Article Text
yesterday was the assignment of the Roanoke Trust, Loan and Safe Deposit Company. Although the news was pretty generally known during the early morning hours there was not much excitement over the situation, and the little in evidence was generally confined to depositors of the institution which had closed its doors. Quite a crowd gathered in the morning in the vicinity of the Terry building, while the officers of the institution together with the trustee were closeted in the private office of Mr. Terry going over the assets of the concern. A representative of THE TIMES called on Mr. Cocke, the trustee, but he would make no statement concerning the condition of the affairs of the concern, from the fact that he had not had time to examine into and complete an inventory of the assets. He said that it might be completed in the course of two or three days, and as soon as that can be don°, and enough money is collected from the proceeds, 5 per cent. of the amount of deposits will be distributed among the various depositors. The trouble was caused by the bank making too many real estate loans and when the paper matured the people to whom it had been loaned could not pay it. Property was sold under morigages and bought in by the trust company, which failed to find any sale for these purchases. The banks were all opened at 8 B. m. yesterday morning, one hour earlier than usual and at the First National the clerks and officials were notified to keep their heads and be perfectly cool, to pay all demands made on the bank and not turn down & single legitimately drawn check, and that they would keep open until 6 o'clock if necessary in order to pay the demands should a run be made on the bank. Slightr were made on the First National Bank for a few hours in the forenoon; but the bank gained more in the afternoon than it lost before 12 o'clock and there was no occasion to keep open longer than the usual time of closing in the afternoon. Much of the excitement was probably due to the fact that the employesof the Norfolk and Western offices had received their checks and presented them for payment at the First National. The railroad officials offered to hold over the checks if necessary, but Mr. Trout thought there was no good reason why the payment should be deferred. No apprehension is felt by bank officials for the future, so far AS the various Roanoke banks are concerned. Telegrams were received by the First National, National Exchange and Commercial from out-of-town correspondents and Northern banks offering assistance if needed, all of which were declined with thanks, as they were all amply able to take care of the demands of their depositors. There was no run made on the Commercial National, but & few small amounts were withdrawn in the morning, but everything was quiet by 11 o'clock and nothing of an unusual nature was noticeable about this institution. But very little money was drawn out. There were more deposits than usual yesterday and not a single business man drew a dollar out of the bank. The officials apprehend no danger. The National Exchange did not experience any run at all. There was absolutely no excitement, and the bank received more deposits yesterday than during any other one day within the
