Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-06-14
DETROIT BANkS REQUIRE NOTICE.
Savings Cannot be withdrawn Except
Under the Ninety Days Notice. Kun
started and Checked.

Savings Cannot be Hltnura"h EAcePs
Under the Ninety Days Notice-A Run
started and Checked.
DETROIT, MICH, June 13.--For some
time there has been an uneasy feeling
i'm the banking atmosphere OF this city,
occasioned by the numerous failures In
saving institutions that have recently
occurred throughout the country, espe-
cially in the West.
Although until this morning there
had not been decided run on any OF
the savings banks Of Detroit, consider
able money has been Withdrawn In
quiet way, and to forestal any move
ment that might result disastrOusly to
them and as an act of mutual protec-
tion, the officers Of those institutions
met last night and adopted the follow
ing notice TO depositors:
"There has recently been developed in
our ciry an uneasiuess among saving de-
pOsitors which has been without cause)
directed against some of our strongest
banks. To stop the needless withdrawal
OF deposits and the lecking up OF currency
in time Of financial stringency, the under
signed banks respectfully decide In the
event Of unusual demands on them and 10
tors, 10 require the notice provided Iorln
the bylaws of the several banks.
1--WE would, therefore, ask our deposit
ors to review the situation calmly and ac-
cept with patience our action, which is
taken in our mutual interest and for the
benefit Of the country at large,
"PEoPLE's SAVINGS BANK,
"MICHIGA,J SAVINGS BANK,
"DETROIT SAVINGS BANK,
"CITIZENs' SAVINGS BANK,
"HONiE SAVINGS BANK,
"CITY SAVINGS BANK,
"WAYNE COUNTY SAVINGS BANK,
"CENTRAL SAVINGS BANK,
''DErkOlT RIVER SAVINGS BANK,
"PENINsULAR SAVINGS BANK,
"DUME SAVINGS BANK,
GERMAN AMERICAN BANK,
AMERICAN BANKING AND SAVINGS AssoCI-
TION,
"STATE SAVINGS BANK"
When the doors Of the Peoples Saw
ings Bank, one of the largest in De-
troit, opened at 10 o'clock this morning
an immense crowd OF people flocked in
with the intention OF withdrawing their
deposits. They were handed copies OF
the foregoing circular and told that
their deposits would be paid in full at
the end of the specified time-90 days.
This seemed to allay the excitement
somewhat.
NJ. w. O'Brien, president Of the Peo-
pies Bank was interviewed by the As
sociated Press and had this to say:
'There is really no occasion for this
excitement. The contagion is spread
ing and to stop the needless withdrawal
Of deposits and locking up Of currency
in a time OF financial stringency we
have taken this action to allay fear"
At the peoples Bank things began to
quiet down when it was seen there was
no occasion for alarm. A long line OF
business men making heavy deposits
had much to do toward Quelling the ex-
citement and everything is cempara-
lively quiet at the other banks. De-
posits in the Peoples Saving Bank
amount TO over So, 600, 900.
State Banking Commissioner Sher.
wood pronounces 1t and the other saw
ings bank in the city in first class con-
dition and says there is no occasion for
alarm.
OMAHA, NEB., June 13.-The American
National Bank was closed By order of the
comptroller of currency this morning.
Runs started on the Globe Loan IL Trust
Co., the Dime Savings Bank, the German
Savings Bank and Nebraska Savings
Bank. No statement of the condition of
Of the American National is made
at once except the fact that the clear
ing house refused TO assist it. 1t is under
stood that the affairs Of the bank are en-
tangled with those of the McCague Savings
Bank that closed yesterday afternoon.
The run was Of extensive proportions on
the Omaha Savings Bank and all the morn
ing the bank was besieged by depOsitOrs.
Senator Henderson and Vice President
Kimball of the Union Pacific, directors of
the uank, made speeches 10 the excited de-
pOsitors guaranteeing them their money,
but the run continued.
COLUMBUS, o., June l3.-The Franklin
Buggy Company has been put in the hands
of a receiver. 1t is the smallest and young
est company in this business ia Columbus.
Liabilities are stated to be about $4,000.
Assets will hardly cover that sum. The
concern was not making money and the
receivershipi is said 10 be intended to wind
up a losing business on account OF the
tightening of the times.
CLEVELAND, o., June lS-At the In
stance Of the NatioRal Bank of Commerce,
w. NJ. Reynolds was to-day appointed re-
ceiver of the Williams Publishing Com
pany, a company doing a large printing
and publishing business. The assets and
liabilities are not known.
NEW York, June 13.-Defalcations ag-
gregating $40, 500 have been discovered in
the Irving Savings Institution, SO Warren
street, New York The shortage was dis
covered BY the State Bank Examiners,
who are still at work on the books aud Will
not complete their work OF scrutinizing the
banks accounts for some time, as there are
1000 individual accounts to investigate
besides the regular bank books