New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-22
NEWTROUBLEIN MILWAUKEE,
THE COMMERCIAL BANK MAKES AN As
SEGMENT
1T HAD BEEN LOSING DEPOsITs-TUE CRASH
DIRECTLY DUE TO THE ATTACHING OF
IRON HELD As COLL,TERAL--OTHER
INSTITUTIONS GO UNDER.

INSTITUTIONS GO UNDER.
Milwaukee Jnly ol-Thc people about the Court
house were thrown into state OF CONSERVATION apon'
10 30 O'Clock this morning when an attorney Juhp"
up the stairs two steps at a time leading 10 "'
Office Of the clerk of the courts aud filed voluntary
assignment OF the Commercial Bank. Tins haS'"
was owing to a number Of creditors who were nara
on his heels with attachments and executions 10
file The assignee appointed In the papers hlra j.
A. r. Geilfnss the caShiT Of the bank and his
bond Is placed at 81 100000. This was given 10y
Albert Como, Charles +. Pfster and f. Mariner.
The entire fund OF Milwaukee County, amounting
TO 6o4 was deposited I'm the Commercial BANK
The newy>-organlzcd Milwaukee Electric Railway
Company was also a depo'itor to the extent OF
$500, 600.
The last statement Of the bank showed the demand
deposits to amonnt to Sjj1,748 -, and the time
deposits TO 915 %. The assets II 65GojO
OF which ~ 3l527S In loans and discounts. The
bank has n capital OF $250.OOO The following are
the principal stockholders A. b. Geilfus' S22,oOo
f. X. Paine preSidcnU, S2O 900; J. =. Pierce oliOoo
j. G. Flint (vice-presidenO, $1,000; H. NJ. Benja-
min, s11 900; W. II. Timln. 100000 John KreIner
$4,000; A. l.. Kane, $4,000; +. ScheSlnger,
$4,000; Harry Rcubcns $4,000; a. IL. Wagner,
81, 500.
Durng the financial furry month ago, caused
by tue Iappen failure, resulting in the suspension OF
the Plankinton Bank there run on the
Commercial, but II has been generally believed that
the Institution would weather thc stOTHl AS
has been trouble here for some time, the assign
ment this morning great surprise. 1t had
no effect on the other banks. The direct cause Of
suspension OF the bank at this time Is attributable
to the failure OF the Douglas Furnace Company Oh
sharpcsville Penn. OF whose certificates OF stored
pig iron the Commercial had about 100000 ii
Is declared that somebody, ignoring those certificates,
had the sheriff attach the iron
W. ii. Timln the legal representative OF the Com
mcrcial, when asked about the situation, said IL
those certificates genuine, as they are supposed 10
be, shall be all right. II can get the PIX Iron
the warrants call for. and TO which we are legally
entitled, shall ont o. X. The deals with
the Pennsylvania concern have been through the
schesinger people"
have been quietly Withdrawing their money from it
until there was at the time OF closing the nstitu
ton only about $4,000 Of demand certificates on hand.
Some Of the heaviest dcpOsltOrs had reduced their
deposits greatly one corporation, which had at
times high $4,000 in the bank on deposit, had
only cents there when the doors closed.
Tacoma. WASH, July 21.-Thc Traders Bank OF
Tacoma allied open for business this morning. The
suspension is due to its inability to procure ready
money. It's securities sufficient to pay all obga
tions and TO leave q large surplus. Without any run
or excitement the deposits OF the bank have by
steady drain been reduced since october 80 per
cent. is expected that arrangements will be made
resume business within a short time.
Warrensburg, No. July 2l.-The Johnson County
Savings Bank suspended at noon yesterday, and will
so into the hands of a receiver The bank has ample
funds, but inability to collect and the heavy runs
caused the failure The officers say that the depoSitors
Will be paid In full.
y HarrisOnville. TO-. july 21.-Thc First National
Bank of Harrsonvillc. suspended payment Yesterday
morning and is in the hands of the Controller Of the
Currency. The capital stock Is 10000, assets
between $1,000 and 10000 liabilities between
100000 and 100000. Stringency of the money
Bet and failure to realize collateral the causes
Of the suspension.
g Washington, July 21.-The Controller OF the Cur
rency learned to-day that the First National Bank Of
Cheyenne, Wyo had failed.