Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-10-02
2 BANKS WRECKED,
HOW HARD-WORkING PEOPLE WE'RE
ROBBED Of THEIR SAVINGS.
A Pennsylvania Method Of Fleeing the
All Too Conilding-An Honest
j. r. Used as u Decoy.


PHnADELpHI,. Pa, October IA specal
dispatch from Clearfield says: The excite
ment here concerning the First National
Bank failure was intensified last night
when the condition of things at Houtzdaie
was learned. The bank is private con-
Germ which was bought by Dill last spring.
Before he purchased it tho people were
distrustful. Us the former company had
been doing loose business, having lost
$40. 900 through the defalcation Of Teller
William Hamilton. who il now in the peni-
tentiary.
when Dill took charge he placed John
Il. Mctirath, Il justice of the peace, IN
whom the whole community had the
utmost confidence, In charge as cashier.
This at once stimulated business, and on
the first day over $4,000 was received IL
deposits. coming chiefly from poor miners.
At that time tho deposits did not reach
$50 ,000 but through McGrath's integrity
ami popularity they grew. until yesterday
morning they reached 100000.
Mr.. M'GRATB SURPRISED.
Upon opening the bank yesterday Nc
Grath had occasion to telephone the First
National Bank concerning check, and
was nstounded to learn that II had closed.
He at once closed his bank. but had al
ready received several deposits. The word
spread rapidly. and before long several
hundred depOsitors wereon tho streets.
The ignorant Huns and Slavs, Of whom
there are many who had deposits Of from
600 to $4,000. grew frantic when they
learned that their money was IN danger.
I he larger depositOrs at once sought
Cashier McGrath. and he informed them
that although the deposits had reached
5000. coo. less than Sf6O,0O0 in paper an
in currency was in the bank when II closed;
He said that President Dlll had removed
a great amount Of money, giving as his
reason that the Houtzdale vault was not
secure and saying that he would put II III
the Clcartield vault. hen 1t became
known that they would get less than fifty
cents on the dollar the depositors grew
| frantic, and some of the expressions were
| fearful to contemplate. Mr.. Dill has been
| catering TO the mining class in many and
various WAYS tor the past five years. In
| lssG he gave miners pic-nlc, brincing
| over two thousand men, women. and
| children from uOutzdale 70 Clearheli and
| entertaining them IN the large park here
! in handsome manner. This and many
| Ike acts caused them To look upon nm AS
sort of phllanthropist, and now they
| charge him with planning this scheme fol
years.
NOT CONsOLAToRY.
A delegation of Houtzdalc dopositor'
arrived here last night and saw Dii. but
| he gave no satisfaction except to say thai
| if they would stand by him they woulo
| come out all right. This Is all he sal,
| and they can't get any consolation iron
| it. To-day they have asked him to max
"a assignment of the liout2dalo Bank &
them or appoint receiver. Many o
| them talk Of instituting criminal proceed
| ings. but this is not likely lust now.
| In reference to the Cleartield Bank
| there Is no change except that the sym
! pathy that was expressed yesterday 10
| Dhl Is to-day turned into bitterness
| against him. Many of the friends of yes
| terday are enemies to-day. 1t Is SAID tha
| he has been borrowing right and LETT
Only few days agO his father-in-iaw
| Johnathsn Boynton. advanced $4,000 &
| him on the representation that It woul'
| fix everything up and put the bank on 1t
| feet Bank Examiner Miller arrived TIN
| morning and has charge Of the bank. Ill
| has nothing - SHY Tor publication. bu
the people hero think the depositors o
the First National VIII get their money.