The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1893-08-02
CLOSED THEIR DOORS.
Strlngency in the Money Market
Closes Several Banks.
Two at indianapolis, One Mt Milwaukee
and Two at LOuisyil'r, KY, SuccuDb
to the Pressure cncers OF All
the Banks Say Depositors
VIII Lose Nothing.


apolis National bank, capital 5000, 900,
closed its doors yesterday morning. No
statement has been made as to the con-
iition except that the failure is for
$1,000, 900. For some days rumors have
been current to the effect that the bank
was in trouble and those rumors had
Che effect of starting a quiet run upon
it, which, quiet though IL was, depleted
the banks finds and finally made it
necessary TO close For many years
the indianapolis National has been re-
garded as among the strongest banks
In the city. The suspension of the bank
is due to the general financial strin-
gency.
Indianapolis was in fever of excite
ment all the morning. At nearly all
the banks depositors were drawing out
their money, but there was not sus-
tained run on any one of them except
Fletcher's bank. This is one of the
oldest in the city and is regarded rs one
of the soundest and most conservative
financial institutions IN the west. II
is private bank, owned by Allen NJ.
and Stoughton j. Fletcher. who are
both millionaires. The last statement
of the bank showed about 10000 Of
cash On hand and bonds to secure de-
positors of over 81, ,000, 900.
The doors of the Bank OF Commerce
were not open Tuesday morning. This
was not unexpected, rs the bank was
owned by the Depauws and the De-
paw estate, and because of the failure
Of c. w. Depauw, Saturday, run was
made on the bank Monday. The bank
is the Oldest in the city.
At noon the runs on the Meridian and
Fletchers' banks ended. but there was
still crowd of small depositors in line
at the Indiana National bank. Conf.
dence is rapidly being restored, as all
the other banks were prepared for such
emergencies. Their policy has been to
keep strong in reserve cash which has
for two months or more never be en- less
than 80 per cent. Of the liabilities. 1t
ia said that the failure OF the Indian
npolis National bank TO keep strong in
its reserve cash inspired the distrust
that resulted in It's failure II Is be.
lieved that two factories will be car
ried down by the failure of the Indian
apolis National bank.
MILWAUKEE, Wis, July 2G.-At 10
o'clock yesterday the following notice
was posted on the doors of the Wiscon.
sin Fire Insurance Company bank: by
reason OF the stringency in the money
market this bank is closed by order Of
the directors. j. p. Murphy, cashier"
This bank, which has generally been
known as "Mitchell's Bank" as Sena.
Cor Mitchell and his father before him,
the late Alexander Mitchell, had been
the principal stockholders, was consid.
erod tho very strongest bank In the
city, and during the troubles of June
and this week there have been compar-
ntively unimportant runs on II.
The bank was closed up on an action
brought by benjamin We'll, a real es-
tate man, who alleged that the bank
owed him ss,S4l which II was unable to
pay. On motion OF n. X. Miller Judge
johnson appointed Washington Becker
receiver under 81, ,OOO,O ,OOO This bank is
the city depository and at the present
time holds 81, ,G35, 900 Of the city's funds.
New York, July 26-It is reported
here that the failure of the Wisconsin
Marine and Fire Insurance Company
bank was caused by the Northwestern
and st. Paul roads withdrawing their
deposits.
As a rule bank presidents and leading
brokers are averse TO saying anything
about the situation for publication.
They hope for turn for the better,
but do not anticipate any great change
until congress repeals the Sherman act.
LOUISVILLE, July 26.-rhe Merchants
National bank closed It's doors yester.
day morning. There was n small local
run, but that would not have affected
the bank II was the steady and grow
ing demand from the country banks
which caused the trouble. President
j. II. Linderberger says the bank is abb
solutely solvent and there Is no sort of
doubt that the depositors will be paid
In full
The Fourth National bank threw up
the sponge in the afternoon, after a
hard fight. A run during the morning
with drain from the country banks
caused the suspension. President
George Davis was seen Just after the
closing Of the doors. "All the infor-
nation we have TO give out at this
time" he said, sis that no one will lose
a mill by our suspension"