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The Bank Failures. Elmer was the scene of quite a panic on Thursday last, caused by the reported unsoundness of the Elmer Bank, which was a branch of the Merchants' Bank, of Atlantic City. The excitement was started by an item in the Philadelphia Press in relation to the failure of the Bank of America, of that city, stating that the Merchants' Bank, of Atlantic, was a branch. Long before the hour of opening large numbers of anxious depositors gathered about the door, with their check and deposit books in hand. Manager Elwell's statement that the newspaper article was incorrect and that the Elmer Bank was a branch of the Merchants' Bank of Atlantic City and that neither the parent institution nor any of its branches were in any way connected with the Bank which had failed, fell as idle words upon men agitated by the fear of danger which seemed to threaten them, and for the first hour after the doors many deposits were reduced to the low water mark. At last the bottom was reached and before eleven o'clock Mr. Elwell had to admit that he had no more cash in the big safe; and finally, at a time when it required considerable courage to do so, a few firms, believers in the institution, began to make their regular daily deposits, with others waiting to take it out as fast as it came On Friday word was received that the parent bank at Atlantic City had suspended, when the rush for money was resumed with a desperation born of despair. The heavy run finally cleared the bank of all its cash, after which Cashier Elwell had to refuse all notes. A few of the many who have been caught in the crash are: Chas. S. Cotting Estate, $1,200; Rev. P. Corson, $800; Abram Cochran, $600; Jackson Clevenger, $400; Rufus W. Smith, $600; Daniel Watkins, $250; Samuel P. Baker, $220; Charles H. Morris, $268; Rev. J. G. Crate, $220; the Misses Long, $250; Thomas W. Brooks, $350. Among those whom are known have lost but have not been able to discover the amounts, are J. Frank Langley, Esq., George M. Bacon, Esq., Creamer Brothers, Drs. Woodruff and Cheesman, Chas. M. Surran, Wm. Strang, F. Wentzell & Bro., Samuel P. Foster, Hiram Nixon, A. M. Seabrook, S. Y. Townsend, R. T. Studimund, S. M. Vanmeter, Barber Collins, Jesse Garrison, Jesse Sordin, Thomas Edmonds, Samuel Christy, Aubery Reed, and a host of others. THE MULLICA HILL BRANCH. The Mullica Hill Bank, another branch of the Merchants', also closed its doors on Friday, caused by the suspension of the parent bank at Atlantic City. The suspension of the Bank of America in Philadelphia on Wednesday set in motion influences which bore too heavily on the branch and it was forced to yield to the stress. The management express the belief that the creditors will be paid dollar for dollar. The earnest hope is that the prediction will be fulfilled. The Mullica Hill branch of the Merchants' Bank at Atlantic City was organized April 30th, 1888. The directors elected at the last annual meeting were Charles W. Elkinton, Albert Parker, J. H. Mounce, William M. Colson, Robert McKeighan. Mr. Elkinton resigned the latter part of March. At the time of closing on Friday last, there was due depositors $16, 024.17; bills receivable, 716.91; cash on hand, $7.92. This paper, bills receivable, is first class. The depositors number 125, from 81 to $1000. William Bunning is the manager. He is a capable and painstaking official, and feels very sad over the misfortune to the bank. The depositors are not willing that the bank should continue. This Bank has done about one-third of the business, and at not more than one-third of the expense. Each director had taken $100 in stock, giving his note. Colson and McKeighan have paid theirs in cash. Among the business portion of the people, there is a feeling of insecurity about the matter, and while the losses, if any, may fall heavily upon some of the poorer classes, generally speaking, a majority will not be hurt very badly. Among the depositors are the following: Wm. Mankin, clerk, $175; John Yeager and wife, $200; Roger E. Costello, farmer, $300; Frye Hopkins, hotel keeper, $900; Amy Murphy, $100; John Garwood, $500; Edward Bunning, butcher, $40; Wm. H. Bunning, livery stable, $300; Jonathan Colson, farmer, $300; Wm. Colson, $300; Mrs. Debbie Smith, $300; Edward Ireland, conductor, $500; Jacob Ware, brakeman, $100; Mrs. Cornelia Thomas, $140; Mrs. Mary Huseback, $50; Rev. Dr. Brown and wife, $100; Rev. B. R. Black, $100; Mrs. With. Howery, $50; Jas. Ecret, $60; Chas.
