Daily press. [volume] (Newport News, Va.) 1896-current, 1910-10-26
Hampton Negro Institution in
Hands OF Receivers.
PAPER HELD REPORTED BAD
Currency On Hand Found to Amount
TO See.97 and Books Show Deposits
Reaching the Sum OF S11.948-
Causes No Surprise at Richmond.

Having but $9997 in currency on
hand and deposits on the books repre-
senting the sum of SILL 4S. the Grand
United Order of Galilean Fishermen's
bank, conducted by negroes, failed 10
open its doors for business yesterday
morning and the business of the bank
is now in the hands of Rurdette A.
Lewis and Andrew A. +. Bassette. Ir.,
who were named as receivers Of the
bank by Judge G. w. Robinson. in the
Circuit Court of Elizabeth City coun-
ty.
For the past several weeks rumors
have been going the rounds that the
Galilean Fishermen's Bank. as the
institution was known. was in dis
tress, but the men backing the insti-
tuition had hoped to be able to
straighten out its affairs and finally
get the bank back on its feet How
ever, when the discovery was made
that the deposits reached a total of
more than $11 900 and that the cur
rency had dwindled down. the direc-
tors of the bank met and finally de.
cided to wind up its affairs through
the receivership proceedings
Order lie Largest Depositor.
When the bank failed to open yes
terday morning several of the deposi.
tors were on hand. but the closing of
the doors did not create any trouble
Ii is said that the Hampton deposit
tors have probably as much as $500
or deposit in the bank. and that the
largest depositOr is the endowment
branch of the order of the Grand Tab
ernacle of the Grand United Order
of Galilean Fishermen. The order is
fraternal insurance concern. char
tered under the laws of Maryland
while the bank was chartered under
the laws of Virginia.
According to Burdette A. Lewis
one of the receivers, the total BUSH
ness OF the bank at the ending of
the day Monday. was s2i.010.96. of
which amount $4,000 is in loans and
the rest in deposits. The bank also
owns its building. but there is a. mort
gage on the property. The stock
holders of the bank are Maryland and
Virginia negroes, the largest individ-
ual holder being the Fishermen's tab
ernacle. with $3.50. Although the
bank has an authorized capital stock
of 100000. the books show that the
total paid up stock only amounted to
1916.
Banks Paper Bad.
Mr.. Lewis said yesterday afternoon
the paper held by the bank is bad
and that ii is hardly likely that more
than $1,000 of the S11 900 is collecta-
bic.
1t was said that the bank up to
Monday probably had 100 individual
depositors. some few of the number
being several white small merchants
in West Queen street.
The action for the receivership was
taken when the Circuit Court con-
vened at 10 o'clock and the applica-
ton was made by J. E. Smith, di-
rector and stakeholder.
The receivers gave bond in the sun
OF $4,000 and took charge of the
bank Immediately. II will require
several days for the receivers to get
all the information necessary. but the
bank will be open daily in order that
notes maturing NAV be cared for.
The Grand United Order of Galilean
Fishermen has a total endowment
membership of $500. embracing
Maryland. District of Columbia, Vir-
ginia and many other states. II is
said that the failure of the bank will
not result in serious injury 10 the
order. although the loss Of endowment
money on deposit will naturally be a
drau- hack 10 tho order