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a special act of the legislature obtained by Alexander Mitchell the stockholders are liable without limit for all debts of the bank. John L. Mitchell is president, David Ferguson vice-president, John Johnston cashier and Robert L. Jennings assistant cashier. The bank was closed up on an action brought by Benjamin Weil, a real estate man, who alleged that the bank owed him $3,341.7 which it was unable to pay. On motion of B. K. Miller, Judge Johnson appointed Washington Becker receiver under bonds of $1,000,000. This bank is the city depository, and at the present time holds $1,635,000 of the city's money. Rumor has it that the city treasurer this morning demanded the whole sum and the bank, in justice to all depositors, closed rather than pay it. The city has only $8,000 in cash on hand and will be forced to suspend payments. The Mitchell bank was the depository of the Chicago, Milwaukee and St. Paul road and paymasters checks are drawn on it. They will be cashed at the station here. The treasurer's checks will be paid by the Wisconsin National bank. The semi-annual statement of the bank, issued July 1, was as follows: Resources-Loans and discounts $6,485,673.39. overdrafts $29,233.12, stocks, bonds and mortgages $567,412.82, loss and expense account $683.88, due from banks and bankers $1,038,472.41, cash-currency $532,361.00, gold and silver $124,226.17. checks on clearing house $168,281.82. total resources $8,946,344.61. Liabilities-Capital $500,000.00, undivided profits $65,840.67. due depositors $7,870,503.94, due to others not included under either of above heads $500,000.00, total liabilities $8,946,344.61 Cashier Murphy says: "The bank is not insolvent by any means, and only time was needed to realize enough to meet every liability. It not only has ample assets. but Mr. Mitchell and Mr. Johnson are behind it." Washington Becker, the temporary receiver, said: "I have every reason to hope that our depositors will receive their money in a reasonable short time. I can't say how soon, of course, but I hope it will be at an early day." Within five miutes after the news of the closing of the Wisconsin Marine and Fire Insurance company bank considerable crowds gathered at the First National. Marshall & Ilsley and Wisconsin National banks. Notwithstanding this fact and the renewed feeling of uncertainty a number of old depositors were on hand at each of these institutions for the puropse of making deposits, and while money was hastily withdrawn even larger amounts were placed on the inside of the counters. The bank was incorporated by the territorial legislature of Wisconsin in 1839, the charter being granted to Alexander Mitchell and George Smith, young Scotchmen just arrived from Aberdeen. The charter of the company was repealed in 1844, as it was discovered that the company was doing a banking business, contrary to the proviso in its charter prohibiting it although in strict accordance with the specific business it had been authorized to do. Alexander Mitchell ran the bank until his death d few years ago. The stockholders of the bank are: John L. Mitchell, $313,300; David Ferguson, $166,600; Washington Becker, $20,000; John P. Murphy, $1,000; total, $500,000. John Johnston sold all his stock to John L. Mitchell about six months ago, but Johnston was still cashier and it is popularly thought that the deal was not SO fully consummated as to relieve him of liability. Mitchell alone is estimated to be worth from $5,000,000 to $10,000,000' while all others connected with the bank are also wealthy. Mr. Ferguson was completely prostrated and a little while after the suspension his condition became such that medical attention was considered necessary and Dr. Fox was summoned. Soon afterward Mr. Fergusor was taken home in Dr. Fox's ca riage. Every man in the crowd of bystanders had words of sympathy for the white-haired old man who went into the bank with Alexander Mitchell over fifty years ago. Other local banks were somewhat run upon but easily met all demands. The trouble is thought to be over.Bankers have long deemed the Marine bank shaky, because of the close margin business it did. A speedy resumption is expected. LATEST NEWS. Milwaukee, July 25.-The feeling here is that the situation is now at its worst and that tomorrow will show a brighter aspect to affairs. Business houses which have had banking relations with the Wisconsin Marine & Fire Insurance Company bank have nearly all effected new banking relations and while a large amount of money is tied up in the failure. if eastern creditors will give extension to business houses there is not likely to be any more failures
