The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1893-06-08

so t1dt we l6el ana consider them as sale
investments. We have our Bank re-
serves In the strongest considered Banks,
and distributed in such manner so that
even by the failure OF few banks, we
could not sustain any perceptible loss.
We have DIS yet not sustained a single
loss IN any Bank.
JOHN SCHUETTE, Pres.
Louis SCHUETTE, Cashier.
In addition to the Bank assets the de-
positors have the double liability of the
Stockholders. That isl own $4,000
Stock in the Manitowoc Savings Bank
so that my other property is liable to the
depositors for $4,000 more in case of ne
cessity. Ny other property consists of
the Oriental Mills plant which does not
owe a cent to the Bank nor anyone else,
but has besides $4,000 Of working capt.
tai. Although the value of the mill plant
may at present be nominal yet the work
ing capital of $4,000 can be turned into
cash at a moments notice. The Electric
| Light Plant owes nothing to the Bank,
Is free from debt, and has a balance due
in it's favor The Bank and adjoining
building owned by me are also free from
debt. Besides, I own lots, good stocks,
etc. all unincumbered. All my above men-
UioLed individual properties outside of
Bank Interests are practically liable to
all the depositors of the Manitowoc Saw
ings Bank, in the amount OF So, 900. The
balance OF the stock is owned by Henry
Schuette, $1,000. and Louis Schuette,
$1,000 for which they are doubly liable
and adequately responsible 1t may not
be necessary to state that Schuette Bros.
owe nothing to the Bank, but have a
credit there. Any one sorut1nizlng the
above statement and having faith In
their truthfulness. 1chich certify to be
correct. must feel that all depositoIs are
abundantly secured.
JOHN SCHUETTE.
On the advice Of business men who
who were perfectly satisfied the bank
could meet its obligations at once unless
subjected to mad rush, Mr.. Schuette de
cided to cash only such certificates as
security, the bonds of which there are
over $4,000 worth in bank and the rell
estate mortgages of which the bank holds
over $4,000 being used for this purpose
l. l., . IL TO-, L.
at 1O3 per cent. and before the run, would
have sold at higher figure. A large
majority took the security. The certiti-
Gates due and the smaller certificates
were cashed. The rush in the morning
was caused by the feverlsh anxiety of the
preceding night when the news OK the
failure OF the State Bank spread. By
ten o'clock there was no one in the bank
seeking to withdraw his money. The
stampede had quoted down for the time.
The abundance Of security which the
| bank had to offer seemed to have soOth-
ing effect.
While Mr.. Schuette stated openly that
he blamed no one because Of the panic
that is everywhere, he insisted that it
was utterly impossible for the bank to
fail so that it could not pay dollar for
dollar. 1t was difficult to raise money
on the splendid securities he had to offer
because every bank in the country either
had a run or feared one and would not
part with any considerable portion of
their currency on the very best collateral.
The bonds held by the bank are coun-
ty bonds, Manitowoc city bonds and
school bonds on the north side district
of this city and of the 3rd ward. These
bonds can not be purchased for less than
l 1O4 per cent. The mortgages are on
. Manitowoc county real estate and would
sell at premium. The bank has always
turned in its surplus as its officers have
an income more than sufficient to meet
all their wants without drawing one cent
from the earnings of the bank. Outside
: of the bank John Schuette is worth about
100000 and the property is wholly IN
encountered. Schuette Bros. offer their
guaranty that depositors shall be paid
The credit OF their store is at the disposal
Of the bank should it be needed. The busl
ness men of the city are acting very fairly
with the bank, so that take it all in al
the cause for alarm seems to be utterly
groundless. The only trouble is Difficult
ty to get money difficulty which few
days will remedy as the fever has practi
cally died down in Milwaukee. People
have come to their senses there and in
day or two the banks of tina: city vii
feel safe in giving money for good secur
tiles.
The bank expected a heavy run yester
day but was quite well prepared. The
excitement ID Milwaukee had died out
and banks are willing to make advance:
on securities. Offers Of assistance cam,
for 20 times the amount that was asked
and refused the day preceding. The far
mers were on hand early in the morning
but only few drew their money out
: Many of these returned 1t before 1.
o'clock. At half past ten the run had
totally collapsed. Farmers who had com,
| with their Certificates talked amont