a778dffcBorrowed from banks or large institutions, Full suspension
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New York Bankers on 1'0 Los kont. The continued reports of failures among Western banks in the opinion of New York bankers, shows that the financial situation there is in no way Improving. In fact, it is less encouraging than ever. This feeling was confirmed to-day after the announcement of the suspension of the Wisconisin Marine and Fire Insurance Company Bank at Mil-
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RICH BUT WITHOUT CASH. A Big Milwaukee Bank Forced to Close Its Doors. Milwaukee, July 25.-The Wisconsin Marine and Fire Insurance Company Bank closed its doors this morning. This is Senator Mitchell's bank and has been considered the strongest bank in the city. There were many dramatic and even touching scenes in and about the closed Mitchell bank. Milwaukee people had become SO imbued with the idea that this bank- - the old Mitchell bank-was a Gibraltar of finance, that they could not credit the report that it had closed. There was a general belief that when all the other banks had disappeared from the face of the earth that bank which Alex. Mitchell founded would continue to do business at the corner of East Walter and Michigan streets, and it was this firm faith in the bank's stability that made the shock to the public confidence SO great. A few minutes after 10 o'clock rumors that the bank had not opened its doors began to circulate on the streets, and immediately there was a rush in the direction of the Mitchell building. People would not believe what others told them, but insisted on crowding up the marble steps and reading the notice of suspension for themselves. The story of the failure is the one so often told nowadays, a steady and long continued drain of deposits and inability to promptly realize cash upon collaterals. The bank is solvent and wealthy.
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BUSINESS HOUSES IN TROUBLE. FAILURES CONTINUE TO BE REPORTED AT WIDELY SEPARATED POINTS. Cleveland, July 26.-The Avery Stamping Works today passed into a receiver's hands to avoid making an assignment. The concern Is perfectly solvent, but is unable to get further accommodations from the banks, which already hold $100,000 of 11s paper. Assets are estimated at $400,000, and liabilities about $300,000. The matter came to a head through the action of the Junetion Iron Company, of Stenbenville, Ohio, which wanted $31,411 46 due It. The works will be operated on unfinished goods until the stock on hand is exhausted. The large drygoods firm of H. M. Brown & Co. made an assignment this afternon to JI. F. Carlton, clerk of the United States District Court. Assets amount to $125,000, and liabilities to $100,000. George B. Thirkield, dealer in drygoods at Delaware, Ohio, made an assignment yesterday, having confessed judgment on notes aggregating $40,000. His assets are estimated at $60,000. Milwaukee, Wis., July 26.-The Wisconsin Bank Note and Lithographing Company made an assignment to-day to August P. Conrad. The failure of the J. Obermann Brewing Company yesterday was due to the suspension of the Wisconsin Marine and Fire Insurance Company Bank. The assets of the Brewing Company are nominally $500,000, while the liabilities are given as $294,000. Large credit had been given to the Obermanns by the bank, and in return for the loans the latter holds a mortgage on the brewing plant for $125,009. the remainder of the liabilities to the bank, which ambunt to $189,000, being in the shape of well secured commercial paper. Judge D. S. Rose, attorney for the brewery, says It will continue its business, which Is especially good at this time, and will pay off its debt soon after It secures new banking relations. Nashville, Tenn., July 26.-R. S. Loventhal & Son and M. J. Levy & Son, wholesale whiskey dealers. and Sulzbacher Bros., proprietors of the Hermitage vinegar factory and large produce dealers. made special assignments to-day. The failures are directly due to the failure of the Louisville Deposit Bank, which is a large creditor of the assignors. Philadelphia, July 26.-Executions upon judgments aggregating $71,000 were issued to-day against La Roche & Stahl, florists, of this city. Atlanta, Ga., July 26.-A temporary receiver was appointed last night for P. H. Snook & Son, furniture dealers. Assets and liabilities not given. Dallas, Tex., July 26.-The old and widely known land, loan and collecting agency of Murphy & Bolanz, the biggest concern of the kind in Texas, made a gen. eral assignment yesterday. No schedule of assets or Habilities has yet been filed. but as the firm did an enormous business the chances are that the liabilItles will reach $500,000, and the assets fully that amount. The firm Is composed of John P. Murphy and Charles F. Bolanz, and on Saturday they Incor porated under the name of the Murphy-Bolanz Land and Loan Company. It 1s understood that they will try to continue in business. It Is not thought that the failure will involve other houses.
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MILWAUKEE'S BANK PANIC OVER. Senator Mitchell Says That His Bank Will Pay Dollar for Dollar If Time IN Given. MILWAUKEE, July 26,-The bank panic in this city is over. To-day there is not the slightest tendency toward a run on any of the local banks. The crowds that have surrounded the various banking institutions from morning to night the past week have dispersed. and business at the paying teller's window has resumed its normal condition. The men in charge of the affairs of the several failed banks are engaged in preparing statements. but none will be completed for several days. Senator John L. Mitchell. President of the collapsed Wisconsin Marine and Fire Insurance Company Bank. says that the bank will pay dollar for dollar if time is given. He and David Ferguson are individually liable. according to a law passed in 1880, for every cent owed by the bank. John Johnston. when he retired from the bank some months ago. cancelled his personal liability certificate on file with the State Treasurer. Washington Becker. who recently purchased an interest in the bank. is also exempt. The wreck of the Mitchell bank was caused by a steady withdrawal of deposits. Since the July statement over $2,000,000 were taken out of the bank vaults. It is said that the night before the bank closed the sum of $5,844,000 was due depositors. a decrease since July 1 of $2.026,000. the last-named sum representing the amount drawn out during the run and a few days prior thereto. The bank held $108,000 in cash when the doors closed. The bank raised $450,000 on securities after July 1. and just prior thereto had borrowed $500,000 in the same manner. There is no trace of J. B. Koetting. the missing cashier of the South Side Savings Bank. which closed its doors Monday. He has the bank ledger with him. and there are rumors of wheat speculations in connection with the bank failure. Mr. Koetting was the executor af the Clark Shepardson estate and of the estate of his father. and his bondsmen have begun suit to protect themselves by attaching his property.
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A Milwaukee Brewing Company Assigns. MILWAUKEF. July 26.-The J. Obenmann Brewing Company made an assignment yesterday. The failure is due to the suspension of the Wiscomsin Marine and Fire Insurance Company Bank. The assets of the Brewing
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The J. Oberman Brewing Company, of Milwaukee, Wis., failed Tuesday afternoon. Herman P. Oberman is the assignee. His bond is $1,200,000. The failure is due to the suspension of the Wisconsin Marine and Fire Insurance Company Bank. The assets of the brewing company are nominally $500,000, while the liabilities are given at $294,000.
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MITCHELL HELD RESPONSIBLE, Bis Promises to Pay to the Amount of $600,000 Found in the Defunct Bank. MILWAUKEE, WIS., August 4.-There were sensational developments to-day regarding the Mitchell Bank. Washington Becker, as receiver of the Wisconsin Marine and Fire Insurance Company Bank, has began suit in the Superior Court against John L. Mitchell, David Ferguson and John Johnson, to collect promissory notes made May 22, 1893, which aggregete $600,000. The notes given by Senator Mitchell aggregate $300,000, and those by Johnston and Ferguson $150,000 eack. These notes were in the hands of the bank at the time of the appointment of a receiver. The notes have never been paid. The notes were not secured by collaterals, they were merely a promise to pay. The Northwestern National Insurance Company has brought suit against John L. Mitchell for $90,000, which represented the company's funds in the bank at the time of the collapse. Mitchell is a director of the company and he is held personally responsible for the funds.
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# Mitchell Bank Directors Sued, MILWAUKEE. Aug. 4.-Washington Beck, as receiver of the Wisconsin Marine and Fire Insurance Company Bank, has begun suit in the Superior Court against John L. Mitchell, David Ferguson, and John Johnson to collect promissory notes made on May 22, 1893, which aggregate $600,000. The notes given by Senator Mitchell aggregate $300,000, and those by Johnson and Ferguson $150,000 each. These notes were in the hands of the bank at the time of the appointment of the receiver. The notes were not secured by collateral. The Northwestern National Insurance Company has brought suit against John L. Mitchell for $90,000, which represented the company's funds in the bank at the time of the collapse. Mitchell is a director of the company, and he is held personally responsible for the funds.
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LATER NEWS. THE silver men's meeting at the Fifth Avenue Hotel, New York City, ended in 3 boisterous row. Speeches were interrupted, and a war of words caused for two hours. The electric lights were finally turned out amid the utmost confusion. The delegates to the Chicago Convention, however, were appointed. THE Erie Railway Was placed in the hands of John King and J. G. McCullough as Receivers. the appointment being made by Judge Lacombe, of the United States Circuit Court, New York City. on the application of Trenor L. Park, a holder of first and second mortgage bonds. He stated in his complaint that the $6,000,000 of floating debt embarrased the company so that it was in danger of defaulting on its bonds, and many creditors threatened actions. THE Wisconsin Marine and Fire Insurance Company Bank of Milwaukee, Wis., failed ; two banks in Indianapolis, Ind., and three in Louisville, Ky., also closed their doors. GENERAL ST. CLAIR, World's Fair Commissioner from West Virginia, tried to enter the World's Fair grounds without his badge and was badly bruised in an encounter with three gatemen. COMPTROLLER ECKLES received a dispatch stating that Cashier Lomax, of the First National Bank of Vernon, Texas, which failed a few days before, had committed suicide by shooting bimself. FIFTY deaths daily are reported in St. Louis, Senegal. The disease also prevails in Naples and vicinity, in Italy, and in Smyrna, Asia Minor. M. PAVIE, the French Minister-Resident, left Bangkok; Sir Edward Grey, the Parliamentary Secretary of the British Foreign Office, assured the House of Commons that England would protect her subjects in Siam. OFFICERS from the Russian man-of-war Nicholai I, visited Camp Werts, Sea Girt, where the New Jersey National Guard was encamped. SEVERE electric storms did damage in various places in the New England and Middle States. One man was killed and several injured at Coney Island, New York, a man was killed on Staten Island, and a man severely injured at Nyack, by lightning. AN Italian, Daniel Arata, a saloon keeper, was taken from the jail at Denver, Col., by a mob of citizens estimated to number flfteen thousand persons and hanged to the nearest tree, where his body was riddled with bullets. Arata had killed an old Grand Army veteran named Benjamin C. Lightfoot. MAGGIE TAYLOR, Lulu Johnson, Marian Smith and Nellie Patrick were drowned in the Wicomico River, near Patrick's Landing, Md., by the capsizing of a sailboat. THE Navy Department has transferred to Admiral Kaznakoff, commanding the Russian fleet now in American waters, the electric launch or gig recently built for the armored cruiser New York. POSTMASTER DAYTON visited Washington to make an effort to secure an additional allowance for the conduct of the New York Postoffice. After a two-hour conference with First Assistant Postmaster-General Jones he succeeded in obtaining an allowance of $50,700. THE Spanish steamer San Juan, loaded with kerosene for Amoy and Manila, was destroyed off Hony Kong by fire. Out of 250 people on board, only twenty-nine were saved. A NEW treaty of annexation to the United States has been prepared by the Provisional Government in Hawaii. THE steamship Pearl was run into and sunk by an unknown steamship off the Irish coast. Seven people were drowned. THE revolutionists of Nicaragua have captured the city of Managua, the capital of the Republic.
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CONGRESS HAS MET. Confidence Not Yet Restored--Gold Still Coming Back and the Sherman Law Still in Operation-More Money Is the Only Thing that Will Stop the Failures. CHICAGO, Ill., Aug 4 -Receivers were appointed to day for the great wholesale and retail houses of the Jas. H. Wheeler Company. The application for receivers was made by creditors, including A. D Juilliard, Bliss, Fabian & Co, the H. B. Claflin Company, of New York, and Columbus R. Cummings, William B. Howard and Irving, Hartz Enow, of Chicago. The receivers are the Chicago Title and Trust Company and William A. Mason, the latter being the treasurer of the firm. A. D. Juilliard is a creditor for $120,000, Biiss, Fabian & Co, for $200,000, and the H. B. Claflin Co. $30,000. The full amount due New York creditors is said to be about $2,000,000, while the total liabilitiesare estimated at $2,400,000. MILWAUKEE, Wis., Aug. 4-A sensation was caused to day by the bringing of suits against Senator John L. Mitchell, principal stockholder of the Wisconsin Marine and Fire Insurance Company Bank, by the receiver of the corporation and by the widow of Alexander Mitchell, mother of the Senator. In addition to thesuits brought against Senator Mitchell by the receiver, actions were brought against David Ferguson and John Johnson, also stockholders in the Mitchell Bank. ST. PAUL, Minn., Aug. 4-The an nouncement this morning that the National German-American Bankwhich has a larger capital than any other bank in St. Paul-would not open its doors for business caused tremendous excitement, and when the other banks opened there were long lines of depositors in front of every one of them. The outlook was so threatening that the People's and West Side bankstwo small State institutions-did not open their doors. By the noon hour the crowds melted away from all the banks except the Germania and the First National. Depositors kept withdrawing money from these steadily up to three o'clock. At the Germania Bank Cashier Bickel appeared at three o'clock and posted a large placard announcing that the bank would remain open until mid night to pay all demands. At the First National Bank also the doors remained open, and Cashier Bailey said the paying tellers would remain as long as there was a depositor in sight. President Hill, of the Great Northern Railroad, a large stockholder of the First National Bank, sat in the bank all the afternoon smilingly chatting with President Upham. It was said that he had $2,000,000 in ready cash which he was willing to place at the disposal of the bank at a moment's notice. The institution, however, had no need of help from any source. It has a million dollars more than enough to pay every dollar asked for. The run was an unreasonable one, induced solely by the general unrest. By six o'clock not a depositor was in sight. The situation was very much the same at the Germania Bank, and at half past five o'clock withdrawals had practically ceased. The Clearing House statement was more favorable this evening than was expected, and the bankers express the belief that the run will amount to nothing to morrow. Each of to day's suspensions was insignificant. The People's Bank was organized under the State Banking act on December 16, 1882, with a capital of $200,000. It had but little more than $100,000 on deposit. The West Side Bank is also a State institution, having been organized on August 24, 1886. Its capital is $100,000 and its deposits had run down to about $50,000. Daniel W. Lawler, Democratic candidate for Governor of Minnesota last fall, has been appointed examiner to take charge
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WISCONSIN MARINE BANK'S AFFAIRS Milwaukee, Sept. 24.-Judge Johnson has taken the question of appointing a co-receiver for the Wisconsin Marine and Fire Insurance Company Bank under advisement. He intends to take time to consider the question, and if he decides to grant the petitions of Patrick Donnelly and Alexander McDougall he will appoint two co-receivers to act with Washington Becker. He has decided that the suit which was brought in the Superior Court by Washington Becker against John Johnson to determine the latter's liability on a note for $150,000 must be discontinued and if such liability is to be determined by any court it must be in the Circuit Court. This decision also discontinues the suit which has been begun in the Superior Court against Senator Mitchell. Yesterday was set as the time for the Judge to render his decision on the question of the priority of the city's claim against the Marine Bank. but he reserved his decision and will render it at the same time he decides the coreceivership question. An attorney. in speaking of the bank's affairs, said: "The only thing there is to do is to look over the $4,000,000 of paper in the bank. The bank is solvent. and would in ordinary times pay dollar for dollar." A great deal has been said about the Schlesinger paper. It has all been taken out, and $1,300,000 to $1,400,000 of good paper has been substituted for it. The paper in the bank pronounced good amounts to $4,000,000: the bad, $150,000 to $200,000; doubtful, $400,000 to $500,000. Among the securities placed in the bank are the mortgages of John L. Mitchell on the bank and Chamber of Commerce property for $500,000.
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THERE is good news for the depositors in the Wisconsin Marine and Fire Insurance Company Bank of Milwaukee. That institution will reopen its doors for business on Monday next,after a suspension of nearly six months. The institution was founded in 1846 by the father of Senator Mitchell, and for nearly half a century was regarded as the safest financial institution in the West. But after the death of Alexander Mitchell young men, somewhat prone to adventurous speculation, assumed control of its affairs. and it succumbed with a long list of liabilities. These have now been compromised, however, and the bank resumes under conditions that promise to restore it to its old-time standing.