People's Pilot, Volume 3, Number 6, Rensselaer, Jasper County, 28 July 1893 — PROSPECTS BRIGHT. [ARTICLE]

PROSPECTS BRIGHT.

The Flnanchl Situation u Reviewed at the Treasury Departments National Banks Make an Excellent Showing—Some Failures Reported. Washington. July 25.—As viewed at the treasury department, the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified during morning that the failed First national bank, of Kendallville, Ind., and the failed Northern national bank, of Big Rapids, Mich., would probably resume this week. The First nar tional bank, of Santa Anna, Cat, which resumed business on Saturday after a short suspension, received in deposits <12,000 while the withdrawals amounted to only <B,OOO. This is regarded as an evidence that confidence is being practically restored on the Pacific coast. Comptroller Eckles says a sufficient number of national bank requests have been received under his last call to form a basis of estimate of the general condition. He says the showing is excellent; that the condition is as good and in many places better than ever before. A general increase oof reserves of from Ito 3 per cent is shown. Mr. Eckels says these reports demonstrate that the banks properly conducted are upon a sound basis and that the failures are only of weak banks. It is proof, he adds, that the system is being purged of banks badly conducted—those that are run as aids to other schemes.

Milwaukee, July 25.—There was not much excitement at the banks here Monday, and there is a feeling that there will be no more big runs unless something unusual should happen. During the morning the Merchants’ exchange bank paid off a large number of depositors and there was quite a little gathering in the Mitchell bank. The crowds melted before noon, however, and during the afternoon there were few people in any of the banks except regular customers doing their usual business. There is said to be a strong probability that the Milwaukee national bank, which closed Saturday, will resume business shortly. Connersville, Ind., July 25.—The Citizens’ bank, owned by ex-United States Treasurer Huston, closed its doors Monday morning. The liabilities are <150,000. Mr. Huston posted a notice that all claims would be

paid in full and that his entire estate would be held for the benefit of depositors. The total assets will amount to half a million dollars. Mr. Huston offered Indianapolis parties <IOO,OOO collateral securities for | the loan of <15,000 a short time ago, but was refused. The other banks did not encounter “runs,” and everything indicates that people are confident that Mr. H uston will soon resume. Medford, Wis., July 25.—The Taylor county bank has failed and Cashier Matt has fled. It was the depository for the county and city funds. Hermann Matt, the cashier, was the county clerk and school treasurer, while Theodore Hartman, the president, is mayor. The bank is stocked for <9,000, owned by Hartman & Matt. The assets are given at $16,000. As near as can be estimated the county funds on deposit ’ amount to <6,000, while of the city money there is about <4,500. Mr. Hartman says he will turn over all the property he has to save the creditors of the bank from loss. Washington, July 25.—Since the Ist of January nearly 200 national bankshave closed their doors, against less than fifty during the same period last year. Of the failures this year five have been United States depositories, as follows: i The First national bank, of Little Rock, Ark.; the Gate City National bank, of Atlanta, Ga.; the People’s national bank, of Denver, Col.; the German national bank, of Denver, CoL, and the Kentucky national bank, of Louisville, Ry. Syracuse, N. ¥., July 25.—The extensive manufacturing firm of Bradley & Co. went into a receivership Monday afternoon. Judge Vann appointed John Dunn, Jr., receiver. The firm manufactured triphammers, wagons and fancy carriages and filters. The building and plant are valued at <500,000. The liabilities are about <350,000. The judge issued an order allowing the receiver to continue the manufacture and the sale of the stock on hand. Chicago, July 25.—The firm of Parkhurst & Wilkinson, iron merchants at 148 to 164 Kinzie street, failed on Monday. The firm’s assets are estimated at <1,000,000. Parkhurst & Wilkinson were among the leading merchants in their line in the United States and had been established for more than a decade. Slow collections due at the bank is the cause of their trouble. Baltimore, Md., July 25.—The South- ' ern Electric company, one of the big enterprises of this city, made a voluntary assignment Monday to Morrill N. ! Packard. Failure to collect overdue ac- » counts made it impossible for the company to meet its obligations. The assets of the concern are estimated at 8175,000; liabilities, <IOO,OOO. Mr. Packard filed a bond for <300,000. Louisville, Ky., July 25.—The Louisville national bank suspended payment Monday afternoon. The bank has a capital stock of $401,009. The announcement that the bank had closed for business was not unexpected. The bank found that it was impossible to realize on the assets owing to the financial stringency. Deposits received during the day will be returned.