The sun., 1893-07-26

shock would he too much for. the vetern
banker. But this afternoon Dr. Fox said tha
while Mr. Ferguson was hnmiliated and pros
tratsd he was rc,tng a enss m ss anu rn, ,ne snor
During tho morning Washington Becker wa
appointed receiver OF the bank hy Judge John
son. Mr.. Becker gave bond Of Sl.uOO.0Ot
With Angus smith. Charles r. Pfeirter an
and Mr.. Pleister qualified in sums OF Sl.OOO,
600 and. Mr., fogel in the sum OF S5Oo.OQt
The bond OF the receiver does not represent h.
many millions the resources OF the bunk. bu
Judge johnson said 1t would be In possible 70
any one t9 give u bond OF snOOO.OoO. and tn
The last semi-annual statement Of the bank
lsd sii}Isy }aly :" gave tho following resources "n'
=, pd .ioc9. G'sGgn sn% ssna.
I s.. sra sSpsn.e sed9ani .5sss due rom 5saE.
4i,o3aa72tl: currency; s532,aHli gold and silver
foisi ~ se.6 a.Ta aTsi"F ''0''0 '"e''" '''' -'''E
pSa due tGGsf
tGoo.0O0 Total. ss.04d.3ii 81.
The officers are: President. John l.. Mitchell:
President. Washington becker: Cashier. j. T..
hnrphy; Assistant nn, Gashisr r. Il HHennines
Washington Becker. John l.. Murphy.
The stockholdeEs are John 30 L ,oo Mitchell. E
inetcn Becker. $40. .o60; John i. Murphy, 800
Total. S5OO.OUO.
The bank wTs Wo closed on an scon br2bught
legged that the bank owed him S3.S4i. II. which
It was unable to pay This bank is the city de-
8Ss't5 8Ss.oo6 Of I'll the % city's money The failure Of
the bank simply proves that runs OF the most
sSsIy baek IN tho are sS aSd the @ Of
thia old -estah ahlished Mitchell Bank. 1t is i'm:
possible to tell what will come in the way Of
The Mitchell Bank was, the depository Of the
Chicago. Milwaukee and st. Paul road; and
paymusters' checks are drawn on It, They
s.sassfsSs sssfts vii VII e n pSIa ,SS %Ss$e Is
has been engaged in life and death struggle
for several days. and those on tho inside have
hs Of Mn y o Gda ty
sand dollars and paid Off bond issue which 1t
had intended to extend instead Of taking up
considered wise ilnnnciering to defer putting
out the new issue. This was one big batch Of
money that had been counted ON to remain in
Then il leaked out that ferdinand schles,.
Oil singer M had borrowed ss $4,000 from the bank
is,tsnee Of this big loan shook the confidence
several special deposits were checked out.
ae p rG n dSe that
sSs soSd tSs s% Sp ss
down with Ills Big blOsks JOCKS Of see"rties "iies
could hold no longer. . let go his st. Paul. the
extending through period OF
Two or three days. OF course the officials OF
the two roads named could not remain in ig-
torrance of the condition OF things. and in
luty to their corporations they. too withdrew
their deposits. That drained the vaults and
precipitated the crash. This morning the rest
81 Mitchell's line of Northwestern was dumped |
on the wal iting market. and the price broke to
81 the lowest point made for that standard !
stock In many years.
Mitchell stock for several days. and while he |
was nerving himself to accept what appeared |
70 him like too low price for it, they made |
IT'LL lower quotations. repeating the operation |
lay after day. Tho leaders had an absolute |
oreknowledge that tho stock would have to |
,ome. and they sold it for the Senator's fifty
lines over.
The bank was founded in tho nftes by
ieorge Smith and Alexander Mitchell It
vent through the old wildcat bank period
bout 1857. with flying colors. and under the
;aInEed Ia 9Sme aS ] second TO- hardly any private
rev out many years before the death Of Alex
nder Mitchell. but SO long as the latter lived
he bank lost none Of its prestige. George
mith now lives in London and Glasgow He
3 go years old. and has $4,000. 900 Invested
American securities.
Vice-President Becker could not give out
tatement Of the condition Of the bank to-
light. but said he was suro depositors would
% paid IN full: During the day Mitchell fled
niger for S15O.O0O. GeoreeJ. Oberman for
I2O, 900. Bernard Goldsmith for SIC. 900. and
,hprleS Cox for $4,000. |