The Superior times. [volume] (Superior, Wis.) 1870-1912, 1895-08-03
To Liquidate.

Away back in war days to "Liquidate"
was to repair to the nearest suffers tent
and take a drink. Today out in Oak ota,
according to Brer. Wood, to "Irrigate"
the same definition is applied. Now to
"Liquidate" is applied to the banking
/ house which closes its doors and goes
out of business, and, while it also means
TO take something, il does not follow
that the something taken must be of a
liquid nature. 1t may be. and often is,
the widows mite or the poor mans
| little account he has laid aside for q
rainy day or to meet next winters coal
bills with. Within the past three or
four months Superior has had four of
these "Liquidations." In some in
stances 1t is quite safe to say that the
widow will lose her mite and the poor
man his coal money. In other cases it
looks as though both classes will in
time recover whatever they might have
mad invested in the institutions now in
process Of liquidation.
Last Saturday morning the Superior
National bank closed its doors with
the statement that it was not doing a
paying business and thought it best to
suspend. 1t also stated that its liabili-
ties were Sal 800 and its assets S275, 900
OF which latter amount SIC, 900 was cash
soG 900 United States bonds and S37 600
IN real estate, building and fixtures.
W ta+ e "a,
shrInkage Of almost 30 per cent on the
assets can be allowed and still meet all
the liabilities. This bank had SO, coo
of the city funds and capitol of Sl35,-
600.
On Tuesday morning the keystone
National bank closed Its doors with the
statement that its liabilities were $259,-
AZ and its assets 1921 600. President
Tennis informed bis friends that he
was quite sure that his bank would be
reorganized and open its doors again
soon. The bank had SOS, 600 of city
funds and $4,000 of state funds. The
capital is 100000 with surplus of
81, 900.
VI course we are experiencing pinch
ing financial times, but the fact still re-
mains that the banking business has
been very largely oyerdone in Superior
Where two or possibly three banks
could have done good and profitable
business almost dozen have been try
ing to exc out miserable existence and
a good many of them at least depending
largely upon the public funds for their
capital or stock in trade. BY the four
banks that have recently gone into
liquidation" the city and schools have
lost, for the time being at least, over
500, 900, and it is safe to say that of this
sum % per cent. can be set down as
gone forever. 1t is not a good business
propOsitition to have large sums of
money put away in vaults idle, but in
view of this state of affairs it NAV be
we'll to consider the advisability of con-
structlng vault for the public monies
| of the city. The experience of this city
has been that it loses more in this and
other ways than it gains from interest
received. We doubt not every tax
payer would like to help every bank
in the city to few thousands, but can
they longer afford to do SO and save
their own homes and property? What
with the banks and horde of public
officials who think plundering the
public treasury legitimate and honor
able business the tax payers will soon
be ground into powder. How would it
do to call for a new deck and a new deal?