Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1893-07-29

Fire ana Marine Insurance bank closed
its doors this morning The banks
capital was 100000 paid up. 1t had
the largest capital among the Mil
waukee banks, and in May, 1850, eel
ebrated its tiftieth anniversary. BY
"A special act of the legislature obtained
by Alexander Mitchell the stockhold-
ers are liable without limit for all
debts of the bank John l.. Mitchell
is president, David Ferguson yice-preSi-
dent, John Johnston cashier and Rob
crJ l.. Jennings assistant cashier.
The bank was closed up on an ac-
ton brought by Benjamin Wen, a
real estate man, who alleged that
the bank owed him $3.34l Il, which ii
was unable TO pay On motion of b.
X. Miller, Judge Johnson appointed
Washington Becker receiver under
bonds OF S1,OOOOOO This bank is the
city depository, and ut the present
time holds Sl,G35,0OO Of the city's
money Rumor has il that the city
treasurer this morning demanded the
whole sum and the bank, in Justice to
all dcpositors closed rather than pay
it, The citv has only $500 in cash
on hand and win be forced TO suspend
payments The Mitchell bank was the
depository of the Chicago, Milwaukee
and St Paul road and paymaStcrs
checks are drawn ON it, They win be
cashed mt the station here. The treas
urer'S checks win be paid 10y the Wis
consin National bank
The semiaunual statement Of the
bank, issued July ], was as follows:
Resources Loans and discounts ST.
49, ,G73 30, oycrdIafts so 233 II,
stocks, bonds and mortgages S567,412.-
81, loss and expense account S6S3 81,
due from banks and bankers S1,O3S,
472 Al, cash-currcncy S532,3Gl 90.
gold and silver S12A22G. II checks on
clearing house S1GS,2S1. -, total re
sources SS,9I6344 81.
Liabilities Capital S5Uo.O00 .oC, undi-
vided profits SG5 $40. GO, due dcpositors
$3.50, SOB "a. due TO others not in
cluded under either of above heads
S3Oo,OOO 90, total liabilities SS,94G,-
344 81
Cashier Murphy says: The bank is
not insoNcnt 10y any means and only
time was needed to realize enough to
meet every liability 1t not only has
ample assets but Mr. Mitchell and
Mr.. Johnson are behind it,"
Washington Becker, the temporary
receiver, said: Il have every reason
to hope that our depositors win receive
their money in a reasonable short time.
/ can't say how soon, of course, but /
hope it win be at an early day"
Within five miutcs after the news
oe The closing OF the Wisconsin Marine
and Fire Insurance company bank con
siderable crowds gathered at the First
National Marshall & Isley and Wis
consin National banks. Notwithstand-
ing this fact and the renewed feeling
Of uncertainty a number of old depOS-
itors were on hand at each of these in
situations for the purpose of making
deposits and while money was hastily
withdrawn even larger amounts We're
placed on the inside Of the counters.
The bank was incorporated by the
territorial legislature Of Wisconsin IN
1899, the charter being granted to Al
eXander Mitchell and George Smith,
young Scotchmeu just arrived from
Aberdeen. The charter of the company
was repealed in 1914 as it was discoy-
cred that the company was doing
banking business, contrary to the pro
viso in its charter prohibiting il al
though in strict accordance with the
specific business 1t had been author
lied to do. Alexander Mitchell ran
the bank until his death a few years
ago.
The stockholders Of the bank are:
John i. Mitchell, S313,3OO; David Fer
glson. S166,6OO; Washington Becker,
$4,000; John 2. Murphy, $1,000; total,
100000 John Johnston sold all his
stock to John J.. Mitchell about six
months ago but Johnston was still
cashier and it is popularity thought that
the deal was not so fully consummated
as to relieve him Of liability. Mitchell
alone is estimated 10 be worth from
100000 to S1O,OOOO0O while all 9th
ers connected with the bank are also
wealthy Mr.. Ferguson was complete
" pTOStrdfed ana NIUE WINE aItcf
the suspension his condition became
such that medical attention was con
sidered necessary and DR.. Fox was
summoned. Soon afterward Mr. Fer
gusor was taken home In Or. Fox's
ca Tiacc Every man in the crowd Of
bystdneers had words Of sympathy for
the white-haired old man who went
into the bank with Alexander Mitch
ell over fifty years ago.
Other local banks We're somewhat
run upon but easily met all demands
The trouble is thought to be over. Bank
ers have long deemed the Marine bank
shaky, because Of the close margin
business it did. A speedy resumption
is expected.
LATEST NEWS
Milwaukee, July - THE feeling
here Il that the situation Is now a. its
worst ana that tomorrow viii show a
brighter aspect 10 affairs.
Business houses which have had