The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-05-06
BANKS GOING TO SMASH.
A PRIVATE INSTITUTION IN WIS
CoNSIN SUsPENDS.

mILWAOkEE, may GA specldk 10 Lne
EUenin0 Wisconsin from Berlin, Wis,
says: "The private bank of Charles A.
Mather g. Co. closed its doors this morning,
the firm having made an assignment to
Joseph Yates. james NJ. Hawley, the junior
member of the house, has disappeared. The
assets are placed at $4,000 and the iabili-
ties at 100000. The business of the bank
seems to have been carried on in reckless
manner, many accounts being overdrawn
and large numbers of apparently worthless
notes being held as collateral. A hasty ex-
animation of the books by the assignee
gives the impression that he can pay 20 cents
on the dollar, but the hopes of the assignee
are not shared by the creditors, who are all
poor people,
MORE WARRANTS AT PHILADELPHIA.
PHILADELPHIA, May additional war
rants were sworn out to-day by depositors
in one of the branches OF the Bank of
America against the president Of that con-
Germ and the manager of the branch upon
charge of receiving deposits after they
knew their bank to be insolvent
AN INJUNCTION AT ATLANTIC CITY.
ATLANTIC CIlY, May 5.-An Injunction
was served upon Cashier Dunkle of the
Merchants Bank to-day by son OF Attor-
ney-General Stockton, restraining the bank
from resuming business and TO show cause
why its affairs should not be wound up.
EXCITEMENT AT NoRRIsTowN.
YOUNGSTOWN, Pa, May 5.--There was
considerable excitement about the Mont
gomery National Bank this forenoon when
the doors of the bank were opened. The
officers Of the bank and the Montgomery
Insurance Trust and Safe Deposit Company
are both in the same building. One man
this morning made deposit at the bank Of
| S75, 900 and others smaller amounts in cash,
so that the deposits almost equaled the
Withdrawals The trust company had
heavy run, and about 1890
| arrival of the promised cash. The impress
sion among conservative financiers is that
| the bank is sound, but that the trust COM
pany is considerably involved. The officials
refuse to give any figures or definite in
| formation. A member of the wealthy
| Slighluff family declares that they will be
responsible for every loss to outside parties
from the financiering of William Slghluff,
president of the bank and treasurer Of the
trust company.
NoRRIsTowN's BIG CRASH.
NoRRIsTowN, Pa, May 5.-The Mont
gomery Insurance, Trust and Safe Deposit
Company of this city suspended payment
this morning. A run began as soon as the
place opened. Shortly before o'clock Vice
| President Chain of the trust company ap-
peared and read the following to the thirty
| or more depositors who were in line at that
time: 1.-THE board of directors, as at present
advised, deem it for the interest of all de-
positors that the Montgomery Insur-
ance, Trust and Safe Deposit Com
pany should suspend payment, and
| thnr haf M
will now be paid. From an examination of
the assets we feel confident in saying that
all depositors will be paid in full, and
| it is not likely that the company will sus-
tain any loss All the trust funds are sepa-
rately invested and safely secured" AS
soon as they heard this the depositers went
home satisfied that they would get their
| money
CAUSE OF THE SUSPENSION.
The suspension of the trust company is
| due to unauthorized loans made by the
| treasurer, William F. Sligluff, who resigned
| Saturday and assigned his property to the
company. Sligluff was also cashier Of the
Montgomery Bank, an institution closely
allied to the trust company, and there has
| been a run on the bank to-day,
| which, however, exhausted itself about 2
o'clock. After banking hours, John
Sligluff, president Of the two institutions,
who is a brother of the cashier. furnished
the following figures in relation to the days
transaction:
Payments by the bank. $40, 1893
Payments by the trust company........ $1,000
OF the amount taken out of the bank
$4,000 comprised the regular monthly
Withdrawals Of three railroads. President
Sligluff said this evening that the trust
company wonld resume as soon as possible.
TO BE CONVERTED INTO CASH.
The directors were going to convert its
collateral into cash, and If favorable
arrangements could be made they might
resume within a day or two, or in
side Of week at the latest
held by the bank and trust company, and
the loss would probably not be more than
$50, 900, and in no event not more than
100000, and the surplus Of $500, 900 amply
secured every depositor. Some time
ago it was discovered by the direc-
tors that the cashier and treasurer had
borrowed s180. 900 on his own responsibility.
He secured tho loans with what he con-
sidered ample security but the company
demanded additional collateral, which was
furnished. The collateral is said to consist
of stock of the Philadelphia Finance Com
pany, Peoples Railway Company and
American Life Insurance Company, three
institutions in the syndicate controll-
ing the suspended Bank of America of
Philadelphia and the institutions in New
Jersey, which it carried down. For
some months it has been known in
financial circles here that Treasurer
Sligluff was largely interested in business
enterprises that were classed as hazardous
When his father, who was wealthy, died
about eight years ago, no inventory Of the
estate had been filed, his son inherited in
the neig hborhood of $150.000 and there
fore no surprise was occasi0ned by his
branching out into outside speculations.
Since the announcement of his
resignation it has been learned that the
cashiers share of the estate is less than $50,-
900, and the estate being still int act he has
not drawn any of this amount. He has
operated altogether on money borrowed
from the bank, trust company, several
building and loan associations and from in
diyiduals.
GAMBLING RUINS A CASHIER.
DENVER, Col, May 5.-Robert Nicoll,
cashier Of the j. M. Beetker Real Estate
and Investment Company, was arrested
here tonight charged with being a de-
faulter. 1t is thought that the amount of
his defalcation will be between 5000 and
$1,000. Gambling is supposed to be the
cause.
A Stock Broker Missing.
New YoRK, May Washington Quin-