Iron County register., 1893-08-03
FLUTTERlNG FINANCES.


Mont, Resulting in the Closing OF Two
OF the Biggest Banks, the First National
and the Montana National-The Drain
ofReady Cash WAS Too Great-Other
Banks Feeling the Pressure.
HELENA, Mont. July 2s.-FinanciaI
troubles reached Helena yesterday and
resulted in closing two of the biggest
banks in the state. They were the
First and Montana national. The First
| is the pioneer bank, of which $. L.
Hauser is president. Its directory in
Guides some of the wea1thiest men IN
Montana. For three weeks there has
been steady drain on the bank, and
Wednesday,, after the days business
was over. there was very little cash on
hand. Wednesday night the directors
met and unanimously decided that it
was the business of the stockholders
to support immediate liquidation, and
the bank temporarily suspended The
bank did not open yesterday morning.
A statement made shows assets,
s377.s6o; liabilities, s2o5,56o. The
bank had capital of half a million
and its business extended all over the
northwest.
John T. Murphy was president of
the Montana. 1t was regarded as
strong, but was not SO old. 1t had a
capital of half million and state
ment shows assets, 81, ITO, 600: liabili-
ties. 100000. The directors desire vol
untary liquidation and its close was
due to the same causes as forced the
suspension of the First national.
When the banks opened the main
streets We're crowded with people, the
largest number being about the Mer-
chants national. There was steady
run on this bank for three hours, but
ing they gained more cash than they
lost during the day. There was no
rush on other banks.
A Dangerous Rumor Emphatically De-
MED.
New YORK. July 2S.-The clearing
house committee were in session yes
terday afternoon. The long conference
gave the rumor bureau an opportunity
to start the report that large bank
was in trouble, and the announcement
of an issue of S1,35O,000 of clearing
house certificates lent some strength to
this report. Later the amount of GER
but at the end of the meeting the
clearing house officials stated that the
original amount of 1880, 900 was right.
Their long session, they said, was due
to the large amount of work before
them in the way of shifting loans,
caused largely by the great deprecia-
ton in prices Wednesday. They em-
phatically denied the story of a bank
being in trouble, and said that every
bank in the clearing house, and, SO
far as they knew, every outside bank
in this city, was in good shape. Those
who met at the clearing house were all
of the opinion that the situation was
somewhat better, but still serious.
Good Times to Import Gold.
New YORK. July 2s.-Several of the
banks here decided yesterday to ex-
tend to the large clearing house any
aid that may be necessary to facilitate
the importation of gold. Owing to the
low rates of exchange several large
houses considered it a favorable time
to purchase gold, and to this end they
approached the banks to ascertain if
the necessary accommodation would be
extended. The banks replied that every
facility would be afforded them. and on
the strength of this nearly IS, 600, 900 OF
gold was ordered for Saturdays ship
ment from the other side. OF this.
Lazard-Freres imports 81 ,000,o 900: j. w.
Seligman, 81 100000, Van Hoffman Il
Co.. $4,000 The members of the
clearing house committee wish it stated
that the clearing house has nothing
whatever to do with this arrangement
Of importing.
A Summary Of Bank Failures.
BALTIMORE, Nd, July 27.-A sum-
mary of bank failures in the United
States from May to July %, inclusive,
shows that 3O1 banking institutions,
with capital of s3s, 951 ,033, suspended.
The manufacturers Record publishes
a complete list of the closed banks by
states; also a table which shows that
five-sixths of these failures and four
ffths of the capital involved were in
the western and Pacific states, while
only 10 per cent. of the failures and
IL per cent. of the capital involved
were in the south. In Colorado alone
the capital involved was nearly s., ,Cc0,-
600 greater than the aggregate capital
of all the banks that failed in the
south The number of failures in the
southern states was thirty-seven, in
volvinp 1892, 100: in the western and
Pacific states the number was 251. in
volving S31 25S, 933: and in the eastern
and northern states thirteen, with g..
600, capital.
Gone Into the Hands of a Receiver.
HARRISBURG, Pa, July 2s. - The
American Tube Iron Co., located at
Middletown, has gone into the hands
Of a receiver. The company has no
judgments or bonded Indebtedness
against it. but could not raise funds
owing the stringency of the money
market. 1t is one of the largest con-
Germs of the kind in the country.
The concern has plants at Middle
town, Pa. and Youngstown, O.. 1900
men and boys being employed at the
former place and 500 at the latter.
Temporarily Suspended.
EXETER. n H., July 2S.-The Ma
tional Granite State bank temporarily
suspended payment yesterday morning.
The institution is declared by officials
to be perfectly solvent. An immediate
resumption of business is expected.
Peace 1seigns.
KANSAS CITY. Kas., July 2s.-Quiet-
ness reigns at Weir City, Pittsburgh
and other mining towns. The militia
is being disbanded and many of the
deputy sheriffs have been discharged.
Stories which have been sent from
Pittsburgh and Weir City Of dynamite