The sun., 1893-07-23
MORE BIG BANKS CLOSED.
THE MILWIUIEE AND KENTyCKT
NATIONAL BANKS QUIT.

Runs Throughout the Day In Milwaukee,
The South side Savings Also Goes Urs
dcr-Both Milwaukee Banks Were Ceu-
sidered sound-The KcatuckY Nntto.ea
Has Been In straits Two Yrnrr-.O her
Suspensions In the South nnd West.
MILWAUKEE. July 22.-Two moro banks
failed to-day. and there were runs on the
leading banks Of the city. especially the Ger.
man. American and Merchants Exchange
The Milwaukee National Bank did not opsn
its doors this morning, and the South sile
Savings Bank suspended Mt 1Oh.
The Milwaukee National OF which G. J.
Bradley 10 President had capital OF $25O.O 200.
and was considered one OF the soundest insti.
tutions In the city. Its failure crentod much
surprise. The July II report Of the condition
OF the bank showed total resources, including
loans. discounts. overdrafts and unsecured
accounts. bonds to secure circulation due from
other banks. etc.. OF S1,0t5. .3S5. TO- ..
Liabilities were placed at the same figures.
including individual derosits subject to check.
S413.S30: demand certificates Of deroslts.
3l0.l6l: due other national banks and bank
| ers sl9s.S86 George II. Noyes was President.
q. Mcclure. cashier and George n. Noycs and
J. II. md J. d. lmbusch. directors.
The oflicors OF the South Side Savlngs Dnnk
are President G. A. TrumpT and Cashier ]. h
Koetting. each OF whom holds 500. 900 of stock
In the bank and are the only stockholders.
The semi-annual statement made July 1
placed the liabilities at 81. l5H05311 OF this
ss gis ~ Tss due to depositors on dsmadd
President q. c. Trumpff In referring to the
Since the plankinton Bank closed we patd
out in savings and certificates over S35U.O0Q
besides large drafts made on us by co N m sfcihl
over nSs SsGo s ohsr s
ca!es; .,
hig run here and paid ont every cent We had
tors and the commercial denositors commsne-
to the money we had on hand We were COM
pellsd TO raise $4,000 to satisfy, the demends
during % June and I July ' AMI IS cur eii conmereiai
creditors did everything to give us hearty sup
I'VE could not collect money enough. how.
| evcr. to pay all demands which were made on
| us. and therefore were compelled to suspend.
as $500 soon f as possbie @ and then shall 10 able to
max n stat ent for our creditors. In SO far a4
Ia am n ae to sy eay at this time tho condition OF
The Milwaukee National acted as the clear.
IMe nand to ase it's pnee IN ths S cs
pacity.
mereia @ "bsief bank and i H. nenis4 yesterdsy
started runs on u number Of the other banks.
|
| American, Merchants Exchange. and second
Ward banks but hy noon the excitement had
OF con hdence In the security Of these places OF
! deposit prevailed. A notice was rosted on the
| doors OF the Merchants Exchange Bank which
| said tho undersigned. directors o. tho bank,
wero personally res sponsibe for moneya de.
posted The notice was signed by ivo dis
! rectors,
This had quieting effect. md by means pe
. lew Policemen the crowd Was considerably
| lesseHsd.
| The depositors in the Second Ward Bank are
| mainly German working people. who sesfned
| to have becom" panic e-stricken. despite tho
fact that the bank Is Enoked bY Milwaukee,
| wealthy brewers. who have given n personal
| guarantee for everything in the hank.
| The closing OF the Milwaukes National Was
| surprise. even to some Of tha stnckholdara
| J. NJ. Poreles. who owns block of the banks
| should have closed. except that the offlcers
| were afraid to stand a run People who were
| which was one OF tho oldest In the city. had
failed.