New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-26
WESTERN BANKS 60 UNDER.
FAILURES IN SEVERAL CITIES
MILWAUKEE, EXCITED BY THE CLOSING OF
IT'S OLDEST INSTITUTION.
THE WISCONSIN MARINE AND FIRE INSURANCE
COMPANY BANK FOUNDED BY ALEXANDER
MITCHELL, DOES NOT OPEN ITS DOORS
1T HAD ALMOST EIGHT MILL
IONS OF DEPOSITS.

MITCHELL, DOES NOT OPEN ITS DOORS
1T HAD ALMOST EIGHT MILL
IONS OF DEPOSITS.
Milwaukee, July 25.-The following notice was
POSTED the door Of the Wisconsin Marine and
Fire Insurance Company Bank. commonly called
the Mitchell Bank, at 10 o'clock this morning:
by reason Of the strngcncy OF the money
market this bank has been closed by order OF
board Of directors
The last statement of the bank made on July
/, is az follows:
d, to 2ss ~ stocks bonds end M moGssagss @ & ssS
and ianErs 81 d.s I7s Al; casH"enrrency s5S2 30i
soa sai sivcE :sssS; SIe'rlns House,
LaI.Iitics apit, $500 900: undivided profits s75.:
Included uIdr either OF above heads. 100000 Total
liabilities SS,9iG3i4 o.
Milwaukee people had become imbued with the
idea that this bank was the Gibraltar Of finance,
and they could not credit the report that it had
closed There was general belief that when all
other banking institutions had disappeared from
the face of the earth, the bank which Alexander
Mitchell founded would continue TO do business
at the corner of East Water and Michigan sts.s
and it was this firm faith in the banks stability
that made the shock to public confidence so great.
few minutes after 10 O'Clock the news that
the bank had not opened its doors began to cir.
culate on the streets, and Immediately there was
q rush in the direction of the Mitchell building.
The crowd surged up and down the steps leading
into the bank from Mchigan-st., and ii grew in
numbers as the news Of the suspension spread
More than one business man walked down those
steps with a pale face after reading the laconio
notice the doors.
At the time when banking business generally
nhx- Ap,iaf anf nah
Jennings and David Ferguson, the veteran vice.
president of the bank, were within it. Mr..
Ferguson was completely Frustrated, and a little
while after the suspension was posted his con-
dition became such that medical attention was
considered necessary Soon afterward Mr. Fergu-
son was taken home in carriage. Every man in
the crowd OF bystanders had words of sympathy
Tor the white-haired old man who went into the
bank with Alexander Mitchell over fifty years
ago and has been there ever since.
The cashier made the following statement:
| "We have not much TO say ABOUT the matter at
the present time and in fact, there is not much
TO be said. We have been subjected to a constant
drain for some time and have realized on every
asset on which the bank could get money on short
notice. We felt that under existing circumstanceS
il was only question of time when suspension
would inevitably come, and therefore decided 10
close. We might possibly have got through to-
dav all right, but il was considered best Tor AL
concerned not to open for business. ihis bang
is not insolvent, by any means, and only time Is
needed to realize enough money 10 meet every
liability. 1t not only has ample assets but slr'
Mitchell and Mr.. Johnston are behind IT.
At the instance Of BENJAMIN Wel, the panx
consenting, Judge johnson appointed wasblhg.o1s On
Becker receiver Of the bank. His bond was "Aed
at 81, 100000. 1.hr T.
Mitchell, $313,30O; David Ferguson, Sl5S.oy0'
Washington Becker. $4,000; John r. Murphy
The CITY OF Milwaukee has 81 100000 in the
bank. and the corporation will probably have TO
suspend payment temporarily, as dld the coWnay n.
when the Commercial Bank closed The WIS WIS
consin Marine and Fire Insurance COMPANY DanS ',I
was also the depository Of the Chicago, MILWAUKEE,
and ST Paul Railway Company. -,
Within five minutes after the news :. OLA OF 'ne as
Mitchell Bank failure a large crowd gathered az
the Merchants Exchange, First National ana
Marshall and llsley banks. and to some exten. az
the Wisconsin National Bank. Notwithstanding
the renewed feeling of uncertainty, mum.
her of old depositOrs on hand at each of the
institutions for the purpose of NAL king deposits
and while considerable money was hastily WITH.
drawn, larger amounts were placed on the inside
Of the counters.