The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-02-28

Several of the heaviest borrowers were
spectators and touched the bank hard
10 take commercial flyers. Their notes
were secured by the speculative articles.
The bank holds a lot OF paper of the
Schwartz Bros. Commission company.
This firm filed chattel deeds of trust on
250,O0 sacks of wheat in the Farmers
elevator to secure outstanding notes ag-
gregating $4,000, and similar notes on
real estate to secure s7,o16 worth of their
paper. 1t is not known whether this pa
per was discounted at the Mullanphy
bank.
Just before the United States internal
revenue department made the change in
relation to whisky in bond young T. a.
Teuscher, it is said. took quite flyer in
whisky, counting on a raise in price. Mr..
Teuscher's efforts to corner the market
ran up his overdrafts with the Mulan-
ply bank to $4,000. President John
Rottman said today that this was a dead
loss.
President Ro.tman also borrowed mon
ey freely from the institution to run his
whisky business. His stock is up for COL
lateral. There are other whisky dealers
who have. it is said. had their paper hon
ored freely by the directors.
President John Rottman said 10 a re-
oprter: The bank has plenty OF money.
We did not close because we were broke
The bank examiner had 10 shut US down
because the Continental played a snap
on us. They would not clear for US, and
We had TO quit. l guess if we can get
somebody 30 clear for us we can start
again all right.
CHICAGO CLOTHIERS FAIL.
Chicago, Feb. 27.-The clothing firm OF
WiEoughby Hill & CO. confessed judg-
ment in the circuit court today for $751;
GIL in favor of the Fort Dearborn Ma
tional bank.
The injunction was issued on a bill fled
by the Stein-Block company. clothing
manufacturers of Rochester. y. Y, the
members of whose firm composed the mi
nority stockholders OF the Willoughby-
Hill company. The DILL charges the firm
10 he insoivent. with $4,000 OF assets
and 5000 of Liabilities.
Mr.. Hill. president. has been in New
York but was expected home tonight.
His son. Who has charge of the business
in his absence. says the financial trou-
bles can De arranged
1t was a complete surprise" said he
today. 1T is a family affair. in a sense.
even though the action OF the hank was
what closed us up. guess we Will ge; il
snaps again in a day or two"
The assets are given al about $3.50 oe0.
The firm is one OF the oldest in the retail
trade il Chicago.
The confession Of judgment was follow
ed by the fling Of a bin for a receiver
Judge Hanecy appointed E. B. Mickey.
The firms business was prosperous IN
III 1898. when Mr.. Wfloughby sold out
to an incorporated company. i;s stock
holders beng Rochester wholesale Cloth
Ing men.
Mr. wEloushby. asked for his opinion
as TO the cause % the failure. replied:
I; was caused by the competition O.
department stores. cheap tailors. hard
times, a change OF business from Madi-
son TO Clark and State street, ext-sva-
giant rents, etc"
RUSSELL & MILLER COMPANY.
Fargo. " d. Feb. 27.-Afte- a brief
fght IN the United States courts the
dirfereas interests connected with the
affairs OF the Russell & Miller Milling
company OF West Superior. Wisconsin
and North Dakota, goi together today
ar1 reached an agTeenea; whereby the
Northwestern National bank Withdrew
all cilarees against Receivers Russell AMI
Miller aai both toe latter resigned ard
the colr: appointed Charles 2. Tsan.. c.