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Galveston Bank Run. GALVESTON, Nov. 6.-The failure of the firm of Weis Bros. & Co., yesterday, the senior member of which is president of the Island City savings bank, caused a run on that institution today. The streets are crowded with people clamoring for their deposits. The bank can stand the run, and no apprehensions are felt. If necessary, the other banks will help.
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The Affairs in a Better Condition Than Generally Supposed. IT WILL PAY EIGHTY-FIVE CENTS ON THE DOLLAR. New York City in Imminent Danger of a Genuine Water Famine-Senator Mitchell Will Reintroduce His Bill at the Next Session of Congress for the Election of Senators by a Direct Vote of the People. Special to the RECORD-UNION. BOSTON, Nov. 6.-Comptroller of the Currency Lacey, who arrived from Washington this morning, spent nearly the entire day at the Maverick Bank. In an interview this evening he said: "The feeling all along the line, and among the members of the Boston Clearing-house, is that the affairs of the Maverick Bank are in very much better condition than is apparently generally supposed. A leading financier of Boston told me to-day that he thought the indebtedness of the bank would be redeemed at par. Not one gentlemen in position to know about its affairs but does not admit that it will pay 85 per cent." Lacey further said: "I want it distinctly understood that there is not, and never has been, a single point of issue between Mr. Magruder and myself. It is true, he furnished me with a complete photograph of the condition of the bank. Everything he furnished me with is on file in black and white, so it is not a question of my veracity. I knew of the indorsements of documents, but they were always represented as being drawn on adequate collateral. I can say nothing about the criminality of the directors, and the newspapers should not expect me to do so." RUN ON A TEXAS BANK. GALVESTON, Nov. .-The fact that Albert Weiss, of Weiss Bros., who failed yesterday, was President of the Island Savings Bank, caused a run on that institution to-day by small depositors. The directors held a meeting and issued a bulletin personally guaranteeing every dollar of the deposits and declaring the bank perfectly solvent. Confidence has been entirely restored to-night.
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Stopped the Run. GALVESTON, Nov. 6.-The fact that Albert Waiss of Weiss Bros., who failed yesterday, was President of the Island Savings Bank caused a run on that institution to-day by small depositors. The Directors held a meeting and issued a bulletin personally guaranteeing every dollar of deposits and declaring the bank perfectly solvent. Confidence was restored to-night.
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AN OLD FIRM. The firm is one of the oldest, and has been regarded as one of the staunchest here. Mr. Cochrane has for twenty years been & member of the school board, for several years president, and always a leader of the best element in the board. The failure was brought about by the recent failures of Jacob Kreiger and the Masonic Savings Bank and of the R. B. Cotter Lumber Company. Mr. Fulton was interested with Mr. Kreiger in the Shelby railroad and in much real estate here, and the Cochrane Fulton Company was an indorser for the Cotter company for $60,000. The first of this paper, a small amount, matured yesterday, and the prospect of being called on to meet the rest forced the assignment. Friends of the company claim that they will be able to pay in full. A RUN ON A BANK IN TEXAS. Confidence Restored After $60,000 Had Been Drawn Out. GALVESTON, TEX., Nov. 6.-The fact that Albert Weis of Weis Bros., who failed yesterday, was president of the Island City Savings Bank caused a run on that institution to-day by small depositors. About $60,000 was withdrawn and $80,000 deposited. The directors held a meeting at 12 o'clock to-day and decided to personally guarantee every dollar of the deposits, and declared the bank to be perfectly solvent. Confidence is entirely restored to-night.
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A WHEELBARROW FULL. The American National Sends Gold and Silver Galore to the Island City Savings Bank. Special to the Gazette. GALVESTON, TEX., Nov. 6.-A run began on the Island City savings bank this morning by depositors who had congregated in large numbers at the opening hour. The movement was the result of the heavy failure yesterday of Wess Bros., Albert Weis, the senior member of the firm being president of the bank. The firm owes the bank $50,000, largely secured, however, by collaterals. All day long the withdrawal of deposits was maintained, mainly by small depositors. Shortly after the bank opened a wheelbarrow loaded full of gold and silver sent by the American national bank, was wheeled in. Offers of assistance came from all the other banks. The board of directors met at noon and adopted resolutions personally pledging themselves to the payment of the bank's obligations. This resolution was posted at the entrance with a notice that the bank would remain open until 5 o'clock this evening in order to serve the importunate depositors. President Weis resigned at the meeting. Among the more conservative depositors a feeling of confidence in the bank's solvency began to grow in the afternoon, and to-night it is thought the scare is over. Some $60,000 was paid out, while $80,000 was sent the bank by its friends, many prominent business men forcing a passage through the crowd of creditors and depositing large sums. Offers of assistance are being made from all business quarters, but the bank officials state they are able to meet every demand that may be made.
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RUN ON A BANK. Depositors in the Island City Savings Bank Alarmed. Special to the Gazette. GALVESTON, TEX., Nov. 6.-The failure of Weis Bros. & Co. yesterday. a member of which is president of the Island City saving bank, caused a run on that institution day, and the streets are crowded with people clamoring for their deposits. The bank can stand a run and no apprehensions are felt. If necessary the other banks will help.
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Run on a Bank. GALVESTON, Nov. 6.-The fact that Albert Weiss, of Weiss Bros., who failed yesterday, was president of the Island Savings bank, caused a run on that institution to-day by small depositors. The directors held a meeting and issued a bulletin personally guaranteeing every dollar of the depositors and declaring the kank perfectly solvent. Confidence is entirely restored to-night.
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BIG TEXAS FAILURE, A Dry Goods Firm Deep in Financial Distress. NEW YORK, Nov. 6.-The failure 0 Weiss Brothers, dealers in dry goods at Galveston, Tex., has caused considerable talk in the city, there being, it is said, over fifty creditors here. They have given a trust deed on their stock and real estate. Dispatches to-day say that the liabilities are estimated at $450,000 to $750,000, and the assets about $500,000. GALVESTON, Tex., Nov. 6.-The fact that Albert Weiss, of Weiss Brothers, who failed yesterday, was president of the Island City Savings bank, caused a run on that institution to-day by small depositors. About $60.000 was withdrawn and $80,000 deposted. The directors held a meeting at 12 o'clock today and issued a bulletin pérsonally guaranteeing every dollar of deposits, and declaring the bank to be perfectly solvent. Confidence is entirely restored to-night.
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Buron ON a Galveston Bank. GALVESTON Nov. 7 -A run on the Island City Savings Bank yesterday was caused by the failur. o Albert Weis. the merchant. who is Preside it if the Bank. About $60,000 was withdraw. a d $30,000 deposited. The directore issue 1 personal guarantee to the depositors, no the run ceased.
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Sale of Unclein Express Matter. 0 is express sale of unWells, Fargo & claimed goods will HA place on Saturday, November 7, at 110 Main eet, commencing at 10 o'clock a. m. THE CRISIS PAST. The Island City Savings Bank Pays Depositors Promptly. Special to the Gazette. GALVESTON, TEX., Nov. 7.-The run on the Island City savings bank spent its force yesterday. This morning when the bank opened there were but few depositors who called to get their funds. The readiness with which the bank met all demands yesterday, and the firm action of its officials, had much to do in restoring the confidence of its creditors in its solvency, and this evening the bank closed having $100,000 more in its vaults than it had night before last. A large number of those who withdrew their funds yesterday redeposited them to-day, and the crisisis past.