River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-07-20
SORELY TRIED.


Kansas City Banks Forced to Stand a
Heavy Run-AIl Demands Promptly Met,
However Business Troubles at other
Points.
KANSAS CITY. Mo-, July 16.-Satur-
day was trying day for the banks of
Kansas City but they weathered the
storm admirably. The failure of the
National bank of Kansas City Iive min
utes before closing time Friday created
n very panicly feeling and all the
bankers opened their doors Sat
urday morning expecting runs"
of more or less consequence. The
publication of the statements of all the
banks in the morning papers was caleu-
lated to restore confidence. The banks
We're prepared as well as could be to
withstand any attack and as soon as
the doors of the Bank of Commerce,
the Missouri national, the Met
ropolitan, the Union national and the
Midland were thrown open the people
began To collect about them and many
drew out their deposits. Only, how
ever, in the Bank of Commerce, the
Missouri and the Metropolitan were
banks withstood them successfully.
A run by heavy depositors caused the
suspension of the Northrup bank, the
oldest financial institution in Kansas
City Kan. The assets are placed at
S475, 200. with liabilities amounting to
$4,000
The Armourdale bank at AS Kansas
avenue, Armourdale, suspended pay
ment at o'clock in the afternoon and
was placed in the hands of Bank Com
missioner Breidenthal of Kansas. The
liabilities are S35, 900 and the assets
about double that amount
A number of the Kansas City banks
kept open until 8 o'clock. but very few
of the depositors availed themselves of
the opportunity to withdraw their
money. The banks are amply prepared
To meet any further demands made
upon them, but il is thought that the
furry is over and the excitement ended.
CLEVELAND, o., July IA dispatch
| from Ishpeming, Mich, says that the
Schleisinger syndicate, the largest ore
operators in the world, are in difficulty
owing TO the depression in the
| AuOll OuS VI
| the organizers of tn, syndicate,
says the output was reduced % per
cent. some time ago. All the mines
are in Michigan and the central Of
| fee is in Milwaukee, The plants
owned by the syndicate are: The
Chaplin Mining company, the Buffalo
Mining company, York Mining com
pany, Arogan Mining company,
| Claire Mining company and Sunday
Lode Mining company. These individ-
ual companies, all owning mines, were
consolidated four years ago by Schleis-
| niger Brothers, and, it is said, on insult
ficient capital. 1t is also said the syn
| dictate went too deeply into railroad
| building.
Schlesinger's properties have over
/ 81 900, 600 worth of paper held Ny Mill
waul1ee banks, and it is considered
probable they will help him out
Schlesinger began operations four years
/ ago and has cut a large figure in the
| iron trade. He was embarrassed ten
years ago, but sold the Escanaba, Iron
/ Mountain Il Western railway to the
/ Chicago & Northwestern railway and
pulled out of difficulties If matters
cannot be fixed here it will probably
| lead to trouble at his numerous other
mines, employing nearly $500 men all
| told.
PEORIA, ILL.,, July 19.-William Ober-
hauser's private bank failed Saturday,
much to the surprise of the community.
| The liabilities are $50, 422, against
| scheduled assets of s69,637 The as
| signment is due to the loss of money
| in the American national bank at Kan
sas City, and it is the first TO be made
| here during the present financial
troubles. The bank was an old-estab-
| lished institution. Charles Tehrmann
is assignee.
CARNfI, H., July 1.-THE old bank
ing-house of Hay & Webb has made a
| general assignment to p. A. Pearce.
| Assets, s2l6, 267: liabilities, $50, 600.
/ Hay & Webb have been in business
| here for thirty-five years and enjoyed
] the confidence of the entire community.
Large loans ON long time, large sums
| invested in real estate and the strin-
| gency of the money market caused the
failure. All creditors will be paid in
| full.
CHICAGO. July 1.-THE George w.
Ludlow Shoe company made an assign.
ment i'm connection with its failure at
Elgin. This is one of the largest whole
sale shoe concerns in the country. II
removed its factory and offices from
Chicago to Elgin January l last and
since that time has conducted its bust
ness in the latter city. No financial
statement has been made.
NEW YORK, July 17.-Chancellor Nc
Gill at Jersey City has appointed John
c. Paul, Of Plainfield n j., receiver OF
the GarwOod steel works. The com
pany was originally a Boston concern.
The works are at Garwood, n Y. and
$500, 600 has been lost in following a
new process in making steel ear wheels
CHICAGO, July 17.-The Bouton Foun
dry company, located at Thirty-nintl
street and Evans avenue, made an as
signment in the county court Saturday
in favor of the Equitable Trust compa
n.y. The assets are figured at sl75, 600
liabilities at 5000, 900.
CINCINNATI, July II. - The JOIN
Kaufman Brewing company went into
the hands of receiver Saturday
Pressing claims and inability to obtain
ready cash caused the action. The as
sets are given at 5000, 900 and the liabili
ties only Sl5O,000.