Bank of Commerce (Indianapolis, IN)

Episode Information

Episode UID
8542527391146
Episode Type
Suspension β†’ Closure
Bank Type
trust
Bank ID
854252739 hash
Start Date
June 11, 1895
Location
Indianapolis, Indiana (39.768, -86.158)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
309fcdbddf2ef04a

Response Measures

None

Description

Suspension followed by assignment/liquidation stemming from litigation (Knights and Ladies of Honor).

Events (2)

1. June 11, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Litigation and an execution judgment (Knights and Ladies of Honor) left the bank without funds; directors suspended to protect depositors.
Newspaper Excerpt
The Bank of Commerce this afternoon suspended business as a result of a meeting of the board of directors held last night.
Source
newspapers
2. June 18, 1895 Receivership
Newspaper Excerpt
The Bank of Commerce ... made an assignment for the benefit of its creditors. ... the deed of assignment was filed at the office of the county recorder.
Source
newspapers

Newspaper Articles (15)

Article from The Herald, June 12, 1895

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Article Text

Another Bank in Trouble INDIANA POLIS, June 11.-The Bank of Commerce this afternoon suspended business as a result of a meeting of the board of directors held last night. No more deposits will be received. William Bosson, the cashier, said this evening: "We have simply suspended for the present. We have deposited a sufficient amount of money with the Indiana National bank to pay all of our depositors, and no one will lose a cent. The reason we suspended is because of litigation that is now pending. and we did not want to do anything that would in any way endanger our depositors."


Article from Rock Island Argus, June 12, 1895

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Article Text

Indianapolis Bank Suspends. INDIANAPOLIS, June 12.-The Bank of commerce, a state institution, with $200,000 capital, has suspended, temporarily perhaps, because there is no money in the business and because of litigation with the Knights and Ladies of Honor. The bank will pay all its liabilities.


Article from Waterbury Evening Democrat, June 12, 1895

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Article Text

No Money In Banking. INDIANAPOLIS, June 12.-The Bank of Commerce has suspended business. The directors decided that there was no money In the business as that bank has been doing it, and no more deposits will be renived.


Article from The Seattle Post-Intelligencer, June 12, 1895

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Article Text

An Indianapolis Bank Fails. Indianapolis, June 11.-The Bank of Commerce this afternoon suspended business as a result of a meeting of the board of directors last night. No more deposits will be received, William Bosson, the cashier, said this evening: "We have simply suspended for the present. We have deposited a sufficdent amount of money with the Indiana National bank to pay all of our depositors, and no one will lose a cent. The reason we suspended is because of litigation that is now pending. and we did not want to do anything that would in any way endanger our depositors." Only a year ago the bank closed its doors for a short time, and the Knights and Ladies of Honor secured a judgment against it for the sum named, and a few days ago the supreme court issued an execution against the bank. The officers of the bank today turned over for execution its building and some other property, which Cashier Bosson says will be sufficient to pay the judgment. The bank is a state concern, with a capital stock of $200,000. Its liquidation has been expected for several months, and this fact makes its suspension unimportant, in the opinion of the other bankers of the city. The principal stockholders are the Depauws, of New Albany, William Bosson and John W. Ray.


Article from Evening Journal, June 12, 1895

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Article Text

No Money In Banking. INDIANAPOLIS, June 12.-The Bank of Commerce has suspended business. The directors decided that there was no money in the business &S that bank has been doing it, and no more deposits will be received.


Article from Pawtucket Tribune, June 12, 1895

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Article Text

Going Out of Business. INDIANAPOLIS, June 12.-The Bank of Commerce has suspended business. The directors decided that there was no money in the business as that bank has been doing it. Cashier Besson said that no one will lose a cent.


Article from The San Francisco Call, June 12, 1895

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Article Text

Suspension of a Bank. INDIANAPOLIS, IND., June 11.-The Bank of Commerce this afternoon suspended business as a result of a meeting of the board of directors last night. Nomore deposits will be received,


Article from The Providence News, June 12, 1895

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Article Text

Indianapolis Bank Closes. INDIANAPOLIS, June 12.-The Bank of Commerce has suspended business. The directors decided that there was no money In the business as that bank has been doing it. Cashier Besson said that no one will lose a cent.


Article from Omaha Daily Bee, June 12, 1895

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INDIANA BANK CLOSES UP. Depositors Will Be Paid in Full and at Once. INDIANAPOLIS, June 11.-The Bank of Commerce this afternoon suspended business as a result of the meeting of the board of directors last night. The directors decided that there was no money in the business as the bank had been doing it and no more deposits will be received. William Bosson, the cashier, said this evening: "We have simply suspended business for the present. We have deposited a sufficient sum of money with the Indiana National bank to pay all of our depositors and no one will lose a cent. The reason we suspended is because of litigation that is now pending and we did not want to do anything that would in any way endanger our depositors." Cashier Bosson said that he could not state whether the bank would resume business when the litigation was ended. The litigation referred to is a claim for about $70,000 allowed to the Knights and Ladies of Honor by the court about a year ago. The sum deposited today by the Bank of Commerce to pay its depositors is about $10,000.


Article from The Indianapolis Journal, June 12, 1895

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ENDS ITS BUSINESS BANK OF COMMERCE CLOSES ITS DOORS FOR LIQUIDATION. Sufficient Money Placed with the Indiana National to Pay All Depositors. Yesterday the Bank of Commerce closed its doors and announced that it had placed sufficient money on deposit in the Indiana National Bank to pay all depositors in full, and that all checks against deposits would be paid at the Indiana National Bank. This seems to be the direct result of the litigation which has been pending since the suspension of the bank in 1893. A few days ago the Superior Court issued a writ of execution against the bank in favor of the Supreme Lodge, Knights and Ladies of Honor, for a little over $70,000, which was served by Sheriff Womack on Monday. The bank turned over sufficient real estate to satisfy the execution, and at a meeting of the board of directors, Monday night, decided to begin to liquidate yesterday. There was sufficient money placed on deposit in the Indiana National to pay all indebtedness of the Bank of Commerce in full, which will be done as fast as the checks come in. The Bank of Commerce has been preparing for liquidation for some time, and its deposits amounted to only a little more than $10,000. The clearing house was notified yesterday morning of the action of the directors, and at the same time the Indiana National Bank notified the clearing house that it would pay all checks on the Bank of Commerce. The other bankers of the city were not at all surprised when the news reached them of the closing of this bank. They said that it would have no effect whatever in financial circles, as practically the bank had been liquidating for over a year. The bank was organized under the State laws with a capital stock of $200,000. The principal stockholders are the DePauw estate, the DePauw heirs, John W. Ray and William Bosson. Some other stock is held by outside parties in small amounts. It is not known how the stockholders will fare in the liquidation, but it is known that some of the smaller ones, who have held stock for years, have found it an investment that demanded assessments instead of commanding dividends.


Article from The Indianapolis Journal, June 18, 1895

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MAKES AN ASSIGNMENT BANK OF COMMERCE TURNS OVER ITS PROPERTY TO A. J. MINTOSH. Over $180,000 in Notes Included in the Assets-Some of the Real Estate Held. The Bank of Commerce, one of the oldest commercial institutions of Indianapolis, closed its doors a week ago. Yesterday it made an assignment for the benefit of its creditors. At noon a meeting of the directors was held at the office of the bank. President N. T. DePauw, Vice President John W. Ray, Cahsier William Bosson, Charles W. DePauw and Byron K. Elliott, attorney for the directors, were present at the meeting. The officials discussed the financial depression under which the bank has labored for some time and at 3 o'clock reached a conclusion. An hour later the deed of assignment was filed at the office of the county recorder. The document was carried to the office by Andrew J. McIntosh, the assignee. The latter is a real-estate dealer of this city and is a brother-in-law of Newland T. and Charles W. DePauw. Immediately after the meeting Messrs. DePauw left for their home at New Albany. The deed of assignment deposited with the county recorder is a voluminous document, carefully prepared after the usual form. It shows that the assets of the insolvent institution are Marion county real estate and a considerable amount of money tied up in notes and securities. All of the real estate owned by the bank is turned over to the assignee. The realty includes the Bank of Commerce Building at the intersection of Virginia avenue with Washington and Pennsylvania streets; twelve acres of ground in Perry township; one lot in Lincoln Park and an equity in the old shoe factory on Brookside avenue. The personal property embraces chiefly the notes held by the bank. These assets are set out in an exhibit which covers three pages of legal cap paper. The notes range in amounts from $150 to $28,000. The figures aggregate $180,373. The larger amounts include the notes of Messrs. DePauw and the Premier Steel Company. The bank holds one note executed by the latter amounting to $28,713.25. There are two notes of the DePauw Plate-glass Company, one for $10,000 and the other for $9,500. The schedule shows two notes given the bank by the Broad Ripple Gas Company of $5,000 each and two notes from R. C. Light aggregating $7,303.88. John W. Ray and William Bosson are each represented by stock notes of $10,000 each. The bank also holds the paper of W. C. DePauw & Co., indicated by notes, aggregating $20,000. The assignee could not say last night what the liabilities of the bank will be. He was also unable to say how much could be realized on the paper held by the bank, but was confident it would yield a snug sum. Although the Premier Steel Company is heavily indebted to the bank, Mr. McIntosh is hopeful of some sort of a settlement. The real estate placed in the hands of the assignee as assets was last week levied upon by the sheriff to satisfy two judgments taken in the Circuit Court by the Supreme Lodge of the Knights and Ladies of Honor and E. J. McBride, supreme treasurer of the order. These judgments amount to about $76,000. The assignee says that the real estate was appraised last week at $80,500. The bank building alone is held at $70,000. The Perry township property is valued at $3,000, and the Lincoln Park real estate at $1,000. The bank's interest in the shoe factory was appraised at $6,500. There is a mortgage on this property of $4,000. Assignee McIntosh thinks that when the property is sold it will more than pay the judgments held by the Knights and Ladies of Honor. This is the heaviest claim against the bank. It is understood that the depositors of the institution will lose nothing by the failure. Last week when the bank closed its doors it was announced that a sufficient sum would be placed in the Indiana National to settle with every depositor, and patrons were notified of the transfer of their deposits. People were given to understand that the Bank of Commerce would pay 100 that


Article from The Diamond Drill, June 22, 1895

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and it was believed they were the remains of a murdered party of emiSTATES MORT MCCULLOUGH, of Fort Worth, Tex., killed his wife and committed suicide. THE town of Auderried, Pa., was threatened with destruction by the caving in of mines and the people had deserted their homes. South 10 stable Ilvery B up are B NI Bend. Ind., fourteen valuable horses were cremated. Gov. MORTON, of New York, signed a bill providing for the study in the public schools of the nature and effects of alcoholic drinks. THE visible supply of grain in the United States on the 17th was: Wheat, 47,717,000 bushels; corn, 10,784,000 bushels; oats, 8,661,000 bushels; rye, 117,000 bushels: barley, 118,000 bushels. FRED C. FLOYD shot andkilled Hattie Coombs near Trenton. N.J., because she refused to marry him and then killed himself. THREE colored fishermen, Thomas Nixon, Hezekiah Mack and Ashley Peden, were drowned at Wrightsville, N. C., by their boat capsizing. OWING to poor business prospects the Perry Stove company at Albany. N. Y., one of the largest store manufacturing firms in the United States, went into voluntary liquidation. MRS. J. K. EMMET, recently shot at San Francisco by her husband, an actor, refused to prosecute, and the case SBM JOSEPH WESTGATE killed Mrs. Christian Hambright, his mother-in-law, at Lancaster, Pa., and then took his own life. A CLOUD burst 6 miles east of Cameron, Mo., did great damage to the growsdore Day J. S. PRINCE, of Omaha, Neb., professional bicyclist. beat by one-quarter of a mile on Washington park track in El Paso, Tex., a relay of three horses in a 10-mile race. Prince's time was JOHN BROWN and his wife were killed and thrown into the Ohio river at Stone City, Ky. Who committed the crime no one knew. A CYCLONE wrecked over a dozen houses at Hartford, Kan. Tom BUTTEWICK, 19 years of age, and his brother George, aged 15. sons of a well-known farmer near Kansas City, Mo., were struck by lightning and killed. MRS. JAMES DRENNEN and her 5-yearold son were burned to death near Hamilton, Ala. A few days before Mr. Drennen was killed by a horse. The extinet mou si THE Bank of Commerce, one of the oldest financial institutions at Indianapolis, made an assignment. THE Harlem ship canal, which connects the Hudson river with Long Island sound, was formally opened. A CYCLONE swept a wide path at Kenwood, Ia., and vicinity, killing several persons and doing great dain01 exe AT Sandusky, O., Burt L. Hastings killed Lizzie Stoldt because she would not marry him and then fatally shot himself. A SECOND decree was received at Washington from Rome concerning the obligation of Catholics to remain out of the Knights of Pythias organization. All archbishops and bishops were directed to promulgate the decree without further delay. PRESIDENT CLEVELAND left Washington for Buzzard's Bay, Mass, where he will remain with his family until October. HENRY J. ALDRICH, of Denver, presi dent and general manager of the Colorado Securities company, wasmissing, and his accounts were said to be $400,short 000 THE celebration of the 120th anniversary of the battle of Bunker Hill took place in Boston. THE fortheoming annual report of the United States civil service commission will show that the whole number of persons regularly employed in the civil service of this country is about 200,000. THE Chiengo Saturday Evening Herald went into the hands of a receiver. THE suit of William R. Laidlaw against Russell Sage, of New York, for $50,000 for injuries received while protecting Sage from a dynamite bomb, resulted in a verdict of $40,000 for the plaintiff. THE Wolverine mills at Cairo, Ill., owned by H. Paepecke & Co., of Chicage, were completely destroyed by loss being $150.000.


Article from The Dickinson Press, June 22, 1895

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General. An electric road from St. Joseph, Mo., to St. George will be built. The people of Grant county, Ok., are starving. About 2,000 workmen in Pittsburg are idle as a result of the strike of about 1,000 bollermakers. Corbett, Fitzsimmons and Sullivan appear in a sparring exhibition in New York. The Bank of Commerce of Indianapolis has suspended. Depositors will ultimately be paid in fully, it is said. The Westinghouse Machine company voted to increase its bonded indebtedness $350,000 to pay for the new works at Brinton, Pa. Mrs. George Boozer was bitten by a mad cat at Rockford, III. Her hand and arm have swollen terribly, and death will probably result. Several eastern people are contributing to religious causes the money that their income taxes would have amount ed to. Two Bird and Coleman furnaces at Cornwall, Pa., the largest in the Lebanon valley, after being idle for two years will resume operations. Mrs. Lena Bridenbaugh of Gibraltar Pa., is starving herself to death. She has not eaten anything for seven weeks. An application was made before Vice Chancellor Emery in Newark, N. J., for the appointment of a receiver for the American Tillage company. Gold is said to have been found in paying quantities at the bottom of the ocean near the western end of San Clements island, Cal. Mrs. W. Kreutz, living near Waterloo, Ind.. has lost her power of speech although in other respects in good health. Her case is puzzling the doctors. John Hopkins a young millionaire, died at Philadelphia, from over-exertion in riding a bicycle. He was a cousin of the founder of the Johns Hopkins university. Nine carloads of Columbus Republicans, headed by the Fourteenth Regiment band and the Buckeye club, paid their respects at Springfield, Ohio, to Gen. Bushnell, nominee for governor. The British ship Falls of Dee, bound to San Francisco from Newcastle-onthe Tyne, is out 186 days, and considerable apprehension exists among local underwriters for her safety.


Article from The Cape Girardeau Democrat, June 29, 1895

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The News Condensed. Important Intelligence From All Parts. DOMESTIC. A CLOUD burst 6 miles east of Cameron, Mo., did great damage to the growing crops. OWING to poor business prospects the Perry Stove company at Albany. N. Y., one of the largest stove manufacturing firms in the United States, went into voluntary liquidation. JOHN BROWN and his wife were killed and thrown into the Ohio river at Stone City, Ky. Who committed the crime no one knew. A CYCLONE wrecked over a dozen houses at Hartford, Kan. Tom BUTTEWICK. 19 years of age, and his brother George, aged 15, sons of a well-known farmer near Kansas City, Mo., were struck by lightning and killed. THE Bank of Commerce, one of the oldest financial institutions at Indianapolis, made an assignment. MRS. JAMES DRENNEN and her 5-yearold son were burned to death near Hamilton, Ala. A few days before Mr. Drennen was killed by a horse. The family is now extinct. A CYCLONE swept a wide path at Kenwood, Ia., and vicinity, killing several persons and doing great damage to property. AT Sandusky, O., Burt L. Hastings killed Lizzie Stoldt because she would not marry him and then fatally shot himself. HENRY J. ALDRICH, of Denver, president and general manager of the Colorado Securities company, was missing, and his accounts were said to be $400,000 short. THE Harlem ship canal, which connects the Hudson river with Long Island sound, was formally opened. A SECOND decree was received at Washington from Rome concerning the obligation of Catholics to remain out of the Knights of Pythics organization. All archbishops and bishops were directed topromulgate the decree without further delay. PRESIDENT CLEVELAND left Washing ton for Buzzard's Bay, Mass., where he will remain with his family until October. THE celebration of the 120th anniversary of the battle of Bunker Hill took place in Boston. THE forthcoming annual report of the United States civil service commission will show that the whole number of persons regularly employed in the civil service of this country is about 200,000. THE Chicago Saturday Evening Herald went into the hands of a receiver. THE suit of William R. Laidlaw against Russell Sage, of New York, for $50,000 for injuries received while protecting Sage from a dynamite bomb, resulted in a verdict of $40,000 for the plaintiff. THE Wolverine mills at Cairo, Ill., owned by H. Paepecke & Co., of Chicago, were completely destroyed by fire, the loss being $150,000. LEWIS Cox and Miss Cornelia Torrance were drowned by the upsetting of a boat near Tuskegee, Ala. THE annual meeting of the Army of the Potomac was held at New London, Conn. Gen. John Gibbon was chosen president. WHILE insane Mrs. Sanford Gillis, aged 38, wife of a well-to-do farmer near Shellsburg, Ia., poisoned three of her children and herself, and all died. THE Missouri supreme court declared unconstitutional the law which forbids the discharge of employes of corporations for refusal to sever their connections with labor organizations. EX-STATE TREASURER W. W. TAYLOR voluntarily presented himself before Judge Gaffy, of the circuit court at Sioux Falls, S. D., and pleaded guilty of embezzling $344,000 from the state in January last. Sentence was deferred. THE village of Brownstown, Ind., was nearly destroyed by fire. HENRY BOLIN, city treasurer of Omaha. Neb., was said to be $20,000 short in his accounts. CLERK KERR, of the house of representatives at Washington, says there are twenty-six contests to be settled by the next house. IT was said that new Chinese arrivals in Cincinnati had been swindled out of $40,000 in the past few months by their own countrymen. ERNEST ADLER, diamond dealer in New York, failed for $100,000. REPORTS as to the condition of crops throughout the country were favorable. Gov. ALTGELD issued a call for an extra session of the Illinois legislature to convene Tuesday, June 25, at Springfield. THE organization of Iowa coal operators, including nearly all the larger operators in the state, decided to lock out all miners who belong to the MineWorkers' union and have engaged in strikes. JUDGE BARRETT sentenced ex-Police Inspector McLaughlin, of New York, to two years and six months in state prison. THE "new woman" was turned down by the Episcopal diocesan council in Milwaukee when it decided not to give her a vote in the council. THE National Christian Citizenship league, with headquarters at 153 La Salle street Chicago has asked the


Article from The L'anse Sentinel, June 29, 1895

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The News Condensed. Important Intelligence From AN Parts. DOMESTIC. A CLOUD burst 6 miles east of Camer-MOJ8 the 01 ΠΎΠ΄Π²ΡˆΠ΅Ρ€ quest PIP "OW 'uo ing crops. OWING to poor business prospects the "A "N Albany's TO company Store Perry one of the largest store manufacturing firms in the United States, went into voluntary liquidation. JOHN BROWN and his wife were killed and thrown into the Ohio river at Stone City, Ky. Who committed the crime "ΠΌΠ΅ΠΉ euo ou A CYCLONE wrecked over s dosen houses at Hartford, Kan Tom BUTTEWICK, 19 years of age, and his brother George, aged 15, sons of a well-known farmer near Kansas City, Mo., were struck by lightning and killed. THE Bank of Commerce, one of the oldest financial institutions at Indianapolis, made an assignment. MRS. JAMES DRENNEN and her 5-yearold son were burned to death near Hamilton, Ala. A few days before Mr. Drennen was killed by a horse. The family is now extinct. A CYCLONE swept a wide path at Kenwood, Ia., and vicinity, killing several persons and doing great damon ere AT Sandusky, a., Burt L Hastings killed Lizzie Stoldt because she would not marry him and then fatally shot himself. HENEY J. ALDRICH, of Denver. prestdent and general manager of the Colorado Securities company, was missing, and his accounts were said to be 8400,short 000 THE Harlem ship canal, which connects the Hudson river with Long Island sound, was formally opened. 18 received SBM decree (INOOTIS V Washington from Rome concerning the obligation of Catholics to remain out of the Knights of Pythics organization. All archbishops and bishops were directed to promulgate the decree without further delay. PRESIDENT CLEVELAND left Washing ton for Buzzard's Bay, Mass, where he will remain with his family until Do tober. THE celebration of the 130th anniversary of the battle of Bunker Hill took place in Boston. THE forthcoming annual report of the United States civil service commission will show that the whole number of persons regularly employed in the civil service of this country is about 200,000. THE Chicago Saturday Evening Herald went into the hands of a receiver. THE suit of William R. Laidlaw against Russell Sage, of New York, for $50,000 for injuries received while protecting Sage from a dynamite bomb, resulted in a verdict of $40,000 for the plaintiff. THE Wolverine mills at Cairo, In. owned by H. Paepecke & Co., of Chicago, were completely destroyed by fire, the loss being $150,000. LEWIS Cox and Miss Cornella Torrance drowned by the upsetting of a boat near Tuskegee, Ala. THE annual meeting of the Army of the Potomac was held at New London, Conn. Gen. John Gibbon was chosen president. WHILE Insane Mrs. Sanford Gillia, aged 38, wife of a well-to-do farmer near Shellsburg, Ia., poisoned three of her children and herself, and all died. THE Missouri supreme court declared unconstitutional the law which forbids the discharge of employes of corporations for refusal to sever their connections with labor organizations. Ex-STATE TREASURER W. W. TAYLOR voluntarily presented himself before Judge Gaffv, of the circuit court at Sioux Falls, S. D., and pleaded guilty of embezzling $344,000 from the state in January last. Sentence was deferred. . THE village of Brownstown, Ind., was nearly destroyed by fire. HENRY BOLIN, city treasurer of 000 00% eq of said SBM Neb short in his accounts. CLERK KERR, of the house of representatives at Washington, says there are twenty-six contests to be settled house. treat the 4q IT was said that new Chinese arrivals in Cincinnati had been swindled out of $40,000 in the past few months by their own countrymen. ERNEST ADLER, diamond dealer in New York, failed for $100,000. sdore to condition the 07 SB REPORTS throughout the country were favorable. Gov. ALTGELD issued a call for an extra session of the Illinois legislature to convene Tuesday, June 25, at SpringPIes THE organization of Iowa coal operators. including nearly all the larger operators in the state, decided to lock out all miners who belong to the Mine-