Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1905-04-27


telegraphed Mr.. Bosworth 10 proceed
directly to Milwaukee to enter upon
the work These facts were all i'm
parted TO the depositors and had SO
good an effect that people began 70
drop out of the line freely till by
o'clock the run was over In that
time perhaps 400 depoSitors had been
accommodated The bank was saved,
The run was over, The crowd was
orderly, but the police had To keep
the congesting multitudes of specta,
tors on the move or all the streets
roundabout would soon have been
blocked. There was Il sutiCiency of
funds on hand when the closing hour
arrived to meet all reasonable de.
mands, but the panic was over. the
creditors satisfied. The depositors
who came under the observation OF
the public on the outside We're those
whose aggregate holdings were com
paratively small The heavy depoS.
itors, if any called, of course entered
at the main door of the bank proper,
Apparently there were not many
such. Certainly the state left its
half million alone, the city of Mil
waukee made no call for its 100000
and the Northwestern Mutual Life
Insurance company took chances with
the million and a half that, according
to rumor, it had on deposit.
However, the situation was such in
the morning that the directors as a
precautionary measure, decided that
il would be the best thing for the
community and for the interests of
the depositors and all direct and in
direct interests involved for the bank
to put in force the thirty and ninety.
day clauses which all the banks in the
city have with reference to withdraw
al of deposits in savings departments
and in certificates of deposit. On
certificates of deposits all banks of
the city reserve the right for sixty
days notice for withdrawal of funds
the certificates are good for. On saw
ngs deposits these notices are thirty
days on sums of 500 or under and
ninety days on all sums exceeding
500.
The reservations were put in force
yesterday and all dcpositorS who pre-.
scented their books with checks or GER
titcates have stamped upon them that
the same will be paid in thirty, sixty or
ninety days, as the case may be, and
this stamp is notice to the bank that
the dcpOsitor at the end of the time
wishes to withdraw his funds. This
method is held in reserve by all banks
all over the country and when very
disturbed conditions arise it has al
ways been very effective in calming
the situation because all are treated
alike and relieves the bank from the
excessive pressure of all wanting their
a little time and there is no demand
for funds. all usually come to realize
that funds are generally safe and the
strain is past,
1t is not expected that any unusual
demand for deposits will be made to,
day.
Deposits Constantly Received.
During the run yesterday deposits
were constantly received through the
newly-made opening in the most con
spicuous window on the Wisconsin
street side. People making deposits
had TO pass directly through thc line
uI depositsors, thus the strongest ei-
feet possible was obtained from the
display Of persons Whining sull 70 en-
trust their funds to The bank This
theatrical turn was cIeyuly worked f;
and, IN harmony with this lngenlus
tinesse is the tact, as limited by the
knowing ones, thar the deposiJors
came to a considerable extent from
sources to which the personal inhu,
ence OF the big stockholders extended.
In truth, it is said that many persons,
perhaps employees in certain big no.
tel, or a street car line or in a tan
merry, were quietly supplied with the
yen for temporary purposes oIrfy and
given a pleasant little vacation while
proceeding TO make deposits as I'M
pressivey as the circumstances could
warrant. But all is fair in love and
war and to stop an idiotic run on a
solvent bank.
Help From Many Sides.
Another means employed to let The
bank work out its own salvation was
. T.