The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-09-19
COMPANY
FORCED TO WALL
THE TRApESMEN'S WITH RE-
SOURCES OVER TWO MIL
= LIONS, sUsPENDs.

PHILADELPHIA. PA. Sept. Is
With its doors closed and piaCarded
with promises that the depositors viii
receive dollar for dollar. the Traces
mems Trust Company of this cry, at
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-
partmCnt the Institution had ON Aprh
29 loans on call Of $26s.s9@; time loans
of $2i, 1873; loans secured by bonds ana
mortgages OF $$51, 565, investment Sc
curities as follows. Bonds. stocks, ETC.
S40f,0Z3, and mortgages and Judgments,
$532,131. Totm resources, S2,294,t3o.
Among its Liabilities are $9I5,l0U In
deposits subject to check, $244s0 in
demand certificates of deposit. $l4d.-
335 special time deposits. and SlIS.46o
savings deposits u total Of $i,3l4,-
3s6. There are due to the state, $5t,-
900.
half an hour after the notice was
posted the vanguard of the depostors
arrived. 70 these were added thronss
of the idly curious and before long
the bystanaers persisted iii ero#ding
up to the huge glass front ana trying
/ the locked doors
Others joined the throrgs from curl
osity until tratic was stopped. Many
/ Of the crowd showed anger. others
were excited and inclined toward hys-
/ terics.
The Tradesmeu's Trust Company
/ was organized III 1890, with Peter lloyd
as president. l.. *. Brooks as vice.
president and treasurer, and l.. b.
, Harvey as secretary,
Early this morning the following
notice was posted on the closed doors.
"'rhc board Of directors have de-
cided to close the doors of the in
stitutiuu in order To protect the de-
positors. who in the judgment of the
board. WIZ receive dollar for dollar" -
According to the officials of the
institution. II is solvent. They de-
clare that the assets Of the bank.
properly administered. wlti pay the
liabilities Of the company, and leave
q surplus for the stockholders. The
assets are largely in the shape of
mortgages and advances on real es-
tate, and while Well secured, cannot
be realized on at once
The announcement was entirely uH-
expected Depositars had felt secure
in the safety OF their savings. No
explanation beyond the posting Of
the notice was given to the publt.
and the persons who pressed around
the bank building were unable 10
gain any Information to aIlay their
fears
Peter Boyd. president Of the COM
pany, is weu-known lawyer. This
decision Of the directors to close the
bank was reached, IL was understood
after an all day conference on sun
day, when ii became apparent thai
longer continuation in business
t would be damaging to the 1nteIo-s~-
. Of the depositcrs.
The conference was resumed to-da y
before the hour for opening. and a
40 o'clock word was sent out that g
n fuller statement probably would be
!, made before noon.
e. The bank opened at 9 o'clock ant
d remained open just long enough fol
G clerks to appear and aftix the notice
Then the doors were swung TO ant
y locked.
d In the minutes that the buiidini
was open an aged woman, apparent.
intent upon a shopping tour anC
drawing cash from the bank. entered
| One Of the attaches is said to navV
taken her quietly by the arm and leo
| | her out. saving that the institution
| was about to close.
The Tradesmen's Trust Company
= was originally small concern oil
$ South street. Following the retire
- ment of the late Mayor Ash bridg
p from office he took an interest Il
the concern. became its president an
was instrumental IN having II brough
: TO the center Of the city.