Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-20

National, with reputation or stability
OF twenty years standing, and the equal
lY reputable State National failed 20
open their doors for business this morn
ing.
The Peoples National has also failed.
All night long dep0sit0rs stood in front
OF the German, and by o o'clock there
was one long sea OF faces stretching
down the street AZ the opposite cor
ner, where che State has so long done
business, there was also quite a crowd
Of anxious depOsitOrs waiting the
opening of the doors. Here the
people were relieved Of their agony
st q few minutes after @ o'clock
when a notice was posted on the door 70
the effect that the bank would not open
owing 90 the lack OF ready cash, aud the
crowd moved away. AT the German,
there was evidently a determination 90
60 ahead with business up 20 almost the
last moment, when a slip OF paper was
pasted on the window stating that the
doors would remain closed empOrariiy.
Then the scene became distressing.
Men and women down the long line
broke out TO tears and Wai.ing. BY this
time there was run on every bank ln
the city, aud soon came the announce
meut that the Peoples National Bank
had closed It's doors The notice on It's
doors reads "This bank is closed by
Order of the board of directors. Net as
sets 100, 600; Liabilities $50, ,O0O.'
President Mcneil, of the State bank,
says bis bank has paid out 10 cash
trille more than $500. 600 within the last
s r-f 20 nn ID
in his loans in order 20 keep the doors
open, out 10 prOvei 10 be an impOsSsi-
billy. Iu concluding q long talk he
said: "P.eaSe say for me that our assets
to-day are fully twice as large as our
liabilities"
Chas ~ Clinton, cashier of the Ger
man National, stated that exceedingly
hard times aud inability 90 place secur-
tiles, together with the failure 10 call
in loans, had forced them 90
close their doors. During
the last sixty days be said,
"there has been q constant decline on
the bank, aud over 81. 100000 had been
paid 90 deposjtOrs. Some days the de-
mand being an the way from S25,O00
% $4,000. The bank expected $780,,
GOO from the East this morning, but it
failed 90 arrive, and as they had paid
OUT nearly al their money during yes
terday's rush they were forced 20 close.
The bank has been very leuient with all
creditors, aud never made an attach
meut until yesterday, which was against
the HOuatt Lumber Company for $780,
600, and this was not done until a0sC-
lUteIy necessary
Tde President of the bank is John j.
Reithmau, and It's capital and surplus Is
$500 600, Its officers expect 10 90 re-
sumo To- time, as iJS assets are greatly
in excess of its liabilities.
The long expected closing Of the
Peoples National Bank came about at
III O'ciOcS to-day, when President Law
renee had q notice posted on the doors
leading into their magnificent room,
stating that stringeRcy Of the money
market was so severe that 10 was impOS-
sibIe for the concern 20 longer withstand
the storm. Their statement published,
on the 18th, showed tnat they had less
than 500 600 ina cash on hand while the
Individual deposits subject 20 check,
not counting any other, amounted %
S2l0,00O The capital stock Of the bank
is 500, OG0
Later in the day Tucker and Com
pany, dealers in gents furnishing goods,
and The Peoples Coal Co., made assign
meuts.
Hon Frank Adams, bank examiner
took charge OF the Union National
Commercial NatiOEal, National Bank of
Commerce, State National and German
National Bank A report of their con-
Ciu0u will not be made for several days.
This afternoon the run an the Denver
National Bank 6as over with an enor-
nous amount OF money still in sight.
The same is true 40 the City and an the
other banks, and business men are be-
ginning 20 breathe freely.
An examination of tho closed banks
has been made, and to the credit Of
their officers it can be said that Ia no
instance has there been found the
slightest dishonesty or crooked work.
The Sayre-Newt0n Lumber
company assigned to-day. h. ID. Sayre,
1.-The assignee, said the assignment was
hhe result OF the closing of the State
4National bank, aud was necessary SIM
oily 20 gain time during the pres snt eX-
element The Blake Lumber Com
pany has assigned. No schedule filed.
III The Denver failures have affected
other Colorado points. AT Aspen the
eW beeler Banking Company, the pioneer
bank OF the city, closed 10 doors at
o'clock this afternoon. A statement
cannot be obtained at the present time.
AT Lovelaud, Colorado, the Bank Of
Loveland closed ab0lt noon to-day. Its
sssets will largely exceed the liabili-
ties.
At Sterling, Colorado, the Bank Of
Sterling closed to-day. No schedule
filed.