The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-07-26
BANK FAILURES.
Several More Large Institutions In
the East suspend.

several More Large Institutions In
the East suspend.
INDIANAPOLIS, July 25.-The Bank of
Commerce did not open its doors this
morning. The Indianapolis National
Bank also failed to open its doors. The
indianapolis National was considered
one of the strongest banks in the city,
and was designated as depository of the
United States. President Theodore
Haughey consulted with other bankers
last night, having previously secured
$4,000 to tide him over yesterday. He
said the failures at Louisville and New
Albany had aggravated the local situation
and it was thought best to suspend. The
Bank OF Commerce has not been one of
large deposits, and the failure will not
have much effect locally. The indebted
ness is said TO be Sl50,0OO. At IL o'clock a
heavy run was being made on the In
diana National.
The statement of the Indianapolis Ma
tional Bank July 18th showed resources
of S2,3l3, l54; liabilities-due depositors,
81 ,194, $50; United States deposits, Sl93, 100;
deposits of United States disbursing Off
GERS, 500, 500; due other National banks,
Sl40 403; due State banks, $3.50; notes
and bills rediscounted. SOL, 137; bills pay
able, $58,060; capital stock, 100000; sur
plus, 100000; undivided profits, S44. AS.
While the Indianapolis National Bank
was United States depository, but
S3,6S7 was tied up. Cashier Tick
ford was asked if the withdrawal
of funds by country banks were
not largely responsible for suspension.
"The stringency of the times" he replied,
''has greatly reduced those balances. At
this time of the year they have hereto
fore been large" The real trouble of the
Bank of Commerce began at the failure
of the Premier Steel Company. There
have been drafts on the bank ever since.
Then the publication of Depauw's fail
ure hurried things along. The failure of
the indianapolis National shut off their
chances of getting help, and the bank had
TO close.
CLOSED ON ACCOUNT OF THE STRINGENCY,
MILWAUKEE, July 25.-The Wisconsin
Fire and Marine Insurance Bank closed
it's doors this morning. The bank was
commonly known as the Mitchell Bank.
a notice on the door says: CLOSED on
account of monetary stringency." The
statement on the LIST inst. places the re-
sources at S, 946, 344. The liabilities are:
Due depositors, $50, 504; due others.
$500. 600 The bank has capital of $780,
OO0, of which John l. Mitchell holds S313. :
800; David Ferguson, Sl66,6OO; Washing
ton Becker, $4,000; J. B. Murphy, 500.
The undivided profits are S75, S4l.
The Milwaukee people had become i'm
bued with the idea that this old bank was
a Gibraltar of finance, and could not
credit the reports that it had closed. 1t
was the general belief that when all the
other banking institutions had disap-
peared from the face of the earth the bank
which Alexander Mitchell founded would
continue to do business at the old stand.
Cashier Murphy says the bank has been
subjected to a heavy strain and the end
was inevitable, but that the bank is not
insolvent, and only time is needed to
meet every liability. Washington Becker
has been appointed receiver.
The city of Milwaukee has 81. 600, 900 in
the bank and will probably have to tenn
porarily suspend payment. The bank
was the depository of the Chicago. Mil
waukee and st. Paul Railroad. and ar
rangements had been made for the pay
ment of checks drawn on that bank by
the Wisconsin National Bank.
Runs were at once started on number