Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1893-07-26
MORE BANK FAILURES.

Another Large One at Milwaukee
Has Suspended-Statem of the
Cashier-He Says 1t is Not EnsoIveni
by Any NIeans-Bank Failures nj
indianapolis and Louisville.
MILWAUKEE, July 25.-The Wisconsin
Fire and Marine Insurance bank has closed
it's doors. The last statement of the bank,
rendered on the 1st of the month, Is as fol
lows:
Resources-Loans and discounts, &c.
4S5, 773; over-drafts, $29, 1888; stocks, bonds
and mortgages, $567,412; Losses and ex-
pense account, 1888; due from banks and
bankers, 81 OBS, 472; cash, currency, $532,
361; gold and silver, $124, 226; checks on
clearing house, $16S.281. Total resources,
IS, GAG, 344
Liabilities-Cspital, $500, 600; undivided
profits, $75, $40; due depositors, $3.50,
sos; dus to others not included under
either of above heads. $500, 1000. Total La
bilities, $s,94e,a44
Cashier Murphy made the following
statement: "We have been subjected to a
constant drain for some time and have
realizsd on every asset on which the bank
could get money on short notice We felt
that under existing circumstances it was
only question of time when suspension
would inevitably come, and therefore de-
cided to close. We might have possibly
got through to-day all right but it was con-
sidered best for all concerned not to open
for business. This bank is not insolvent
by any means and only time Is needed to
realize enough money to meet every liza
bilisy. 1t not only has simple assets but
Mr.. Mitchell and Mr. Johnston are bahind
it."
Judge johnson appointed Washington
Becker receiver of the bank. His bond
was fixed at 81 100000. The city of Mil
waukee has 81 ,000, 600 in the bank and the
rarily suspend pay ment, as did the county
when the commercial bank closed.
INDIANAPOLIS, Ind, July IS The In
dianspolis NATIONAL bank, capital $500, 900,
closed Its doors this morning. No state
ment has been made as to the condition,
except that the failure is for 81 200, 900.
According to the statement of the bank
made July Is, the loans and discounts
amounted to 81, 545, 1854, while cash and
securities on hand aggregated $685., 900.
The individual deposits subject to che OK
were 1926, $50. The bank was United
States Depository and had all the Federal
money in 1t, amounting to 100000
The doors of the Bank of Commerce
were not opened this morning. This was
not unexpe cted, as the bank was owned by
| the Depauws and the Depauw estate, and
| because of the failure of DepauW Saturday
run was made on the bank yesterday. II
was the oldest in the city and one of the
| Oldest in the state. 1t was organized as az
l insurance company in 1886, with banking
| privileges under the then existing laws. Ir
| 1869 it was regularly incorporated as {
bank. 1t has a capital stock of 5000, 200
of which the Depauw estate owned nearly
| three fourths. The estate is worth 30, 600,
600 and the stockholders are liable TO,
twice the amount of their stock.
At nearly all the banks there are de
positors drawing out their money, but i
has not as yet resulted in run on any O
them except Fletcher's bank. This is on
of the Oldest in the city and Is regarded 81
one of the soundest and most conservative
financial institutions in the west. 1t is
private bank owned by Allen M. and Stur
geon J. Fletcher, who are both million
aires. The last statement of the banl
showed about $500, 600 of cash on hand ant
bonds to secure deposits of over 81 900.
600. The Withdrawals are from small de
positors.
LOUISVILLE, July 25. The Merchants
National banks closed it's doors this morn
ing. This is the third national bank o
this city which has suspended since Satur
day. It was the steady and growing DC
mand from the county banks which cause
| the trouble. Its capital stock is $500, 00f
At 1890 the Louisville deposit bank wa
closed. 1t was organized little over
year ago by Moses G.. Schwartz, its pres
dent, with a paid up capital of $500, 900
1t was started at bad time and was n
fused admittancs to the clearing house.
however, seemed to prosper for awhile an
at one time sold stock above par. 1t migt
have pulled through but for the suspe,
sion of the three national banks.
The Fourth National bank closed i
doors this afternoon.
TOLEDO, O., July 25 The Farmers NJ
| tional band of Findlay, O., closed its doc
at noon to-day. No statement has bee
made out as yet. No excitement prevail