Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-08-03
1.-THE BUSINESS DEPRESSION
Many Banks and Commercial
Institutions Involved.
THE SITUATION IS ALARMING
The Tumble Thought to be
Only Temporary.


DuIuTd, ulNNs, July co. w plu was
received from the headquarters OF the
Minnesota Iron Company, in Chicago,
to close all mining operations at the
hard ore mines of the company until
further notice. About 800 men will be
kept at the several mines to ship the ore
now in stock piles. The towns of Tower
and Ely are almost entirely dependent
on the work Of the mines.
900 MORE MEN TO BE DROPPED.
IsHPEMINa, MIoH., July 2s.-The
Lake Superior Iron Company, which
laid off $50 men ten days ago, will close
down Section 10 mine, throwing 200
men out, Saturday night
REFUSED TO HAUL FREIGHT WITHOUT
NReAuNEE, Mich, July 2S.--The
North Buffalo mine of the Buffalo Min
ing Company closed down Wednesday
night. The railroads refused to haul
away the ore until the freight bills were
paid.
WILL CONTINUE IN OPERATION.
YOUNGSTOWN, o., July 28. = The
American Tube and Iron Company fail
ure caused sensation here. The works
will continue in operation.
ELLENsBURG, WASH, July es.-The
Ellensburg National Bank suspended
payment yesterday. No statement.
George B. Markle, president of the
two banks which failed in Portland,
yesterday, is also president of the Ellens-
burg bank.
FAILED WITH 100000 CASH,
I MARTINsvILLE, IND, July 2S.-The
s. NJ. Mitchell Bank, established 81
years ago and backed by 100000, went
into voluntary liquidation yesterday
There is 100000 in its vaults and de-
posted by it in the Indianapolis banks
The cause of the action, it is said, is the
division of the estate.
TWO BANKS FAIL AT SPARTA.
SPARTA, Wis, July 2S.--Two bank
closed their doors here yesterday-tht
M. A. Thayer Bank and the Bank o.
Sparta.
The cashiers of both institutions claim
the action was taken to protect deposi
tors and that the banks will resume.
The liabilities of the M. A. Thaye
Bank are placed at about $175,00 ant
the assets at $225, 900, while the liabili
ties of the Bank of Sparta are said to b,
100000, with assets of 100000.
HOPE TO SOON RESUME BUSINESS.
MT. STERLING, KY., July 28.-Las
evening the officers of the Traders De
post Bank decided to suspend payment
owing to heavy run on the bank, yes
terday, caused by the suspension of tn
Farmers Bank. Tho bank owes $500
and has 100000 of good assets, and th
officers hope TO resume business at a.
early day.
THREE FAILURES IN SALT LAKE.
SALT LAKE, UTAH, July 26.--Th
heaviest failure of the depression OF
CURED here yesterday, it being S.
4 Ewing of the Cullen Hotel, with liabi
titles $37,229; assets placed at abor
& double. Hard collections and ligf
travel are given as the cause.
The Exposition dry goods and MOTTO
store also failed. Liabilities, $S,411; n
statement of assets.
CLEVELAND, OHIO, July pa speci,
W from Youngstown, Ohio, says:
The failure of the American Tube an
M Iron Company is not looked upon as ser
IN Gus by the local manufacturers conversal
with the facts. They believe that it is on
W temporary embarrassment and til
Ill everything will out right soon. The er
% usual.
M Walter Kaufman, the local manage
'N says that in his opinion the mills wou
M resume inside of two weeks, as there a
s many orders on hand,
2N AN OLD SAFE COMPANY ASSIGNS.
HAMILTON, O., July 29.-The McNeal
Urban Safe and Lock Company, one of d
eldest safe firms in the country have {
NN signed to Howard Douglass of Cincinna
M. lsah
firm has been unfortunate in several lar
f contracts, but tits claimed that 1t is solver
INA REoErvER's HANDS.
PORTLAND, ORE, July 29.-Lewis & DR.
den. the largest publishing house in ii
AN} section of the country, has gone into
a hands of a receiver. The object Is to p
vent an attachment. so that the conce
may continue its business under receiv
Assets, fully 500, 900, and debts not me
than $4,000.
pEposIToRs RUSH FOR THEIR CASH.
GRAND RAPIDS, Mich, July 29.-Lo
Va creditors yesterday were advised of t
closing of the G. W. Chaplin & Co., priv;
W bank at Stanton, Montcalm county, owl
\ to rush of depositors for their cash.
statement of assets and liabilities has be
Ibi given out.
s&4M THE PRESIDENT WILL STAND BY HIS Bar
LOUISVILLE, KY, July 29.-The PHI
% closed It's doors yesterday. It was CT
s yidered the best bank in Southeaste
S Kentucky. The president will surrent
S all his individual property to help
az bank out.
H COULD NOT REALIZE ON SECURITIES.
CoyINGToN, IHp., July 29.--The Farm
|E and Merchants Bank OF this city closed
lE yesterday. The cashier said the reas
2 was the present financial stringency
{@lI INABILITY IN raaliza on its securities.
'AN United States Treasurer Nebeker is
president.
M NAY REALIZE TEN PER CENT.
LINCOLN, NEB., July 29.-Receiver II
0 den of the defunct Capital National Bal
M is authority for the statement, made J
4E terday, in answer to- inquiries OF the
' positors. that they might realize 10
# cent on their claims.
@ Mr.. HAYDEN bases his claim upon
IM very poor outlook for securing mi
@ money from the stockholders, who.
suspicious land transfers and condit
x of affairs which the stringency in imam
@ circles has brought about, claim that t
5$ cannot borrow money on their perso
property or dispose of it at any price.
WILL SHUT DOWN INDEFINITELY.
KNOXVILLE. TENN, July 20. The tar
S next week indefinitely. This plant
erected several months since by the 81
23 ilard Tannery Company of Chicago
81 represents an outlay OF over 500,
Over 200 men will be thrown out of
ployment.
TO EXAMINE FOSTERS BANK BOOK.
FosToRIA, o.. July 29.-The creditor
Foster g. Company and Charles Fo
have held largely attended secret NEE
and raised fund to employ an exper
make examination of the books of
Bank. This will be done In order to