The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1893-07-28
TROUBLES OF BUSINESS
New York Bankers on the
Financial Situation. a.,
THEIR WORDS NOT ENCOURAGING

| THEIR WOHDS NOT ENCOURAGING
The Milwaukee Bank that Failed Ysster-
day Had Been Regarded ~ One Of TIE
Strongest Installations In the Country.
Three Louisville Banks Collapse Al
most Panic On the New York stock
Exchange-TheI indianapolis Failure.
New York, July go. - The continued
reports Of failures among Western banks
in the opinion Of New York bankers shows
that the financial situation there is in no
way improving In fact, it is less encour-
aging than ever.
The feeling Is more than confirmed by the
suspension Of the Wisconsin Marine and
Fire Insurance Company's Bank at Mill
waukee.
1.-The Wisconsin Marine and Fire Bank"
said President Cannon, Of the Chase Nat
ional, ''bas always been regarded as one of
the strongest and most prosperous institu-
tions in the Northwest and its failure Is
certainly the most serious calamity that
has yet occurred since the financial de-
preston began to be felt in the West
such an Institution going under cannot
fail to add to the general distress, and the
suspension may be far-reaching in its
effects.
~ do not like to make gloomy predic
tions, for the situation is bad enough as it
Is, and financial institutions need all the
support and encouragement that can be
given. Yet it is evident that all these fail
ures can be traced to a common cause,
anxiety for the future, lack of con fide ence
and the withdrawal of money from circ ula-
tionn
President j. Edward Simmons, of the
Fourth National Bank, also said that the
failure Of the Milwaukee Bank was In his
opinion the most serious that had occurred
in the West, as 1t was an old and we'll
established institution, with extensive con-
nections and rsmifcations all over the
Northwest. Other institutions would un-
doubtedly be affected by its collapse.
The New York banks, he said by associ-
ating as closely as they did had formed a
mutually protective organization which
had enabled them TO tide over the difficult
situation and their strength had undoubt-
edly contributed to reassure financial insti-
tutions elsewhere. He did not think that
the crisis in the West had passed, but said
that If the banks would form associations
threatened danger would be averted.
New YORK, July 26-Almost a panic |
ragged on the Stock Exchange yesterday !
afternoon. Stocks dropped away violently,
and some Of the lowest prices In years were |
recorded.
The failure Of the Marine & Fire Insur- |
ance Bank of Milwaukee started the heavy |
selling, and later on the failures of two !!
large banks in Louisville added to the ex- |
element.
The Milwaukee Bank is the largest in !
Wisconsin, and the largest in the West |
INDIANAPOLIS, Ind, July 25-While the
indianapolis National Bank that failed
yesterday was United States depository
but SO, 1896 was tied up AT our last
payment we checked out nearly $500, 900
from the Indianapolis National, said Pen
S on Agent Ensley.
MILWAUKEE, Wis, July 26,--The Wis
consin Fire and Marine Bank of Milwau-
kee which suspended yesterday, has al
ways been known as Mitchell's Bank, and
was one of the half dozen famous pri-
vate banks of the continent.
1t has succumbed to the paper of the
Schlesingcr Iron syndicate of which it held
S750,000.
This paper is all secured by iron re-
ceipts, but these could not be used any
where.
LOUISVILLE, KY, July 26.-Yesterday
was memorable day in the financial his
tory of Louisville. At 10 o'clock q. IN.
he Merchants National bank posted a no
sce Of suspension and halt an hoxr later
.he failure Of the Louisville Depoas Bunk
vas announced.
By this time half dozen banks n TIE
'ity were being run by depositors, mostly
'mall ones. They all stood the pressure
except one, the Fourth National, which
closed its doors in the Board OF Trade
,uildingat 10 o'clock
Toledo, O., July 26.-The Parmers
National Bank, Of Findlay, has closed il
ioors. No statement has been given out
as yet. No excitement prevails, and the
,ther three banks In the city are preps rcd
'or any run that may follow.
A Shoe Factory to shut Down.