5336. Muncie National Bank (Muncie, IN)

View Charter #793 on SPMC

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
793
Charter Number
793
Start Date
January 1, 1885*
Location
Muncie, Indiana (40.193, -85.386)

Metadata

Model
gpt-5-mini
Short Digest
0517069d4b096b51

Response Measures

None

Description

Articles report the Muncie (Indiana) National Bank deciding to go into voluntary liquidation at the expiration of its charter (The Times, 1885-01-09). Several later (1897) articles recount historical bank failures and explicitly list the 'failure of National Bank of Muncie, Ind.' in accounts of the 1893 crisis; that reference is likely to a separate failure during the 1893 panic. The 1885 item documents a voluntary closure (no run mentioned), so the primary episode here is a suspension/closure by voluntary liquidation. Dates are taken from the articles (1885 voluntary liquidation; the 1893 failure is reported as occurring in the week ending Aug 8, 1893).

Events (4)
1. February 10, 1865 Chartered
Source
historical_nic
2. January 1, 1885* Suspension
Cause
Voluntary Liquidation
Cause Details
Bank decided to go into voluntary liquidation on expiration of its charter; reported as planned closure.
Newspaper Excerpt
The Muncie (Indiana) National bank has decided to go into voluntary liquidation this month, on the expiration of chanter.
Source
newspapers
3. January 28, 1885 Voluntary Liquidation
Source
historical_nic
4. August 8, 1893 Receivership
Newspaper Excerpt
Failure of National bank of Muncie, Ind. (listed among failures in the week ending Aug. 8, 1893).
Source
newspapers

Newspaper Articles (7)
1. January 9, 1885 The Times Owosso, MI
Article from The Times, January 9, 1885

Click image to open full size in new tab

Article Text

VERY LATEST. George A. Sala, the English journalist. landed at New York Tuesday, and will deliver lectures. Six lives were lost at Marshfield, Oregon, by the explosion of the boiler of Thomas [0S Sm the Colonel J. M. Frye, father of the senator from Maine, died Thursday at Lewiston, at the age of 82. A prohibitory liquor ordinance has gone into effect at Hot Springs, Arkansas, with a limit of two years. In a billiard contest in Chicago Monday evening. Schaefer beat Slosson at the "champion game" by 800 to 589. Samuel Wade, a bank president at Alton, Illinois, who has several times been mayor of the city, died Friday. Leland Stan ord can have the California senatorship for the asking. Bal*07 Amount uo commente 01 si lotting u u! teller 'D 'f bank at Lexington, Kentucky. is a de-uno 01 pay sey pue *000'09$ JOJ 'upe Special reports from various parts of Illinois and Indiana say that the wheat condition pood u! pue euo Inter e s! dose tion. The mayor of New York reports the funded debt at $92.047,000, and the rate of taxation will be nearly 2.35 per cent. Potters at Trenton. New Jersey, to the number or one thousand, have remade by reduction R II strike 01 solved sagas u! The Muncie (Indiana) National bank has decided to go into voluntary liquidation this month, on the expiration of chanter.ru she At Birmingham, Alabama, Samuel J. Randall inspected a coal mine which has an average daily output of twentyfive hundred tons. Dr. J. H. Harris died Friday in Indianapolis, and, in accordance with his request, his body was taken directly to em Andrew Eichenbrecher. founder of the zoological garden of Cincinnati, died from heart disease,Saturday, leaving a large fortune. The Grand Army of the Republic in New Mexico has erected over the county SORL up Carron JO STATE an appropriate tablet. Dr. John Maxwell. who was lodged in jail at Springfield, Ohio. for poisoning his three young daughters, hanged celling siy u! himesly Symptoms of revival in the iron trade are reported from Pittsburg. Several mills which recently suspended work are starting up again. Canadian millers are petitioning the government to double the duty on American flour, because 300,000 barrels were imported last year. A venerable citizen of Trenton, New Jersey, named Isaac Allen, fell 'Axeldode JO stroke e more MOUS the u! and was frozen to death. The amputation of a toe developed blood-poisoning, which caused the death of Rev. Dr. Noah Hunt Schenck, of Brooklyn, in his 60th year. The governor of Ohio renews his recommendation that in presidential years the election of state and county officers be held in November. The funeral of Russell Hancock, the only son of Gen. W.S. Hancock, took place Friday at St. Louis, the remains being placed in the family vault. Mrs. George T. Chambers, of New York,45 years of age and holding property valued well up in the millions, has married her stepson, 21 years old. Under orders of the United States court, the bankrupt Toledo, Cincinnati and St. Louis narrow-gauge road has been restricted to one mixed train per day. Abner Coburn,ex-governor of Maine, died Sunday evening at Showhegan, aged 82 years. His illness was contractcol- electrola the JO session the 18 pe lege. There is every probability that the passenger rates eastward from Chicago are about to take a drop, as the differentials to the weaker lines have expired. Over one hundred citizens of Hazelton, Indiana, are searching the woods for a Mexican lion which escaped from a circus, last summer, at Allendale, Illinois. James F. Mallory, formerly prominent in the oyster trade in Maryland and Connecticut died at New Haven, of creeping paralysis, leaving a large fortune. Six large iron establishments at Pittsburg have resumed operations, after weeks of idleness, and other concerns announce that they will soon folauth MOI At Jackson, Michigan, a hack containing Jud Crouch, the murderer. was demolished and the horses killed by a locomotive, but the passenger escaped uninjured. Rain caused the flood in Grand Rapids, Michigan, to gain in force Tuesday. The scheme of sending tugs to break the ice gorge has been abandoned. The coal walls of Bristol tunnel, one thousand feet long, near New Lexington, Ohio, were set on fire by incendiaries, and its speedy destruction seems quite certain. Rev. Mr. Newman, of Ripon. Wisconsin, will probably be called to the pulpit of the Congregational church in Washington, a comittee having made the selection. John S. Wise, a republican member of congress from Virginia, will probably be called to the law professorship JO uos B SI eH new state the JO Henry A. Wise. The money package lost by the Adams Express company at Indianap-

2. September 27, 1897 New-York Tribune New York, NY
Article from New-York Tribune, September 27, 1897

Click image to open full size in new tab

Article Text

INTERESTING CONTRAS DAYS IN 1893 COMPARED WI THE PERIOD SINCE THE DINGLEY LAW WAS ENACTED. [BY TELEGRAPH TO THE TRIBUNE.] Vashington, Sept. 26.-The close of the first si of the operations of the new Tariff law business improvements which are visible direction during that time have sugges comparison of the conditions during the in question with those of the correspo period in the first year of the Cleveland Adn during which time the Free Trade โ‚ฌ elected with President Cleveland was just Its attack on the protective system. w) Dingley law sixty days ago re-established. periods from July 24 to September 24 in 1893 and 1897, respectively. present a mar itrast as to business conditions, and it is po to obtain from Government records some fa upon this subject, now of special inter he following data. gathered largely from reports, show a picture of the sixty-day per the year 1893, with which the two months correspond. both as to the portion of and the period of the Presidential Adminis and also of corresponding proximity to ta islation: Veek ending July 24, 1893-Failure of Bozer National Bank. Four Denver banks ele doors. Bank suspensions in other West Two bank failures in Milwaukee, and I numerous other banks. Commercial Bank falls; capital, $250,000. Bank failures Tex., and Knoxville. Tenn.: capital, $ Failure of Tacoma (Wash.) National Ba $200,000; also failures of banks at Gi Mont., and Orlando, Fla.: capital, $200 spension of work in manufactories reported f sections. Veek ending August 1. 1893-National banks inchester, N. H., and Indianapolis, Ind., $500,000. Failure of First National B Spokane, Wash.: capital, $250,000. Ten ba spended in one day (July 27): capital. $2,000 failures in South Dakota. Montana, Illir Texas, Washington, New-Hampshire, respondingly large number of business sus) Veek ending August 8. 1823-Collapse of Chie vision deal, and many failures of commiss Failure of National Bank of El Paso, 1 lure of National Bank of San Antonio, 1 Hure of National Bank of Muncie, Ind. L ngress meets In special session to begin its uction of the McKinley law. Veek ending August 28. 1833-Encounter betw Anarchists and Socialists averted by New-3 meeting of Anarchists broken up by N police. Failure of National Bank at H Penn. Failure of National Bank at Taco Suspension of manufacturing establ in numerous States. Announcement by , of the Currency that 155 National ba 500 private banks had failed during the : August 28. Railroad receivers appoir August for Northern Pacific, Philadel Reading. New-England, and Pittsburg, Al Western eptember-Rallrond receivers appointed for \ Central. Chicago. Peoria and St. Lo eveland, Canton and Southern, and Evans Terre Haute railroads. The mileage of ro in the hands of receivers during the was 25,375. nearly one-seventh of all the I the United States, and their indebtedness. $1, 033. During the year there were 16,115 I amcn

3. October 7, 1897 Eagle River Review Eagle River, WI
Article from Eagle River Review, October 7, 1897

Click image to open full size in new tab

Article Text

IS INVESTE D. dential administration and also proximity to tariff legislation. Week ending July 24, 1893.-Failure of Bozeman, Mont., National Bank. Four Denver banks closed their doors. Bank suspensions in other Western cities. Two bank failures in Milwaukee and runs on inmerous other banks. Commercial Bank of Denver fails, capital $250,000. Bank failures at Vernon, Tex., and Knoxfille. Tenn., capital $200,000. Failure of Tacoma. Wash., National Bank, capital $200,000: also failures of banks at Great FAR Falls, Mont., and Orlando, Fla., capital $200,000. Suspension of work in manufactories reported from all sections. Week ending Aug. 1, 1893.-National banks at Manchester, N. H., and Indianipolis, Ind., fail, capital $500,000. Failare of First National Bank at Spokane, Wash.. capital $250,000. Ten banks susend in one day (July 27), capital $2,00,000. Bank failures in South Dakota, Iontana, Illinois, Kansas, Texas, Washngton, New Hampshire, and correspondngly large number of business suspenions. Week ending Aug. 8, 1893.-Collapse of Chicago Provision Deal and many failAND TRADL ires of commission houses. Failure of is National Bank of El Paso, Tex. Failure National Bank of San Antonio, Tex. ailure of National Bank of Muncie, Ind. fifty-third Congress meets in special seston to begin its destruction of the McKinley law. Week ending Aug. 28, 1893.-Encounter tween the anarchists and socialists verted by New York police. Meeting of marchists broken up by New York poGC. Failure of national bank at Hindan. Pa. Failure of national bank at acoma. Wash. Suspension of manufactring establishments in numerous States. nnouncement by Comptroller of the Cureney that 155 national banks and 560 er's financial condit tivate banks had failed during the year improved. During t ding Aug. 28. Railroad receivers aphe practiced such ec inted during August for Northern Paslight improvement fic. Philadelphia and Reading, New last fall and fair valu agland, and Pittsburg, Akron and WestII. and hogs, the thrift reduced his debts. September.-Railroad receivers appointfor Wisconsin Central, Chicago, Pethis fall, he is inde and St. Louis, Cleveland, Canton and mortgage. The fall outhern, and Evansville and Terre is as remarkable as ante railroads. The mileage of roads of the rising tide."need in the hands of receivers during the turist. ear 1893 was 25,375, nearly one-seventh all the lines in the United States, and Brief Politica eir indebtedness $1,212,217,033. DurIs there a "famir the year there were 16,115 mercantile spensions, involving liabilities amountThere has been an to $346,779,889. During the bank thirty per cent. in spensions of July, loans were made on article since the fra at the N.Y. Stock Exchange as high ley law. 72 per cent. Those dreary and xty Days of McKinley-Dingleyism. ments showing the The following statements of revival of of business failures inufacturing industries during the sixty following the enactment of the Dingtry during the four law, the period corresponding with the land administration ailar dates in the first year of Clevepearing. The busin d's second term. show the contrast bethe second week of t een present conditions and those of the ber were only 169, responding months of the preceding adcorresponding week histration. The statements which foland they range in tl are from Bradstreet's Financial Jourthe corresponding W Week ending July 24, 1897.-Twenty the Cleveland term. usand workmen resume work in the The contrast betv and steel industries. Bigelow Carplus since the ne Co., at Clinton, Mass., resume work, came in and that du hands. Packer Colliery at Rappahanadministration is ve k, Pa., resumes work, 1,000 hands. Cleveland was com lumbus, 0., Buggy Co., resumes, 400 C., B. & Q. Co. reports full comdreds of millions of ment 2s of hands at work in its railroad bonds to keep up th the Treasury Depart ooga for Trades first time in several years. Chat-

4. October 9, 1897 Custer Weekly Chronicle Custer, SD
Article from Custer Weekly Chronicle, October 9, 1897

Click image to open full size in new tab

Article Text

administration and also proxto tariff legislation. Veek ending July 24. 1893.- Failure of zeman, Mont., National Bank. Four banks closed their doors. Bank spensions in other Western cities. Two failures in Milwaukee and runs on merous other banks Commercial of Denver fails, capital $250,000. failures at Vernon. Tex., and KnoxTenn., capital $200,000. Failure of Wash.. National Bank. capital also failures of banks nt Great FARI Mont., and Orlando, Fla., capital 00,000. Suspension of work in manuetories reported from all sections. Week ending Aug. 1. 1893. National at Manchester, N. H., and IndianInd., fail. capital $500,000. Failof First National Bank at Spokane, capital $250,000. Ten banks susin one day (July 27). capital $2. Bank failures in South Dakota, ontana. Illinois, Kansas, Texas, WashNew Hampshire, and correspondlarge number of business suspenVeek ending Aug. 8, 1893.-Collapse of Provision Deal and many failAND TRAD. of commission houses. Failure of IS Bank of El Paso, Tex. Failure National Bank of San Antonio, Tex. of National Bank of Muncie, Ind. ty-third Congress meets in special ses to begin its destruction of the Melaw. ending Aug 28. 1893.-Encounter Pa. Failure of national bank at Wash. Suspension of manufacestablishments in numerous States. nouncement by Comptroller of the Curthat 155 national banks and 560 ican people have lea banks had failed during the year value of our home ma Aug. 28. Railroad receivers apup again to foreigners during August for Northern PaPhiladelphia and Reading. New Wonderfully and Pittsburg, Akron and West"While the newsp been somewhat exa: eptember.-Railroad receivers appoint absolute fact that for Wisconsin Central. Chicago, Peer's financial conditi and St. Louis. Cleveland, Canton and improved. During th rthern. and Evansville and Terre he practiced such eco railroads. The mileage of roads in the hands of receivers during the slight improvement last fall and fair value 1893 was 25,375. nearly one-seventh the lines in the United States, and and hogs, the thrifty indebtedness $1,212,217,033. Durreduced his debts. the year there were 16.115 mercantile this fall, he is Indee pensions, involving liabilities amountmortgage. The fall 1: to $346,779,889. During the bank is as remarkable as pensions of July, loans were made on of the rising tide."at the N. Y. Stock Exchange as high turist. per cent. Days of McKinley-Dingleyism. Brief Political following statements of revival of And now cotton se nufacturing industries during the sixty procession of the far following the enactment of the Dingare advancing in pr law. the period corresponding with the pretty hard to find a dates in the first year of Clevesecond term, show the contrast beproduction which I during the time the present conditions and those of the responding months of the preceding adfalling and the Ding histration. The statements which foloperation. are from Bradstreet's Financial JourThose dreary and ments showing the Veek ending July 24, 1897.-Twenty of business failures usand workmen resume work in the and steel industries. Bigelow Cartry during the four y Co., at Clinton, Mass., resume work. land administration hands. Packer Colliery at Rappahanpearing. The busine Pa., resumes work, 1,000 hands. the second week of tl lumbus, O., Buggy Co., resumes, 400 ber were only 169, \ C.. B. & Q. Co. reports full comof hands at work in its railroad corresponding week for first time in several years. Chatand they range in th Tradesmen announces large numthe corresponding we of iron furnaces in South resuming the Cleveland term. McKenna Steel Works, Joliet, A Cont resume, 400 hands. Spinners at silk Paterson, N. J., receive increase in from 5 to 20 per cent. Pittsburg te Glass Co., Kokomo, Ind., resumes, & hands. Iron Jones Laughlin Central Railroad increases wages employes. Veek ending July 31, 1897.-Tod furYoungstown, O., resume work. of manufacturing concerns in necticut and Pennsylvania resume Furnaces at Birmingham and BesAla., resume work. Algonquin mills, Passaie, N. J., increase 10 to 15 per cent. Atchison RailCo. announces inability to supply cars to meet demands of shippers. Yeek ending Aug. 7, 1897.-Ensign Car nufacturing Co., Huntington, W. Va., work. Cleveland, O., rolling resume, 2,000 hands. Sugar proof Louisiana advance wages 16 per Cotton mills at Laneaster, Pa., re1,000 hands. American Watch Co., Itham, Mass., resumes in all depart1897 Iron works at Mahoning and LebOhio, and Birmingham, Ala., reending Aug. 28, 1897.--Fal! RivWorks resume on full time, 2,700 Fall River Printing Co. resumes time. Columbus, Hocking Valley FREE shops increase from half time to schedule. Illinois Steel Co. anresumption of work. National Works at McKeesport, Pa., anincrease of wages. Union Iron Steel Co., Youngstown, O., resume after a long shut-down. PennsylRailroad shops at Altoona increase to ten hours. Washington, Pa., and Tin Plate Co. doubles working Birmingham, Ala., Railroad extend schedule to ten hours. LawMass., Hosiery Mill resumes, 2,000 Car works at Michigan City, Ind., schedule to twelve hours, with years' work engaged, 1,500 hands. ending Sept. 18, 1897.--Cordage at Isaia, O., purchased for $500,000, reopened at once after several years dieness. East Lake Woolen Mills. 1896

5. October 14, 1897 The Laramie Republican Laramie, WY
Article from The Laramie Republican, October 14, 1897

Click image to open full size in new tab

Article Text

JUST FOR COMPARISON. SOMETHING IN RELATION TO THE CONDITIONS WHICH EXISTED IN 1892. And Then Look Upon the Fair Picture Presented in 1897-Then the Banks Were Failing and Everything Was Tumbling-Now Everything is on the Mend and Mills Are Opening. Washington, D. C., Oct. 11.-(Special Correspondence.)-The reports of business improvement and activity in manu. facturing and commercial lines which have come to the front since the enact. ment of the Dingley law has suggested to somebody with a good memory a comparison of present conditions with those of the corresponding dates in the first year of the Cleveland administration. It is a curious fact that the enactment of the Wilson law came at just about a corresponding period with the meeting of the free-trade congress in the first year of Cleveland's second term, and that it is therefore possible to contrast business conditions under the shadow of approaching free trade with the busid ness conditions in the sunshine of re1 turning protection. This comparison is e startling. The period covered in the comparison is the two months since the final action upon the Dingley bill compared with the corresponding two it months in the Cleveland term, or from July 24 to September 24, 1893, contrasted with July 24 to September 24, 1897. Here is the contrast; it is well worth e laying aside for reference: Week ending July 24, 1893-Failure of e Bozeman, Montana, national bank. Four Denver banks closed their doors. Bank a suspensions in other western cities. Two e banks failed in Milwaukee, and runs.on d numerous other banks. Commercial bank of Denver falls; capital $250,000. h Bank failures at Vernon, Tex., and Knoxville, Tenn., capital, $200,000. Faily ure of Takoma, Wash., National bank; capital, $200,0000; also failure of banks d at Great Falls, Mont., and Orlando, Fla.; capital, $200,000. Suspension of work in y S manufactories reported from all seca tions. Week ending August 1, 1893-National banks at Manchester, N. H., and g Indianapolis, Ind., fail; capital $500,000. e Failure of First National bank at Spo. kane, Wash.,; capital $250,000. Ten 0 banks suspended in one day (July 27); n capital $2,000,000. Bank failures in South Dakota, Montana, Illinois, Kand sas, Texas, Washington, New Hampat shire, and correspondingly large num9 bers of business suspensions. 6 Week ending August 8, 1893-Collapse r of Chicago provision deal, and many failures of commercial houses. Failure at of national bank of El Paso, Texas. FailS ure of national bank of San Antonio, 1 Texas. Failure of national bank of it Muncie, Ind. Fifty-third congress meets 1 in special session to begin its destruction d of the McKinley law. d Week ending August 28, 1893-Ener counter between the anarchists and 80y clalists averted by New York police; * meeting of New York anarchists broken d up by New York police. Failure of na. tional bank at Hindman, Pa. Failure of ะค national bank at Tacoma, Wash. SusR pension of manufacturing establishments in numerous states. Announcement by 8 6 comptroller of currency that 155 national banks and 560 private banks had falled d during the year ending August 28. Railat road receivers appointed during August for Northern Pacific, Philadelphia and s Reading, New England, and Pittsburg, Akron and Western. is September-Railroad receivers ap0 pointed for Wisconsin Central, Chicago, 0 Peoria and St. Louis, Cleveland, Canton e and Southern, and Evansville and Terre Haute railroads. The mileage of roads 19 placed in the hands of receivers during g the year 1893 was 25,375, nearly oneseventh of all the lines in the United a States, and their indebtedness, $1,212,10 217,033. During the year there were 16,115 mercantile suspenions, Involve ing liabilities amounting to $346,779,889. 8 During the bank suspensions of July loans were made on call at the New York stock exchange as high as 72 per cent.

6. October 15, 1897 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, October 15, 1897

Click image to open full size in new tab

Article Text

LABOR IS EMPLOYED. CAPITAL IS/INVESTED lential administration and also proximity to tariff legislation. Week ending July 24, 1893.-Failure of Bozeman, Mont., National Bank. Four Denver banks closed their doors. Bank suspensions in other Western cities. Two bank failures in Milwankee and runs on numerous other banks. Commercial Bank of Denver fails, capital $250,000. Bank failures at Vernon, Tex., and Knoxrille, Tenn., capital $200,000. Failure of Tacoma, Wash., National Bank, capital $200,000; also failures of banks at Great Falls, Mont., and Orlando, Fla., capital $200,000. Suspension of work in manuactories reported from all sections. Week ending Aug. 1, 1893.-National anks at Manchester, N. H., and Indianapolis, Ind., fail, capital $500,000. Failof First National Bank at Spokane, Wash., capital $250,000. Ten banks susend in one day (July 27), capital $2,00,000. Bank failures in South Dakota, Montana, Illinois, Kansas, Texas, Washngton, New Hampshire, and correspondngly large number of business suspenions. Week ending Aug. 8, 1893.-Collapse of Chicago Provision Deal and many fail1 AND ires of commission houses. Failure of National Bank of El Paso, Tex. Failure National Bank of San Antonio, Tex. Failure of National Bank of Muncie, Ind. Fifty-third Congress meets in special sesion to begin its destruction of the McKinley law. Week ending Aug. 28, 1893.-Encounter etween the anarchists and socialists verted by New York police. Meeting of marchists broken up by New York poice. Failure of national bank at HindPa. Failure of national bank at l'acoma, Wash. Suspension of manufacuring establishments in numerous States. Announcement by Comptroller of the Curency that 155 national banks and 560 er's financial rivate banks had failed during the year I ending Aug. 28. Railroad receivers aphe practiced pointed during August for Northern PaPhiladelphia and Reading, New slight impro England, and Pittsburg, Akron and Westlast fall and 1 and hogs, the September.-Railroad receivers appointreduced his for Wisconsin Central, Chicago, Pethis fall, he and St. Louis. Cleveland, Canton and L Southern, and Evansville and Terre is as remark Haute railroads. The mileage of roads of the rising laced in the hands of receivers during the turist. ear 1S93 was 25,375, nearly one-seventh all the lines in the United States, and Brief heir indebtedness $1,212,217,033. DurIs there a the year there were 16,115 mercantile There has 1 suspensions, involving liabilities amountto $346,779,889. During the bank thirty per c suspensions of July, loans were made on article since at the N. Y. Stock Exchange as high ley law. 72 per cent. Those drea Sixty Days of McKinley-Dingleyism. ments show The following statements of revival of of business : manufacturing industries during the sixty days following the enactment of the Dingtry during tl ley law, the period corresponding with the land adminis similar dates in the first year of Clevepearing. Th land's second term, show the contrast bethe second W tween present conditions and those of the ber were on corresponding months of the preceding adcorrespondin ministration. The statements which foland they ras low are from Bradstreet's Financial Journal: the correspo Week ending July 24, 1897.-Twenty the Clevelan thousand workmen resume work in the The contra iron and steel industries. Bigelow Carplus since pet Co., at Clinton, Mass., resume work, came in and 000 hands. Packer Colliery at Rappahanadministrati nock, Pa., resumes work, 1,000 hands. Columbus, O., Buggy Co., resumes, 400 Cieveland W men. C., B. & Q. Co. reports full comdreds of mil plement of hands at work in its railroad bonds to ke shops for first time in several years. Chatthe Treasury tanooga Tradesmen announces large numfied the Subt ber of iron furnaces in South resuming it has all the work. McKenna Steel Works, Joliet,

7. October 21, 1897 The Islander Friday Harbor, WA
Article from The Islander, October 21, 1897

Click image to open full size in new tab

Article Text

SOME COMPARISONS OFFICIAL REPORTS SHOW THE DIFFERENCE IN THE TIMES. Under the First 60 Days of the Cleve. land-Wilson Low Tariff the Country Was in a Panic-Under the McKinleyDingley Tariff the Country Confident. E. F. PARSONS, Special Correspondent. Washington, D. C.-The close of the first sixty days of the operations of the new tariff law and the business improvements which are visible in every direction during that time have suggested a comparison of the conditions during the two months in question with those of the corresponding date in the first year of the Cleveland administration, during which time the free trade congress, elected with President Cleveland, was just beginning its attack upon the protective system which the Dingley law sixty days ago re-established. The two periods from July 24 to September 24 in the years 1893 and 1897, respectively, present a marked contrast -Bod St 1! pus conditions business 01 SE sible to obtain from government records some data bearing upon this subject and now especially interesting. The following data gathered from official reports presents a picture of the sixty-day period of the year 1893 with which the two months just ended correspond both as to the portion of the year and the period of the presidential administration and also proximity to tariff legislation: Week ending July 24, 1893-Failure of Bozeman, Mont., National Bank; four Denver banks closed their doors; bank suspensions in other western cities; two bank failures in Milwankee and runs on numerous other banks; Commercial Bank of Denver fails, capital $250,000; bank failures at Vernon, Texas, and Knoxville, Tenn., capital $200,000; failure of Tacoma, Wash., National Bank, capital $200,000; also failures of banks at Great Falls, Mont., and Orlando, Fla., capital $200,000; suspension of work in manufactories reported from all sections. Week ending August 1,1893-Nation-uI pus "H N Manohester 18 queq 18 dianapolis, Ind., fail, epaital $500,000; failure of First National Bank at Spokane, Wash., capital $250,000; ten banks suspend in one day (July 27), capital $2,000,000; bank failures in South Dakota, Montana, Illinois, Kansas, Texas, Washington, New Hampshire, and correspondingly large number of business suspensions. Week ending August 8, 1893-Collapse of Chicago Provision Deal and many failures of commission houses; failure of National bank of El Paso, Texas; failure of National bank of San Antonio, Texas; failure of National bank of Muncie, Ind; fifty-third congress meets in special session to begin its destruction of the McKinley law. Week ending August 28, 1893-Encounter between the anarchists and socialists averted by New York police; meeting of anarchists broken up by New York police; failure of National bank at Hindman, Pa.; failure of National bank at Tacoma, Wash., suspension of manufacturing establishments in numerous states; announcement by comptroller of the currency that 155 National banks and 560 private banks had failed during the year tnding August 28; railroad receivers apppointed during August for Northern Pacific, Philadelphia & Reading, New England and Pittsburg, Akron & West"ure September-Railroad receivers