The state herald., 1893-08-04
THE FINANCIAL slruArloN.

On tho 18th the Mitchell bank at Milwau-
kce closed It's doors. Its deposits amount to
nearly 5000, 900, assets 100000.
At indianapolis the indianapolis National
bank and tho Bank Of Commerce closed their
doors. Joint liabilities q, 100000.
Three banks at Louisville, Kentucky, ulso
failed on the 25th. They arc the Merchants'
National, tho Fourth National and the Louis
Vile Dcposit bank. None Of the failures are
considered bad ones Dcpositors In the two
national banks will be paid in full, and the
loss to stockholders will not be moro than 60
per cent. 10 either case,
The situation on the New York stock OK
change on the Goth was critical and panic
was narrowly averted. Tho news that the
Eric railroad had gone into the hands of a
receiver was largely responsible for tho
break In stocks which fell from 1 to points.
H. !. Nicholas & Co., brokers, assigned.
The First National and Montana National
banks Of Helena, failed to open Thursday
morning. A run followed on the other banks
OF tho city. The run was confined principally
TO the Mcrchants' National bank, which paid
everybody. They are confident that they will
10 uoiu W btAtiu tuC AuC WV Sloscu
banks have ample assets, but cannot realize
on them.
The Oregon National bank and the North
west Loan and Trust company Of Portland
failed 70 open their doors on the eth. A no
tice on the door says: lowing to withdrawal
OF deposits and the Inability to realize on Sc
euritics this bank Ia forced to suspend"
Tho First National Of Mlddleboro, Ken
lucky, closed on the eth. Two banks at
Sparta, Wisconsin, closed, also bank ut
Portage. The Ellcnsburg, Washington, Ma
tional bank suspended payment. In consc-
quence Of run upon It tho Traders Deposit
bank OF Mount Sterling, Indiana, suspended.
The following banks failed on the 2Sth /:
First National at Great Falls, Montana; Ger
man National at Washington, Wisconsin /;
Scymour's Bank ut Chippewa Falls, wiscon-
sin; Chamberlain National at Chamberlain,
South Dakota.
the New York and Brooklyn savlngs banks
and institutions to put Into practice the law
emitting them to sixty days notice from de-
posi,ors Of intended Withdrawals OF money
precipitateda run Saturday. Some Of the
banks paid the amount In full, and thu.
sought to restore confidence. Others required
notice, the time ranging from ten to ninety
days, according to the period specified in the
bylaws.
T he Commercial National, Ainsworth Ma
tional and Portland Savings bank OF Port
land, Oregon, closed their doors on the Goth
The following banks also closed on that date
Citizens Savings, Akron, Ohio; First Nation
al, kankakcc, Illinois; Commercial, Eau
Claire, Wisconsin,; Barron Brothers, Lusk
Wyoming.
The McScal Il Urban Safe and Lock Com
pany, one Of the Oldest safe firms 10 the coun
try, have assigned to Howard Douglass Of
Cincinnati. Assets, sl6o,O00; liabilities un.
known. The firm has been unfortunate In
several large contracts, but It Is claimed thai
II is solvent
The New York clearinghouse committee
on the 3lst authorized the Issue Of s2,5O0,00C
more In loan certificates, which brings the
total Issue outstanding up to sa',9,5,oO0. /,
may be noted that SO, 565 900 was the maxi.
mum Issue Of 1871, but this comparison Is
really less impressive than II seems, for very
considerable part OF this YEARS. New York Is
sues has In practical effect, been provision
for Chicago. No banks applied, so the dis,
patches stated, for loan certificates ia the
city. A secondary result Of the local money
scarcity was an absolute want OF bids for
sterling bills, exchange rates going tn some
transactions below the years previous lowest
record.
The following banks suspended on the 3lst ::