The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-07-02
FAILURES.

ST. LOUIS, July The Madison Car
company assigned today to Paul A. Fusse
of Edwardsville, Ills. The liabilities are
S9lS,0O and the assets about the same
I he failure is owing to the inability of the
company to extend its credit and the pro-
testing of a note for SO, 600 i'll New York
"A week ago The company was organized
TWO years ago with Il capital of $500, COO
J.. NJ. Rumsey is the president. and the
stockholders are among the wealthiest
people III St. Louis. 1t was known as the
Granite Mountain syndicate The works
of the company are The largest in the
country. They are located Mt Madison
HIS, just across the river from here and
employed :, 900 men.
When the news reached this city it
created great excitement among the
bankers. ALI the parties interested are
heavily concerned in number of big local
enterprises. The Granite Mountain peo
pie are also behind the Merchants Bridge,
yhe Security building ana IA number OF
mining enterprises. Six months ago the
company bonded itself for $4,000 This
was used 10 pay off all outstanding in
tiebtedness and to enlarge the plant, and
was known TO have left the company with
plenty of working capital. The works
were running at their full capacity. Major
Raiuwater one OF the leading members of
The company, when seen. said that be
thought I4e suspension would be bat tenn
pcrary', rs tEe company had plenty of
orders on hausi.
.WAsnlNCToN. July 1.-ComptrOller
Eckels ws;sin1crmed this afternoon of the
failure of SO First National bank of
PhilhrshurgS Mont.
BEATRICE, Neb.. July 1.-The Nebraska
National bank and the American National
bank failed oopen their doors this morn
ing Each bank has n capital of Sl00. 600
The Nationals trouble was caused by
the stringency IN the money market.
There had been a run on the American
bank, and the heavy withdrawal of de-
posits finally became too much for il. The
assets of both banks are in good shape.
and the failures, il Is thought, will oniv
be temporary. There was considerable
excitement on the streets for a time.
WEBB CITY. No, July The Exchange
bank OF this city, with an incoruorated
capital ot $4,000. closed its doors this
morning, and this afternoon assigned to
Ii. l. Newman of Joplin for the benefit Of
its creditors. The deposits are $50 OOO.
The liabilities have not yet been ascer-
tainen. The stringency In money, with
arawais of deposits and inability 10 realize
on securities caused the failure j. c. aud
W. {. Stewart, otficeIs of the bank, also
made personal assignments. The depos.
TORS viii realize about 50 cents on the
dollar.
SALIDA, Col, July The Chaffee
county bank assigned this morning. The
liabilities are about S900oO. The assets
are unknown. Slowuess in collections is
given As the cause. The news of the fail
ure caused run on the First National
bank, and at 1850 o'clock its doors were
closed until Monday, when the depositors,
they are assured, will be paid in full.
MfNNEAP0LI0 MINI, July 1.-The st
Paul and Minneapolis Trust company.
which closed last Wednesday, has over
come the embarrassment and Will opcn
again on Monday.
PITTSBURG, Pa, July Spear. White
q Co. have assigned. The assets are Sca00.-
900 apd the liabilities but 10000. Tne
difficulty viii be but temporary.
OURAY, Col, July 1.-The First Nation
al bank closed this morning owing 10 a
want or currency. The assets are SlIO.Oo0
and the liabilities 81, 1t is only Il tenn
porary embarrassment