The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-02
ALL CRASHING DOWN.
Banks and Various Sorts of Con-
Germs Ruined,


CINCINNATI, June 1.-The Victoria
Cordage Company filed a deed of assign
ment this afternoon to w. Ii. Billing The
liabilities are said TO be 100000 and the
assets may reach 100000. The plant is
in Dayton, but the main Office is in this
city. The company was leased by the
National Cordage Company, but the lease
was not recorded until the latter failed.
That failure. it is said, caused this.
KoKoMo, Ind, June 1.-The Diamond
Plate Glass Company in this city, employ
ing 800 men, has closed indefinitely. The
branch plant at Elwood has also closed,
throwing GOO men out of work. An official
Of the company said:
I'VE have more than 100000 worth of
glass on hand and the market is utterly
demoraizeG. The threatening financial
situation has paralyzed new construction,
and the menacng attitude of Congress on
the tariff adds to the uncertainty We will
wait until the cloud of uncertainty drifts
away. Five of the ten plate-glass fac
tories in this country are down and the
other five are preparing to close at once"
WASHINGTON, June 1. - Comptroller
Eckles was advised this afternoon Of the
failure OF the First National Bank of
Brady, Tex. The bank is small one, the
capital being $4,000
TACOMA. Wash, June 1.-The Clearing
house yesterday issued the following no
tce: lowing to disqueting rumors in
circulation affecting the standing OF the
Merchants National Bank this association
has resolved to protect the depositors il
necessary"
Officers of the bank to-day gave out the
following dispatch sent to the Comp
troller of Currency, Washington. D. c.:
Owing to unexpected demands of our
New York correspondent, the Chase Ma
tional Bank, the continued withdrawal OF
deposits and inability to realize on assets
with sufficient promptness to withstand
constant drawing upon our resources, and
in justice to ourselves and the protection
of our creditors, we are obliged to tenn
porarily suspend. Please send examiner "
Figures given out at this time. said to be
approximately correct. show total liabili.
ties Of 100000 assets 81. 100, 900. The ex-
aminer has wired that he will take posses
sion to-day.
The temporary suspension of the Mer-
chants National Bank caused widespread
comment locally owing to its prominent
position and the fact that it was one OF
the Oldest banking institutions in the State.
Succeeding the Bank of New Tacoma in
MAY, 1884. with a capital OF $4,000, it soon
established reputation throughout the
country, its clientage extending into nearly
every State and Territory in the Union.
1t has paid TO its stockholders during the
nine years OF its existence more than $780,.
COO in dividends, aud had S125, 900 in sur
plus and undivided profits, together with
a capital of S250,000 Its total liabilities
including the amount due depositors, are
100000. with total assets Of ST, 100. OO0
One cause which led to the suspension oil
the institution was the erection three years
ago of a large bank building at cost OF
about S175.000. The taking of so much
money out of business and the season OF
depression ensuing compelled the bank to
become borrower from its Eastern CORE
spondents, and financial stringency pre-.
vailing in the East at the present time
together with the advertised statement oil
Eastern banks. particularly the New York
banks, that they would make no more ad.
vances to Western and Southern institu.
tons. and the sudden demand upon it by
its New York correspondent for a settle
nent precpitated a crisis This compelled
the directors to close the doors of the bank
which they did rather than sacrifice theil
securities, in the hope that adjustment Of
the banks affairs might result in re.
sumption OF business.
| CLEVELAND. June 1.-The failure OF