St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-02
A Run on the Farmers and Mechanics
Savings Bank Caused BY
Silly Rumor.
The Net Profits of the Exposition Over
S25,000-The Old Directors
Ali Reelected.
Manual Training in the Schoois--
Drug Clerks Discuss the
Pharmacy Law.
rhe Con test Cases VIII Probably NOT
be Tried The Associated
Charities.

A vague TunlOr has been noaIlng aIouhu
the chilly atmosphere for the past TWO
laws to the effect that something Is the
natter with the Farmers and Mechanics
Savings bank" AS to just what the some
thing" was no one seemed to have any deh-
aite idea. but nevertheless the nature OF the
,eport was sufficient to alarm some OF the
imid deposit0rs. and yesterday run was
made upon the bank When the bank doors
we're thrown open at O'Clock quite crowd
Of depostors, who had cOngregated on the
steps and sidewalk, rushed in. The CLERKS
behind the brass railing began paying out
money as fast as the orders were presented
only occasionally asking some old depusltor
why he vas withdrawing. Inc anS"e!
was generally: ''Oh. heard something;
accompanied by a rather confused LOOK
At noon it looked as though the rush was
going to continue, and Cashier MouItoh
gave orders to keep the doors open as long
as people were waiting. In the afternoon
the crowd gradually dwindled, and when'
shortly after O'clock. the doors had closed,
all had apparently been waited upon. Inc
amount drawn out during the day was
$50, 600.
A FOOLISH BREAK.
1t seems strange that an idle report,
started by some foolish or designing person.
should have the effect of creating alarm
concerning such stable institution as the
Farmers 4 Mechanics Savings bank. The
bank has been in existence for twelve years,
and is known as the most successful savings
bank in the country west of Cleveland. 1t
does no commercial business, does not loan
Oh notes without security, and invests only
in bonds and mortgages. Under the law
governing savings banks it cannot loan over
$4,000 to any one man, whoever he
may be, so the pOSS billty of any conSid-
erabie loss to the bank by other failures is
very Slight. The officers of the bank are:
President Clinton Morrison; vice president,
Thomas Lowry; secretary. L. h. MOult0n:
trustees, John S. Pillsbury, r. B. Langdon.
T. ID. Skiles. John DeLaiUtre, j. w. john
son. NJ. Is. Koon, j. G. Oswald. Thomas
Lowry, Clinton Morrison. Z. ID. MOuIton
and William Morrison. Eleven citizens
whose wealth is greater or who are more
highly respected could hardly be gathered
from the business community O1 MinneapO-
lis
CASHIER MoULTON's STATEMENT.
81 am a good deal Disguised remarked E.
H. Moulton, secretary and treasurer, yester-
day. lat such foo ish alarm. Ii there is
bank in Minnesota that is prosperous and
financially sound, it is TOURS. We have done
business for twelve years, and never have we
had such a surplus, or such good securities.
Still there could not have been day in our
history upon which we could have better ar
forded TO enjoy the novelty OF a run. we are
reuuireda by law oto keep only about one
tenth part OF our deposits on hand, which
would be S216 $50, and we happen to have
1887 1855 26 On hand. We can pay off every
deposition and have $4,000 lett You see,
what anuoys me most is. that none OF the
officers or trustees draw one cent of salary.
They have organized and maint tanned the bank
for the good of the cOmmu nifty, and 1t has
been conducted strictly and cOnscientouslJ
in accordance with the laws governing saw
ings banks. This run looks like rejection
upon them, and / must confess that feel
eXasperated."
Mr.. MOultOn, by request. furnished the
GLOBE with the following statement OF Its
condition up to date:
Mortgages on property worth
s3.29S, 1872 .................... S1,2S5. 5O3 81
Loans on mortgage collateral. 56,+5O ~
United States government bonds so, 900 90
Bonds of city of Minneapolis. $4,000 w
Bonds of counties, towns, etc.,
in the state. =. S7S,S5O 45
nrofits. $1,000 90
Real estate. 1888 SIS
Fiy,ures. .. $500 20
Cash on hand. oZS'oO VI
s2,S11,21s II
Due depositors. :. 81, 1873, 166 30
Profits due depos-
1tOrS. ............ 4o,Uol CT S"'"VA'"A0 80