The herald., 1893-06-22

reopen its doors today or tomorrow at
the farthest.
This matter was sprung upon us so
suddenly" said he, "that it found US
unprepared with the ready cash, and
after paying out large amount of
money yesterday it was decided to close
our doors. Our depositors are with us,
however, and are working hand in glove
to enable US to tide over the difficulty.
Most OF them have agreed to take a
certificate for 80 days for their deposits,
without interest. In such case we could
get about one sixth of our securities
cashed and that amount would enable
us to reopen tomorrow. We have al
ready had assistance of a substantial
character offered us, and l think I can
safely say that we will be open for bust
ness by tomorrow or Friday at the
farthest."
THE FIRST NATIONAL.
Main street, in front of the First Ma
tional bank, presented spectacle of
mostintense excitement yesterday morn
ing as the hour of opening approached.
Many were the opinions expressed pro
and con in regard to its opening, and
although come claimed to be confident
that it's doors would remain closed, the
appearance of the following notice called
forth expressions of undoubted surprise:
lowing to the heavy withdrawal of
deposits during the last two days,
amounting to more than $500, 900, this
bank is forced to.close its doors, by order
OF the directors"
Many of the waiting and expectant
depositors were surprised and inclined
to be unruly but it was not long before
feeling that the bank had acted wisely
under the circumstances and that every
ones money was safe prevailed and q
general feeling of confidence made itself
apparent on all sides.
The unexpected closing of the First
National produced a short run on the
Farmers and Merchants which, however,
was OF very ehort duration and soon
subsidized. talh
President J. M. Elliott told HERALD
reporter late yesterday afternoon that
when this thing commenced we had
over 100000 cash on hand and with our
correspondents subject to check at sight,
and we considered ourselves, from the
class of paper we held, in most excellent
condition. J
''The unprecedented run of the past
WV 061 bs uuiiifk WuiCu We DdIu CncCkd
. of over 100000, was more than we could
stand, with part Of our resources neces-
sarily scattered in the mails and de-
posted in eastern and northern banks.
'The law only requires us to have on
hand and with our reserve agents Is per
cent of our deposits, whereas we had 43
per cent, and great many notes falling
due within the present month.
A(lf e0nraa III q hank nnaralu raaaiuno
its deposits and lays them up in it's
vaults it is absolutely OF no use to the
community, and in that case it cannot
handle the money of its depositors with
out heavy charge to them for exchange
and other matters which this bank espe-
cially has been very liberalin.
"The amount of liabilities to deposit
ors will be somewhere in the vicinity of
81, ,250, 600, against which we have all
our bills receivable, capital and surplus,
which will amount in the aggregate to
nearly 100000 more than this
sum. In addition to this our stock
holders are largely persons of wealth,
and one lady, who is stock holder,
offered to pledge her whole personal
fortune, amounting to more than $780,
coo, to the depositors, at late hour in
the run of yesterday.
"The county funds are held by
deputy county treasurer, and are in no
way involved in the closure OF the
bank.
"Our directors are at present in ses-
sion, said be, "trying to make arrange
ments so as to reopen within day or
two.
1--WE have plenty OF money on its way
to us and all we need is a short extern
sion of time. So many kind offers have
been made the bank by it's depositors
since the doors closed that we feel we
will soon be on our feet again, ana be