87c15ffcFull suspension
Other: Direct assignment to Germania Trust Company; president filed individual assignment of personal property.
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TELEGRAPH Crisp News of This Day Concerning Important Occurrences. Sent Special to The Light by the Associated Press and Southern Atternoon Press Assn. Another Drop at Louisville. LOUISVILLE, July 25.-The Louisville Deposit bank has suspended.
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THE TOPLING BANKS Bad Failure in Indianapo lis -- Some Good Showings. INDIANAPOLIS, Ind., July 25. 1893.-The Indianapolis National Bank, capital $300,000. closed its doors this morning. No statement has been made as to the condition, except that the fail ure is for $1,200,000. For some days rumors have been current to the effect that the bank was in trouble. and those rumors have had the effect of starting a quiet run upon 11, which, quiet though it was, has depleted the bank's funds, and finally made neceessary the action of today. For many years the Indiauapolis National has been regarded as among the strongest|banks in the city. The suspension is due to the general financial stringency. According to the statement of the bank made July 15, the loans and discounts amounted to $1,545,854.16, while cash and securities on hand aggregated $683,000. The individual deposits subject to check were $826,e70 The bank was a United States depository and had all the Federal ; money in it, amounting exactly to $300,000. The Indianapolis National Bank is one of the oldest and has been one of the most : flourishing banks in Indianapolis and the entire West. It is one of the landmarks at the northeast corner of Pennsyl3 vania and Washington streets, where it : has been located for nearly a generation. 3 The gentleman who was president at its e organizatian in 1864 is president still, and 9 during its entire existence there has ) been but two cashiers, E. E. Rex1 ford who now holds that position, : and H, Latham, who was cashier from the organization until he resigned in e 1888. Mr. Haughey. the president, is not only the oldest bank president in contin1 uous service in the city, but be is, with 9 one exception. the oldest banker here. The liabilities of the Citizens' Bank, which falled yesterday, are about $150,000. I Mr. Huson's total assets will reach near I $500,000. He holds more than enough collateral to liquidate the total indebtedness of the bank as soon as it can be realized upon. INDIANAPOLIS, July 25, 1893,-The Bank of Commerce did not open this morning. A Failure in Milwaukee. r MILWAUKEE, July 25, 1893.-Following is the notice which was posted on the Goor of the Wisconsin Marine and Fire Insurance Company Bank (commonly called the Mitchell Bank) at ten o'clock this morning:1 By reason of the stringency of the money market, this bank has been closed by order of Board of Directors. o J. P. MURPHY, No Cashier. ) The last statement of the bank, renr dered on the first of the month, is as fol lows:K Resources-Loans and discounts. $6,485,673.39; ) overdrafts, $29,233.12; stocks. bonds and mort9 gages, $567,412.82; loss and expense account, : $683.88; due from banks and bankers, $1,083,472.41; cash, currency, $532,361: gold and silver, 3 $124,226.17; checks on Clearing House, $168,i 231.82. Total resources, $8,946,344.61. Liabilities-Capital, $500,000; undivided profits, $75,840.67; due depositors, $7.870.503.94; due to others not included under either of above 1. heads, $500,000. Total liabilities, $8,946,344.61. a r Two Go at Louisville, LOUISV ILLE, Ky.. July 25, 1893-The d Merchants National National Bank suspended payment this morning A little later the Louisville Deposit Bank also r closed its doors. e
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Two Go at Louisville, LOUISV ILLE, Ky., July 25, 1893-The Merchants National National Bank suspended payment this morning A little later the Louisville Deposit Bank also closed its doors.
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dianapolis National Bank failed to open its doors this morning. AN INDIANAPOLIS BANK. INDIANAPOLIS, July 25.-The Bank of Commerce did not open its doors this morning. The statement of the Indianapolis national bank on July 14, showed resources, $2,318,154. Liabilities: Due depositors, $1,194,586; United States deposits, $193,100; (deposits of disbursing officers, $106,900; due other national banks, $146,503;due banks, $73,579; notes and bills rediscounted, $51,187; bills payable, $58,000. Capital stock, $300,000; surplus, $100,000; undivided profits, $44,448. The Indianapolis, National was considered one of the strongest banks in the city and was designated the depository of the United States. President Theodore Haughey, last night, consulted with other bankers, having previously secured $50,000 to tide him over yesterday. He said the failures at Louisville and New Albany had aggravated the local situation and it was thought best to suspend. The Bank of Commerce has not been one of large deposits, and the failure will not have much effect locally. Theindebtedness is said to be $150,000. At 11 o'clock a heavy run was being made on the Indiana National. The Louisville Deposit Bank has failed. A LOUISVILLE BANK. LOUISVILLE, Ky., July 25.-The Merchants' National bank has suspended. The Fourth National bank has sus. pended. AT MILWAUKEE. MILWAUKEE, July 25.-The Wis. consin Marine and Fire Insurance Company Bank closed its doors this morning. The bank was commonly known as the Mitchell bank. The notice on the door says it is closed on account of the monetary stringency. The statement
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New York Market. NEW YORK, July 25.-The critics had another jubilee today and the result of their work is a loss all along the line of fro one to six points. The presence of a larger numbers of brokers than usual at the Winsor last evening, thei ports of gold, the higher prices for grain and the extraordinary shipments of cereals all (ell upon the market like so many drops of water on a deset Good news has no effect in these days. Only bad news is of avail, and today there was plenty of it. Whenever the wires were bot with declining quotati ns, they were telling of hot weather, decreasing earnings, discouraziug traffic and bank failures. The news of decreasir free gold in the treasury non $97,977,000 to $96,549,000 was followed bv sentences like these: "The Merchants National bank of Great Falls, Mont., has failed;" "The Taylor County bank of isconsin has failed, cashier sconded, assets $16,000." "The Merchants National bank. capital $500,000, and the Louisville Dep sit bank, capital $300,000, of Louisville, have closed their doors." "The Wi-consin Marine and Fire Insurance company. capital $500,000, has failed." "The Bank of Commerce and the Indianapolis Notional bank of Indianapolis are in trouble." "All the banks of Mil waukee are r eported to have closed tweir doors until aft. r the financial troubles blow over." One after another such dispaches were delivered to the stock traders and price S acted accordingly. There seemed to be no bottom to values. Even the critics tumbled over each other in their anxiety to sell. The wise ones shook their heads in vain. President Rembart of the Atchison sent word that the outlook for his road was favorable. The loss of silver freight would no effect on it and the corn crop promised to be phenomenal. If let alone le predicted that a similar management to shat of the last five years would resule successfully. He forgot to note that the corn crop will not be out of danger for six mon ns and predictions on Bit are quite useless. Nor has the management of Atchison for the last five years been such as to Precommend It as a goo I precedent for the future. Erie was much talked of. The financial committee met last evening and discussed measures for taking care of the floating debt. They say the road is earning a surplus above all the inter st charges, and they see no reason for the decline in its bonds. They can have no occasion to contemplate a receiversh ip even for protection. There WHS an unusual demand for money from the interior today. The banks scrutinized not only the character of borrowers, but of collateral. The market for commercial paper was almost at a standstill. London he-itated to buy because of the pending settlements tomorrow. Late in the day the "critics" renewed the r attacks and the grangers reached rie lowest prices yet recorded. Northwest dropped from 95 to 89 3/4, Burlington to 70 and Atchison to 13%. All were sellers. No one bought and tue declise seemed only stopped by sheer fatigue of the bears. The quotations: Last Sales at New York.
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GONE UNDER. THE KENTUCKY NATIONAL AID THE LOUISVILLE CITY NAT IONAL CLOSE THEIR DOORS. Uneasy Depositors Make a Ruh and The Banks Go Out of Business. THE OLD BRECKINRIDGE SAFE Last Saturday morning the Kentucky National Bank, of Louisville, closed its doors and suspended businsss. This did not create a great surprise in financial circles, as it had been known for some time that the bank was in straightene circumstances. The failure, however created an uneasiness among depositors in other banks, and on Monday there was such a rush made on the Louisville City National, which was also known to be hovering between life and death, that it was forced to suspend payment at 1:30 o'clock in the afternoon. This, of course, created some excitement, coming, as it did, right on the heels of the Kentucky National's failure. A wild rumor was in circulation over in Tobin's Bottom yesterday that the Breckinridge Bank, of this city, had been caught for a considerable amount by the fa lure of the Kentucky National and this we wish to correct. A News man in conversation with a prominest official of the Breckinridge Bank yesterday learned that this bank was in m way connected with the unfortunate Louisville banks, and had lost nothing by their suspension. The Br. ckinridge Bank has done no business with then for years and was in no shape to be caught. The patrons of the Breckinridge Bank need suffer no uneasiness, for it is on a safe footing. It has plenty of money and is well able to pay every cent of its liabilities at a moments notice. LATER. Business was hardly opened yesterday morning till two other Louisville banks were forced to close their doors. These were the Louisville Deposit Bank and the Merchant's National Bank. Their suspension was caused by a rush of depositors, demanding their money. STILL LATER. The Fourth National Bank, of Louis ville, shut up shop yeste rday afternoon, and great excitement is prevailing.
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SHUTTERS UP IN LOUISVILLE. One Bank Failure Follows Another in the Kentucky City. LOUISVILLE, July 25.-The Merchants' National Bank closed its doors at 10 o'clock this morning. This is the third national bank of this city which has suspended since Saturday. It was the steady and growing demand from the country banks which caused the trouble. President J. H. Lindenberger says the bank is abundantly solvent, and there is no doubt that the depositors will be paid in full. He also says the stockholders will receive face value for their shares. The Merchants' National Bank was organized as a state bank in 1860 and became a national institution in 1874. Its capital stock is $500,000. At 10.30 the Louisville Deposit Bank was closed. It was organized a little over a year ago by Moses Schwartz, its president, with a paid up capital of $300,000. It was started at a bad time, and was refused admittance to the Clearing House. It however seemed to prosper for awhile, and at one time its stock sold above par. It might have pulled through but for the suspension of the three national banks. The Fourth National Bank is also among the victims.
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Business Difficulties. LOUISVILLE, July .-The Merchants National. the Fourth National and the Louisville Deposit bank did not open this morning. There were rune on other banks, mostly small, but all stood the storm. None of the failures AIR considered bad. Depositors of the two national banks will be paid in full. MILWAUKEE. July 25.-The Wisconsin Marine and Fire Insurance bank closed its doors this morning. It was commonly known as the Mitchell bank. None of the other banks were affected. INDIANAPOLIS, July 25.-The Bank of Commerce and the Indianapolis National did not open their doors this morning.
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More Bank Suspensions. INDIANAPOLIS, IND. July 3.-The Bank of Commerce did not open its doors this morning. INDIANAPOLIS, IND., July 25. - The Indianapolis National Bank suspended this morning. LOUISVILLE, Ky., July 25.-The Merchants' National Bank suspended payment this morning. MILWAUKEE. WIS., 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. TOLEDO, O., July 25.-The Farmers' National Bank of Findlay, O., closed its doors at noon to-day. No excitement prevails, and the other three banks in the city are prepared for any run that may follow. LOUISVILLE, Ky., July 25.-The Fourth National Bank threw up the sponge at 1:18 o'clock this afternoon after a hard fight. A run during the morning, with a drain from country banks. caused the suspension. President George Davis was seen just after the closing of the doors. "All the information we have to give out at this time," he said, "is that no one will lose a mill by our suspension." Four national banks have thus far suapended since Saturday. The officers of the Merchants' National bank assort their solvency. Depositors and stockholders will receive dollar for dollar. By 10:30 o'clock it became evident to the directors of the Louisville Deposit Bank that they could not meet the day's demands, and as the general condition of financial affairs was such as to preclude the hope of outside assistance, the directors ordered tne doors to be closed, and papers were prepared making an assignment to the Ger. maus Trust Company.
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Further Failures of Financial Institutions. Three More Louisville Banks Suspended. Two Big Concerns at Indianapolis Close Doors. The Financial Gibraltar of Bilwaukee Succumbs to the Assaults of Depositors-A Failure at Findlay, O. By the Associated Press. LOUISVILLE, Ky., July 25.-The Louisville Deposit bank, the Merchante' National bank and the Fourth National bank suspended today. There were runs on several other banks, mostly small, but all stood the strain. The failure of the Merchants' National was caused by withdrawals of country banks. The Deposit bank is not a member of the clearing house, and none of the other banks would assist it. The Fourth National bank failed as the result of the panic caused by the failure of the others. None of the failures are considered bad. The depositora of the two national banks will be paid in full. The last statement of the Fourth National showed a paid in capital stock of $300,000, a surplus fund of $37,000, and undivided profits, $27,956. The Merchants' had a paid in capital of $500,000; eurplus, $100,000; undivided profite, $21,384. The Deposit bank's statement showed a capital stock of $300,000; undivided profits, $19,155. All the bank officials express confidence that no one will lose a cent if they can get time to realize on their assets. Shortly after the assignment of the Deposit bank President Schwartz filed an individual assignment of all his personal property to the same assignee. The Sweetwood Distillery company also made an assignment, Mr. Schwartz being president of that company also. No statement is yet prepared. Jacob Schwartz, brother of the bank president and who has been in the liquor business a number of years, suapended late this afternoon. He owes $70,000.
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LOUISVILLE BANKS SUCCUMB. Three Yield to Heavy Withdrawals of Deposits. Louisville, Ky., July 25.-The Merchants' National Bank suspended payment this morning. The Fourth National bank threw up the sponge at 1:18 o'clock this afternoon after a hard fight. A run during the morning, with a drain from country banks, caused the suspension. President George Davis was seen just after the closing of the doors. "All the information we have to give out at this time," he said, "is that no one will lose a mill by our suspension." Four national banks have thus far suspended since Saturday. The officers of the Merchants' National Bank assert their solvency, and that depositors and stockholders will receive dollar for dollar. By 10:30 o'clock it became evident to the directors of the Louisville Deposit Bank that they could not meet the day's demands. As the general condition of financial affairs was such as to preclude hope of outside assistance, the directors ordered the doors to be closed, and papers were prepared making an assignment to the Germania Trust Company. The Deposit Bauk was organized a little over a year ago by Moses Schwarze, its president, with a paid up capital of $300,000. It was started at a bad time, and was refused admittance to the clearing house. It, however, seemed to prosper for awhile and at one time its stock sold above par. It might have pulled through but for the suspension of three national banks. A NEGRESS STARTS A RUN. At 1 o'clock this afternoon a small run was caused on the German Bank by an old colored woman who had $50 deposited there. She did not have a certificate with her, and lovdly demanded that she be given her money without identification. The noise she made attracted attention, and in a few moments a hundred people were about. The bank officials had a strong box, said to contain $300,000, brought over from the Louisville Trust Company. The money was spread out on the counter and the cashior announced that he was ready to pay off any and all claims. A few of the small depositors drew their money, but the others were spedily satisfied that the BGerman ank was in no:danger and left. Subsequently a heavy run started on the German Bank and continued up to 3 o'clock. The bank has over $500,000 in cash and $1,500,000 worth of securities, which can be turned into money at a moment's notice. Several banks kept open until 6 o'clock.
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HEAVY. BANK FAILURES. The Trouble Getting Farther East Every Day. INDIANAPOLIS, Jvly 25.-The Bank of Commerce did not open its doora this morning. The Indianapolis National Bank also failed to open its doors. The Indianapolis National was considered one of the strongest banks in the city, and was designated as a depository of the United States. President Theodore Haughey consulted with other bankers last night, having previously secured $50,000 to tide him over yesterday. He said the failures at Louisville and New Albany had aggravated the local situation, and it was thought best to suspend. The Bank of Commerce has not been one of large deposits, and the failure will not have much effect locally. The indebtedness is said to be $150,000. At 11 d'clock a heavy run was being made on the Indiana National. The statement of the Indianapolis National Bank, July 12, showed resources of $2,313,154; liabilities due depositors, $1,194,586: United States deposits, $193,100; deposits of United States disbursing officers, $100,800; due other national banks, $140.403; due State banks. $73,570; notes and bills rediscounted, $51,137; bills payable, $58,060; capital stock. $300,000; surplus, $100,000; undivided profits, $44,448. While the Indianapolis National Bank was a United States depository but $3439 was tied up. Cashier Rexford was asked if the withdrawal of funds by country banks was not largely responsible for the suspension. "The stringency of the times." he replied, "has greatly reduced those balances. At this time of the year they have heretofore been large." The real trouble of the Bank of Commerce began at the failure of the Premier Steel Company. There have been drafts on the bank ever since then. The publication of Depauw's failure hurried things along. The failure of the Indianapolis National shut off their chances of getting help and the bank had to close. FINDLAY, Ohio. July 25.-The Farmers' National Bank, one of the popular financial institutions of the city, closed to-day because of the inability to realize upon its assets. The officers assert that they will be able to pay the depositors dollar for dollar and have a surplus when the affairs of the bank are settled up. Ever since the failure of ex-Secretary Charles Foster the bank has been drawn upon heavily, and was unable at the present time to meet the constant drain. There was no run on the other banks in the city. LOUISVILLE, Ky., July 25.-The Louisville Deposit Bank failed to open its doors to-day. The Merchants' National Bank has suspended. The Fourth National Bank has suspended. were runs on several other banks, but mostly There small, all stood the strain. The failure of the Merchants' National was caused by the withdrawals of country banks. The Deposit Bank was not a member of the Clearing-house, and none of the other banks would assist it. The National as a the caused by the Fourth panic failed failure considered result of others. of bad. None of the failures are The depositors of the two national will be in National has a chants' banks paid capital fnll. of The $500,000. Merthe Fourth National a capital of $300,000 and surplus of $25,000. The Deposit Bank has a capital of $300,000, surplus $16,000. The last statement of the Fourth National showed a paid in capital stock of $300,000, surplus fund of $37,000 and undivided profits of $27,956. The Merchants had a paid in capital of $500,000. a surplns of $100,000 and undivided profits of $21,384. The Deposit Bank statement showed a capital stock of $300,000 and undivided profits of $19,155. All the bank officials confidence that no one a express realize will on lose the cent if they get time to assets. Shortly after the assignment of the Louisville Deposit Bank President Schwartz filed an individual assigament of personal property to the same The assignee. all his Sweetwood assignment, Distillery Com- Mr. pany also made an Schwartz being president of that company also. No statement has yet been prepared.
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ALL THE LIST DECLINES. THE BANK FAILURES DEPRESS PRICES. HEAVY CURRENCY SHIPMENTS TO MILWAUKEE, LOUISVILLE AND OTHER WESTERN POINTS-TROUBLE WITH PHILADELPHIA COLLECTIONS. Depressing news, to which to attribute further demoralization of the stock market, was not lacking yesterday. On the contrary. It came in with a rush from the sections of the West which have been the recent centres of uncertainty. The morning bad shown some encouraging features, among which was the continued buying for London account, and the feeling was reflected In the prices of some stocks. The news from the West, however, turned the current. The telegraphic announcement of the failure of the Indianapolis National Bank and the Bank of Commerce, of the same city, and, still more, the suspension of the Wisconsin Marine and Fire Insurance Bank of Milwaukee, contributed an element of significance far more effective than recent signs of Western financial distress have been. Following them came the news of other bank failures, notably of the Louisville Deposit Bank. the Merchants' and the Fourth National, of Louisville. All of the Institutions named are in citles from which. with St. Louis, Chicago and Cincinnati, have come the largest demands for currency. These cities have taken the bulk of the millions which have been shipped in the last four or five days. There is yet no end to this westward movement in sight, though accurate prognostication Is as impossible as accurate figures of shipments are unobtainable. It was estimated that another $1,500,000 was sent yesterday from New-York banks in response to calls from Western Institutions. The continued big balance of currency movement against New-York is an unpleasant surprise to the bankers here, who have been hoping that the calls for currency had reached their limit. In the language of the Street, New-York has financed" the country, and the burden has not lightened yet. From the cities where banks were crashing the calls for money yesterday were naturally urgent. One Milwaukce bank telegraphed Its New-York correspondent: "The Marine and Insurance has suspended. We are sound. Can you send us $200,000 currency ?" The amount asked for was sent. Larger smounts were sent to St. Louis and Louisville. There were also some receipts of currency, especially from the Southwest, but financial men estimated that the balance against New-York equalled the shipments made on Monday and on Saturday. The demand for currency at the Sub-Treasury amounted to $400,000. The Clearing House Loan Committee authorized the Issuance of $50,000 in loan certificates, making the amount outstanding $22,000,000. It was expected that 2% much larger amount of new certificates would be issued, reports having It that an additional million or so was to be demanded. Chairman Frederick D. Tappen ridiculed these rumors, as did also other officials of the Clearing House. There was, however, a feeling that a considerable increase of the certificates to-day or to-morrow would not be the happening of the unexpected. The $50,000 issued yesterday was taken by a small uptown bank. The Sub-Treasury was a debtor to the Clearing House yesterday $600,000, and it followed its as yet unexplained course of last week by paying that amount in gold. Its balance on Monday was paid in currency. Money on call opened at 4 per cent, but stiffened to 8 per cent and closed at that point. Time money is still practically unobtainable. One banker called attention yesterday to the fact that from June 18, 1892. to July 18, 1893, the NewYork banks suffered a shrinkage in deposits of $149, 000,000. or this amount there has been a loss of $97,000,000 since February 11. 1893. The deposits in June. 1892. averaged about $534,608,000: in February, 1893. about $491,747,000. and this month about 2204 174.000, This great shrinkage makes more re-
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A CRITICAL DAY IN LOUISVILLE. MERCHANT NATIONAL, THE LOUISVILLE DEPOSIT AND THE FOURTH NATIONAL SUSPEND. Louisville, July 25.-This will prove a memorable day in the financial history of Louisville. At 10 o'Clock this morning the Merchants' National Bank posted a notice of syspension and half an hour later the failure of the Louisville Deposit Bank was announced. By this time there were runs upon half a dozen banks in the city. They all stood the pressure except one-the Fourth Navional-which closed its doors in the Board of Trade building at 1 o'clock. At that hour the excitement was running high and every one of half a dozen banks was crowded with depositors, who were in line waiting their turn with the paying-teller. The first failure of the present crisis was that of the Kentucky National Bank, on Saturday. Then came the Louisville City National Bank on Monday. The failure of the Merchants' National to-day was caused by the withdrawals of country banks and country depositors. The Louisville Deposit was the only bank in the city not a member of the Clearing (House Association, and in Its time of need none of the other banks would give it any assistance. The suspension of the Fourth National was a result of the ranic. For a week there has been a steady pulling out of deposits. This changed into a rún after the suspension of the Kentucky National last Saturday and the run continued Monday and Tuesday and until all the funds were exhausted to-day. The failures are not considered bad ones. Depositors in the two National banks will be paid in full and the loss to stockholders will not be more than 60 per cent in either case. The Merchants' National Bank is capitalized at $500,000 and J. H. Lindenberver is president. The Fourth National has a capital of $300,000 and a surplus of $35,000. George Davis is president. The Louisville Deposit Bank has a capital of $300,000 and a surplus of $16,128. Moses Schwartz is president.
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A Big Liquor Dealer Suspends. LOUISVILLE, July 26.-Jake Schwartz. the liquor dealer. announced that he had suspended. He owes $70,000. He is a brother of Moses Schwartz, president of the assigned Louisville Deposit bank.
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ABBREVIATED TELEGRAMS. A Georgia delegate to the Monona lake assembly advocates settling the race problem by establishing a separate state for negroes. Obituary: At Lake Geneva, Wis., Arthur Kaye, proprietor of Kaye's Park hotel. At Ottawa, Ont., Christopher S. Patterson, supreme court judge, aged 70. A New York report says that Grand Master Workman Powderly, of the Knights of Labor, has resigned, and that James J. Linehan, president of the Trade and Labor Assembly of Chicago, is likely to be his successor. Nicaraguan revolutionists have shelled the city of Ma: agua. Two persons were killed and many buildings damaged. United States Minister Baker and representatives of other foreign powers have sent a formal protest to the revolutionary junta. A genuine volcano is reported to have been discovered four miles south of Ponca, Neb. The Plainview (Neb.) State bank, which was burglarized of $3,000 in cash Sunday night has suspended. A cyclone at Cale, I. destroyed a number of buildings and ruined crops. John B. Koetting, cashier of the South Side Savings bank at Milwaukee, which failed Saturday, has mysteriously disappeared. The National Bank of the Commonwealth and the Bank of New England at Manchester, N. H., have suspended. The Ohio Transfer and Storage company's building at Columbus, 0., were burned, causing a loss of $300,000. By the bursting of a boiler the flouring mill of Kenny & Newgard at Hawarden, Ia., was wrecked, entailing a loss of $3,000, not covered by insurance. Frank Chapman, engineer, was seriously injured. The contract for building the Milwaukee city hall has been let to Paul Riesen for $696,348. The convention of Christian Endeavor at Montreal cost the local committee over $100,000, and claims are accumulating in excess of that amount Russian crop prospects have greatly improved. A fairly large yield is now expected, especially of rye, the chief breadstuff of the nation. Statistics gathered by the German imperial commission on labor show that in many parts of the empire the duration of work exceeds fifteen hours daily. The Merchants' National and Louisville Deposit banks, at Louisville, have suspended. This makes four Louisville banks that have collapsed in the last three days. Depositors will lose nothing. Simmons Liver Regulator, bear in mind, is ot an experiment. It is endorsed by thousands
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Louisvllle Banks. LOUISVILLE, Ky., July 25.-This will prove a memorable day in the financial history of Louisville. At 10 this morning the Merchants' National bank posted a notice of suspension, and a balf hour later the failure of the Louisville Deposit bank was announced. By this time half a dozen banks in the city were being run on by depositors, mostly small ones. They all withstood the pressure except one, the Fourth National, which closed its doors. Excitement ran high and every one of a half dozen banks was crowded with depositors in line waiting his turn with the paying teller. The first failure of the present crisis was that of the Kentucky National bank Saturday. Then came the Louisville City Monday and the Merchants' National. the Louisville Deposit, and the Fourth National today. The failure of the Merchants' National was caused by withdrawals of country banks and country depositors. The Louisville Deposit was the only bank in the city not a member of the Clearing House association, and in its time of need no other bank would give it assistance, The suspension of the Fourth National was the result of a panic. For a week there has been a steady pulling out of deposits. This changed into a run after the suspension of the Kentucky National last Saturday. and even continued Monday and Tuesday and until all funds were exhausted today. None of the failures are considered bad ones. The depositors in the two national banks will be paid in full and the loss to stockholders will not be more than 60 per cent in either case. The Merchants' National bank was capitalized at $500,000 and J. H. Lindenberver was president. The Fourth National's capital is $1,000,000 and the surplus $35,000. Geo. Davis is president. The Louisville Deposit bank has a capital of $300,000 and a surplus of $16,128. Moses Schwarts is president.
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LOUISVILLE BANKS. Three of Them Close Their Doors and Suspend. LOUISVILLE Ky., July 25.-The Merchant's National bank has suspended. The Louisville Deposit bank has also failed. The Fourth National bank has suspended. There wereruns on several other banks, mostly small ones, but all stood the strain. The failure of the Merchant's National was caused by the withdrawal of country banks' deposits. The bank is not a member of the clearing house and none of the other banks would assist it. The Fourth National tailed as the result of the panic caused by the failure of the others. None of the failures are considered bad. The depositors of the two national banks will be paid in full. The Merchant's National has a capital of $500,000 and the Fourth National a capital of $300,000; surplus, $35,000. The Deposit bank has a capital of $300,000 and a surplus of $16,000. The last statement of the Fourth National showed a paid in capital stock of $900,000; surplus fund, $35,000; undivided profits, $27,950. The Merchants' had a paid in capital of $500,000; surplus, $100,000; undivided profits, $21,384. The Deposit bank statement showed a capital stock of $300,000; undivided profits, $19,155. All the bank officials express confidence that no one will lose a cent if they get time to realize on assets. Shortly after the assignment of the Deposit bank President Schwartz filed an individual assignment of all his personal property to the same assignee. The Sweetwood Distillery company also made an assignment, Mr. Schwartz being president of that company also. No statement is yet prepared. Jacob Schwartz, brother of the president, and who has been in the liquor business a number of years, suspended late this afternoon. He owes $70,000.
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THE FINANCIAL SITUATION. A Perceptibly Easter Feeling at Louisville Yesterday. LOUISVILLE, July 26.-The financial situation is perceptibly easier to day. Yesterday's storm, which closed three banks, has relieved the surcharged at. mosphere in money circles, and the worst is believed to be over. Those banks which have stood the drain till now are in little danger of going down, as the greatest pressure has passed off. The country banks, which caused all of the trouble, have done all the harm that lies in their power. The local sitbation has never been at all serious. A number of smaller depositors, it is true, have taken alarm. and withdrawn their deposits from some of the banks, but the drain from this source has not been sufficient to cause any embarrassment. Most of the banks received big bundles of cash this morning from outside places. One bank, which was the subject of rumor, raised $300,000 in Chicago, which placed it on a solid basis. NASHVILLE, Tenn., July 26.-B. S. Lowenthal & 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 today. The failures are direc.ly due to the failure of the Louisville Deposit Bank, which is a large creditor of the assignors.
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LOUISVILLE'S TROUBLES. The Merchants National and Louisville Bank of Deposit Close Doors. LOUISVILLE, July 25.-The Merchants National bank closed its doors this morning. This is the third National bank of this city which has suspended since Saturday. It was the steady and growing demand from the country banks which caused the trouble. President Lindenberger says the bank is abundantly solvest and there is no doubt depositors will be paid in full. Its capital stock is $500,000. At 10:30 the Louisville Deposit bank was closed. It was organized a little over a year ago by Moses Schwartz, its president, with a paid up capital of $300,000. It was started at a bad time and was refused admittance to the clearing house. It, however, seemed to prosper for a while, and at one time its stock sold above par. It might have pulled through but for the suspension of the three national banks. Another Milwaukee Bank Failure. MILWAUKEE, Wis., July 25.-The Fire and Marine Insurance bank closed to-day. The last statement of the bank rendered on the first of the month showed total resources of $8,946,344, and total liabilities of ₹ 88,946,844. Cashier Murphy made the following statement: "We have been subjected to a conitant drain for some time and have realized on every asset on which the bank could get money on short notice; we felt that under existing circumstances it was only a question of time when suspension would inevitably come and therefore decided to close. This bank is not insolvent by any means and only time is needed to realize enough money to meet every liability."
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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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TROUBLES OF BUSINESS New York Bankers on the Financial Situation. THEIR WORDS NOT ENCOURAGING The Milwaukee Bank that Failed Yesterday Had Been Regarded as One of the Strongest Institutions in the Country. Three Louisville Banks Collapsemost a Panic On the New York Stock Exchange-The Indianapolis Failure. NEW YORK, July 26. - 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. The feeling is more than confirmed by the suspension of the Wisconsin Marine and Fire Insurance Company's Bank at Millwaukee. "The Wisconsin Marine and Fire Bank," said President Cannon, of the Chase National, "has always been regarded as one of the strongest and most prosperous institutions in the Northwest, and its failure is certainly the most serious calamity that has yet occurred since the financial depression began to be felt in the West. "Such an itstitution going under cannot fail to add to the general distress, and the suspension may be far-reaching in its effects. "I do not like to make gloomy predictions, for the situation is bad enough as it is, and financial institutions need all the support and encouragement that can be given. Yet it is evident that all these failures can be traced to a common cause, anxiety for the future, lack of confidence and the withdrawal of money from circulation.' President J. Edward Simmons, of the Fourth National Bank, also said that the failure of the Milwaukee Bank was in his opinion the most serious that had occurred in the West, as it was an old and wellestablished institution, with extensive connections and ramifications all over the Northwest. Other institutions would undoubtedly be affected by its collapse. The New York banks, he said. by associating as closely as they did had formed a mutually protective organization which had enabled them to tide over the difficult situation, and their strength had undoubtedly contributed to reassure financial institutions elsewhere. He did not think that the crisis in the West had passed, but said that if the banks would form associations to protect each other & great deal of the threatened danger would be averted. NEW YORK, July 26.-Almost a panic raged on the Stock Exchange yesterday afternoon. Stocks dropped away violently, and some of the lowest prices in years were recorded. The failure of the Marine & Fire Insurance Bank of Milwaukee started the heavy selling, and later on the failures of two large banks in Louisville added to the excitement. The Milwaukee Bank is the largest in Wisconsin, and the largest in the West. INDIANAPOLIS, Ind., July 25.-While the Indianapolis National Bank that failed yesterday was a United States depository a but $3,439,96 was tied up. "At our last payment we checked out nearly $200,000 P from the Indianapolis National," said PenS on Agent Ensley. MILWAUKEE, Wis., July 26.-The Wisconsin Fire and Marine Bank of Milwaukee, which suspended yesterday, has always been known as Mitchell's Bank, and was one of the half dozen famous private banks of the continent. It has succumbed to the paper of the Schlesinger Iron syndicate, of which it held $750,000. This paper is all secured by iron receipts, but these could not be used anywhere. LOUISVILLE, Ky., July 26.-Yesterday was a memorable day in the financial history of Louisville. At 10 o'clock a. m. the Merchants' National bank posted a notice of suspension and half an home later the failure of the Louisville Deposit Bank was announced. By this time half a dozen banks in the city were being run by depositors, mostly small ones. They all stood the pressure except one, the Fourth National, which closed its doors in the Board of Trade buildingat 10 o'clock. TOLEDO, o., July 26.-The Farmers' National Bank, of Findlay, has closed its doors. No statement has been given out as yet. No excitement prevails, and the other three banks in the city are prepa red for any run that may follow. A Shoe Factory to Shut Down.
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Another at Milwaukee. Milwaukee, July 25.-Tbe Wisconsin Fire and Marine Insurance Bank closed their doors thisemorning. Milwaukee people had become imbued with the idea that this old bank was a gibraltar of finance and could not credit the report that it had closed. Cashier Murphy says the bank has been subjected to a heavy strain and the end was inevitable, but that the bank was not insolvent and only time was needed to meet every liability, Washington Becker has been appointed receiver. The city of Milwaukee has one million six hundred thousand dollars in the bank and will probably have to temporarily suspend payment. In the Hands of a Receiver. SANDUSKY, O., July 25.-The G. B. Hodgman Manufacturing Company, manufacturers of cooperage and bridge timber and wholesale dealers of lumber, have gone into the hands of a receiver. Assets Exceed Liabilities. LOUISVILLE, July 25.-The Fourth National bank of this city closed its doors at 1 o'clock. The cashier states that the assets largely exceed the liabilities, but the bank was unable to realize on securities. Iron Merchants Assign. Sr. Louis, July 25.-Ripley & Bronson, iron merchants, assigned this morning. Their liabilities are one hundred and fifty thousand dollars and assets probably about the same. Their Assets One Million. CHICAGO, July 25.-Parkhart & Wilkinson, iron merchants, have assigned. Their assets are $1,000,000, with liabilities not stated. Liabilities Not Given. LOUISVILLE, Ky., July 25.-The Louisville Deposit bank failed today. No statement of its liabilities is given. Still Another Louisville Bank. LOUISVILLE, Ky., July 21.-The Merchants' National bank suspended at noon. Assets and liabilities are not given.