Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-01-05
MORE HANKS SUSPEND.
rlrcc state Installations at -. Paul
Close Their Doors.


rlrcc state Installations NJ -. Paul
Close Their Doors.
ST. PAUL. MINI. January 1.-THE Ger
ra he Ancmania, and the West
rrta an doing husiues ass State
Banks to-day closed their doors. every
or them being literally pulled down
.r t.elr dcp0sitors. The failure of the
nk of Minnesota December 2-d. caused
unrest in the community and dee
fors withdrew their money from the
..o banks above 90 such an extent tnat
.E Norc forced 10 co 10 the wall, bee
.. thoy had not funds enough immc-
.fely 90 meet the demands made upon
Each Of the three. however, is
r.u. and 0l of them win rcorganize
soon aa the machinery for that pur-
.. cam De put into use. The directors
. G,lmauia met this evening, and
r...ntei CO6mlttce on reorganization.
.. Germsuia is in the hands of u. ~.
...-t. Ass assignee and The other tWo are
OBJ. hands Of Eank-EXaminer Kenyon.
l receiver win De appointed for the Ale
.uauil tomorrow and the estsiac
Bank win try to make arrangements with
.. creditors. ana reopen without the in-
.reeution az receiver.
The closing of tho Germania was i'm
.. Saturday uight who concluded TO pro-
.ct their deposltors by suspending. Pres
.ut Williams prepared a statement ln
rlfch hs said. CAS- soon as the result
Of the presidential election became known,
matters began 20 improve JIM Remarks
able degree. and there did not seem 10
. amy doubt lhat on May lst the bank
..ll. he lu $50 strong ana iinpreenaDle q
condition that an assessment could suc-
..f-
fhe situation ON the -2d of Deccm-
..r when the suspension of the Bank of
Minnesota occurred. following immedi-
t.r upon the failure Of the Hank of IL
..- vi Chicago. which came as untN-
...t.Ily ass stroke OF lightning i'm mid
winter ana caused general alarm. The
four Minneapolis bank failures increased
... r.nIcky feeling. but / did not fear
strous outcome, until 10 became
....r.ut that certain evl-disposcd per-
l..Uci0usiy directed the attack to-
raris the Ge,mania Bank, circulating
and manufactured reports Zee
.me DC from one end of the city TO
.. other. with systematic perslstency.
people are "a veritable pest ana
..r deserve the contempt OF the entire
immunity ] hoped from day % day
t. th. excitement would suDsile. and
E. room for better Judgment. hut IL
w n intensity. The attack became
every day.
.aIt,r the close of business on Satur-
.r the I'D Of January. we found the
tt. travail Of deposits bad assumed such
mansions that we did not feel justified
H .utnulns TO receive deposits or TO
out money beyond that day. without
having submitted the condition of affairs
.., directors. Consequently we called
. special me. ing of the board We had
VI Nearly $4,000 deposits in nine
business days. ana kept on hand and i'm
lg. something over $4,000 cash
as which shows The unreasonable
0f the panic. The directors, after
having weighed the matter i'm all it's
BEARINGS came unanimously 20 the con-
,ll chat the action of The officers had
been correct. and that. however deplOrl-
r might be. 10 became their duty.
t.r le protection of all depostors and
other creditors TO close the doors and
to fI.c. the assets of the bank I'm charge
p. al aes .guee.'
THE ALLEMANIA.
Tie Auemauia closed q few minutes
before III o'clock. with crowd Of deposit
tors clamorins al the paying teller's
window for their money President
.eAlr said:
"0or suspension SIS due TO the large
number OF Withdrawals this morning, and
r.a fact that most of our depositors with
l..I thcir deposits. The news of the sus-
pension OF our neighbOr the Germania,
ptec.ptatod the run here. and. Of course,
vita AN The deposits being withheld,
ttI the fact that there was steady
atlrawal, we could not stem the tide.
When the fun force of the Gcrmania's
tiIlre burst on them, they seemed 10
l.r.fI .fr.fn Ftn
t.an on us Ike "a wolf on the fold.
"Nhcn The Bank of Minnesota failed,
t.- hl nsss-men fortunately were not
disturbed, and few were caught
l.e feeling Of ease ran smoothly, and
lt have continued had IL not been
.r flc failure of the four banks in
pons Then the panicky feeling
cam. back ana was intensified by the
.o. CHAT tine businessmen then caught
Very badly. The feeling naturally
spread over here and the people have
DIT. been easy since. When the Ger
nia closed it's doors this morning. that
"' the last straw ln the case. and they
He down on us like herd Of wolves.
WESTsIDE BANK
Speaking Of the failure Of the West
al. Bank. President Staples said: "Our
pension was due 10 that of the Ale
in We dil all OF our clearing
uioueh the Anemania. and this morn
Dog they failed 10 cover our clcarings'
-al .eut them an back 10 as. a the
mean time. the news o. the suspension
the Gcrmania and Allemania banks
ad through West So. Paul, and our
.lcitols began ecrambiins IN and de-
Nanling their money We could not re-
i-e and 200 "a little while there was q
t'9i-szcl run on the bank. We were
Obliged to close up TO save ourselves"
There was a considerable run on the
l.tto savings banks during the after
i'on but an gave depostors notice that
ia0y must give sixty days before with
Craving funds All are perfectly solvent
s.l .le action OF the depositors was
wholly duo 10 the general panicAy feeling
WEST SHORE BANK. ALSO.