The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-01
HEAVY FAILURES AT JOLIET
Suspension Of the Stone City Bank,
with Deposits OF Nearly 100000.
Precipitated by the Shutdown Of One of the
Departments ofthe Big Wire-Fence-W Works
Employees Without Work or Money.

Bank. q private institution, suspended pay
ments to-day on account of q run caused
By the shutting down of the Enterprise
big wire-fence industry. The bank is oper-
sted by II. Fish Il Sons, and was thought
to be one of the soundest financial ~institu-
tions in the State. The failure is o heavy
one. The ~roubles began with the Enter
prise Company confessinR judgment for
sls3. IFS. aud filing q trust deed to Mrs. c.
A. Miller for S1S6.313. The Fish Bros.
sons of Henry Fish, with +. 81. Cornell.
were the proprietors of the Enterprise
Company. and the suspension of the bank.
of which they were in control. soon fol-
lowed. The deed to Mrs. Miller. who Is Q
very wealthy woman. is for money bor-
rowed to carry on the business. She is an
aunt of the Fishes. who are also related to
Mrs. John A. Logan. 1t is estimated that
nothing less than s5OO.00 Will settle the
firms affairs. The banks affairs are closely
identified with those Of the Enterprise
Company.
The failure of the Enterprise Company is
due. it is announced. to the dull season in
trade. The company had goods on which
it could not realize n money. and thus
the bank was hampered n crippled. The
crowd at the doors of the bank when the
Enterprise faifhre was announced was q
large one and there was much excitement.
The affairs of the bank are so involved
with those of the mill that it will take con-
siderable time to unravel the tangie.
While the bank was a separate institution.
Its prosperity was co-existent with that OF
the wlre-mill, and the larger part of tfs
assets were invested in the mill business.
Largo sums had been laid out for ma
mand for the mills product en-
tailed the piling up of goods
on which it was impossible to realize. This
crippled the bank. but not q suspicion of
Its condition had obtained currency before
last night. Then vague rumors that it was
In difficulties spread through the city, and
this morning there was an anxious crowd
of depOsitors in line long before the doors
opened. The officials started In to pay the
demands of depositors, but the cash be-
came exhausted and the doors closed.
Many of the business houses of joliet kept
their account In the bank, and Its suspen-
sion will result In great embarrassment to
them. The greatest sufferers. however, will
be the laborlng men. The bank paid inter-
est on de p0sits. and o large number of the
mill employees Entrusted il with their saw
ings. Now that they are out of money and
work both, great hardships will result to
them.
The president of the broken bank was
Henry Fish. and his three sons. Charles Nj.
Henry and George Fish. conducted the al
fairs of the mill. Mr.. Fish. ST., had the rep
utatIon of being one of the ablest finan-
ciers of the West. His credit was guilt
edge. and his career has been an unusually
successful one. He was rated at $685. C0
and the sons at as much more. There has
never been q rumOr even affecting the solv-
} ency of either bank or mill until last night,
and any inquiry at any commercial agency.
even up to this morning. would have elIc-
tied . report of the most fattering nature.
condition is beyond resusoitation.
temporarily locked M. and there is every
prospect that It's affairs will be straight
from S4OO.0 600 to $500. OOO. As for the mill.
1t is not believed that there IS any posi-.
bllity of its resumption. 1t employed be-
tween -four hundred and five hundre peo-
pie, many of whom have worked IN 1t for
years. There was tremendous excitement
when these found out that there was no
work for them to-day. They stood around
bewildered. but when the news of the
banks closing reached them a riot was I'M
minent. Quieter counsels prevailed, how
ever, and, after q time. the excited crowd
had dispersed.
Other Business troubles
MEMPHIS. Tenn, Nov. So.-The Rosedale
Grocery and Commission Company. at
Rosedale. Miss.. to-day sold its stock of
merchandise, accounts and other property
10 the Bank of Rosedale for S31 600. Fol-
lowing this, Mr.. Charles Scott, president
of the Bank of Rosedale and also president
of the Rosedale Grocery and Commission
Company. filed q personal deco of trust for
$4,000 or more to secure his creditors.
PITTsBURG, Nov. SOB. f. Rynd, the AL
Iegheny merchant who recently tailed for
over 800. 600. and who 10 charged with hav-
ing committed forCeries aggregating over
&c. 600, and which. 1t is said by some. will.
when all returns are in, amount to over
$4,000. has not fed to Canada, as alleged,
but is confined in an Eastern asylum suf-
feriug from q serious and probably in
durable case Of paresis.
LIMA, O.. Nov. 30.-The affairs of the
Lima National Bank. which failed last
March. were wound up to-day and taken
out of the hands of q receiver by the pay
ment of g, 1000 and final dividend of so per
cent. The money to liquldate the affairs
of the bank was pat into the hands of the
Controller two weeks ago, but was not re-
ceived until to-day.
ALMA. Mich, Nov. 50.-Nathan Church,
who was Interested with Mr.. Bills In his
Tecumseh and Ithaca banks, which have
both failed, to-day made an assignment of
ell bis property to George p. Brooks, of
Saginaw. for the benefit of creditors.
TOLEDO, O., Nov. S0.-The latest reports
Indicate that the liabilities of the lumber
firm of Bills e. Koch aggregate I55. 900. and
the nominal assets roughly figure SlO3, 600.
-