New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-23
MILWAUKEE STILL EXCITED
TWO MORE BANKS CLOSED AID RUNS
MADE on MANY OTHERS.

GENERAL SURPRISE At TIE sr'pTNsI0N OF
THE MILWAUKEE, N:uoNAI~RrNs on
TWO INSTITUTIONS CHECKED EY
STOCKHOLDERS, GUARANTEES.
Milwaukee, July 22.-Thc Milwaukee National
Bank failed 10 open its doors this morning Inc
Sonth Side Savings Baiik failed at 0:3o'a. m.
Runs, which started on all the banks carly in
the day, were still in progress this afternoon.
The crowds at several OF the banks had increased
in consequence of the spread Of the news that the
South Side Savings Bank and Milwaukee National
. Bank had failed. The run on the Merchants
Exchange Bank was probably the heaviest but
the crowd at the Second Ward Bank was nearly as
large. The Merchants Exchange Bank paid out
money freely. and its officers said they were conf
dent that they would DC able to meet every de-
mand The depositors in the Second Bank are
mainly German working people, who seem to have
become panc-stricken, despite the fact that the
bank is backed by Milwaukees wealthy brewers
who have given a personal guarantee for every
thing in the bank The run on the Merchants
Exchange Bank subsidized later, in consequence of
the posting of guarantee signed by Charles
Pister, the Vogels, John Black. julius Coll and
other wealthy stockholders
The closing of the Milwaukee National Bank
was a surprise even TO some of the stockholders
j. VI. Pereles who owns a block of its stock,
says there is no reason why the bank should
have closed except that the officers were afraid
to stand a run. A statement few days ago
showed that the bank had assets in excess OF the
liabilities amounting to between 100000 and
100000 People who were not posted could not
believe that the bank, which was one OF the
oldest in the city, had failed, and scores OF men
walked into the entrance, read the brief notice
announcing the banks suspension and walked ouo
again. Judge Noycs, president of the Milwaukee
National Bank has given out the following state
ment for publication:
Thi, bank l considered perfectly solvent 1t has
500 600 assets above liabilities In ordinary ,cs 1t
would nay all cepostors in full ythin thr:c months,
leaving a surplus OF 200 cents on the dollar for d.
tributon the sockhoder' The reason Tor crossing
to-day is the that has been 20 much repeated IN tn
last days, and the public know it without being
toid The shrinkapc and withdrawal deposits aud the
inability OF TO meet their obligations To the
bank led the directors TO the conclusion that is for
the best interest OF all concerned 10 c'oc the doors at
this time Fortunately deposits In this bank such
that no will be seriously injured by delay in obtaining
his money neetne OF the stockholders viii Doubtless
be called TO vote on the question OF resumption
Of business of going into voluntary liquidation Tho
Controller OF Currency has been notified Of the
situation.
The officers of tho South Side Savings Bank
are Iresiuei'' VI. "a lruiIp'' c"S"ic'' ~ ID
Koettng. They each hold $4,000, of stock in
the bank, and the only stockholders The
semi-annual statement made on July l places
the liabilities at Sll5S,0G5 Il. OF this the sum
of $2s6.0l2 &c was due to depostors on demand
and S135,452 II time There was a run on
this bank during the furry in June. at which
rme large number of depOsitors gave notice of
the proposed withdrawal Of their money at the
end of thirty days. President Triumph said de"
positors had been making large Withdrawals dur
ing the last month, while collections had been
impossible The officials and directors decided
that they could do business longer under IN"
circumstances, and concluded that in the interests
of the patrons and themselves it wonI be better
hone to be able to resume after the storm has
blown over, they not able TO state anything
definite.