Telegram-herald., 1890-10-18

q . tees F4xn - a. nEs mla1tes -
0'elcek ana nlaks . aepos.k. Inere axe
merchants thsEe sAem ss have &C
eoWll0aAse1 ums al rhe 4x&Aa.
As ssson "a shsy hs&rd ths ualk s2s 10
tro4hls, they sere tas nrst ones - de-
maud thelE money. IHege are doubtless
sonle " taem sno 81 never % casi-
Ress With us Ak4,n, 81 they 81 ee
ashamed. Inen there were merchants
who came ia yesterday ana made lsrgeE
0epos = than ever before. Iley ~O4.d
net eyes asa questi0n.
~Ins Flftn National Bxnk prospered
from the brginaiug, and @e srre urged
10 increase tae stock ~ $1,000, wnlen
Ne did"
Congressman BelxnAp was At the
bank al yesterday, and hls presence
bad much 70 10 NTH aliaying tae fears
Of tlose Who came 81 flIst 10 dsM4ud
their nloney. lie would assure t4em
that everything sks al right, and th4y
went away COW need Of their mstaEe.
They nad every confidence ia bis word.
The rumOr that the capital stoek had
been reduced "a proven u be without
foundation.
No REASON FoR ALARM
c. B. Kelsey, teller Of the Kent
County savings Bank, said I've hold
none OF K. q. Peters paper. out If Ne
had do not see Why u should not he
good II properly endorsed. think Il
Peters Was gwen SIX months 30 would
be abe % straighten out all OF his az
fairs. lie would certainly understand
the handling OF hls own property bet
Ter than strangers.
There Is 10 reason for the people
being alarmed about the Fifth National
Bank, as they can get all the credit
they want. In my OPINION the run on
The hank WAS prec plated by = sensa-
t0nal article ln inc Democrat TINS
morning. Papers should be careful Ia
making statements, as It Is the easiest
thing IN the world 10 STIR up an aglta-
ton among depositOrs, and for All that
the banks may be n the sOundest nnan-
cal condition. There Is not = bank IN
this city that did not 20 10 the rescue
Ottne Fifth National today, aud what's
more, u can get all the credit II wants.
The Fifth National IS all right and
sound as a silver dollar. Ii Is lncorpOr-
porated with $4,000 stock, and under
the law the stockholders are liable for
double the amount.
ar. G.. Peters property Is in good
shape. The Detroit banks coming on
hlm SO suddenly was the cause OF hls
embarrassment"
MONEY on DEMAND.
Homer Nash, cashier OF the Fourth
National Bank. SAYS: 1--WE feel IN no
way Disconnected over the failure, as
oil the - per OF Peters held by us is
sufficiently secured. The Fifth Nation
al Bank will receive all the help they
want from Us. and there is no question
but that the depOsitors viii receive their
money on demand. The depostors
could not help but get frightened. 1t
WAS but natural. 1t Will take bigger
crisis than this TO effect any OF the
hanks IN this city. | think il was the
Detroit banks that precepitated the
Peters failure. understand they held
S4O0, 900 OF ms paper, and when they
all came on him for payment, ne, of
course, could not meet them. In my
opinion, Peters has more than enough
property to cover all of his liabilities"
USLoADED PETERS PAPER.
f. A. Hall, cashier of the Grand Rap
ins Savings Bank sand: ave unloaded
all the paper we held of Peters III
August, and today we don't hold
cent OF It, | think the run on the
Fifth National will be quIeted tonight.
aud do not believe the directors Will
allow the bank to be injured IN the least.
The depOsitors will get every cent.
There Is no question but that Peters
property is among the very best IN the
country. and ne should he able TO meet
all liabilities. | don't think the recent
strlngency in the Eastern money market
has affected Detroit, Grand Rapids,
Chicago, or any of the Western country
IN the slightest"
DUNHAM's LIABILITIES.
VIM. Dunham was at the bank yes
terday, but he did not seem much con-
cerned IN MS own losses. His whole
interest seemed to be centered IN the
welfare of the bank. He Is on n great
deal of Peters paper. Those who are
in position to know, say his liabilities
will amount to about Sl25, 900 to $780,
600.
Mr.. Dunham has great confidence
that Peters will pail through the crisis;
IN fact, he does not seem to doubt 1t.
In case Peters does pull through, Dun
ham viii lose nothing.
ONLY LEGAL PROCEEDINGS.
Yesterday afternoon the first legal
proceedings in the great failure was
begun. 4 suit IN attachment was
brought by the National City Bank
against VIM. Dunham and others. All
that Is left of the Dunham d Peters
lumber company IS attached.
A Lot of saginaw Men Csught.