Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-03-13
CHURCH HILL BANK
PAYS DEPOS|TORS
Unfounded Rumors Result in,
All-Day Run Upon
Institution.
OVER $15O,OOO WITHDRAWN
Chief Financial Interests of City
Show Confidence by Max
ing Deposits.
OVER $150,O0O WITHDRAWN

Hundreds Of depositors who pushed
their way into the counting room Of
the Church Hill Bank from 10 o'clock
Wednesday morning until 6 o'clock in
the afternoon had onlN to present their
checks and passbooks to obtain inn
mediate payment of every dollar due
them. From time to, time during the
course OF the afternoon, runners from
one OF the strongest banks in Rich
mond hurried into the Church Hill Bank
with large chests holding from 10000
to $4,000 in order to furnish funds
for those wishing to withdraw their
accounts.
The run on the bank was caused by
an unfounded rumor. This rumor is
said to have originated among the
colored populace of Church Hin, and
later 10 have spread throughout the
section and TO other parts of the city.
II is said to have been whispered about
for more than week that the bank
was insolvent. Why the climax should
have come Wednesday morning may
never be explained.
CROWD GROWS AS WILD
RUMOR GAINS CIRCULATION
When the doors of the bank opened
at at o'clock. business started as usual
MithIn snort time. however crowd
hour: At . O'Clock President oscar
Parrish communicated with the Clear.
permission to keep the doors Of his
BANK open until o'clock to fully
satisfy his dcpositors that there would
TO the rumor by this action. This per-
mission was at once granted.
on the pa, he baeh acton
ever. depositors continued TO crowd
the establishment. Three teliers were
bills and change. The majority Of
those demanding payment were WON m.
chiid5en and negroes. Most Of the
stood that not a single large deposit
was taken out during the day.
BUSINESS MEN SHOW
From time to time in the afternoon
business n ,he int. men to show their confidence
their funds. Patroimsn kept eqtsT ordeS.
from going into the bank. oAe
The run caused wild excitement in
the vicinity of the bank. At tim es
st the stnee ana s tho
street in front of the bank. Traffi {
was difficult in the early afternoon.
and. out OF breath, With their BANK
2ooks in their hands. Lines formed
IN front OF the three windows at which
rampant, and in the face OF this the
statements of those who knew the true
nature OF the situation went uEheeded
SAVINGS CLUB MEMBERS
TAKE OUT MONEY
The line in front of the christm as
Savings Club window was at all times
longer than either OF the others Chill
dren; many OF them very small stood
waiting their turn to obtain their saw
inEs: The amounts were all small.
when seen late Wednesday after
noon. President Parrish said that he
n n olra -
fact that every dollar which depositors
wished TO withdraw would be paio
them. and to especially alay their
open until o'clock. four hours longer
ihan usual. He was unable to give The
least idea how the rumor started.
BANK ONE OF STRONGEST
INSTITUTIONS IN STATE
John L. Satterheld. a director and a
heavy depositor in the bank. stated
that the institution was in splendid
no reason for the run except a false
rumor. He said that the banks re-
sopits sanTees amennted ed to sl5oo.oeo It's
and deposits. $1,4oo.OOO.
Mr: Satterfield further declared that
on March 4 the institution had a bank
valuts.
After minute and searching ex-
animation of the books of the bank
which lasted until midnight, the com
mittee of three appointed by the Clear
ing House Association of Richmond re-
ported that the affairs of the insti-
tuition were in excellent condition. with
assets sufficient to meet every demand
COMMITTEE FINDS BANK
IN EXCELLENT SHAPE
On the receipt of this report. the
Clearing House Association late We'd
nesday night issued the following
Statement over the signature. of Pres
dent w. M. Hableston:
In View of, certain rumors con-
cerning the Church Hill Bank of Rich
mond. the Clearing House Association
OF Richmond has caused an examinatio ion
OF the said bank to be made by a com
mittee of three members of the said
association.
the Church Hill Bank TO be in an ex-
celient condition with sufficient as
sets to meet any and every require
ment.
The following members of the Clear
ing House Association of Richmond
stand ready to furnish the Church Hill
Bank with the necessary cash to meet
any: and all demands upon it: First
National. State and City Bank, Mer-
chants National Bank. American Ma
tional Bank. Broad Street Bank, Cen
tral National Bank"
MORE THAN si5O,00o
WITHDRAWN IN DAY
During the day, about $15O.o00 or
$175.O00 In deposits was withdrawn.
Deposits made during the same period
by those confident of the strength of
the bank and its ability to meet all
demands aggregated about s25.00O.
While working at the institution last
night in an effort to restore order nf-
ter the strenuous day. President Oscar
Parrish received n message from a
large business firm Of the city stating
that 1t would make a deposit Of $o5.-
600 this morning. Within a short while
after this message was received, n
large corporation signifled It's intention
of making deposit possibly even
larger than this
1t was stated by several business
men and bankers OF Richmond that
the bank will not be injured by the
run, but probably made more solid In