Newspaper Page Text
JHOCK ISLAND JUAILY ARGUS.
1L. XLI NO. 238
ROCK ISLAND. WEDNESDAY, JULY 26. 1893.
. Single Ooptoa Orate i
Par Week UM Onk
CltEAM CITY DAZED
Big 2iore- -fvwis Blue Front.
SAX&RICE, ROCK ISLAND, ILL.
Ae will continue
To sell you your choice of any Light Colored
Summer Suit in the House for
Milwaukee's Financial Sheet An
chor Breaks a Fluke.
MITCHELL'S BANK HAS TO SUSPEND
iits worth $13.50. $15.00, $18.00 and $20.00
This is positively the last week of this sale.
TEAW HATS 25c.
f bite and Fancy Duck Vests at Half price.
$12 Vests - - 6k'
2.00 " - $1.00
3.00 " - '- 1J0
SAX&RICE, ROCK ISLAND, ILL
Hur selection of new designs for the coming sea-
son is nearly all in stock, and we teel confident
your inspection will pronounce it overwhelmingly
I T 1
t sun en or to anv we nave ever shown.
We have taken advantage of every opportunity in making oar selection, in order to give
the people of this city and vicinity the c'loiaast desigas froai the prodact of nearly t very
manufacturer in thia country, at the very lowest prices. We emoloy only first class
workmen, and shall be pleased to recetvs your orders for Papr Hanging, Fainting, or
anything pertainincr to Interijr Dt corating:
loom Moulding to match wall paper.
pindow shades ready made and to order, all colors
icture Frames latest styles.
R. GRAMPTON & CO.
Wholesale and retail book sellers and stationers.
1727 Second av-nu. Bock Island.
neus Miisuc lauonng.
Tub Fashionable Fabrics for Spring and Summer have
Is Life Worth LiviDg?
Call and leave your order
SrA.E Blouk Opposite Harper House:
That Depends Upon Your Health .
Will cure yoa and keep ycu well.
For sa'.e at Harper House Pharmacy.
Locking Cp 1, 500,000 City and a Big
Roll of State Funds Plenty at Asset
Claimed Oberinann's Brewery Follows
the Bank Indianapolis lias Another
Flurry Two Suspensions, the Indian
apolis National and the Bank of Com
merce. Milwaukee. July 20. The Wisconsin
Marine and Fire Insurance bank, gener
ally known as the Mitchell bank, has
closed its doors. The bank was founded
by Alexander Mitchell, father of Senator
John L. Mitchell, who is now president of
the bank. The suspension causes the nv-st
intense excitement, as the V itchell bank
was supposed to be as solid as a vock. The
notice posted on the door is very curt It
is as fellows:
"By reason cf the stringency in the
money market this bank has been closed
by order of the board of directors.
"J. P. Ml i:piiy, Cashier."
The announceniei t wa . a tremendous
shock to the good eople of this city.
Mi chil 'shack closed! then the heavens
mi;,'ht be ready to fall.
Was a Hard, Cold I'act.
Milwaukee people have beci.inc so im
bued with the idea that this bank the
old Mitchell lwuik was the Gibraltar of
finance that thry could nut credit the re
port that it had closed. There was a
general belief' that when a! 1 other bank
ing institution had "disappeared from the
face of the earth the bank which Alexan
der Mitchell founded would continue to
do business at the corner of Kast 'Water
and Michigan streets, and it was this firm
faith in the bauk's stability that made the
shock to public confidence so great. A
few minutes after 10 o'clock the news that
the bank had not opened its doors began
to circulate on the streets and immediate
ly n rush followe 1 in the direction of the
I.euriu'd It for Themselves.
People w;, ;!.i r...t believe what others
told them, but iii isted on crowding up
the marble steps and rending the noti.-e of
suspension f r t heniselvcs. The crowd
surged in and out and up and down the
steps lending in the bank from Michi
gan st re t and it grew in numbers as the
news oi t he suspension spread. More than
one business m,;n walked dowp those
steps with a i :!(: face after reading the
laconic notice on the doors. At tho in
stance of Henjamin M. Weil, the bank
consenting. Judge Johnson appointed
Washington Becker receiver of the bank.
His bond was fixed at $1,000,099.
Cashier Murphy's Statement.
Cashier Murphy said: "We have stood
the drain as long-as we can, and have shut
down liecause we cannot get ready money.
It is not a question of assets at all, for in
time when ve can realize the assets we
will have money enough to pay all lia
bilities and have a large balance. It was
only a question of time under the present
circumstance when we would have to f-hut
down, and we decided to close today. T lis
is not a bank failure in the usual sense of
A dramatic scene was witnessed by the
excited crowd about the bank building.
The venerable vice president of the bank,
David L. Ferguson, supported by two phy
sicians, was assisted out to a can in .-a.
During the deliberation in the bank .Mr.
Ferguson succumbed to the strain ;;:id
shock and collapsed.
A Cniwtant Ilraln Did It.
The bauk had been subject to a constant
drain ever since the Plankinton b nk fail
ure. The city of Milwaukee has i 500,
000 in the bank and the corporation will
probably have to temp narily uspend
payment, as did the county when the Com
mercial bank closed. he officers of the
bank are: President, John L. M'chell;
vice president, I) vid Ferguson; second
vice presidnnt, Washington Becker; cash
ier, J. P. Murphy; assistant cashi.-r, H. L.
Kll'ects May He Far Kcurhing.
The effect of the stir pension may be far
reaching. At present it looks us if it were
the greatest financial disaster ever known
in the history of the city. The fact that
the c.ty has so much money in the bank
is a bad complication, but even more far
reaching than this is the fact that the
state has a large amount on deposit in the
bank, as under the present methods pur
sued by the stale administration the risk
is assumed by the state itself and recovery
cannot be made through the bondsmen of
the state treasurer. The state orders the
money deposited in certain banks, thus re
lieving the state treasurer. Under the old
methods the state t.tiasurers retained the
interest on state money, but they and
their bondsmen were responsible for the
SOME HISTORY OF THE BANK.
Was Incorporated In Territorial Times
The Itun of 1849.
There is probjbly no man better known
in Wisconsin than John L. Mitchell, presi
dent of the bank. He is a son of Alex
tier Mitchell, the one pioneer of Milwau
kee to divide honors with John Plankin
ton as regards the work done toward
making of the hamlet of Milwaukee a
great city. The concern of which he was
the head, the Wisconsin Marine and Fire
Insurance company bank, was incorporat
ed by the territorial legislature of Wiscon
sin in 1830, the charter being granted to
Alexander Mitchell and George Smith,
young Scotchmen just arrived from Aber
deen. The provisions of their charter
authorized them to insure against fire and
marine losses, to receive deposits, issue
certificates and lend money.
But in view of the sorry figure cut by
the Bank of Milwaukee and the two other
banks chartered in 137 a proviso was udd
rd that the company should not do a bank
ing business, meaning, perhaps, if it meant
anything, that it should not do such
business as other western b inks had done,
which consisted in issuing an unlimited
amount of currency and failing whenever
it was presented in any large amount for
redemption. Messrs. Smith and Mitchell
confined themselves strictly to the business
tneir cdarter autnorreea mem to ao, leav
ing others to decide whether or not they
were doing a banking business.
To their customers they issued certifi
cates of deposit engra ed like bank bills,
in denominations as low as $1, payable in
current coin of the United States on da
rn nd and signed by George Smith, pres
ident, and Alexander Mitchell, secretary.
These certificates grew rapidly in favor
among the people, not only in Milwaukee,
but throughout 7.e northwest. It was bo
popular a currency as, in time, to sup
plant much of the circulation of banks and
bankers doing business in the old style,
and aroused much and bitter hostility
from that source.
The charter of thecompany was repealed
in 1544, as it was discovered that the com
pany was doing a banking business, con
trary to the proviso in its charter prohibit
ing it, although in strict accordance with
the specific business it had been authorized
to do. The company held that the charter
could not be repealed so long as it did not
violate its provisions, and went on increas
ing its business and enlarging its field of
operations. It redeemed its notes not only
in Milwaukee but in Chicago, Galena, St.
Louis, Detroit, and Cincinnati. They thui
became current over a large part of the
western country and increased in circula
tion from year to year.
The last and greatest run which the
bank ever withstood occurred in 1M9,
when a lot of Chicago bankers started
panic and in a few hours the bank was
surrounded by depositors clamoring for
their money. Mitchell sent to Chicago
for funds, but before they arrived his
friends at Milwaukee came to his rescue,
replenished his coffers as fast as deposi
tors could draw their money and broke
PANIC AT INDIANAPOLIS.
Hun on Nearly All the Hanks Indiana
" polis National Suspends.
INDIANAPOLIS, Juij 20 As soot, p. 5 the
banks of this city opened their doors yes
terday depositors in large numbers began
withdrawing their deposits. The run did
not, however, assume tenons proportions
for time except at Fletcher's bank,
which is one of the oldest and so :ndest in
the city. The owners it is a private
bank aie both millionaires and it was
freak of the depression that it should be
singled out, At the Meridii.n bank also
U''re was a run of considerable proper
These runs oi.de 1 at noa:i, the hank
meeting demands without trouble, but
there was at that hour still a crowd of
small depositors at the Indiana National.
Confidence, howe.er, was being rapidly
restored, and all the other banks were
prepared for the emergency, having adopt
ed the policy of keeping a strong reserve.
The cause of the run was the suspension in
the morning of the Indianapolis National,
helped probably by the fact that the Bank
cf Commerce did not open at all. This
was not unexpected, as the bank is owned
by the Depauw estate.
The bauk was one of the oldest in city
or state, having been organized as an in
surance company in 1833 with banking
privileges. Liabilities are $411,000 and as
sets Hai.OOO. N. T. Depauw is president-
The most severe blow to commerce was
the suspension of the Indianapolis Nation
al. The only statement made is that the
failure is for $1,200,0 0. For some days there
had been a quiet run on the bank, deplet
ing its resources and making it necessary
to suspend. The managers of the bank
had not seen the trouble in tima and did
not .i ake that preparation that other
banks had. Ijirge depositors were con
stantly withdrawing their funds, mean
time, and by Monday i.ight the manage
ment knew that suspension was inevit
able. The funds of the grand lodge of Indiana
Odd Fellows and the Odd Fellows Mu
tual Aid association were in thebankon
deposit. The bank was also the reposi
tory of the general government and the
funds for the federal court, the postofflce
and the pension agency of Indiana will be
tied up indefinitely. The International
Typographical union, whose headquarters
are located here, had $30,000 in the bank.
Many workingmen also had their savings
in the bank.
The Central Chair company, employing
150 men closed down in the evening owing
to the f 'ilure. The company had a large
deposit in the Indianapolis National bank
and all its ready money is thus tied up.
Ruffalo Bank to Iteopen.
Buffalo. July 20. The stockholders of
the suspended Queen City bank held a
meet ing and decided to resume business
with a capital reduced to $300,000. The
bank will reopen between the 1st and 5th
Iron Failure at St. Ixmls.
St. Louis. July 20. Ripley & Bronson,
iron merchants and dealers in all kinds of
iron, have made an assignment. Liabili
ties, $150,000; assets not given, but prob
ably close to the amount of liabilities.
Another Failure at Milwaukee.
Milwaukee, July 20. The J. Ooermann
Brewing company has made an assign
ment. H. P. Obermann is the assignee
and his bond is $1,200,000.
HIS HIGHNESS ON AMERICA.
Maharajah of Kapurtbala Finds Out
Few Things Abont This Country.
New York, July 26. His highness the
Kaiah Rajgan, naharajah of Kapurthala,
with bis suite, has left this city over the
New York and Hartford railroad for New
port. Before leaving the rajah spoke of
the attention accorded him during his
brief stay here. He said in excellent Eng
lish: "From what I have seen of them the
Americans are a great people. Their in
stitutions have impressed me greatly. Of
their achievements I have often read with
'It remained until now for me to per
sonally witness their greatness. I hardly
expected such courteous treatment in a
republic where caste is not recognized.
My present visit to the United States is a
comprehensive one. That is I intend to
visit nil the points of interest in the differ
ent cities through which I shall pass. My
time limits me to only one lay In most
tt the cities I shall visit. I regret that I
will beunable o ro furiher xest than
.gntning Kills Two iiirls.
Ottawa, Ont., July 26. At Clarence
Creek, Russell county, lightning struck
the house of J. B. Laudey, killing his two
daughters, aged IS And 10 years.
Strange Result of a Snake Adventure.
Danburt. Conn.. July M. George Fra
ieigh, while haying last week, lifted
forkful of bay, when he fell to the ground
aith the hay on top of him. When
picked up Fraleigh had hold of a big rat
tlesnake which was coiled about his neck.
The serpent did not bite him, but It left a
Slack mark. Every morning since at the
same hour that the snake wound itself
round the man's neck he has been taken
with ihoking spasms nd fits of strangu
lation. nd is growing weaker every day.
Weeding Out" Process.
Vasiiisgtos, July 06. Secretary Car
isle :nten'ls to weed out -:he .nefficlent
clerks .n the treasury department. He
segan operations by dropping six clerks
from the rolls. Others will be dropped
"rom the rolls from time to time as they
are reported by chiefs of divisions. These
vacancies will be filled, of course, through
the civil service commission, and in doing
o it is the intention of Secretary Carlisle,
very-thing else being equal, to give pref
erence to Democrats.
n Appeal to tnarity.
JJEwYokk. July 26. A pecial to Th
World from Topeka, Kan., says: Mayor
Gluck of Dodge City, has issued a procla
mation calling on the people to make pro
vision for the arrry of tramps which is In
festing the country. He states that Dodge
City and surrounding tovn9 are alive with
tramps moving eastward from Colorado,
where they were thrown out of employ
ment by the closing of the silver mines and
Fight Thousand Destitute at Denver.
Denver. July 20 A meeting was held
here to devise means of taking care of the
destitute. There are over 8.000 of them.
LIVE STOCK AND PRODUCE MARKETS
Chicago, July 25.
Following were the quotation on the
Board of Trade today: Wheat July, opened
B.ifcC, closed 63"t,c: September, opened OTjjjc,
closed ffPic; December, opened 71!, closed
3$;. Cora July, npene.l 4J!4C, closed 3Ufc;c;
Scptcmlier, opened 41e, closed 4o)4c;
May, opened ilic, closed 4flc. Oats July,
opened its", closed -7.4iP: Septem
ber, opened closea Hc; May,
opened -ic closed wje.
' -"i rs flnA,i ciu r-.
Olw.-iJ. closed s.").Vl.
opened ;1 c'.o-d ."V. .
Live sock: li; e at the Cnion
fctuck ards today ranted as follows:
Hotre Estimated receipts for the day 1",i0;
quality .only fair; left over, none;
market i.etive and firm on packing and
shipping account, and prices were 10c high
er; sales ranced at Si.S&S.lu nies. S6.0ja
6.3j light, $5.6"SW rongh packing. $3.80
6.2J mixed, and $5.8528. 1U heavy packing and
Cattle Estimated receipts for the day.
7,000; quality only fair; market opened
rather active on local and shipping account;
stroncrAr: mintAtinns rftmfl at Cr.ni?4 1jl
O I " O . ..wyw,
choice to extra shipping steers, SI (VJ. 1.95 good
to ciioice ao., d.Ncj.4.J lair to good, $3.50fl&
1.00 common to medium do, $3.25t.90 butchers
steers, $2.253.00 stockers, S-.70&'1.6J feed-
r 11 ER'TfJl ill eoirs tl-htvTilX a I h.if..i Wa
- t - r . .-yp.... .-..-.., (u.up
3.75 bulls, S1.SOS3.7U Texas steers, and t-'.50a '
a. 1 3 veai caives.
Sheep Estimated receipts for the day,
10,000; quality fair; market fairly active;
prices were steady; quotations ranged at
$3.2a.75 per 100 lbs westerns, $2.53(24.80
Texas, $2.uu&t.9d natives, and $3.003,6.00
Produce: Butter Fancy separator. 30a
per lb; fancy dairy, 10317c; packing stock.
15Uiic. Eggs Fresh northern stock, 13o
per doz. Live poultry Spring chickens, 13
e.i:uc per lb; hens, ll&Uc; turkeys, 103
11c; docks, Sc; geese, S3.UU33.00 per doz.
New potatoes Early Ohio, $1.50l.Ji per
bbl; 60265 per bn; rose, $2.00. Apples New,
fair to good, $1.7532.50 per bbl; choice, $2.75
&3.00. Black raspberries, Michigan. $1.10
1.25 per 16-qt case; red raspberries, $1.0Cft&
1.25 per 24-qt case. Hoaey White clover, Mb
sections. 13217c; broken comb. 10c; dark
comb, good condition, lo&Wc; extracted 68o
per lb. (
New York. July 25.
Wheat August, 71H&72c; September,
73 11-10&T4 5-16c; December, SOM&SOKc
Rye Quiet and steady; western, 6557c.
Corn No. S dull, lower and weak; August,
4s?ic; September, 4SMj349c; October, 48ia
49)c; No. 2. miasic. Oats-No. 2 dull and
easier; August, 82a32Wc: September. 8uK
31Wc: state. 3Sa3e; western, 3633c.
Pork Quiet; new mess, S18.5031ROO. Lard
Quiet and weak; steam-rendered, $9.95.
The L,oral Market.
llay Timothy, J1S.O0: npland, f loan ; eicugL
$S.00; baled. $10.0u11.00.
Butter Fair to choice, S0t; creamery, 20c
Eggs Fresh. 14&15.
Poultry chickens, 124c; turkeys lay
ducks, l'-Kc; geese, 10c.
raurr and tzsbtabi.es.
Apples $4 00 perbbl.
Onions $4.0Uper bbl.
Turnips 60c per bu.
LI VI STOCE.
Cattle Butchers pay for com lea steers
4a4c; cows and aeifeis. i4iti!c calves
T 13 THEPEOPLfc
AND NOT THE TESTIMONIALS
OF PURCHASABLE CHEMISTS