The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-01-05
THREE BANK FAILURES

In 81. Paul Due TO the Rams Cauned bT
the cioaluE ofths Bank or srInnesotA.
ST. PAUL. Mimi. Jan. 4.-rhe Ger
mania Bank, q state Institution, capi-
tai 800, 1000, did not open for business
to-day, but announced its assignment
to Peter n. Kerst, who Tor .the past
year or two has been the cashier Of the
bank. The announcement stated that
this action was taken after full con-
siderailon Of all the phases OF the sit
uation. as 1t was deemed best for all
concerned that this action be taken.
The bank stood run for nearly two
weeks, It's deposltors beginning to
withdraw their accounts at che time
the Bank OF Minnesota closed on De-
cember %.
The Germanla bank has been or
ganized for many years, Ex-Governor
Alex Ramsey being for long time
president, and William Blckel cashier.
A few years ago Governor Ramsey re-
tired from the bank, becoming vice
president OF the newly organized Al
lemanla Bank. He was succeeded by
Gustav Wllllus, as president OF the
Gernania: 7. n. Menls being vice pres
ident, and p ". KeFst cashier.
The Allemanin bank, capital 100000
and having a cllentage similar 10 that
OF the Germanl1, closed its doors soon
after the other bank had announced les
assignment. The Allemanin bank was
organized last year, being the success
sor OF the Commercial bank, William
Beckel, formerly president OF the Ger
mania bank. Joining forces with AL
bert Scheiter, OF the Commercial, TO
organize the new bank, OF which Mt.
Cg,E,nffar rffUu ma ffa rtranlnnF9f md II
D. Barnett, cashier. The Commercial
had formerly been 4 national bank.
but after It's failure 10 the spring OF
1892, It was re-organized q state bank
and became merged last spring In the
present Allemania bank. This bank
was also sufferer by the panicky
feeling after the Bank OF Minnesota
had closed.
President scheffer, of the Allemania,
said at noon that they had been stif-
fering from the panic. .he failure be-
ing due 10 the combined Withholding
and withdrawing OF deposits. There
had for some time been a gradual drain
ON the bank, and 1t seemed to gain
added force as soon as the announce
ment OF the Gerninnia failure was an
nouneed. a crowd OF deposilors soon
gathered, demanding their money and
at II O'Clock It was decided to close
at once, State Bank Examiner Kenyon
being called In and taking possession
OF the bank.
President WillIus told an Associated
Press reporter to-day that the closing
was the result OF an unreasonable PAN
ic, and that the bank would be opened
for business Just as soon as the people
regained their usual cool sense. The
bank as a result OF the panicky feel
Ing. had paid out TO depositors 1885, 900
in the last nine days and as they saw
what the continuation OF this would
lead 10. the directors had decided TO
close for the present. Mr.. Wlllius
says he fully expects to have the bank
re-Opened and ready for business by
the last of March.
At few minutes before 2 o'clock the
West Side Bank organized IN 1885, with
q capital of 100000, closed its doors.
The president, c. F. Staples. told the
Associated Press representative that
the bank cleared through the Allema-
MIA and had Its clearings returned to-
day because OF the closing OF the bank.
This was but one OF the causes that
led to the closing OF the West Side
Bank, which had suffered considerably
from the general condition OF affairs.
The West Side bank has not closed
finally, but In view OF the panic crea-
ted by the sudden closing OF the Ger
mania and Allemanla, and because Of
the summary return by the latter OF
tile West Side banks clearings Il was
decided 10 close pending action by the
banks directors, who are now in sess-
ion. The bank is considered strong.
though small, and loss to deposltors IL
not thought possible.