e4f31b9bFull suspension
Other: Assignment for benefit of creditors / receiver appointed
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Another Bank Closes. KANSAS CITY, Missouri, December 1. -The bank of Westport, Mo., closed its doors, last evening, after making an assignment for the benefit of its creditors. A run was made on the bank just before closing. Its capital is $10,000. The assets aggregate $32,000; liabilities, $20,000. The failure of the Missouri National bank, of this city, was the cause of the run.
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ANOTHER MISSOURI BANK GONE KANSAS CITY, Mo., Dec. 1, 1896.-The bank of Westport, Mo., closed its doors last evening, after making an assignment for the benefit of its creditors. A run was made on the bank just before the close. Its capital is $10.000. assets aggregate $32,000; liabilities, $20,000. Failure of the Missouri National Bank of this city was the cause of the run.
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BANK OF WESTPORT FAILS. It Rept its Account With the Missouri National. Kansas City, Dec. 1.-The Bank of Westport, which kept its accounts with the Missouri National bank, which failed yesterday, suspended this morning for the benefit of its creditors. The failure of the Missouri National caused a run on the Westport bank and fearing another run today it was decided to close. The assets are placed at $31,500; the liabilities at about $20,000. The assets include $27,500 in accounts and bills receivable, and $1,200 in cash. Cashier Edward F. Phillips says the suspension was caused by poor collections and expressed the opinion that depositors would be paid in full. The bank was the only one in Westport, which is a suburb of Kansas City and has been in existence for three years.
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"THE WAVE" IN WESTPORT. Kansas City, Mo., Dec. 1.-The Bank of Westport, which kept its account with the Missouri National bank, has suspended. The failure of the Missouri National bank caused a run on the Westport bank and fearing another run to-day it was decided to close. The assets are placed at $31,500; the liabilities at $20,000. NEXT! New York, Dec. 1.-The reported assignment of Herman Bindseil, dealer in fur garments, at 816 Broadway, show liabilities of $54,871: nominal assets, $47,251; actual assets, $20,334.
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BANK OF WESTPORT CLOSED. The Suspension the Result of the Kansas City Failure. Kansas City, Mo., Dec. 1.-The Bank of Westport, Mo., closed its doors last evening, after making an assignment for the benefit of its creditor. A run was made on the bank just before the close. Its capital is $10,000. Its assets aggregate $32,000, and its liabilities are $20,000. The failure of the Missouri National Bank of this city was the cause of the run.
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Assignment of the Bank of Westport. The formal deed of assignment of the Bank of Westport to William E. Mabry was filed with the recorder yesterday. According to the statement of Cashier Phillips, the following assets are assigned: Accounts and bills receivable, $27,500; real estate, $1,500; safe, furniture and fixtures, $1,300; money, $1,200; total, $31,500.
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Failure Caused by Missouri National. Kanses City, Dec. 1.-The Bank of Westport, which kept an account with the Missouri National. which failed yesterday, has suspended for the benefit of the credftors. The failure of the Missourt Nationat caused a run on the Westport bank. The assets are placed at $31,500; liabilities about $20,000. The assets include $27,500 of accounts and bills receivable and $2,000 cash. Cashier Edward F. Phillips expressed the opinion that the depositors will be paid in full.
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BANK OF WESTPORT. Kansas City, Dec. 1.-The Bank of Westport, which kept its account with the Missouri National bank, which failed yesterday, suspended this morning for the benefit of its creditors. The failure of the Missouri National caused a run on the Westport bank, and fearing another run today, it was decided to close. The assets are placed at $31,500; the liabilities at about $20,000. The assets include $27,000 in accounts and bills receivable, and $1,200 in cash. Cashier Edward F. Phillips says the suspension was caused by poor collections and expressed the opinion that depositors would be paid in full. The bank was the only one in Westport, which is a suburb of Kansas City, and has been in existence for three years. CAPITAL ELEVATOR. Topeka, Kan., Dec. 1.-The district court last night appointed D. H. Martin of this city, receiver for the Capital Elevator company, on application of its president, Samuel M. Stanford, who owns $22,000 of the $40,000 stock of the company. Liabilities include a $10,000 mortgage and a $9,000 not besides 10,000 bushels of wheat and $3,000 bushels of corn. Resources can not be known until the court investigates. Stanford claims the stock was sold to him on misrepresentation of the financial condition of the company. and he acks for a receiver to settle the affairs of the concern and adjust his his standing. Other suits against the company are pending. GALE & FELTON. Washington, Dec. 1.-Gale & Felton, stockbrokers of this city, have been declared insolvent and their stock was sold under the rules by the stock exchange this afternoon. This firm has been one of the largest dealers in Bay State Gas and it is believed that their failure is a result of the recent squeeze in that stock. Mr. Gale is ill with nervous prostration and Mr. Felton is out of the city so that no statement of the firm's liabilities and assets can be obtained at present. The house is a comparatively small one, although it has had a good standing. The firm began business in the spring of 1895 on a limited capital. Felton is the board member. EISCHOFF & ALDER. New York, Dec. 1. -Louis B. Hasbrook has been appointed receiver for Bischoff & Alder, cloak inaufacturers, on application of the National Park bank, a creditor for $14,864. New York, Dec. 1.-Smith & Gaintor, manufacturers of bilinds, doors and trimmings have made an assignment to J. S. Davenport without references.
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JAMESON, HEVENER & CO., WHOLESALE DEALERS IN Flour, Feed, Grain, Hay, Etc. Northwestern Agents for PILLSBURY'S BEST FLOUR. State Agents for Griswold Broi.' Hay Bale Ties. Write 1.5 for prices, 181, 183 and 185 East Sixth St., St. Paul. ezuela message. From that moment on railway earnings declined, SO that earnings in second half of December will compare with poor earnings 0 last year. The Vanderbilts are buying Omaha and any future favorable developments on this property will help the Northwest. Some stocks today touched the lowest level they have reached since election. The decline was arrested by purchases to cover shorts. An attack was made on Manhattan on the publication of an article which was construed as bearish, but the stock was well taken, and short interest in this stock was no doubt again increased today. QUIET AT KANSAS CITY. KANSAS CITY, Dec. 1.-President D. v. Rieger, of the Missouri National bank, still declines to make a statement of the bank's condition. Bank Examiner H. A. Forman reiterated a previous statement that he had nothing to disclose. Several stories of money loaned on boom-valued land that is not worth the mortgage are in circulation on the street, and some business men give their opinion that the bank will pay anywhere from 50c to 80c on the dollar. The situation at other banks is quiet, BANK CLEARINGS. NEW YORK, Dec. 1.-Bank clearings, $140,260,482; balances, $8,933,599. Boston, Dec. 1.-Clearings, $25,922,199; balances, $2,800,324. NEW YORK MONEY. NEW YORK, Dec. 1.-Money on call easy at 2@2½ per cent; last loan, 2½; closed at 2@21/2. Prime mercantile paper, 4@5. Sterling exchange steady, with actual business in bankers' bills at $4.86%@4.87 for demand and $4.831/2@4.834 for sixty days. Posted rates, $4.831/2@4.841/2. Commercial bills, $4.821/4. Bar silver, 651/gc. Silver certificates, 651/s@65%. CHICAGO MONEY. CHICAGO, Dec. 1.-Money steady at 6@7 per cent. New York exchange, 60c premium. Foreign exchange firm; demand, $4.87; sixty days, $4.84. FOREIGN FINANCIAL. NEW YORK, Dec. 1.-Evening Post's financial cablegram: Except for foreign stocks, the markets were inanimate. Americans were dull. Louisville and St. Paul were firm, however, and street prices were good. The Paris bourse was good. The settlement is going on smoothly SO far. NEW YORK FAILURES. NEW YORK, Dec. 1.-Louis B. Hasbrouck has been appointed receiver for Bischoff & Adler, cloak manufacturers, on application of the National Park bank, a creditor for $14,864. Smith & Gaylor, manufacturers of blinds, doors and trimmings, have made an assignment to J. S. Davenport, without preferences. TREASURY STATEMENT. WASHINGTON, Dec. 1.-Today's statement of the condition of the treasury shows: Available cash balance, $225,357,098; gold reserve, $131,510,352. STOCK BROKERS INSOLVENT. BOSTON, Dec. 1.-Gale & Felton stock brokers of this city, have been declared insolvent, and their stock was sold under the rules by the stock exchange this afternoon. This firm has been one of the largest dealers in Bay State Gas, and it is believed that their failure is a result of the recent squeeze in that stock. No statement of the firm's liabilities and assets can be obtained at present. FORCED TO SUSPEND. KANSAS CITY, Dec. 1.-Today the Bank of Westport, which kept its account with the Missouri National bank, which failed yesterday, suspended. The failure of the Missouri National caused a run on the Westport bank, and, fearing another run today, it was decided to close. The assets are placed at $31,500; the liabilities at about $20,000.
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Caused by Another Failure. The bank of Westport, in the suburbs of Kansas City, which kept its account with the Missouri National Bank, which failed Monday, suspended. The failure of the Missouri National Bank caused a run on the Westport Bank, and fearing another run, it was decided to close. The assets are placed at $31,500, the liabilities at $20,000.
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GOBS OF PROSPERITY. Now that confidence has been restored and prosperity has returned, we are keeping our eyes open for the evidences of the great revival of business that was to follow the election of McKinley. Here are a few: Last Monday (Nov. 30), the Missouri National Bank of Kansas City posted this notice on its doors: NOTICE. This bank is closed by order of the board of directors, and is in the hands of the comptroller of the currency. The officials refused to give out any statement relative to the condition of the bank. The R oxbury Carpet Company has shut down its factory for an indefinite period. It is located in Boston, and is the largest plant of its kind in New England. About 1,200 people are thrown out of employment, A receiver has been appointed for the Pennsylvania Traction Company, which operates 59 miles of trolley railway in Lancashire county. A receiver has been appointed for the Phoenix Iron Works Company, of Cleveland, Ohio. Packer Colliery, No. 5, at Ashland, Pa., owned by the Lehigh Coal Company, shut down, Monday, for an indefinite period. Eight hundred worknien are thrown out of employment. Isaac Swope & Co., watch-makers, of New York, have failed. It is announced that several window-glass factories will soon open up again, but the employes will receive reduced wages. The Bank of Westport (Mo.) closed its doors last Tuesday. A receiver has been appointed for the Candee Rubber Company. The First National Bank of Tyler, Texas, has suspended.
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WESTPORT BANK FAILURE. Depositors Object to a Receiver on Account of the Expense. The depositors of the insolvent Bank of Westport object to the appointing of a receiver on the ground that he will have to be paid between $15,000 and $20,000, and in the end they will only receive about 50 cents on the dollar. Their idea is to induce some of the wealthier stockholders to keep the bank up for several years, in which time the depositors will be paid dollar for dollar. There will be a meeting of the country depositors to-morrow, and although no serious trouble is expected, it is possible that that there there may be some as these depositors are very much incensed against the officials of the bank.
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THE NEWS. Compiled From Late Dispatches. DOMESTIC. The Missouri national bank of KanFas City closed its doors with deposits of $1,131,000. United States Register Tillman, of the treasury, in bis annual report states that during the year there were issued 143,476 bonds of the value of $258,595, 350, and during the same period there were cancelled 64,579 bonds of the value of $136,941,450. The report of Mr. Kimball. the general superintendent of the life-saving service, for the year ending June 30. shows that the crews saved and assisted to save 472 vessels, valued, with their cargoes. at $4,853,110. The cost of maintaining the service for the year was $1,401,805. Morello, the once three-year-old king of the turf, died near San Francisco. In his best days he was valued at $100,000. The two 16-year-old twin daughters of Riley Taft, of Orange, Mich., were instantly killed at a railway crossing. A bill has been introduced in the Georgia legislature prohibiting the playing of football in the state; also prohibiting the sale of cigarettes or cigarette paper. The public debt statement issued on the 1st showed that the debt increased $8,270,203 during the month of November. The cash balance in the treasury was $835,961,529. The total debt, less the cash balance in the treasury, amounts to $1,221,126,257. The German-American bank at Portage, Wis., made an assignment for the benefit of its creditors. The visible supply of grain in the United States on the 1st was: Wheat, 58,914,000 bushels; corn, 18,228,000 bushels; oats, 12,474,000 bushels; rye, 2,559,000 bushels; barley, 5,357,000 bushels. The monthly statement of the comptroller of the currency shows that on November 30 the amount of national bank notes in circulation was $235,312,103, an increase for the month of $414.446, and for the last 12 months of $21,440,907. The Cincinnati chamber of commerce passeda resolution petitioning congress to create a new cabinet position, that of commerce and manufactures, to be presided over by a secretary. Tens of thousands of acres of land along the Chippewa river in Wisconsin were under from one to five feet of water and hundreds of people had been driven from their homes. The Bank of Westport, Mo., closed its doors with liabilities of $20,000. During the month of November the total coinage at the mints of the United States was $7,458,722, of which $5,064,700 was gold. $2,305,022 silver and $89,000 minor coins. The coinage of standard silver dollars was $1,914,000. The wife of ex-Mayor Joseph S. Brown. of Somerville, Mass., was burned 1r death in a fire which destroyed the family residence. At the annual convention in Sacramento of the California Fruit Growers' association the president said that the annual loss by insect pests in the United States was over $3,000,000. The residence of William Lewis (colored) was burned at Alton. III., and two children under ten years were roasted to death. At a preliminary currency reform meeting in Indianapolis, Ind., at which many states were represented, it was decided to hold a national convention in Indianapolis in January. 1897, to discuss the financial question. Engineer Bennett and Driver Walter Stevens, of the fire department of Everett, Mass., were killed by a railway engine while responding to an alarm of fire. Six business firms lost their goods at Italy. Tex., by an incendiary fire, the total loss being $100,000. Gage & Felton, bankers and brokers in Boston, failed for $100,000. The post office at Mason City, la., and all the mails and contents were destroyed by fire. Earthquake shocks of sufficient force to rattle dishes and furniture and sway buildings perceptibly were felt at Cairo and Anna, III. In a prize fight at San Francisco between Tom Sharkey and Bob Fitzsimmons the former won in the eighth round. The Arena Magazine Publishing company in Boston went into the hands of a receiver. William Doherty and Thomas Lennig met death while fighting flames in a ehurch at Atlantic City, N.J. A gang of burglars robbed every store in the village of Moline, Mich. The home of Paul Barteovitch in Chicago was burned during the absence of himself and wife and their four little children perished in the flames. Expert cracksmen blew the safe of the jewelry store of H. Hirchburg in Omaha and got away with $5,000 in
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THE NEWS. Compiled From Late Dispatches. DOMESTIC. The Missouri national bank of Kansas City closed its doors with deposits of $1,131,000. United States Register Tillman, of the treasury, in bis annual report states that during the year there were issued 143,476 bonds of the value of $258,595,850, and during the same period there were cancelled 64,579 bonds of the value of $136,941,450. The report of Mr. Kimball. the general superintendent of the life-saving service, for the year ending June 30, shows that the crews saved and assisted to save 472 vessels, valued, with their cargoes, at $4,853,110. The cost of maintaining the service for the year was $1,401.805. Morello, the once three-year-old king of the turf, died near San Francisco. In his best days he was valued at $100,000. The two 16-year-old twin daughters of Riley Taft, of Orange, Mich., were Instantly killed at a railway crossing. A bill has been introduced in the Georgia legislature prohibiting the playing of football in the state; also prohibiting the sale of cigarettes or cigarette paper. The public debt statement issued on the 1st showed that the debt increased $8,270,203 during the month of November. The cash balance in the treasury was $835,961,529. The total debt, less the cash balance in the treasury, amounts to $1,221,126,257. The German-American bank at Portage, Wis., made an assignment for the benefit of its creditors. The visible supply of grain in the United States on the 1st was: Wheat, 58,914,000 bushels; corn, 18,228,000 bushels; oats, 12,474,000 bushels: rye, 2,559,000 bushels; barley, 5,357,000 bushels. The monthly statement of the comptroller of the currency shows that on November 30 the amount of national bank notes in circulation was $235,312,103, an increase for the month of $414,446, and for the last 12 months of $21,440,907. The Cincinnati chamber of commerce passeda resolution petitioning congress to create a new cabinet position, that of commerce and manufactures, to be presided over by a secretary. Tens of thousands of acres of land along the Chippewa river in Wisconsin were under from one to five feet of water and hundreds of people had been driven from their homes. The Bank of Westport. Mo., closed its doors with liabilities of $20,000. During the month of November the total coinage at the mints of the United States was $7,458,722, of which $5,064,700 was gold, $2,305,022 silver and $89,000 minor coins. The coinage of standard silver dollars was $1.914.000. The wife of ex-Mayor Joseph S. Brown.of Somerville, Mass., was burned 10 death in a fire which destroyed the family residence. At the annual convention in Sacramento of the California Fruit Growers' association the president said that the annual loss by insect pests in the United States was over $3,000,000. The residence of William Lewis (colored) was burned at Alton. III., and two children under ten years were roasted to death. At a preliminary currency reform meeting in Indianapolis, Ind., at which many states were represented, it was decided to hold a national convention in Indianapolis in January, 1897, to discuss the financial question. Engineer Bennett and Driver Walter Stevens, of the fire department of Everett, Mass., were killed by a railway engine while responding to an alarm of fire. Six business firms lost their goods at Italy, Tex., by an incendiary fire, the total loss being $100,000. Gage & Felton, bankers and brokers in Boston, failed for $100,000. The post office at Mason City, la., and all the mails and contents were destroyed by fire. Earthquake shocks of sufficient force to rattle dishes and furniture and sway buildings perceptibly were felt at Cairo and Anna, III. In a prize fight at San Francisco between Tom Sharkey and Bob Fitzsimmons the former won in the eighth round. The Arena Magazine Publishing company in Boston went into the hands of a receiver. William Doherty and Thomas Lennig met death while fighting flames in a ehurch at Atlantic City, N.J. A gang of burglars robbed every store in the village of Moline, Mich. The home of Paul Barteovitch in Chicago was burned during the absence of himself and wife and their four little children perished in the flames. Expert cracksmen blew the safe of
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A Westport Bank Suspends. The Bank of Westport, Jackson county, which kept its accounts with the failed Missouri national bank of Kansas City, has suspended.
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RIEGER MUST GO TO PRISON Former- Bank President Convicted. Special Dispatch to The Call. KANSAS CITY, Nov. 18.-David V. Rieger, former president of the Missouri National Bank, which failed in November, 1896, owing depositors a million and a half of dollars, was to-day in the United States District Court found guilty of misapplying the bank's funds, and sentenced by Judge Adams of St. Louis to six years in the penitentiary. A formal motion for a new trial was overruled and the case will go to the United States Court of Appeals. Rieger was released on a $20,000 bond furnished by relatives. Robert D. Covington, former cashier of the bank, who was indicted jointly with Rieger, was acquitted. Rieger is now engaged in the insurance business at Springfield, Ill., and Covington is in business at Chicago. Both had lived in Kansas City many years and were well and favorably known. The Missouri National Bank failed for the second time November 30, 1896, and carried down the Bank of Westport, a private concern. It had nearly 2200 depositors and carried $1,561,000 in deposits, 62 per cent of which has been paid depositors since by the receiver. shortly after the failure Rieger and Covington were indicted on numerous counts charging misapplication of the bank's funds and embezzlement. They were tried last November, the jury failing to agree. The present trial has lasted ten days and has been hotly contested by both sides. Treasury Department Expert E. P. Moxey, who worked up the case against the bankers, was the State's principal witness at both trials.