The Bessemer indicator., 1893-08-05
THE FINANCIAL SITUATION.

The ff>t National and Montana National
banks Of Helena, failed to open Thursday
morning. run followed on the other banks
| of the city The run confined principally
| TO the Merchants National bank, which paid
| every body. They confident that they wii
be able to stand the run. The two croscd
banks have ample assets, hat cannot realize
on them.
The Oregon National bank aud the North
west Loan and Trust company of Portland
failed to open their doors the 2ith. A no
ticc on the door says; Owing to Withdrawal
OF deposits aud the inability to rcnllzc on
curities this bank is forced to suspend
The Fire, National of M,ddleooro, Ken
lucky, closed on the eIth- Two banks at
SpHrta, Wisconsin, closed. also bank at
Portage. The Ellensburg, Washington, Ma
liona bank suspended payment. In conse-
queuec of run upon 1t the Traders Deposit
bank of Mount Sterling, Indiana, suspended.
The following soaks failed on the eSth.
First National At Great Falls Montsnas Ger
man National At Washington, Wisconsin;
sovmoar's Bank at Chippewa Falls, Wiscon-
sin; c Chamberl,Dt National at Chamberlain,
South pakula
the New York and Brooklyn savings banks
and Institutions 10 put Into practice the law
emitting them to sixty days notice from de-
posiiors OF intended Withdrawals of money
preclpltated run Saturday. Some of the
banks paid the amount in iull, and thus
sought TO restore confidence. Others required
notice the time ranging from tea 10 ninety
days, according to the period specified in the
bylaws.
The Commercial National, Alnsworth Ma
'ional and Portland Savings bank ot Fort
land Oregon, closed their door. on the 2ath,
The following banks also closed on taHt date:
Citizens Savings, Akron, Ohio; First Nation
al, KankAkee, Illinois; c ommercial, Eau
Claire Wisconsin; Barron Brothers, Lusk,
Wyoming
The MeNeal x Urban Safe and Lock Con-
pany, one of the oldest safe firms IN ,,,s coan-
try, have assigned to Howard Douglass of
Cincinnati. Assets slao,OC0; liabilities un-
known. The firm has been unfortunate In
severn, large contracts, but 1t Is claimed that
1t is solvent
The New York clearinghouse cummi,tes
on the 3lst authorized the issue ~ - No, 900
more In loan certificates, which brings the
total issuc oGtstarJIug up to 81 ,975, 600 1t
may be ncrr-i that SIC, 5G5, ,OOO was the maxi
mum issue of 1873, but this comparison is
really less impressive than 1t seems. for a very
considerable part OF this years New York ia
sues has Ia practical effect, been provision
for Chicago. No banks applied, 30 the dis
patches stated, fer lnar certificates in the
city. secondary result of the local money
scarcity was an absolute want OF bids for
sterling bills, exchange rates going On some
transactions below the years previous lowest
record.
The following banks suspended on the 3lst :
Springfield Savings .; Springfield, Missouri ,
First National Ashland Wisconsin,, First
National, Dallcs, Oregon: Bclllngham Bay
National, Whatcom, Washington Savings
banks throughout the Eastern states arc en-.
forcing the rule requiring notice OF with
drawal OF deposits.
The feeling among New York bankers on
Tuesday was better as It was reported that
-, coo 90 In gold had been shppc,, 10 Amer
lea from London.
There Wild excitement on the Chicago
board of trade Tuesday due to great fall in
the price OF pork. 1t dropped from sl9 TO
so in a short time Jack Cudahy and several
other firms failed.
In view Of tho low prices OF bonds New
York bankers have decided TO Issue IS C50, ,oO0
more currency.