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NAMED RECEIVER FOR NEGRO BANK JUDGE GRINNAN APPOINTS ATTORNEY CHEWNING TO WIND UP AFFAIRS. Attorney A. J. Chewning was Wed's nesday appointed receiver for the Nickel Savings Bank, the colored institution on Twenty-ninth street which was recently throwninto a receivership by Judge Grinnan, of the City Chancery Court. The receiver was appointed at the request of Messrs. John Lewis and Robert Scott.
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NICKEL SAVINGS BANK INSOLVENT Negro Institution Closes Its Doors Following Run by Depositors. Unable to stand the drain of an in cipient run which began Tuesday at ternoon and developed into a panie yesterday morning, the Nickel Saving: Bank, an institution managed by col ored men, closed its doors yesterday morning. and later in the Chancery Court admitted that it was insolvent Judge Grinnan appointed A. J. Chew ning, Jr., as receiver. He qualified a once and entered into bond in the sum of $12,000. In the order entered officials of the bank are restrained from disposing of any of the assets. Managed by Negroes. The bank was located at 600 North Twenty-ninth Street, and was the place of deposit of a large number of worthy negroes. It had an authorized capita of $10,000, of which the subscribed cap ital was $8,900. Dr. Richard F. Tancil a well-known negro, was the president Other officers were Richard J. Bass vice-president and cashier, and Roscoe C. Brown, assistant cashier, both colored. Receiver Chewning has been unable as yet to make out a definite statemen of assets and liabilities, and It is im possible to say what porportion of los: will be sustained. The bank is known to hold some real estate on Church Hill, the sale of which may provide : partial payment to depositors. In some way the rumor spread Tues day, not long before banking hours were over, that the bank was not 11 sound condition. and many negroe crowded in to draw out their savings Only the closing of the doors at the usual time saved the day. Despite al effort to allay rumor, the run continued yesterday morning: many negroes alarmed by the failure of the True Reformers' Bank, which went under some weeks ago, came determined to with draw the whole of their deposits 11 cash, either to hoard at home o) - ethen n
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The Nickel Savings Bank, a small colored financial institution at Richmond, Va., closed its doors and went into the hands of a receiver Wednesday.
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NICKEL SAVINGS BANK GOES UNDER. Could Not Stand Pressure New Officers Did Not Take ChargeDepositors Will Not Lose All-May Reopen. The Nickel Savings Bank of this city,-the second oldest bank organized here, the Savings Bank, Grand Fountain, United Order of True Reformers, being the oldest, went in the hands of a receiver on J. last Wednesday. Mr. A. Chewning, Jr., being named by Judge Grinnan for that position. The institution has been in bad financial condition for sometime, due to errors for which the present officers are said not to be responsible. An effort was made to reorganize the corporation some time ago, and Mr. W. Isaac Johnson was elected president. He did not qualify, however, and finally resigned.
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NEGRO BANK INSOLVENT Nickel Savings of Richmond Closes its Doors After a Run Richmond, Va., Dec. 15.-Unable to stand the drain of an incipient run which began Tuesday afternoon and developed into a panic, the Nickel Savings Bank, an institution managed by colored men, closed its doors Wednesday, and later in the Chancery Court admitted that it was insolvent. Judge Grinnan appointed A. J. Chewning, Jr., as receiver. he qualified at once and entered into bond in the sum of $12,000. In the order entered officials of the bank are restrained from disposing of any of the assets. The bank was the place of deposit I a large number of neg authorized capital of $10,000. of the subscribed capital was $8,900. Richard F. Tancil, a well gro, was the president. Other were Richard J. Bass, vice and cashier, and Roscop assistant cashier, both colored:
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By order of the receiver for the Richmond Chancery Court, I will sell at public auction, on the premises. No. 600 North Twenty-ninth Street (corner Leigh and Twenty-ninth Streets), MONDAY, FEBRUARY 13, at 3:30 P. M., the office furniture, etc., of the Nickel Savings Bank, consisting of eighteen Chairs, Lamson Money Changer, Proteclograph Check Punch, Underwood Typewriter, Standard Adding Machine, one Single Door Combination Lock Iron Safe, outside measurement 60 inches high, 60 inches wide, 32 inches deep; one Double Door Combination Lock Iron Safe, 60 inches high, 40 inches wide, 32 inches deep: Metal Filing Cabinet, Office Stools, Heating Stove, Mirror, three Pictures, Clock, Desk, Table, 16 feet fine Office Partition, with metal top; Cashier's Counter, etc. Sale positive on above date and hour. TERMS: Cash. A.J. CHEWNING, JR., Receiver. THE VALENTINE AUCTION CO., Auctioneers.
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By The Valentine Auction Co., Auctioneers. RECEIVER'S AUCTION SALE OF IRON SAFES. OFFICE FURNITURE. TYPEWRITER, ADDING MACHINE, ETC., OF THE NICKEL SAVINGS STREET. BANK, 600 NORTH TWENTY-NINTH
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By order of the receiver for the Richmond Chancery Court. T will sell at public auction, on the premises, No. 600 North Twenty-ninth Street (corner Leigh and Twenty-ninth Streets), MONDAY. FEBRUARY 13, at 3:30 P. M., the office furniture, etc., of the Nickel Savings Bank, consisting of eighteen Chairs. Lamson Money Changer, Proteclograph Check Punch. Underwood Typewriter. Standard Adding Machine, one Single Door Combination Lock Iron Safe. outside measurement 60 inches high, 60 inches wide, 32 inches deep: one Double Door Combination Lock Iron Safe. 60 inches high, 10 inches wide, 32 inches deep: Metal Filing Cabinet. Office Stools, Heating Stove, Mirror. three Pictures, Clock, Desk. Table, 16 feet fine Office Partition. with metal top: Cashier's Counter, etc. Sale positive on above date and hour. TERMS: Cash. , A. J. CHEWNING. JR., Receiver. THE VALENTINE AUCTION CO., Auctioneers
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PITTFOL STORY TOLD BY CHECKS Colored Depositors of Busted Bank Get a Few Cents From the Wreckage. SOME NOT WORTH POSTAGE But 27. Cents on Dollar Is Paid After Deducting Regular Court Fees. Acting under a decree or the Chancery Court, A. J. Chewning. Jr., receiver of the Nickel Savings Bank, which falled 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 located on Church HIII, was operated by negroes, and while there was nothing criminal connected with its failure, how it ever managed to survive as long as It did is one of those little financial mysteries no man can solve. When It went under there was about $23,000 on 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. Chewning said last night that there are about 300 checks to be sent out, the total amount aggregating about $7,500. Get 27 Cents on the Dollar. After the expenses of the litigation are deducted the negroes will get 27 cents on the $1, their losses thus far amounting to $15,500, or thereabout. There is still some real estate to be sold and some bills receivable. which will net an additional 10 per cent. on the $1, 30 after all the depositors think they have come out better than their friends in the bank of the True Reformers. But these checks will not be mailed. The expense is too great, so a swarm of colored people will invade the offi of Mr. Chewning in the Times Building to-day. The largest check Is for $450: the smallest is for 2 cents. Indeed, there are at least 100 checks, each representing a sum less than 75 cents, and there are more $1 checks than there are $100 checks. Had State Charter. In many respects the Nickel Savings Bank was the most remarkable of all those chartered by the State of Virginia. It was organized in 1897 with a capital stock of $10,000. Frequently it had as much as $30,000 on deposit. Notes were discounted. bad paper was accepted. 3 per cent. interest was paid. and the business jogged along, the officers not knowing that they were skating on very thin ice. But they had faith, even if they were ignorant. cene the
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Paying Depositore. Mr. A. J. Chewning is engaged. in issuing checks on demand to those entitled to share in the first dividend on thirty cents on the dollar ordered to be paid the creditors and depositors of the defunct Nickel Savings Bank. Mr. Chewning was named receiver of the bank by court.