The record-union., 1891-10-02
Special to the REcorp-UNroN.

Special to the RECoRD-UNToN.
HoUTzDALE (Pa.), Oct. 1.-The excite
ment over the suspension of the Clear
field and Houtzdale banks continues.
When the depositors were informed that
that they were likely to receive less than
fifty per cent. of their money, the lower
classes formed in squads and shouted ex-
ecrations and threats against the officers,
that would certainly have been put into
execution had the latter been found.
A large delegation of Houtzdale citi-
zens called on President Dill at Clearfield
tonight, and demanded and pleaded with
him that he make some satisfactory state
ment. They pointed out that the two
towns were actually threatened with
financial ruin, and Iother disasters in fu-
ture from private individuals were to be
feared unless he made some sort of state
nent, showing what he could and would
do in paying the vast army of depositorS
in the two banks. To all these pleadings
President Dill returned the answer that
he was all right and the banks were all
right, and if the depositOrS stood by him
they would be all right.
This afternoon receivers for the Houtz-
dale Bank were appointed, and they are
now In charge. Bank Examiner Miller
took possession of the Cleartield Bank.
AT the time of the suspension the
HOutzdale Bank had deposits of $500, 900,
but there was less than $4,000 in the
vaults.
This afternoon and tonight affairs
have become alarming. Men and women
clamored at the doors in vain, the tide
and pressure before the doors becoming
so great that strong guard ofpolice
men was finally placed there, and ordered
n hn HOY I,.,. I,
clubs, as it was feared that the bank
would be demolished and looted.
President Dill and Cashier McGrath
We're arrested tonight upon petition of
one depositor, and gave bail in the sum
of s., ,000
THE SITUATION AT CLEARFIELD.
CLEARFIELD (Pa.), Oct. Excitement
here concerning the First National Bank
failure was intensified last night when
the condition of things at HoutzdaIe was
learned. The HoutZdale Bank is pri-
vate concern, bought by Dill last spring
When Dill took charge he placed John
Is. McGrath, in whom the community
had the utmost confidence, in charge as
chashier. This at once stimulated busi-
ness, and on the first day over 5000 was
received in deposits, mostly coming from
poor miners. AT that time the deposits
did not reach $1,000, but through Me
Grath's well-known integrity and popu-
!arlty they grew, until yesterday morn
ing they reach 100000.
Upon opening the bank yesterday Nc
Grath had occasion to telephone the First
National Bank concerning a check, and
was astounded to learn that it had closed.
He at once closed his bank, but had al
ready received several deposits. Word
spread rapidly, and before long several
hundred depositors We're on the streets.
Ignorant Huns and Slavs, who have de-
posits running from 500 to s., ,OO0 grew
frantic when they learned that their
money was in danger.
The larger depositors at once sought
Cashier McGrath and he informed them
that although the deposits reach 500, 900,
less than $4,000 in paper and currency
was in the bank when it closed. He said
President Dill had removed a great
amount of money, giving as his reason
that the HoutZdale vault was not secure
and he would put it in the Clearfield
vault. Many of Dell's friends of yester-
day are enemies to-day. 1t is said that
he has been borrowing right and left
Only few days ago his father-in-law,
Jonathan Boynton, advanced 900 on
representation that it would fix every
thing up and put the bank on its feet.