2eed62f0Accommodated withdrawals, Public signal of financial health, Capital injected
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Galveston Bank Run. GALVESTON, Nov. 6.-The failure of the firm of Weis Bros. & Co., yesterday, the senior member of which is president of the Island City savings bank, caused a run on that institution today. The streets are crowded with people clamoring for their deposits. The bank can stand the run, and no apprehensions are felt. If necessary, the other banks will help.
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The Affairs in a Better Condition Than Generally Supposed. IT WILL PAY EIGHTY-FIVE CENTS ON THE DOLLAR. New York City in Imminent Danger of a Genuine Water Famine-Senator Mitchell Will Reintroduce His Bill at the Next Session of Congress for the Election of Senators by a Direct Vote of the People. Special to the RECORD-UNION. BOSTON, Nov. 6.-Comptroller of the Currency Lacey, who arrived from Washington this morning, spent nearly the entire day at the Maverick Bank. In an interview this evening he said: "The feeling all along the line, and among the members of the Boston Clearing-house, is that the affairs of the Maverick Bank are in very much better condition than is apparently generally supposed. A leading financier of Boston told me to-day that he thought the indebtedness of the bank would be redeemed at par. Not one gentlemen in position to know about its affairs but does not admit that it will pay 85 per cent." Lacey further said: "I want it distinctly understood that there is not, and never has been, a single point of issue between Mr. Magruder and myself. It is true, he furnished me with a complete photograph of the condition of the bank. Everything he furnished me with is on file in black and white, so it is not a question of my veracity. I knew of the indorsements of documents, but they were always represented as being drawn on adequate collateral. I can say nothing about the criminality of the directors, and the newspapers should not expect me to do so." RUN ON A TEXAS BANK. GALVESTON, Nov. .-The fact that Albert Weiss, of Weiss Bros., who failed yesterday, was President of the Island Savings Bank, caused a run on that institution to-day by small depositors. The directors held a meeting and issued a bulletin personally guaranteeing every dollar of the deposits and declaring the bank perfectly solvent. Confidence has been entirely restored to-night.
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AN OLD FIRM. The firm is one of the oldest, and has been regarded as one of the staunchest here. Mr. Cochrane has for twenty years been & member of the school board, for several years president, and always a leader of the best element in the board. The failure was brought about by the recent failures of Jacob Kreiger and the Masonic Savings Bank and of the R. B. Cotter Lumber Company. Mr. Fulton was interested with Mr. Kreiger in the Shelby railroad and in much real estate here, and the Cochrane Fulton Company was an indorser for the Cotter company for $60,000. The first of this paper, a small amount, matured yesterday, and the prospect of being called on to meet the rest forced the assignment. Friends of the company claim that they will be able to pay in full. A RUN ON A BANK IN TEXAS. Confidence Restored After $60,000 Had Been Drawn Out. GALVESTON, TEX., Nov. 6.-The fact that Albert Weis of Weis Bros., who failed yesterday, was president of the Island City Savings Bank caused a run on that institution to-day by small depositors. About $60,000 was withdrawn and $80,000 deposited. The directors held a meeting at 12 o'clock to-day and decided to personally guarantee every dollar of the deposits, and declared the bank to be perfectly solvent. Confidence is entirely restored to-night.
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A WHEELBARROW FULL. The American National Sends Gold and Silver Galore to the Island City Savings Bank. Special to the Gazette. GALVESTON, TEX., Nov. 6.-A run began on the Island City savings bank this morning by depositors who had congregated in large numbers at the opening hour. The movement was the result of the heavy failure yesterday of Wess Bros., Albert Weis, the senior member of the firm being president of the bank. The firm owes the bank $50,000, largely secured, however, by collaterals. All day long the withdrawal of deposits was maintained, mainly by small depositors. Shortly after the bank opened a wheelbarrow loaded full of gold and silver sent by the American national bank, was wheeled in. Offers of assistance came from all the other banks. The board of directors met at noon and adopted resolutions personally pledging themselves to the payment of the bank's obligations. This resolution was posted at the entrance with a notice that the bank would remain open until 5 o'clock this evening in order to serve the importunate depositors. President Weis resigned at the meeting. Among the more conservative depositors a feeling of confidence in the bank's solvency began to grow in the afternoon, and to-night it is thought the scare is over. Some $60,000 was paid out, while $80,000 was sent the bank by its friends, many prominent business men forcing a passage through the crowd of creditors and depositing large sums. Offers of assistance are being made from all business quarters, but the bank officials state they are able to meet every demand that may be made.
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RUN ON A BANK. Depositors in the Island City Savings Bank Alarmed. Special to the Gazette. GALVESTON, TEX., Nov. 6.-The failure of Weis Bros. & Co. yesterday. a member of which is president of the Island City saving bank, caused a run on that institution day, and the streets are crowded with people clamoring for their deposits. The bank can stand a run and no apprehensions are felt. If necessary the other banks will help.
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Run on a Bank. GALVESTON, Nov. 6.-The fact that Albert Weiss, of Weiss Bros., who failed yesterday, was president of the Island Savings bank, caused a run on that institution to-day by small depositors. The directors held a meeting and issued a bulletin personally guaranteeing every dollar of the depositors and declaring the kank perfectly solvent. Confidence is entirely restored to-night.
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BIG TEXAS FAILURE, A Dry Goods Firm Deep in Financial Distress. NEW YORK, Nov. 6.-The failure 0 Weiss Brothers, dealers in dry goods at Galveston, Tex., has caused considerable talk in the city, there being, it is said, over fifty creditors here. They have given a trust deed on their stock and real estate. Dispatches to-day say that the liabilities are estimated at $450,000 to $750,000, and the assets about $500,000. GALVESTON, Tex., Nov. 6.-The fact that Albert Weiss, of Weiss Brothers, who failed yesterday, was president of the Island City Savings bank, caused a run on that institution to-day by small depositors. About $60.000 was withdrawn and $80,000 deposted. The directors held a meeting at 12 o'clock today and issued a bulletin pérsonally guaranteeing every dollar of deposits, and declaring the bank to be perfectly solvent. Confidence is entirely restored to-night.
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SUNDAY. NOVEMBER 8. 1891. TEN PAGES. NEWS SUMMARY. The cause of the fire in the Telephone Exchange explained.-Scottish Rite Masons will meet.-The ladies of the City Mission met.-Southern Surgical Society will meet at the Young Men's Christian Association.-Board of Aldermen meet to-morrow night.-Legion of Honor entertainment to-night.-Mr. R. P. Vashon accidentally killed himself.-A talk on physical culture.-A list of the awards at the fair.-Mrs. C.C. Moore died. VIRGINIA. The brick plant at Gayton, Va., has been destroyed by fire-The Van Vranken case will not comeup in the supreme court unti Inext spring. -On the first Sunday in December the Elks will hold a "Lodge of Sorrow" in Norfolk.----------------C.H. Henderson died at Covington yesterday. -The Italian bark Eurico was libeled at Norfolk yesterday.-Charies Massey Gardiner will marry Miss Mary Leona Woodworth in Norfolk this week.-The Washington and Lee foot-ball team was defeated by the Georgetown College team at Lexington yesterday.-The argument in the Feagles-Caddall murder trial was continued yesterday.-A charter has been granted for the Chesterfield Heights Land Company of Petersburg.-Four coaches of immigrants en route to Charleston, S.C., passed through Petersburg yesterday.The Virginia Council. Jr. O. U. A. M., of Petersburg, will visit Richmond this week.-Dr. E M. Bradley has resigned as pastor of the Hanover-street Baptist church of Petersburg.-The store of J. R. Kee, in Surry county. has been destroyed by fire.-The Petersburg cotton market is firmer.—Three men fell from a tower on Mill mountain top, near Roanoke, yesterday.-Forepaugh's circus dis. banded at Danville yesterday.-Receipts of leaf tobacco were very light in Danville during the past week, and prices were high. NEW YORK. The report of the Richmond and Danville railroad for the year ended June 30th is in the hands of the printer.-The Democrats have carried the Legislature and they are determined to have it.-Jay Gould's physician says he is not sick.No private Brazilian news was received at New York yesterday, and it tis regarded as a sign that all is quiet.-The Briggs heresy case will not be disposed of for two or three years.- T.T. Fortune. the negro editor, has been given a verdict of 8825 damages for being refused 8 drink at a white bar-room. GENERAL. An unsuccessful attempt was made to wreck a train on the North Carolina Midland Railroad near Dutchman's creek Friday night.-Winston. N. C., shipped 108,000 pounds of manufactured tobacco last week.-A great religious revival has just been closed in Winston. N. C. -Governor Campbell carried Stark county, the home of McKinley.-Germany is now suffering from intensely cold weather, much of the ground being covered with snow.-A dispatch from Brazil to London denies all reports of rioting in that city-Edward Pollykoski, the noted Russian refugee in Alaska, has suicided.-A Blaine and McKinley league has been formed throughout Kansas.-"The Democratic Anti-I ottery Executive of Louisiana" has issued an appeal to the people for aid.-The French Government regrets having begun a prosecution against the Archbishop of Aix-The Pope is in bad health and his end is near, it is said.-Baron Fava has been promoted to the rank of plenipotentiary of the firstclass-The Amsterdam corn market is greatly excited-Two banking brothers committed suicide yesterday in Berlin.-There was & run on the Island City Savings Bank at Galveston Friday-Governor Hill has designated Novvember 26th as Thanksgiving day.-A fatal wreck occurred near Ottowa, Ill.. Friday night. -Mexico will be represented at the World's Fair.
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Buron ON a Galveston Bank. GALVESTON Nov. 7 -A run on the Island City Savings Bank yesterday was caused by the failur. o Albert Weis. the merchant. who is Preside it if the Bank. About $60,000 was withdraw. a d $30,000 deposited. The directore issue 1 personal guarantee to the depositors, no the run ceased.
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Sale of Unclein Express Matter. 0 is express sale of unWells, Fargo & claimed goods will HA place on Saturday, November 7, at 110 Main eet, commencing at 10 o'clock a. m. THE CRISIS PAST. The Island City Savings Bank Pays Depositors Promptly. Special to the Gazette. GALVESTON, TEX., Nov. 7.-The run on the Island City savings bank spent its force yesterday. This morning when the bank opened there were but few depositors who called to get their funds. The readiness with which the bank met all demands yesterday, and the firm action of its officials, had much to do in restoring the confidence of its creditors in its solvency, and this evening the bank closed having $100,000 more in its vaults than it had night before last. A large number of those who withdrew their funds yesterday redeposited them to-day, and the crisisis past.