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Run on a Bank. Cincinnati. March 3.-The fact that negotiations have been pending between the Cincinnati Savings Society, a private mutual savilngs institution, for its absorption by the Union Trust and Savings Bank has created a feeling of uneasiness among depositors which has culminated in a run on the society. All demands are promptly met. but the run shows no indications of subsidence.
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TRADE, INDUSTRY, LABOR. The failure of A. B. Turner & Brother, of Boston, was announced on the Boston Stock Exchange on Tuesday. The firm was largely interested in Massachusetts Consolidated mining and in Western railway projects. The failure is attributed to the stringency of the money market. Certificates of incorporation have been filed at Dover, Del., as follows: The Home Medicine Company, of Washington, Ind., to manufacture drugs, medicines, etc., capital $100,000, and the Audit and Finance Company, of New York, to do a general auditing and financial business, capital $100,000. Twenty thousand acres of timber land near Asheville, N. C., have been bought by Charles D. Fuller, of Kalamazoo, Mich., who will erect one of the biggest timberland plants in the State, with headquarters at Asheville. He will also build a railroad one hundred or two hundred miles long through the Balsam mountains. Suit was filed in the Kentucky State Fiscal Court on Tuesday by the state's attorney general to secure the forfeiture of the charter of the American Ticket Brokers' Association. Failure to comply with the corporation laws of the State is alleged. The association was chartered by Kentucky in April, 1888, with $500,000 capital stock. The fact that negotiations have been pending between the Cincinnati Savings Society, a private mutual savings institution, for its absorption by the Union Trust and Savings Bank has created a feeling of uneasiness among depositors which has culminated in a run on the society. All demands are promptly met, but the run shows no indications of subsidence The strike of coat tailors which was inaugurated at Philadelphia on Monday, when 2,000 hands refused to go to work, on Tuesday extended to Egg Harbor, N. J., when 1,200 operators, pressers and buttonhole workers struck. In Philadelphia another union of buttonhole workers quit work on Tuesday, making the total number of idle hands in Philadelphia and Egg Harbor about 3,500. The miners and operators of the Hocking Valley have signed an agreement fixing the dead work scale and outside day labor scale for the year ending March 31, 1904. An advance of 12½ per cent. was granted all along the line. A uniform scale was fixed for outside day labor, the first scale of the kind ever formulated. All outside labor is placed under control of organization by the agreement. The Pattern Makers' Union of Cincinnati has ordered a strike. The membership of the organization, about one hundred. has declined to go to work except upon an increase of 10 per cent. in the wage scale, which now runs from $19.50 to $23. Every shop in the city devoted exclusively to the
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will operate on a daily schedule between Manistee, Ludington and Milwaukee, and it is thought Two will operate between Manistee and Chicago and Milwaukee and Chicago. The purchase price is not named. The trustees of the Cincinnati Savings Society announce that the depositors in that bank have voted in the majority to merge with the Union Savings Bank and Trust Company. As the Cincinnati Savings Society is a mutual company and a merger can only be accomplished by it first liquidating, the trustees have recommended that the society be liquidated and have called a meeting of the depositors to be held June 16 to vote upon it. The assets of the Cincinnati Savings Society amount to nearly $6,000,000, and those of the Union Savings Bank and Trust Company $11,000,000. J. E. Lanning, as receiver for the Monmouth Trust and Safe Deposit Company, of Asbury Park, N. J., has made application for the appointment of a receiver for the Monmouth Realty Company, also of Asbury Park. The liabilities of the company are given as $99,000 and the assets $73,000. The assets consist principally of the bank and office building in which the Monmouth Trust and Safe Deposit Company was located. The trust company owned $45,000 of the $46,000 capital stock of the realty company. George H. Kroehl is president and Albert Twining vice president of the realty company. Both were officers of the trust company. Chancellor Magie granted a rule to show cause March 24. Speaking at a meeting of the Association of French Industry and Agriculture Wednesday night, former Premier Meline said he thought that there were some indications of a termination to the long European industrial crisis, which had been due to overproduction, the fall in the price of silver, the American trusts, the German cartels and other causes. He declared that if the American trusts continued their operations the European nations would be compelled to take defensive measures against them, and he advocated as a remedy the formation of small trade combinations like those which served to unite German industry and the permanent establishment of French business houses abroad on German lines. The annual meeting of the stockholders of the American Tobacco Company was held Wednesday in Jersey City. The old board of directors was re-elected, with one exception, Charles N. Strotz being chosen to succeed Thomas F. Jeffries, of Richmond, Va. After deducting all charges and expenses the net earnings for the year were $7,450,574. The stockholders of the Consolidated Tobacco Company also held their annual meeting. The old board of directors was re-elected. The report of the assistant treasurer showed total earnings of $13,291,459. At the annual meeting of the Continental Tobacco Company the old board of directors was re-elected. The treasurer's report showed net earnings, after deducting all charges and expenses, of $11,777,934.