Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-26


existing circumstances il was only Ques-
ton Of time when suspension would inev-
itably come and therefore decided 20 close.
We might possibly have got through to-day
all right, but 1t was considered best for all
concerned not TO open for business. This
bank is not insolvent by any means and
only time is needed TO realize enough
money 70 meet every liability. II not only
has ample assets, but Mr.. Mitchell and
Mr.. Johnston are behind IT," AT the in
stance Of Benjamin NJ. We'll, the bank con-
senting, Judge Johnson appointed Wash
ington Becker receiver OF the bank. His
bond was fixed at 81, Coz, 900.
Within Ave minutes after the news OF
the Mitchell bank considerable crowds
gathered at the Merchants Exchange, First
National and Marshal banks, and more or
less of crowd at the Wisconsin National
bank. Notwithstanding this fact aud the
renewed feeling Of uncertainty, number
of old depositors were on hand at each OF
the institutions for the purpose OF making
deposits, and while considerable money
was hastily withdrawn, seven larger
amounts were placed on the inside OF the
counters.
NEW YORK, July 25.-The bank failures
at Milwaukee and Indianapolis, but moro
particularly the suspension OF the Wiscon-
sin Marine aud Fire Insurance Bank, OF
Milwaukee, utterly demoralized holders OF
western stocks this afternoon and gen.
eral rush 10 sell was witnessed al tho
Stock Exchange. The Grangers stocks
sold ct the lowest point In years. Blocks
and blocks of long stocks were thrown
overheard and the question Of price did
not seem 10 enter into the operations.
AS compared with last nights closing,
the figures given show losses . 10 points.
Up TO 2 O'Clock to-day arrangements had
been made for the shipment 70 the interior
of 81, SOC, 900 in currency. Most or the
money goes to the West.
INDIANAPOLIS, IND, July 25.-After
banking hours yesterday afternoon there
was rumor that the Indianapolis National
Bank would not open its doors this morn
ing. President Theodore HauRhey yester-
day afternoon came TO the conclusion that
he should consult some OF the officials OF the
other banks. A meeting was held last
night. Mr.. Haughey prepared statement
in which he said that the Louisville and
New Albany failures had aggravated the
local situation Fifty thousand dollars
was borrowed from the other banks, bat
failed to carry the bank further
than Yesterdays transactions. III
was finally concluded that the
tide that had set in was too strong
10 stem and IL would be best for all COP
cerued TO suspend While the crowd wis
clustered about the suspended Indianapol;s
National Bank, few were watching the
doors of the Bank Of Commerce across the
street. At Q O'clock the curtains remained
up and soon paper was posted announc-
ing that the bank would not open to-day.
The strlngency Of the money market is the
reason given for closing. The Bank OF
Commerce has not bsen one of large depos-
it's, and its failure will not have much effect
on the local money market. It's idooted-
ness is said to be only sl5e.000 The sus-
pensions caused considerable excitement
on the streets, and at this hour QO:50) a
heavy run Is being made on the Indiana
National. The Indianapolis National was
the designated depository OF the United
States.
INDIANAPOLIS, IND, July 25.-While the
Indianapolis National Bank was a United
States depository but t3, 499. .96 was tied up.
Pension Agent Ensley said that he would
of course cease TO draw checks on the sus-
pended National. August will be pension
day and the Office will pay out nearly
| o., 900, 900. AT the last payment we check
ed out nearly 100000 from the Indian
apolis National" said Mr.. Ensley
Cashier Rexford said the bank
| slness july ~ would afford the best In
formution as 10 the status OF debts and
| credits that could be given until the govern
ment officer who would take charge should
| make his report Mr.. Rexford was asked
| IL the withdrawal Of funds by country
banks was not largely responsible for the
difficulties 1.-THE strinRency OF the times,
he said "has greatly reduced those pal
ances.n
CHICAGO, July 25.-Silver was again
| taken over the counter Of the sub-treasury
to-day after a temporary stoppaRe so that
the big receipts could be gone through and
counted. Local banks are sending In large
quantities Of dollars and lesser silver
coins. which they exchange for currency.
LIMA, o.. July ?5.-The Farmers Ma
tional Bank, OF Findlay. o., closed its
doors shortly after l2 o'clock, unable 70
Withstand a run. IL Is feared tnat the
other banks will be raided.
ST. LOUIS. No, July % RIPLEY & Bron.
son. iron merchants and dealers In all
kinds of iron, made an assignment this
morning. Liabilities, tl50, 600: assets not
given. but probably close 70 the amount oil
| liabilities. Stringoncy in money Is given
as the cause.
WASHINGTON, ID. c., July 5.-Much In
terest has been aroused among statistl
clans by the discovery that the ngures ol
the balance of trade Against this country
| for the fiscal year ending June 30 last, ~
| shown by the records Of the Bureau ol
Statistics Ia the Treasury Department
| about $40. .OOO. 900 out OF the way. Instead
of an adverse balance Of s93, 3,OoO.0Oo tbs
corrected returns will show only aoou'
So, 0,000, 900.
WAsHISeToS. July 25-As q result OF
| counter offers the treasury purchased YES
terday l07,5OO onnces OF silver 81 sO.oso'
cents per ounce Gncluding the 80, 900 ounces
/ announced ia yesterday despatcnesl. In'
| price OF silver in London to-day shows
slight advance over yesterday.
| LOUISVILLE, KY. July 25.-Fo-dsy was
memorable one In the financial situation o.
| this city. The Merchants National Bsni
| closed its doors at ~ o'clock and was iol
lowed half an hour later Dy the suspension
| Of the Louisville Deposit Bank. Boti
failures were caused by the heavy demandi
| from country banks, the local runs oesni
| comparatively Insignificant Presioen
| Linden burger, Of the Merchants Nauonal
| saws depositors sDd stockholders VIII o.
| paid In full. Two other banks followed II
| the wake and closed their doors also: Id
banks are abuDdsDtiy solvent, and there Y
no sort Of doubt that they VIII pay IN inii
| wedding Out Treasury CierHs.
WASHINGTON, July 25.-Secretsry Car
| isle inteads TO weed out CLERKS IN tns
| Treasury Department de began opera
tions yesterday by dropping six clerks jron
| the rolls. Others will De dropped iron
| time 10 time as they are. reported oy ta'
1 ~