The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-15
NICKEL SAVINGS
BANK |NSOLvENT
Negro Institution Closes It's
Doors Following Run by
Depositors.

Unable to stand the drain of an In
cipent run which began Tuesday af-
ternoon and developed into panic
yesterday morning, the Nickel Savings
Bank, an institution managed by col
ored men, closed It's doors yesterday
morning, and later In tho Chancery
Court admitted that II was insolvent.
Judge Grinnan appointed a. j Chew
ming, Jrp as receiver. He qualified at
once and entered into bond in the sum
of $4,000. In the order entered Off
Gals of the bank are restrained from
disp sing of any OF the assets.
Managed by Negroes.
The bank was located at 900 North
Twenty-ninth Street. and was the place
of deposit of large number of worthy
negroes 1t had an authorized capital
of $4,000, of which the subscribed cap
ital was $4,000. DIR. Richard r, Tancil.
a we'll known negro, was the president.
Other officers were Richard j. Bass,
vice-presidcnt and cashier and Roscoe
G. Brown assistant cashier. both col-
ored.
Receiver Chcwning has been unable
as yet TO make out a definite statement
of assets and liabilities, and It is I'm
possible to say what proportion OF loss
Will be sustained. The bank is known
10 mold some real estate on Church
Hin. the sale of which may provide a
partial payment to depositors
In some way the rumor spread Tues
day not long before banking hours
were over, that tho bank was not in
sound condition, and many negroes
crowded In to draw out their savings.
Only tho closing of the doors at the
usual time saved the day. Despite all
effort 10 allay rumor, the run continued
Yesterday morning many negroes,
alarmed by the failure OF tho True Re-
formers Bank, which went under some
weeks ago, came determined to with
draw the whole OF their deposits In
cash either 10 hoard at home or
to deposit in some other institution.
Seeing that tho bank could not stand
tile drain on its resources. and oXamiua-
tion showing that IT was not in sound
condition, President Tancl ordered tho
doors closed.
Apply for Receiver.
As soon as the necessary papers
could he drawn by j. r. Pollard and
aud Major Sol Cutchins, who represent
ed the firm of Lewis & Scott. appllca
tion was made to Judge Daniel Grin
nan. In the Chancery Court, for the
appointment of a receiver. The petit
ton states that ii was presented on be-
half of John Lewis and Robert C. Scott;
that the bank was organized in 1898
and authorized to do general banking
business; that the firm of Lewis 6;
Scott was depositor to the amount OF
$SG.57, a balance due on an open check
ing account which the firm had kept
with the bank that Lewis was stock
holder to the amount of ten shares of
the par value of $40 each. that a run
had begun on the bank on Tuesday and
had continued yesterday morning, until
it had been forced to close It's doors
and suspend buSiness. and that the
bank owned some real estate, but was
wholly insolvent.
In answer to the bill of the petition
ers the bank filed a statement admit
ting its insolvency and stating that af-
ter the run of Tuesday the directors of
the bank had held a meeting and adopt
ed resolutions declaring the inability
of the bank to meet its obligations and
directing it's officers to take steps to
protect the interests of the stookhold-
crs and depositors. The answer admits
chat the allegations of the Lewis g.
Scott bill are in the main true; that the
ed business.
Decree Entered.
The order entered by Judge Grinnan
states that 1t appears from the allie
cations of the bill, which are admitted
in the answer IS being true in the
main that the bank is insovent and
unable to meet the demands of it's de.
postors and creditors. and that the in
tercsts of all parties will be best served
l.