The Monitor. [volume] (Woodstown, N.J.) 1884-1892, 1890-05-09
The Bank

II -
Elmer was the scene of quite a panic on
Thursday last, caused by the reported un-
s~oundness of the Elmer Bank, which was a
branch of the Merchants Bank, of Atlantic
City. The excitement was started by an
lite m in the Philadelphia Press in relation
to the failure of the Bank of America, of
that city, stating that the Merchants Bank,
of Atlantic, was a branch. Long before
the hour of opening large numbers of anx-
ious depositors gathered about the door,
with their check and deposit books in
hand. Manager Elwell's statement that
the newspaper article was incorrect and
that the Elmer Bank was a branch of the
Merchants Bank of Atlantic City and that
neither the parent institution nor any of its
branches were in any way connected with
the Bank which had failed, fell as idle
words upon men agitated by the fear of
danger which seemed to threaten them,
and for the first hour after the doors many
deposits were reduced to the low water
mark.
At last the bottom was reached and be-
fore eleven o'clock Mr.. Elwell had to adj
init that he had NO more cash in the big
safe; and finally, at a time when it re-
quired considerable courage to do SO, a
few firms, believers in the Institution, be-
gan to make their regular daily deposits,
with others waiting to take it out as fast
as it came in. On Friday word was re-
ceived that the parent bank at Atlantic
City had suspended, when the rush for
money was resumed with a desperation
born OF despair. The heavy run finally
cleared the bank of all its cash, after which
Cashier Elwell had to refuse all notes.
A few of the many who have been caught
in the crash are: Chas. S. Getting Estate,
81, 200; Rev. p. Corson, $500; Abram
Cochran. 5000; Jackson Clevenger, 500;
Rufus w. Smith, 5000; Daniel Watkins.
$3.50; Samuel P. Baker, 1920; Charles H.
Morris, $26s; Rev. j. G.. Crate, $500;
the Misses Long. $3.50; Thomas W.
Brooks, $3.50. Among those whom are
known have lost but have not beer able to
discover the amounts, are j. Frank Lang
ley, Esq, George M. Bacon, Esq, Creamer
Brothers, Drs. Woodruff and Cheesman.
Chas. NJ. eurran, VIM. Strang, F. Went
zell & Bro, Samuel p. Foster, Hiram
Nixon, A. NJ. Seabrook, 5. Y. Townsend,
r. T. Studimund. S. NJ. Vanmeter, Barber
Collins, Jesse Garrison, Jesse Sordin,
Thomas Edmonds, Samuel Christy, Au-
berry Reed, and a host Of others.
THE MULLIeA HILL BRANCH.
The Mullica Hill Bank. another branch
of the Merchants, also closed its doors on
Friday. caused by the suspension of the
parent bank at Atlantic City. The sus-
pension of the Bank of America in Phila-
delphia on Wednesday set in motion in
fiuences which bore too heavily on the
branch and it was forced to yield to the
stress. The management express the be-
lief that the creditors will be paid dollar
for dollar. The earnest hope is that the
prediction will be fulfilled.
The Mullica Hill branch of the Mer-
chants Bank at Atlantic City was organ
ICED April 30sh, 1888. The directors elect
ed at the last annua meeting were Charles
w. Elkinton, Albert Parker, j.. III.
Mounce, William M. Colson, Robert Me-
Keighan. Mr.. Elkinton resigned the latter
part of March. At the time of closing on
Friday last, there was due depositors SIC,
024.17; bills receivable, s14, 1851; cash on
hand, S7.92. This paper, bills receivable,
is first class. The depositors number 125,
from 81 TO $1,000. William Burning is the
manager. He is a capable and painstaking
official, and feels very sad over the misfor-
tune to the bank. The depositors are not
willing that the bank should continue.
This Bank has done about one-third of the
business, and at not more than oue-third
of the expense. Each directo, had taken
800 in stock, giving his note. Colson
and McKeighan have paid theirs in cash.
Among the business portion of the people,
there is a feeling of insecurity about the
matter, and while the losses, if any, may
fall heavily upon some of the poorer class
es, generally speaking, a majority will not
be hurt very badly.
Among the depositors are the following:
VIM. Mankin. clerk, s175; John Yeager
an1 mia tD00. Roarar n Hocfonn farruar
$500; Frye Hopkins, hotel keeper, 800;
Amy Murphy, 800; John Garwood, $500,
Edward Burning, butcher, $40; Wm. Fl.
Burning. livery stable. $500; Jonathan
Colson, farmer, $500; VIM. Colson. $500;
Mrs. Debbie Smith, $500; Edward Ireland,
conductor, $500; Jacob Ware, brakeman,
500; Mrs. Cornelia Thomas, s140; Mrs.
Mary Huseback, $50; Rev. DIR. Brown and
wife, 800; Rev. B. X. Black. 500; Mrs.
Wh. Howery, $50; Jas. Ecret, $50; Chas.