The Washington times., 1911-09-18
BIG PHILADELPHIA
TRUST COMPANY IS
FORCED TO CLOSE
The Tradesmen's, With Re-
sources of Over Two Mil
lions, Suspends Payment.

PHILADELPHIA, Pa, Sept. 1s.-witf
Its doors closed and placarded with
promises that the depositors will re.
ceive dollar for dollar, the Trades.
mems Trust Company of this city, al
the corner of Juniper and Chestnut
streets. suspended this morning.
Crowds thronged about the doors. The
company was regarded as one of the
most substantial in the city.
According to the State banking de-
partment the institution had on April
70 loans on call of $25S, 1893; time loans
Of 81, ,123: loans secured by bonds and
mortgages of $357,565; investment Sc
curities as follows: Bonds, stocks, etc,
$40I023, and mortgages and judgments,
$SS21S. Total resources. $2,294,6 $50.
among its liabilities are $913, 100 in de-
posts subject to check; s24, $50 in de-
mand certificates of deposit; S143, 3S5
special time deposits, and $173, 465 savings
deposits, a total Of $1,314,386. There are
due to the State $4,000.
Depositors Arrive.
Half an hour after the notice was
posted the vanguard of the depositors
arrived. To these were added throngs
of the idly curious, ana before long the
bystanders persisted In crowding up to
the huge glass front, and trying the
locked doors.
others Joined the throngs from curl
osity until traffic was stopped: Many of
the crowd showed anger, others were
excited and inclined toward mysteries.
The Tradesmen's Trust Company was
organized in 1890, with Peter Boyd as
president, L K. Brooks as vice presi
dent and treasurer, and L. B. Harvey
as secretary.
Early this morning the following no
tice was posted on the closed doors:
The board of directors have decid-
ed to close the doors of the institu-
ton in order to protect the deposi-
tors, who, in the judgment of the
board, will receive dollar for dollar.
According TO the officials of the insti-
tuition, it is solvent. They declare that
the assets of the bank, properly admir-
company, and leave a surplus for the
stockholders. The assets are largely
in the shape of mortgages and advances
on real estate, and while well secured,
cannot be realized on at once.
Announcement Unexpected.
The announcement was entirely un-
expected. Depositcrs had felt secure in
the safety of their savings. No ex-
PLANTATION beyond the posting of the
notice was given to the public and the
persons who pressed around the bank
building were unable to gain any in
formation to allay their fears.
Peter Royd, president of the company,
is a well-knoWn lawyer. The decision
of the directors to close the bank was
reached, It was understood, after an all
day conference on Sunday, when it be-
came apparent that a longer continua-
tion in business would be damaging to
the interests of the depositors.
The conference was resumed today
before the hour for opening, and at 10
o'clock word was sent out that a fuller
statement probably would be made be-
fore noon.
The bank opened at 9 o'clock and re-
mained opened Just long enough for
clerks to appear and affiX the notice.
Then the doors were swung to and
locked.
In the minutes that the building was
open an aged woman, apparently intent
upon a shopping tour and drawing cash
from the bank, entered.
One of the attaches is said TO have
taken her quietly by the arm and led
her out, saying that the institution was
about to close.
The Tradesmens Trust Company was
originally a small concern on South
street. Following the retirement OF the
late Mayor Ashbridge from office he
took an interest in the concern, became
its president and was instrumental in
having 1t brought to the center Of the
city.