
\ do not include the government de-
posits, necessarily very large at this
Important port, amount to $2,5oo,ooo.
The total assets of the five banks Is
about S4.oo0.0o0. and they not only pay
1.-The cash every day in the year, but
In. little panics, like the one that has
lust passed over the country, and now
/ us au1oPOoSo I'll Why w III y
/ have to issue scrip. At least they did
not this time.
Schmelx Brothers the Leaders.
! It is no secret that Of these banks
4 tho largest and the strongest is the
private banking firm Of Schmelz
i brothers. These brothers.. N1essrs.
Henry L. and George A, schmelz. en-
4 tered the banking business In their
4 native town Of Hampton in the year
3l1SS5, and have since successfully con-
Quoted the business there. Their early
venture In Hampton has grown into
1.-THE prosperous Bank OF Hampton, OF
4 which they own q controlling interest,
Mr.. Henry L. schmelz being the presl-
4 dent. In 1890 they established bank
{Eunder the Arm name Of Schmelz Broth
|ers in, Newport News. The schmelz
i Brothers not only control the two
\ banks named, but they are large hold
I ers OF the stocks of several Norfolk
/ and Richmond banks. Their establish
1ment I'M Newport News was located
I at the corner OF Twenty-tifth Street
4 and Washington Avenue, and they
q qutcklys became the leaders among the
u ftnanciers OF the Underwater section.
Within the past. year they erected
J. on the old site the handsomest anc
ginia, but OF tina t I will speak later
Growth From Small Bestnnings.
sf Mr.. George "A. r. schmela took charge
!. Of the N Newport News branch, VIII le Mr.
4 Henry L. Schmelz continued in the
J: nageHe ant OF the Hampton Bank.
|: The banking business OF Newpor
1 iNeWs " has grown from small begin,
!, Innings to mammoth proportions, Tht
d five anking ainstitutlons now In &C,
! Iposits to the amour OF from $4,000, OOl
}. to $3,O00,000, and total assets tina
d amount to sonnet thing over $4,000, 900
81 The, hYsnSss q The II,
|. |ihuslness, as theyi hold two-Afths o
y tho aa banking ass ts, ana they haY,
II SnGyer been known to- be borro werss
I NJ 3D. lcontinued Eon .Twelth1 paa,ce,l