The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-12-19
PITIFU I'll STORY
TOLD By CHECKS
Colored Depositors OF Busted
Bank Get Few Cents
From the Wreckagc.
SOME NOT WORTH POSTAGE
But 27. Cents on Dollar Is Paid
After Deducting Regular
Court Fees.

Acting under II decree or the Chan
Gerry Court, y. ]. Chewing. Jr.. receiver
of the Nickel Savings Bank, which
failed a year ago, is prepared to-day
to distribute checks to the depositors
But some of these checks are mighty
small. The bank, which was locat ted
on Church Hill. was operated By ne
Sroes, and while there was nothing
criminal connected with its failure.
how II ever managed to survive as
long as IL did Is one of those little
financial mysteries no man can solve.
When 1t went under there was about
$4,000 OH deposit. the savings and the
scrapinGs OF colored people who had
been .aught that thrift was one Of
the great blessings They don't think
so now Mr.. Chewing said last night
that there are about 900 checks 30
be sent out. the total amount aggrc-
eating about $500.
Get ~ Cents on the Dollar.
After the expenses of tho litigation
arc deducted the negroes will get 81
cents on the 81, their losses thus far
amounting to s1S.SOo, or thcrcabout
There Is still some real estate to be
sold and some bills receivable, which
Will net an additional 10 per cent OH
the II. so after all the dcpositors think
they have come out better than their
friends in the bank OF the True Re
formers.
But these checks will not be mailed
The expense is too great, so swarm
OF colored people Will invade the Off -
OF Mr.. Chewing in tho Times Build
ing to-day. The largest check Is for
500; the smallest is for . cents. In
deed, there arc at least 100 checks,
each representins sum less than 10
cents, and there are more 81 checks
than there arc 500 checks.
HID State CbnrtCr
IN many respects the Nickel Savings
Hank was the most remarkable of all
sinia. II was organized in 1897 with Il
capital stock of 10000 Frequently
1t had as much as 100000 Oh deposit.
Notes were discounted. bad paper was
and the business logged along, the
officers not knowing that they were
skating on very thin ice. Bu, they
To show the extent of this. X. r..
Bass. the cashier. had 5000 of his
own money on deposit when the bank
gave up the ghost. Had he thought
have saved IL, but he didn't. At all
events. he was honest, and he was hurt
along with the rest.
None Wasted on stamps.
About YEAR ago the dark clouds
swept down near the roof OF the little
bank. President Il. +. Tancii. Ca. Aicr
Bass and the board of directors realized
then that they we're mp against H.
They decided to go to court. On De-
ccmbcr H. 1910. Judge Grinnan APP
pointed receiver. and on December
II, 1911, an order WAS entered direct
ing Eeccivcr Chcwning 10 distribute
what he could. There had been big
struggle In those twelve months to
save every cent possible for the colorcd
people. None is being wasted now on
postage stamps. OF course, a stamp is
cheaper than "A street ear ticket from
Church Hill. but there isn't any good
business sense, it Is claimed. in paying
F: cents for postage stamp TO mail
letter containing 2-cent check,
and small profit still when the face
value Of the check is 5 cents.
Thought Bnnk Was Solid.
The men and women who will re-
ccive the larger amounts will be "a
bit more happy than those who receive
) cents. but every dime will count. for
Christmas is near. Aside from the
financial loss. 1T is feared that this
experience will discourage the negroes
and get that idea OF thrift out of
their heads. Yet they naturally as
sumeG that the Nickel Savings Bank
that 1t was conducted under a charter
issued by the great State of Virginia.
True, IL had mcasly little capital,
and while Its policy was conservative.
TOO, many worthless notes were dis
counted. and the working margin was
too close. Twenty-thrce thousand dol
lars was thrown to the winds when
it failed, but out of the wreckaSe
$500 was saved, and $4,000 may yet
be saved from the real estate and bills
receivable. This will bring the amount
paid dcpositorS up TO 81 cents on the
dollar. 1t may be a little more and II
may be little less.