Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1893-05-20
DREW OUT THEIR SAVINGS.


sumo. |
MINNEAPOLIS, Mimi, May 16.-A run |
was begun Monday morning on the |
Farmers e. Mechanics savings bank, |
due to the various financial rumors that
have been afloat for the past few
days There were about 100 men and
women in line at the bank at IL
o'clock. The bank officials are not un-
easy in the least, as they have ample
resources to take care of any demand
that can be made upon them. Under the
savings bank law the Farmers e Me-
chanics' officials at any time can
stop anything looking like u run by
requiring the legal sixty days notice
from all persons who propose to draw
out their deposits. This notice, how
ever will probably not be given, for
the Withdrawals, if they are at all
heavy,will save to the bank large
sum in the way of interest.
4 The Farmers g. Mechanics bank,
MS shown by it's Saturday report, is one
of the soundest in the northwest and is
in the best condition to stand up under
a run. The money of the Farmers tS
Mechanics bank is all loaned on mort
RdRCS anu .DDltlS. lItTt 10 hO CcIilltl-
cial paper and no possibility of shrink
age.
The bank has more than $4,000 de-
positors. The available cash, as shown
by the Saturday statement, is more
than 100000. The runscannot possibly
eat into this sum more than 100000
day, SO that there is enough in the
vaults to withstand continued
pressure for eight days In ad-
dition to this cash the bank has
s2,O00,0OO in available bonds, which
now command premium and can be
sold in New York on moments notice.
A sale at this time, however, would
probably result in a loss to the depos-
itors of the premium on the bonds,
which aggregates about $50, 000 So
here are almost s3,000,000 of available
assets, or enough to stand up under
run lasting for a month.
About IL o'clock Monday morning the
Farmers & Merchants bank, in the
Century building, suspended payment.
Cashier Lang said that had the bank
anticipated anything of the kind
on Saturday evening it would
have been able to meet all demands.
diately available, however, cannot be
had for couple of days, hence suspen-
sion. Mr.. Lang says that this can
easily be adjusted, as the bank has
plenty of assets which it can con-
b" vert in that time. 1t is stated
that the similarity in names be-
tween the Farmers & Merchants
bank and the Farmers & Mechanics
savings bank led to the run on the lat
ter. There is the West difference be-
tween the two banks. The one which
has suspended payment temporarily is
small bank of only 100000 capital.
INDIANAPOLIS. Ind, May 1G.-It has
been decided by the directors of the
Capital national bank to resume busi-
ness as soon as the present examination
is completed The examination shows
$50. 900 in cash, Sl20, 900 due from other
banks, $50, 600 in the Chemical oil
Chicago, $50, 900 in notes that can be
realized on in five days and $3.50, 900 in
notes that can be realized on in thirty
days. OF the 81 100000 of the banks
paper there is but $4,000 about which
there is the least doubt
Seven of the banks which failed in
ldSU Week were
the state law. State Bank Examiner
Teeters said that most of them
could and probably would resume, while
the others would not be allowed
to do so He said that in the
communities where the banks are
situated they are regarded as substan
tial by depositors. The firm of Paris 4
Nave report a favorable condition o.
affairs in. the banks in which they
are interested. The bank at Orleans
Ind, which was closed Friday morn
ing, will resume to-day. The
bank at Rossville is still shut
down, and there are enough avail
able assets to pay off all depositort
in full. This bank will probably resum,
this morning. The bank of Monroe
vile will open its doors to-day. No on
will lose penny by the suspension
The bank ut Convoy. o., has been placed
in the hands of receivers.
SIOUX CITY, Ia, May l6.-The Siou:
City Street Railway company's propert.
was placed in the hands of Il receive
Monday afternoon. A. +. Nash,
heavy stociholder, made the ap
plication before Judge Gaynor
James f. Peavey, president an
manager of the company, wa
appointed. Bond was fixed at $500
and furnished. The petition declare
the company insolvent, unable to pa
expenses of operation and maintenanc
and interest on the bonds. The CON
pany had no trouble in ,handl;n
it's debt until after the failure @
the Union League & Trust company
Though it was in no way associate
with that company or the syndicate
the loss of confidence following tn
trust company's failure made it impos
sible to get renewals of paper.
The company has $1,000, 900 capital an
owns 80 miles of electric line and a
the best fl franchises in the city. Th
system is first-class and represents full
twice the amount of the indebtedness
DENVER, Col, May 16.-William i
Mygatt, banker and real-estate dealer