Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-07-23
CONCERNING BUSINESS AND FINANCE


MILWAUKEE, Wis, July 22.-Runs which
started on all the banks early in the day
were still in progress this afternoon. The
crowds at several Of the banks had in
creased in consequence of the spread OF
the news that the South Side Savings
Bank and Milwaukee National Bank had
failed. The run on the Merchants Ex-
change Bank was probably the heaviest,
but the crowd that was at the Second WARD
Bank was nearly as large. The Merchants
Exchange Bank paid out money freely and
its officers said they were confident they
would be able to meet every demand. The
air was full of rumors Of failures and I'M
pending failures in mercantile circles, out
up to noon no suspensions had occurred.
President Trumpff, Of the South Side Saw
ings Bank, said depositors had been max
ing large Withdrawals during the past
month, while collections had been impossl-
bic.
The officials and directors decided they
could do business no longer under the cir
cumstances, and concluded that in the in
terests of the patrons and themselves 1T
would be better TO suspend without further
delay. While they hope TO be able to re-
sumo after the storm has blown over, they
are not able 10 state anything definite. !.
The closing of the Milwaukee National
Bank was a surprise. even to some OF the
stockholders. J. M. Perees, who owns
block of the banks stock, says there Is no
reason why the bank should have closed
except that the officers were afraid to
stand q run. A statement OF few days
ago showed that the bank had assets in
excess of liabilities amounting TO between
$500, 900 and 100000 People who were
not posted could not believe the bank,
oh ~ OlnaCf
had failed, and scores Of people walked in
to the entrance, read the brief notice an
nouncing the banks suspension, and
walked out again.
KNOXVILLE, Tenn, July 20.-The State
National Bank closed this morning The
notice posted on the doors stating "The
bank has closed for liquidation. Deposi-
tor will be paid in full" Liabilities and
assets not known outside.
MILWAUKEE, WIS, July 20.-Judge
Moves, president Of the Milwaukee Nat
ional Bank. has given out the following
statement for publication: This bank i
consider perfectly solvent. 1t has s500,OOO
assets above Liabilities. In ordinary times
it would pay all depositors in full
within three months, leaving surplus OF
two hundred cents on the dollar for dlstrl-
button among the stockholders, The rea-
bOQ IOT ClOSluB bO-udy 10 bAO ohO Nhob h~7
been so much repeated in the last sixty
days that the public know it without being
told. The shrinkage and withdrawal OF
deposits aad the inability Of customers to
meet their obligations to the bank led the
directors 70 the conclusion that 1t is best
for the interest of all concerned 10 close
the doors at this time. Fortunately depos-
itors in this bank are such that no one will
be seriously injured bv delay in obtaining
their money. A meeting OF the stOckhold-
ers will doubtless be called soon 70 vote on
the question Of a resumption Of the bust
ness or of going into voluntary liquidation.
The Controller of Currency has been noti
fed OF the situation"
LOUISVILLE, KY, July 22.-The Ken
lucky National bank, capital 81 1900,
has suspended payment. No statement
There is no excitement and al others re-
garded as all right
MILWAUKEE,, Wis, July 22.-The South
Side Savings bank opened as usual this
morning, but closed their doors at lO:3O
The report of the bank, made on the first
Wednesday of this month, is as follows:
Assets, loans and discounts, $7Sl,325.3O;
due from brokers on call loans, sos, 600;
oyer-drafts, $3,94S; United States and
other bonds on hand, $4,000; banking
house and fixtures, 6,974.O2; due from
banks and bankers, $7,sl6.ss; cash items,
nickels and pennies, s735.2l; checks on
clearing house, $40, ,S25.7S; specie, SIS, 72O;
United States and other National bank
notes. Sl62. $50; total, 81, 15S, ,965l7. Liza
bilities, 800, 900; undivided profits, el2, 800;
due depositor on demand, S2s6, OH. 40; due
creditors on time, $735, 49, Il; due all others
not included under above headings, S25, 600;
total, 81, ,15S, ,965.l7.
RUSSELL, KAs.. July 22.-The First Ma
tional Bank OF this place closed this morn
ing and was taken possession by G. Nj.
Sawyer, on order ofthe comptroller OF cur
rency. No statement is made.
NEW YORK, July 29.-The weekly state
ment of the associated banks shows the
following changes: Reserve, increase,
g. Ol2. $50: loans, decrease, 81 20S, 800; specie
increase, 81, ,5S4, 400; legal tenders, increase,
S503, 700; deposits, decrease, 50, ,e97, 500; cir
culalion, increase, $4,000. The banks
are now 81, ,256. 500 below the requirements
n - y Il