The representative., 1900-03-29

the country. Harper & Brothers, OF
New York, founded more than half q
century ago, failed for $5,o0o,0oo, and
all the Harpers were squeezed out.
The next week the next greatest pub
fishing house in the United States-D.
Appleton & Co., Of New York-went up
the spout for d million dollars.
The whole business world is trembl-
ing before those immense failures,
and asking: What next?"
And once more the banks are fail
ing.
RUTLAND, VT, March ze.-With Its doors
closed fast and its cashier, Charles
T. Mussey, in JAIL defaulter for $145, ,000
the Merchants National bank of this city
formerly one Of the strongest institutions
In the state, stands tonight on the verge
of ruin, unless its stockholders come to its
assistance and help the remaining assets to
pay off the 1851. 900 due its depositors
Mussey confessed his guilt to the entire
board of directors, having come back from
Albany at the solicitation of local detec-
tive, who traced him to that city when he
failed to appear before his employers late
Saturday afternoon. He remained in close
detention in the bank all day. practically
under arrest, in a civil suit brought by the
bank for $4,000, but to night the United
states authorities, after examination into
the banks affairs, formally arrested him
on charge OF embezzlement and lodged
him IN the county jail. It Is understood
that the United States circuit court has
placed his bail at 100000.
C0inc1dent with Musseys confession came
the closing Of the musical store of H. A.
Mcclure. Jr. the business of which accord
ing to the confession Of the cashier, has
been supported wholly or in part by the
funds of the bank. Mussey's peculations
began six years ago, the entire deficit be-
ing made to appear good through large
number OF forged notes which Mussey in
serted. Mussey was taken quietly to the
jail and will be arraigned before the Unit
ed States commissioner.
And right in the heart of the richest
part of Minnesota a local bank is "ge-
busted"
Public Examiner Pope yesterday closed
the Citizens State Bank, Of Appleton. Dep
uty Examiner Edward Ekman has been at
Appleton for several days carefully going
over the accounts OF the institution. A de-
tailed report of the investigation made by
Mr.. Ekman reached Gen. Pope yesterday
and he Immediately wired authority for the
closing of the bank. Mr.. Ekman deposited
the cash belonging to the institution in an
other bank. took possession of the books
and records, and put a seal on the vault
leaving 1t In charge of an officer.
Gen. Pope stated yesterday that the de-
posftors would lose nothing, while the
stockholders will sustain something Of a
loss; as the capital stock of the institution
is somewhat impaired.
The capital stock of the institution which
was formerly $25, 900, and a short time ago
reduced to $4,000, is impaired to the ex-
tent of about 40 per cent.
1--WE have been nursing the Citizens Bank
along for some time, hoping that it would
get on It's feet without interference by the
department. A comparison between the
February and March statement showed
very large decrease in the deposits and
ready cash, with no reduction in the amount
OF liens; in fact, this item was very largely
increased"
The statement made a month later
showed such an alarming increase In the
item "due other banks" and correspond
ing decrease in 'due from other banks as
we'll as an increase in many other items
of liability, that Gen. Pope became con-
vinced that the only course left to the de-
partment was to close the bank and thus
protect the depositors from loss.
We intend to advertise in the daily
papers for that "boom"-''Lost, strayed
or stolen!"
Bring it in on the half-shell. It
must be lying around somewhere. Sure
ly all the intelligent editors can't be
liars? The supposition is too horrible.
I. D,