The Superior times. [volume] (Superior, Wis.) 1870-1912, 1904-01-16
FIRST NATIONAL GETS BUSY
DepO.irurs Wake Lively Run for Their
Money

A panic among the savings deposit
ors of the Superior First National
bank developed early Tuesday morn
ing. Born of a rumor the origin of
which it was impossible to trace to its
fountain head, report became cur
rent TO the effect that the institution
had become insolvent. AS result
depositors of the saving department
became suspici us and in their an
Xiety appeared at the bank i'll great
numbers bent on withdrawing their
money.
At 1:1O o'clock Wednesday morning
the last of the depositors who de
manded his money was paid and the
tired bank officials locked the doors
for the night and went home.
Cash demands was greeted courte-
ously, with a ready acqulescence on
the part of the bank officials to accom-
modate depositors. And while the
savings deposits laws would have
granted the First National sixty days
immunity, no advantage was taken of
it, but on the other hand, the amount
of the respective depositors was
promptly paid.
William b Banks, president of the
First National, said Tuesday:
"Tbe First National can pay dollar
for dollar on its deposits and is il a
perfectly solvent condition. | have
no reason to advance for the o-call-
ed run The money which is being
drawn out is on savings deposits, and
our commercial deposits today and
for the past week have been as large
as usual"
Vice President Robert Kelly said:
81 cannot imagine what started this
run, but it seems to be mostly on the
savings deposits-and we have the
money to settle. There was meet
of the stockholders of the bank Wed.
nesday morning and they went into
the affairs of the institution, express
ed their confidence in the present
management and reelected the en-
tire old board of directors
The rumor from which the run orig
mated is said to have started in an Ell .
tirely innocent manner, and became
exaggerated as it passed from mouth
to mouth, until saving depositors
grew agitated and suspicious. Many
of those who drew out lheir money,
did not seem to know why they were
doing so. One man who expressed ed
the following sentiment voiced the
feelings of many others:
You bet have drawn my money.
] don't know why but one of my
neighbors told me he had taken his
out, so | thought | would follow suit"
The crowd filled the lobby of the
bank and so increased that toward
the end of the afternoon it reached
out into the street and the services of
several policemen were required to
keep it III line.
The demand for payment increased
in numbers so rapidly that President
Banks posted a notice in the windows
to the effect that the bank would not
close as usual at 3 O'Clock but would
remain open during the evening, TO
accommodate depositors.
Several business men of Superior
who are acquainted with the condi-
| ton OF the bank expressed their sur
prise at the run on what has always
| been considered one of the strongest
! financial institutions of the northwest
Many OF them said they carried com
mercial deposits in the bank and had
| Tuesday made additions to those.
| The statement iDsued by the bank
Nov. II, showed that the past year
! had been the most prosperous in It's
history. Following is the official
statement: