St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-01
INVOLVED TIE BANK.
Suspension Of Payments by
d Private Bank in
Joliet, III.
Failure Of a Manufacturing
Concern Preeipitates the
Crash.
Half e Million Of D%epositorS'
Money in the
Bank.
Many Business and Laboping
Men Will Suffer Great
Loss.

JOLIET, H.. Nov. 30.-The Stone City
bank, Il private institution. suspended
payments today on accoun of a run,
caused by the shutting down of the En-
terprise company. II OF the DEPART
ments of the big wire fence industry.
The bank is operated by Ii. Fish q Sons
and was thought to be II of the sound
est financial institutions in the state.
The failure is a heavy one. The trouble
began with the Enterprise company con-
Tossing judgments for S1S3, IT'S, and ill
ing a trust deed to Mrs. G. A. Miller for
Sl34,313. The Fish brothers, sons of
Henry Fish, with F. Ii. Council, were
the proprietors of the Enterprise COM
pany, and the suspension of the bank
of which they were in control.
soon followed. The deed to Mrs. Miller,
who is a very wealthy woman, IS for
money borrowed to GARY on the bust
ness. She is the aunt of the Fishes and
is related to Mrs. John A. Logan.
Il is estimated that nothing less than
$500. 900 will settle the firms affairs.
The banks affairs are closely ldentlled
with those of the enterprise company.
The failure of the enterprise is due. 1t
is announced, to the dull season in
trade. The company had goods on
which it
Could Not ReaIi re
anv money, and thus the bank was
hampered and crippled. The crowd at
the doors OF the bank when the Enter
prise failure was announced, was a
,arge one and much excited. The affairs
| e A.. ..t- 900 90 - yynI vuifh fhnHn
Of the mill that it will tIke considerable
Dime to unravel the tangle.
When the bank was a separate inSti-
tuition it's prosperity was co-eXistent
with that of the wire mill. and the
larger part of its assets were invested
in the mill business. Large sums had
been paid out for machinery and other
plant, and a slackening in the demand
for the mills product entailed the pill
ing up of goods on which it was impoS-
sible to reali re. This crippled the
bank, but not a suspicion of its cOndi-
ton had obtained currency before last
night. The vague rumors that it was
in difficulties spread through the city,
and this morning there was an anxious
crowd of %depositors i'll line long before
the doors opened.
The officials started in to pay the de-
mands of depositors, but the cash be-
came exhausted and the doors closed.
Many of the business houses OF Joliet
kept their account at the bank and its
suspension will result in great en-
barassment to them. The greatest suf-
fererS will be the laboring men. Now
that they are out of work and money
both, great hardship will result to them.
officers of the Bank.
The president of the broken bank vas
Henry Fish, and his three sons, Charles
NJ, Henry, and George Fish. conducted
the affairs of the mill. Mr.. Fish ST.. had
the reputation of being one of the ablest
f~inanciers of the West. His credit was
gilt-edged, and his career had been an
unusually successful one. He was rated
at $500, 900, and the sons at as mach
more. There has never been a rumor.
even, affecting the SOlvency of either
bank or mill until last night, and al in
quiry at any commercial agency, even
up to this morning, would have elected
a report of the most tiattering nature.
1t Is not believed that the banks con-
ditiOn is beyond resuScltation, but only
that its assets are temporarily locked up
and there is every prospect that its af-
fairs will be Strengthened out speedily.
Its deposits ranged from $500, 600 to
$500, 200. As for the mill, it is not be-
lieved that there is any possibility of
it's resumption. 1t employed between
400 and 500 people, many of whom have
worked in it for years. There was ire
mendouS excitement when these men
found out that there was no work for
them today. They stood around be-
wildered, but when the news of the
banks closing reached them a riot was
imminent. Quieter counseis prevailed,
however, and, after a time, the excited
crowd had dispersed.