The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-27
THE FINANCIAL PANIC.
TWO MORE LARGE MILWAUKEE, BANKS
CLOSE THEIR DOORS.
Guarantees by Wealthy Brewers Stopped
the Run on Other Banks and the Crisis
Has Passed - National Banks in
Louisville and Knoxville Close.

this morning and runs were lmme-
diately begun upon other leading
banks in the city. The report of the
condition of the bank made July II
showed resources. including loans and
discounts, of ST. ,464, ,34l.76, OF a total of
81, ,965, 1856 76; liabilities, including cap
ital stock, $25O,OOO; surplus, $3.50, 900;
undivided profits, 800 ,439.32; individ-
ual deposits subject to check, $4l9,-
846 70, and demand certificates of de-
posits of $31O, ,161,55, of a total of
81 1865, 1856 76. Geo. H. Noyes is pres
ident of the bank aud j. Mcclure
cashier.
The South Side Savings bank open
ed as usual this morning but closed it's
doors at l0:30. The report OF the bank
made the first Wednesday of this
month shows resources ST. ,15S 965 II,
with liabilities, including capital,
100000 undivided profits, $l2,500;
due depositors on demand, $286, ,0l2 46;
due depositors on time, $735, ,452 IL; of
a total of 81, ,158, ,96017. G. c rrumpf
is president and j. B. KUetting
cashier.
Crowds at the several banks increas-
ed in consequence of the spread of the
news that the ~outhside Savings
bank and the Milwaukee National
had failed. The run on the Mer.
chants Exchange bank was the heav-
lest, but the crowd at the Second
Ward bank was nearly as large. The
Merchants Exchange bank paid out
money freely and the officers are con-
fident that they will be able to meet
every demand. Depositors in the Sec
Ond Ward bank are mainly German
workingmen who seem to become
panic stricken despite the fact that
the bank is backed by Milwaukee's
wealthy brewers, who have given a
personal guarantee for everything the
bank contains.
President Trumpf of the Southside
Savings bank sa depositors have
been making very large Withdrawals
during the past month, while collec'
tions have been small and deposits
light. The officials and directors
decided that they could not do busi
ness long under the circumstances and
concluded that in the interests OF their
patrons and themselves it would be
better to su pend operations without
further delay.
The run on the M ercbants Exchange
bank subsidod in consequence Of the
posting of guarantee signed by
Charles Pister, the Vogels, John
Black, Julius Coll and other wealthy
stockholders. A repetition of the
guarantee made at the time OF the
Plankin on bank failure by Captain
Pahst and other brewers was made at
the Second Ward Savings bank. The
crisis has now doubtless passed in
Milwaukee as today's failures cleared
the air of all menace for some time to
come.
KENTUCKY NATIONAL BANK:
LOUISVILLE, July 22-The Ken
lucky National bank, capital 81 ,OOO,-
600. slspen ded this morning 1t is
Thought the bank will be able to re
sumo business in a short time. 1t has
BEEN carrying an immense amount OF
paper which although gilt edge could
not be realized on. The bank is a
government depository and in the
sta ement of the bank published July
10, Bthe governments deposits are
placed at $l91, ,73l.83 Deposits of the
United States disbursing officers are
$l36,268. According to the statement
of cash on hand July Is was little
over $S5, 900; individual deposits sub
ect to check $31l ,695 33 and loans and
discounts 81, ,7l9 .966 81
A TENNESSEE BANK.
KNOXVILLE, JIly 22-The State Ma
tional bank of this city closed its doors
this morning. The bank has long
| be en- known to be the %eakest in the
city. Yesterday when 500, 900 in de-
| posits were withdrawn, it was more
| than it could stand. An offer of $40,.
900 to pay depositors should run 0c'
cur today was made by other banks
and the offer was not accepted. The
notice on the door says it will pay de-
| DO itors dollar Tor dollar. Stock hold
ers will also receive So per cent ontne
| dollar. A slight run was made IN
the City National bank just opposite
| the State bank, but the dep0sitOrs
were paid in full and the scare was
soon over. There is no more uneasi
ness felt here.
SMALL KANSAS BANK.
RUSSELL, Kan, July 22.-rhe FRS
National bank of this place closed this
morning and was taken possession o
by G. M. sawyer on the order OF th'
comptroller of the currency.
HOPE TO RESUME.
WASHINGTON, July 22.-COmptrol
Ter Eckels has hopes OF the Farmer!
National bank of Henrietta, Tex, anC
the First National bank of Cisco, Tex
resuming business next week.
J ALL RIGHT AT KANSAS CITY.
KANSAS CITY, July 22.-The weef
which began so spiciously fnan
cially closes with confiu ence restored
and with faith in the prospects anC
prosperity of Kansas City as firm a;
ever. The Bank of Grand Avenue re
opened its doors for business thii
morning. Two others will probably
resume soon.
WASHINGTON WAITS.