The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-26
Commercial Circles the Country Over Sur
prised at the Suspension of the Big Milwau-
kee Marine and Fira Insurance Bank.
Rotten Condition in Louisville Brings
the Total Failures Up to Five.
Merchants and the Fourth National with
the Louisville Deposit Dragged Down
New York More Seriously Alarmed.


The "Oid Mitchell Bank" with 88,000,O0O
Deposits Saspeuds Payment
MILwAUKEE. July 25.-The following no.
tlce was posted at 10 O'Clock this morning
on the door of the Wisconsin Marine
Fire Insurance Company Bank commonly
called the Mitchell Bank: "By reason of
the stringency of the money market. this
bank has been closed by order of the board
of directors The bank carried nearly
SS0OOO0O in deposits alone. There were
many dramatic and even touching scenes
in and about the closed Mitchell Bank.
Milwaukee people had become imbued
with the idea that this bank,
"the old Mitchell Bank" was the
Gibraltar of finance. They would
NOT credit the report that it
had closed. There was q general belief
that when all other banking institutions
had disappeared from the face of the earth
that the bank whloh Alexander Mitchell
founded would continue to do business at
the corner of East w ster and Michigan
streets, and it was this firm faith In the
banks stability that made the shook to
public confidence so great. At about tho
tlmc when banking business generally be-
gins John Johnson left the bank. and Wash
ington Becker also went out. accompanied
by b. X. Miller. of Miller. Noyes u Miller.
the banks attorneys. Cashier Murphy. As
sistant Cashier jennings, and Davis
Ferguson. the veteran Woe president of tho
bank, remained within. Mr.. Ferguson was
completely prostrsted, and q little while
after the suspension was posted his condi-
tion became such that medical attention
was considered necessary, and Dr. Fox
was summoned. Soon afterward Mr.. Fer
guson W as taken home. Every man in the
crowd of bystanders had words of sympa.
thy for the whitehaired old man who went
into the bank with Alexander Mitchell
over fifty years ago. and has been there
ever since. Cashier Murphy made the fol-
lowing statement:
I'VE felt that, under existing clrcum-
stances. lt was only question OF time
when suspension would inevitably
corle, and, therefore. decided tc close.
We might possibly have got through
to-day all right. but it was considered
best for all concerned not to open for buel-
ness. This bank 10 not insolvent by any
means. and only time is needed to realize
enough money TO meet every liability. 1t
not only has pie assets. but Mr. Mitchell
and Mr. Johnston are behind IL"
At the instance of Benjamin NJ. We'll. the
.5.nk eonsenting. Judge johnson appointed
washington Becker receiver OF tne oeuK.
His bond was ixed at 81. 600. 900. The city of
Milwaukee has 81, Coo. COO in the bank, and
the corporation will probably have
to temporarily suspend payment, as did
the county when the Commercial Bank
closed. The Wisconsin Marine and Fire
Insurance Com mpany was the depository of
the Chicago. Milwaukee & st. Paul Rail-
way Company. and the following notice is
given by Tax Commissioner Milligan:
"Cneoks drawn by the treasurer of the
Chicago, Milwaukee 81 st. Paul on the
Wisconsin Marine and Fire Insurance Com
pany will be cashed at the Wisconsin Ma
tiOnal Bank and pay checks drawn by the
paymaster will be paid by the paymaster
at the union passenger station, Fourth
ward Park"
The last statement of the bank. rendered
on the 1su of the month, 10 as follows: