Democratic Sentinel, Volume 20, Number 33, Rensselaer, Jasper County, 21 August 1896 — MURRAY HILL BANK CLOSED. [ARTICLE]

MURRAY HILL BANK CLOSED.

Well-Known New York Institution in Ffnancinl Distress. The Murray Hill Bank of New York is closed pending an examination of the condition of its affairs. The Murray Hill Bank was organized'in 1870. It has been regarded as one of the strongest of the uptown institutions. It is understood that there v* due its 1,700 depositors *about $1,230,000. The customers of the bank were chiefly local tradesmen. The capital of the bank was 8100,000. The deposits of the bank have fallen off $250,000 in the last few months. Three hundred thousand dollars of the available $572,000. which is the outside available assets, is hypothecated to secure the clearing house and another loau on the outside of $50,000. The Security Bank of Duluth, capital SIOO,OOO, one of the leading banks of the city, closed its doors Tuesday morning. Heavy withdrawals of depositors and the impossibility of making speedy collections arc given as the cause. With SSOO in their vaults, against deposits of $115,000, Louis D. Taylor & Co., private bankers of Chicago, suspended business. The Equitable Trust Company was appointed receiver. At least 800 persons, most of whom are small tradesmen, were depositors in the bank.