Rensselaer Republican, Volume 27, Number 50, Rensselaer, Jasper County, 20 August 1896 — MURRAY HILL BANK CLOSED. [ARTICLE]

MURRAY HILL BANK CLOSED.

Well-Known New fork Institution in Financial 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 18XQ. It has been regarded as one of the strongest of the uptown institutions. It is understood that there is due its; 1,700 depositors abqut $1,250,000. The customers of the bank were chiefly local tradesmen. The capital of the bank was SIOO,OOO. The of the bank have fallen off $250,000 in the last few months. Three hundred thousand dollars of the available $872,000, which is the outside available assets, is hypothecated to secure the clearing house and another loan on the outside of $50,000. The Security Rank 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 are 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 Compnny was appointed receiver. At least 800 persons, most of whom are small tradesmen, were depositors in the bank.