9ed48a67Accommodated withdrawals, Public signal of financial health
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Governor Flower to the Reseue. WATERTOWN, N. Y., July 6.-A run has been started on the Jefferson County Savings Bank in this city. Governor Flower was a witness of the run, and this afternoon, the rush continuing, Governor Flower, J. R. Stebbins, president of the Agricultural Insurance Company, and eevy e'al preminent bankers and financiers signed and published a statement personally guaranteeing that the depositors shall be paid in full. It is believed that this will stop the run.
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SAVINGS-BANK RUN. Action on the Part of Gov. Flower and Others Will Probably Stop It. (By telegraph to the Dispatch.) WATERTOWN, N. Y., July 6.-A run has been started on the Jefferson County Savings Bank in this city. Governor Flower was a witness of the run and this afternoon. the rush continuing. Governor Flower. J. R. Stebbins, president of the Agricultural Insurance Company, and several prominent bankers and financiers signed and published a statement personally guaranteeing that the depositors shall be paid in full. It is believed that this will stop the run.
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BANKS. Comptroller Eckels' Information Abont Suspended Institutions. WASHINGTON, July 6.-The comptroller of the currency is informed that the First National bank of Los Angeles, Cal., and the Southern California National bank of the same place, which suspended recently, will open their doors for business again within 8 few days. The comptroller is informed that the First National bank of San Diego, which reopened for business yesterday, received deposits to the amount of $25,000, as against withdrawals to the amount of $8000. This is regarded as evidence of returning confidence. The Washington National bank of Spoliane reopened for business this morning. Comptroller Eckels states that the information given out in his office yesterday that he directed Bank Examiner Wilson to take charge of the First National bank of Albuquerque, N. M., was a mistake. The name of the failed institution, is the Albuquerque National bank. F ve national banks failed yesterday and this morning. as reported to Comptroller Eckels. They were the American National bank of Pueblo, Colo., the Central bank of Pueblo, Colo., the Puget Sound National bank of Everett, Wash., the National Bank of Ashland, of Ashland, Neb., and the First National bank of Winslow, N. C. Comptroller Eckels has directed Examiner Brown to assume charge of the two above named failed banks at Pueblo: Examiner Horine, of the failed Ashland bank; Examiner Cleary, of the failed Everett bank; Examiner Cascadon, of the failed Winslow, N. C., bank. OMAHA, Neb., July 6.-The American Savinga bank has suspended. Deposits, $153,000; assets, $259,000. WATERTOWN, N. Y., July 6.-A run was started on the Jefferson County Savings bank today. The bank continued paying all demanda after closing hours and it is believed the run is over.
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FOURTEEN REPORTED KILLED, Minneapolis, Minn., July 6.-A special to the Tribune from Alfa, Ia., says: "Meagre reports just received indicate that a terrible tornado passed about four miles south of this place between Aurelia and Newell. Fourteen persons are reported killed and a large number injured." Gov. Flower Stops a Run. Watertown, N. Y.. July 6.-A run has been started on Jefferson County Savings Bank in this city. Gov. Flower was a witness of the run, and this afternoon, the rush continuing, Gov. Flower, J. R. Stebbins, President of the Agricultuaal Insurance Company, and several prominent bankers and financiers signed and published a statement personally, guaranteeing that depositors shall be paid in full. It is believed that this will stop the run.
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FLOWER'S PROMPT ACTION. The Governor's Guarantee St ops a Sense less Run on a Solid Bank. WATERTOWN, N. Y., July 7.-A run was started on the Jefferson County Savings bank in this city yesterday. The run subsided shortly after 4 o'clock, when the oflicers of the bank refused to take advantage of the usual hour for closing, and continued to pay all depositors who presented demands for their funds. This action, together with a guarantee given by Governor Flower and other prominent finaneiers, and the work of influential citizens among depositors, who were informed as to the bank's solid condition, had a most satisfactory effect. Governor Flower appeared among the depositors twice during the day and made speeches to them. In substance the governor said: "In panicky times like these, when the people all want their money, you, by your actions, force the banks to keep a larger amount on hand than usual. To get this money the bank officials have to refuse to loan money on mortgages, and also refuse to loan it on commercial paper, and therefore you restrict trade and throw labor out of employment. By your action you force the bank to foreclose on the mortgage, held by it. The merchant is compelled to pay his note or suspend business, and the bank is forced to dispose of its bonds. Thus, in demanding money which you do not need, you are forcing the foreclosures of mortgages, driving men from their homes and causing the suspension of business industries generally."
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GOV. FLOWER CALMS THE DEPOSITORS. RUN ON A WATERTOWN SAVINGS BANK CHECKED BY A SPEECH AND WRITTEN GUARANTEE Watertown. N. Y., July 6.-A run was started 10-day on the Jefferson County Savings Bank in this city. Governor Flower was a witness of the run this morning, and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect for awhile. This afternoon. the rush continuing, Governor Flower, J. R. Stepbins, president of the Agricultural Insurance Company, and several prominent bankers and financiers signed and published a statement personally guaranteeing that the depositors shall be paid in full. The run subsided shortly after 4 o'clock. when the officers of the bank refused to take advantage of the usual hour for closing and continued to pay all depositors who presented demands for their funds. This action, together with the guarantee given by Governor Flower and others. had a most satisfactory effect, and it is believed that, while there will probably be some excitement to-morrow, the worst of the trouble is over. Governor Flower appeared among the depositors twice during the day, and made speeches to them. In substance Governor Flower said to the depositors: In panicky times like these, when the people all want their money. you, by your actions force the banks to keep a larger amount on and than usual. To get this money the bank officials have to refuse to loan money on mortgages and also refuse to loan 11 on commercial paper. and therefore you restrict trade and throw labor out of employment. By your action you force the bank to foreclose on the mortgages held by it: the merchant is compelled to pay his note or suspend business, and the bank is forced to dispose of its bonds. Thus in demanding money, which you do not need you are forcing the foreclosures of mortgages. driving men from their homes and causing the suspension of business industries generally."
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The Savings Bank Run Ended. WATERTOWN, N. Y., July &-The run on the Jefferson County Savings bank has ended. Some depositors who drew during the panic have returned their money.
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Kuu on the Jefferson County Bank Ended. WATERTOWN. N. Y.. July 7.--The run on the Jefferson County Savings Bank to-day was insignificant. Some depositors who drew out money during the panic yesterday have returned it and it is now believed that there will be no further trouble.
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Special to the RECORD-UNION. WASHINGTON, July 7.-The Star says: While members of Congress and leaders in financial matters are discussing various plans by which the present situation can be relieved, an official of the Treasury Department is quietly preparing statistics and histories of financial transactions as a benefit to the Administration to guide it in its own views on the vital subject. Several plans have been suggested to Secretary Carlisle. Among them is one which contemplates an entire change in the money system of the United States. In short, the plan is to pass a specie resumption Act redeeming all the various forms of money now in use in the country, and issuing instead a United States Treasury note whose value shall always be fixed. There is at present nine different forms of money in circulation, and the fact of the wide difference between the value of gold and silver coins, while they are theoretically of parity, is one of the causes which suggested the plan. The national banks during the past two months increased their circulation nearly $7,000,000. Orders for new circulation to the amount of $2,277,000 have been received thus far this month by Comptroller Eckels. The gold reserve at the close of business to-day was $96,943,921. CRISP'S POSITION ON SILVER. NEW York, July 7.-The Commercial Advertiser's Washington special says: When Speaker Crisp left here some weeks ago he was chagrined with the President's rejection of his wishes regarding certain offices, and he said the Administration will have to seek him in the future, and it did. In a short while he was summoned to Washington to confer with Carlisle. The silver men are whispering that if Crisp goes against them it will be because he has surrendered to the President's offer of patronage. Crisp maintains a diplomatic silence, but there is no room to doubt that he will sustain the President. BETTER FEELING AT NEW YORK. NEW York, July 7.-Interviews with Wall-street operators show a certain degree of cheerfulness over the first indications of an improvement in the monetary situation. Leading bankers say the demands for currency for shipment are not considerable and the requests for rediscounts from the country have become much lighter. A gratifying fact is noted that the country banks are beginning to pay off New York correspondents. A leading bank within the past day or two has begun to take up commercial paper at 10 to 15 per cent., according to grade and time. Hardly anything is doing as yet in time money. Well-informed operators do not look for more than temporary ease in the money market till about sixty days from now. RUN ON A SAVINGS BANK. WATERTOWN (N. Y.), July 7.-A run started on the Jefferson County Savings Bank yesterday. The bank continued paying all demands until after the closing hours, and it is believed the run is over. AN ASHLAND (NEB.) BANK FAILS. OMAHA, July 7.-The National Bank of Ashland, an offshoot of the American Loan and Trust Company, has failed. It had a capital of $100,000. A DES MOINES MERCHANT IN TROUBLE. DES MOINES (Ia.), July 7.-Attachments aggregating $20,000 and mechanics' liens to the amount of $89,000 have been filed against Lowry W. Goode of the Highland Park Land Company, Des Moines Electric and Water Power Company and other concerns with which Goode is prominently connected. Goode claims with time he will be able to pay. Theamountinvolved is probably $200,000. TWO MEAT ESTABLISHMENTS FAIL. NEW YORK, July 7.-The New Jersey Sheep and Wool Company and the Genesvoort Market Sheep Company, Jersey City, have failed. It is feared the failures will involve the failure of many small concerns. The liabilities exceed $500,000. The assets are not shown.
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Deposits Being Made at Watertown. WATERTOWN, N. Y., July 8.-Therun on the Jefferson County Savings bank has been significant. Some depositors who drew during the panic have returned their money and it is now believed that there will be no further trouble in this city.