Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-08-05
Drovers' Deposit National Bank
In Stock Yards Experiences
a Run Today
MANY RuMoRs IN CIRCULATION
Bank Appeared to Have Plenty Of
Money and Depositors Large and
Small Were Being Paid OFF at ~
Rapid Rate-Run Appears to Have
Been Started BY False Rumors.

sthikers and others today thronged the
Drovers Trust and Savings Bank In
the stock yards district and withdrew
deposits. large or small. The unusual
scene attracted large crowd and set
all manner of rumors in circulation. It
was created by one of the packing
firms. Libby, Mcneil & Libby, in maxi
Ing the bank an adjunct to their pay
department When the bank opened
double line Of people, extending into
the street, greeted the bank officials.
Without protest or explanation thu
officials doubled the force OF paying
tellers and met all withdrawal de-
mands.
The bank is located in the same
building with the Drovers' Deposit Ma
tional bank, its local correspondent.
Its capital is 100000. surplus ana
profits $4,000. 1t has long list Of
depositors among the workmen about
the yards
The police at the bank increased this
afternoon to handle crowds which ex-
tended in line 200 feet either way from
the entrance and was Beginning to show
signs of restlessness
Chicago. Aug. 5.--A run began today
on the Drovers' Deposit National Bank
in the stock yards district. Vice Pres-
ident Tilden said as long as the deposi-
tors come they will got tneii. money.
The demand was senseless and caused
by general excitement at the Yards
Tilden declared the rim MAS startA1
by the statement made by some irre-
sponsible person that the bank had
loaned all its money to the packers for
the purpose OF beating the strikers.
Many strikers had deposits In the
bank but the majority OF the people
who demanded their money were small
tradesmen doing business in the stock
yards vicinity and working people not
connected with the. packing plants.
The latest report of the condition OF
tiles as $5.S7s.0o0. deposits $4.s73,00O.
Another reason for starting run
was the rumor which received some
credence that brother of the Vice
president Of the bank and who is con-
nected with the firm Of Libby, Mcneil
& Libby, had withdrawn his money
from the bank The rumor received =
prompt denial but was too late to stop
the rush for deposits on the part Of
people who had small savings In the
bank
The officials OF the bank made no att
tempt to take advantage of the law
which allows them to take three
months time in which to pay savings
deposits, but allowed people who want I
ed their money to have 1t. AS news Of
the run spread, the crowd Of depositors
increased rapidly. Some OF the more
substantial business men of the neigh
borhood went to the bank and got in
line, but many of them soon got over
their scare and dropped out, saying the
whole thing was simply the result OF
fright.
one version for the run was retalia-
ton for the alleged action of Libby,
Mcneil & Libby in making the bank
an adjunct to the firms pay depart
ment. On Wednesday. 1t was said, the
director led strike breakers to the bank
IN order that they might be paid off In
ca sh instead OF having to experience
the embarrassments growing out OF tns
packers system Of paying in checks.