The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-08-12
SOLID
Such is the Condition of the EX-
change Bank of Ely as Proved
Yesterday.
RUMOR DID 1T.
Large Amounts Paid Out to De-
pOsitOrs up to Noon
Today.

IO0ay.
kilograms arriving yesterday con-
veyed the information to our citizens
that the Security Bank of Duluth had
closed it's doors. The report spread
quite rapidly and caused considerable
excitement in this city, as it was
known that Jos. Sellwood, president
of the Exchange Bank of Ely, was
heavily interested in the Security
Bank. This morning almost before
six o'clock, many people were congre-
gated before the bank building carry
ing certificates of deposit, bent on
withdrawing their money. Before
nine O'Clock the street was blocked
with depositors and this condition of
affairs prevailed until dinner time.
Women ran hither and thither, many
bound for the mines to get their
husbands to come up and save their
cash. Of course, as is usual in such
cases, several agitators were there to
help swell the insecure feeling, many
of those doing the larger part of the
talking not having cent deposited.
The rush had been expected and it
came. Last evening Smith, of
Duluth, arrived in the city having in
charge something like $4,000 and pre-
pared to stay and assist Cashier
James today. All this forenoon
steady stream of people were pouring
from the bank with withdrawn
wealth and up to the noon closing
hour about $4,000 had been paid out.
A few minutes after L. o'clock
Cashier James announced that he
would not pay anymore until to-
morrow morning atg O'clock as the
finances had run low but that enough
money would be forthcoming on the
train to meet all obligations. This
announcement caused CONSERVATION
among those waiting, and the an
nOuncement was not received with
the best of grace. Several, violently
inclined, advocated mob rule and it
was only through calmer council that
the storming of the bank was averted.
The disappointed crowd hung around
all afternoon and when the passenger
train arrived that evening many were
at the depot to see "if the money
came" The money came and all was
serene, many of those who had with
drawn their deposits in the morning,
being anxious to return them after
the arrival of the train.
Cashier James. when seen by a
reporter this afternoon, said the bank
would be prepared to meet every de-
posit tomorrow morning and that
they should have been prepared to
meet all demands today, but they did
not expect such an enormous rush.
With the 500, 900 which arrived on the
train everything could be cleared be-
sides leaving snug sum on hand.
Besides several thousands in deposits
had been received during the after
noon and evening.
The main business men in the city
did not withdraw their deposits, the
majority of them having perfect con-
fidence in the integrity of Mr.. James,
who would not mislead them as to
the standing of the institution. The
laboring class were the principles in
the rush, and small depositors were
the most anxious, many saying they
had been informed by those in author
ity where they worked that the bank
was tottering and that if they wished
to rescue their savings they should
hurry. This was afterwards found to
be entirely false and malicious to the
extreme.
The failure of the Security Bank
affected Duluth quite extensively.
Today the feelings of the Security
depositors are much allayed by the
announcement of State Bank Ex-
aminer Kenyon that one hundred
cents on the dollar would be paid as
soon as the bank could realize on some
of the paper they were carrying.
The Exchange Bank has on several
occasions been rushed like today but
has always withstood the tempest
much to the edification of thecitizens
of this city. The depositors will all
retarn inside of month and the