The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1875-01-21
Dol. G. 4. Chase, capitalist, Joseph 4.

mist, Joseph Calm, the enterprising
wholesale clolhIer. G. b. Lamborn, OF
the X. Z. Railway, o. Chanute, Chic
Engineer of the New York and Erie
halfway, Edward ii. Allen, vice presi
dent of the bank and one of the heaviest
stock holders, aud NJ. w. st. Clair, AS. it.
ant cashier, one of The eldest siockhold.
ers and efficient officials connected with
the institution.
50 rapidly was the steady and sub
stantial progress OF the First National
that "a new deparlment-especialiy tor
savings-was recommended, and in Il
very short time became leading iea-
turc; upwards of ,ohc~hundred and fifty
thousand dollars being on deposit IN the
one department alone within six months
after It's organization. But the savings
department WAS By no means the only en-
terprisc iorelhly impressing importance
upon the bank management, for the
First National Bank branch at the
stock yards is now one of the leading
banking houses in this section, the
amount OF money deposited there being
simply enormous. The wonderful i'll
crease Of the cattle business IN this city
has become the marvel of the west, for
but u few years snergy has made Kansas
City the foremost cattle market of the
United States, if not the world, being
now on record as the frI, ut ell cities il,
beef packing, and is only third in pork
packing. berg beaten by but Cincinnati
and Chicago.
The stock business of the city is sim
ply en0r' oa-, and the universal onii
dehce bestowed upon the main "a we'll
a- the branch bark is perhaps the great
est compliment ever paid to financial
men. Among the depasiiors are The
heaviest cattle men of the West, and The
amount of money daily handled during
the busy season Is exceedingly large.
This confidence of the stock dealers IN
the FIRST National and its Stock Yard
branch is by no means of a tran>itury
The panic the bank stood faithfully bc-
hind them with its large resources. When
others failed them, the First National
stood molly Ia ths front, and with one
other bank saved from most disastrous
ruin the stock business OF this city.
When the first shadows of September al
tie memorable tail of 1873 fell over our
city the banks, headed by the FIRST Ma
tIonal, were never IN Fl 'ner condition 10
withstand the effects oi the hardest blows
that might be delivered, the First Ma
tional especially holding the confidence
of this whole ctien at country. Day
by day came the Geographic flashes tell
inc of the dire distress in New York and
other great cenlcrs OF finance IN the Easl.
Soon came the fearful news of the west
ern direction of the panic's course. The
remarkably extended ramifiraIions ui
the F:rst Nationals transactions could
not but create the most powerful al
drains upon It's resources, and rs bank
after bank called for cur cncv, the strr!
jig old FRS, National responded To tbs
demand, meeting every draft presented
As To be expected under such excite
meLt as all iabored, people here rs else
where caught the fever of unrest AMI
Withdrew deposits al the rate Of hun
dred5 of thousands of dollars a day. A.
indicative Of the confidence OF the pen
pie in the First National, it need only b.
stated ihat AT the outhreak OF the PAM
the deposits of the bank aggregated The
enormous sum of nearly Two miliin"
dollars, and Is indicative OF the tru,
merit that won this confidence Il a.
mains To again chronicle the tact that of
this amount upwards OF Il million in cash
was paid out over the counter during the
height OF the panic.
Matters finally assumed such shape
that the banks of the city met in coun-
ell and decided 10 decline payment OF
checks or drafts until sucn time rs tinan
cial affairs assumed better shape. This
took effect on the Goth of September,
and produced little or no cxcilem> MT, a.
it was but following the example of the
banks OF ST. Louis, Chicago and other
large cities. Finally, after having paul
down their Deposits To little over half
million, and finding that further eniorc
ed collection Of their assets must nsccs-
sarily ruin large number of our most
responsible citizens, the Stockholders of
he bank, Oh the 9th of Nuvem Der. de
cided To put the bank into liquidation,
and on the 25th Of November the 7m,>
published the official announcement at
be fact. Had an earthquake happened
lie shock to the city ~ large could not
have been greater. "Ihe tir>t National
aiIedi No, no, ii canr al he, WAS the cry
hat arose from the people everywhere
That IL could not be wa- straIrhtway &c +
10y The ringing declaration of
he directors pledgIng every dollar Oi +
heir own private fortunes 20 the credit .
# the bank, followed NIP by the prcsi-
lent. who also publicly pledged upwards
u two huhdI eel thousand collars oi las
'wn pri ate means Ia meet the demands
II dep"silurs. II ". ius had before
,ecn wanting to convince the people
hat liquidation meant anything but
bankruptcy, the voluntary offering ct
nch fortunes as iho~e po>,es>ed by
Jersey Coates. Michael Divclv. fraHtis
'oslcr, +. X. Lima. J. d. Bancroft,
dam Long, W II. Winaui- T. b. Bui +
enc. J. A. Bschman.l Wm. ST. CLAIR, j
\. Packard. Edward IL. A lien und How
nj NJ. Holden. 10 meet any and all just !
emand>, settled tie question hey ond
he shadow of a doe bi, and hardly "a :
nan or woman " h" had money in tic ;
and Tor i moment doubted getting il !
'iih interest AT lhe earliest po.>ibie
l"mrnl. None ever questioned the In
neal sonndhs's~ of the institution, - II J
L IL. 4.