The Lamar register., 1893-08-12
THE FINANCIAL SITUATION.

Banks at Upper Sandusky, Ohio, and at ST.
Paul, Minnesota, closed on the lst Both
small institutions
The national bank at FL Paso failed on the
End. Its deposits are only 100000.
The American National at Leadville aud
the Central National al Pueblo expect to re-
sumo soon
James H. Walker Il Co, dealers in general
dry goods, and one of the largest
and best know firms In Chicago, failed on the
4th. The company's total liabilities are
placed al g, 10000. No statement has been
made as to the assets, except that the firm eS-
poets to pay dollar for dollar. Among the
creditors are A. ]. Duillard, $4,000; Bliss,
Fabian x Co. New York, saoo.0oo; John 5
Claain * Co, New York, $4,000. The firm
declare their ability to pay dollar for dollar.
New York banker are refusing To cash big
checks II they think that the money Is wanted
for boarding.
The German American National bank OF
81; Paul suspended on the 3rd- Its deposits
are 8, a,e6l, 600 and assets s5,ooo,ooo. Two
other smaller banks also closed.
Washington Becker, as receiver Of the Wis
consin Marine and Fire Insurance Company
bank. has begun suit In the Superior Court
against John L. Mitchell, David Ferguson
and John Johnston TO collect promissory
notes made May -, 1898, which aggregate
Roo. 900 The notes given by Senator Mitchell
aggregate $500, 900, and those by Johnston aud
Ferguson $3.50, 900 each. These notes we're In
the hands Of the bank at the time Of the ap-
poiniment Of \ receiver. The notes were
never paid. The notes were not secured ey
collateral. They were merely a promise TO
pay.
The New York Pou said on the 4th; TO
days prices advanced rapidly, and they al
yaneed because they discounted next weeks
new supplies OF money. OF this there can be
no question. At least siO'ool,oo0 gold will
be turned into the city banks by wednesday
next week, aud fully $40, 600 600 national bank
circulation viii be added TO It from the gov
erument presses
The aggregate of clearing house certificates
issued ai New York up TO the ith amounted
to So, $50. 600.
Large numbers Of big mills at Fall River,
Lowell, Lawrence, New Bedford aud other
New England cities closed down on the 5th
for periods ranging from two weeks up. AT
Fall River 10000 spindles stopped The
shortage In currency Is the immediate cause
majority of cases, the poor state of trade Is
the greater cause, and the one that viii more
po;ently Affect the length Of time the mills
will be idle,
The East is suffering much ineonvcnieaoe
from scarcity OF small bills, and they com
mAnd premium
The refusal Of the New York sad PhllAtei-
| phia banks to pay oat any large amour; o.
currency has prrelpiiAtei crisis in the coal
region. The Philadelphia and Reading Coal
aud Iron COMPANY Is short $4,000 for the
first half and $3.50, 900 for tho last half Of
July without any available funds In sight To
/ pay the same, The COMPANY has hAak de-
/ posiis more than sufficient to pay these
amounts, but the banks refuse 10 give out the
cash.
The New York bank statement on the 5,h
showed the following changes; Reserve, de
crease Sq.7i6, l25; loans, increase 8, ,3l 800
specie, decrease, s6,so2, 100; legal tender, de
crease, S. s.2 900; deposits, decrease, 81 23l,
500; circulation, increase, si66, zoo The
banks are now eli, ,0l5 500 below the require
ments of the p per cent rule.
Banks at Leon Iowa, Wheeling. West VIr-
ginia, and New Bedford, Massachusetts, closed
their door on the 9th.
The scramble for currency in New York
continued on the 7th. Money brokers Were
paving as high - To per cent for cur
reney and were getting high 81 for /,
in big lots. Their Offices were crowded all
day and they were doing big business.
These money brokers are using every crpedi-
ent to &c; currency out OF the banks and sub
treasury. The clearing house loan committee
Issued 81 lois, 900 more loan certificates, max
/ ing the total amount now outstanding $780,
| Od5,ooo. which means that the associated
banks have pledged Just $50, coo 900 of their
bills receivable with the clearing house loan
committee as security fot the loan certificates
| issued.