Article Text
SOLID Such is the Condition of the Exchange Bank of Ely as Proved Yesterday. RUMOR DID IT. Large Amounts Paid Out to Depositors up to Noon Today. Telegrams arriving yesterday conveyed the information to our citizens that the Security Bank of Duluth had closed its doors. The report spread quite rapidly and caused considerable excitement in this city, as it was known that Jos. Sellwood, president of the Exchange Bank of Ely, was heavily interested in the Security Bank. This morning almost before six o'clock, many people were congregated before the bank building carrying certificates of deposit, bent on withdrawing their money. Before nine o'clock the street was blocked with depositors and this condition of affairs prevailed until dinner time. Women ran hither and thither, many bound for the mines to get their husbands to come up and save their cash. Of course, as is usual in such cases, several agitators were there to help swell the insecure feeling, many of those doing the larger part of the talking not having a cent deposited. The rush had been expected and it came. Last evening Smith, of Duluth, arrived in the city having in charge something like $30,000 and prepared to stay and assist Cashier James today. All this forenoon a steady stream of people were pouring from the bank with withdrawn wealth and up to the noon closing hour about $40,000 had been paid out. A few minutes after 1. o'clock Cashier James announced that he would not pay anymore until tomorrow morning at 9 o'clock as the finances had run low but that enough money would be forthcoming on the train to meet all obligations. This announcement caused consternation among those waiting, and the announcement was not received with the best of grace. Several, violently inclined, advocated mob rule and it was only through calmer council that the storming of the bank wasaverted. The disappointed crowd hung around all afternoon and when the passenger train arrived that evening many were at the depot to see "if the money came." The money came and all was serene, many of those who had withdrawn their deposits in the morning