New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-14
TIME NOTICES REQUIRED.
WESTERN BANKS FORCED TO ADOPT PRE-
CAUTIONARY MEASURES
PANIcsTRICKEN DEPOSIToRS START RUNS ON
THE SAVINGS INSTITUTIONS IN SEVERAL
WESTERN cITIEs-FINANCIA FLUR-
RIES IN OMAHA. KANSAS

THE SAVINGS INSTITUTIONS IN SEVERAL
WESTERN CITIEs-FINANCIA Al FLUR-
RIES IN OMAHA. KANSAS
CITY AND DETROIT.
Omaha, Neb, June l3-Thcre was run on
every savings bank in the city this morningT pre-
cipitatcd by the failure of the McCague Savings
Bank yesterday, followed by the downfall this
morning of the American National Bank, in
which the McCaeues are largely interested. IL
was unofically stated Yesterday that the Clear
ing House Association would stand by its mcm-
hcrs, Of which the American National is one. but
when the assets of the American National Bank
came IN he examined, they were pronounced not
good enough, and the aid of the associated banks
withheld The omnous sign appeared on
the door this morning, and the crowd which had
collected became greatly excited. The McCagues
tried to reassurc the depositors, telling them that
every account would be paid in full. At the
Omaha Savings Bank, the German Savings Bank.
the American Savings Bank, the Globe Loan and
Trust Company and other institutions ther" was
a steady drain Of deposits all moInins. Cash was
paid oUt as soon as called for, and there
apparent limit TO il Toward noon tho lines had
dwindlcd until they appeared no larger than
upon any day of business.
Bank Examiner Griffith who took charge OF
the American National for the Controller this
morning. could not say much about the assets. A
great deal of paper, which i, thought not TO he
irst-class, figures in IN" resources Of the bank.
I he falling OF in deposits amounted TO nearly
5000. .00C since May 4, and this has badly crippled
the institution. The Dime Savings Bank COM
pcll;d its dcpostors TO give sixty days notice of
Withdrawal. This action. together with the
pron,i tines, with which the other banks met sll
demands. is believed TO have stopped what almost
promised 10 hc Panic
TIE last statement Of the American National
Bank, on May 4. showed capital stock of $780,
900: loans and discounts, Sj3l 500; surplus,
900 undivided profits, Sj,lGl; due dcposi-
tors, S577.5oG
The American Savings Bank took advantage Of
tie SiNty-day rule and refused to pay depositors
The Globe ard Trust Company paid of 30 per
cent of the deposits and held the balance under
their rules.
The run on thc Omaha SAVINGS Funk continued
in force this afternoon. and hundreds of dcposi-
tons crowded the bank and the street in front
senator Marlcrson ana Vco-Presilent Kim
ball. of the Union Pacific. directors Of the bank,
made extended spccches TO the crowd and an
nonncrl that the bank WAS prepared to pay every
dollar, bat the run continued.
Kans1- CITY, JuIc IS.-A@ result of the sns
pcn>on Yesterday Of the Peoples Savings Bank an
ir.icniacnn, institution with deposits Of only
$4,000 a rUn was started this morning on IN"
Kansas Safe Deposit and Savings Bank The
bank took advantage Of that 'lluSe of its ny
Laws rcqurirg .dcpo.,o., 10 give thirty days
notice OF the Withdrawal Of deposits. lhat
checked the run. and at noon il was practically
over None OF the other banks experienced a
run Just why the Kansas City SAT" Deposit
and Savings Banl, should have been selected for
a run - n mystery. n il the largest and one
Of tho soundc-t institutions of the kind in the
whole state and has the confidence of the banks
and merchants generally
Nonknto. Kan. Jane 1.-THE Bank OF Bur
Oak. Jewell County closed it's doors Yesterday
morrinq. Tic banl, was owned by Hubert Broth
crs aad the Liabilities arc placed nj S3j.O 1hr
assets arc pr pricticay nothing {. ID. Hubert
one Of the proprietor. of the institution. has fed
The dopo.jtors are greatly nccnscd, and II he
should RETURN either Of his own accord or to
answer 10 a criminal charge, there being some
inclination among the dcpositorS of preierring
such a charge he would be roughly dealt with
Lansing Mich. June Estate Bank Commis-
sioncr Sherwood yesterday applied 10 thc circuit
Court for the appointment OF "A receiver Tor inc
Ingham County Savings Bank, which failed several
weeks ago An order was made 10 show cause
why such action should not be taken, r"tnrn'ble
June -. The bank officers yet hope TO obtain
nccp ssary subscriptions to the capital TO warrant
a reopcning.
Advice, have been received by Nr. SHERWOOD
from Crystal Falls, Upper Michigan. that Inc
State Bank of Crystal Falls has suspended pay
| ment The bank w.s organized about year ago
with "A capital OF $4,000. IL had deposits OF
SEQ 600. Tho cau~, of the failure was the sns-
| A., nh ,f Nil,vaukcp
Detroit, June I3.-For time there has
| been an uneasy feeling in the banking atmosphere
| If this city occasoncd by the numerous failures
in "a vngs institutions that have recently occurred
tlrouChsut the country, especially in Ill" West
Although until THIS morning there had not been
| decided run on any of the savings banks OF De-
trot considerable money has been withdrawn In
| a Quiet WAY and 10 forcsiall any movement that
might result disasrouely 10 them. and az an act
of mutual protection, the officers OF th"s" inslitu
| tons met last night and adopted the following
| notice TO dcpositors:
There ia, recently been developed in city an un
c,snes, among savings Io,ors which has been with
ont cau.c directed against Of our strongest banks
To sop the needless withdrawal Of dcpcet' aud the lock-
INC m ~ currency In time Of financial strinccncy. the
undersigned banks respectfully decd" In the event OF IN
usual demands upon them and to Insure equal potcuoA
70 oil their dcro-ito require the notice provided for
n tho bvlaw. o. the several banks We would there
fore ask our dcpostos review the situation calmly ana
accept with patience action which l. taken IN our
mutual interest and for the benefit OF IN community at
large.
PEOPLES SAVINGS BANK.
MICHIGAN SAVINGS BANK.
| DETROIT SAVINGS BANK.
CITIZENS SAVINGS BANK.
HOME SAVINGS BANK.
CITY SAVINGS BANK
| WAYNE COUNTY SAVINGS BANK.
CENTRAL SAVINGS BANK
DETROIT RIVER SAVINGS BANK
pENINSULAR SAVINGS BANK.
DIME SAVINGS BANK.
GERMAN. AMERICAN BANK.
AMERICAN BANKING AND SAVINGS
ASSOCIATION.
STATE SAVINGS BANK.
Whom tho doors of the Pcoples Savings Bank,