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BIG BANK FAILURE. Assets and Liabilities Each Placed at Million and a Half. Cleveland, O., Jan. 22.-The Pro duce Exchange Banking Company closed its doors today A receiver has been appointed. The assets and liabilities are each placed at a million and a half. A statement issued by attorneys on behalf of the bank states that Cashier George A. Rose is a defaulter to the extent of $170,000.
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BANK SUSPENDS Cleveland Financial Institution Closes It Doors-Liabilities $1,500,000. Cleveland, Jan. 22.-The Produce Ex change Banking company closed its door to-day. The insolvency court has ap pointed the Cleveland Trust company a receivers. The assets and liabilities 0 the bank are each placed at $1,500,000.
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BANK CLOSES ITS DOORS. Cleveland, O., Jan. 22-The Produce Exchange bank, corner of Broadway and Central avenue, closed Its doors today. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are placed at $1,500,000 each.
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CLEVELAND BANK FAILS. George A. Rose, Cashier, Defaulter to the Extent of $170,000. CLEVELAND, O., Jan. 23.-The Produce Exchange Banking company, on Broadway and Central avenue, has closed its doors. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are each placed at $1,500,000. Attorney Andrew Squire, in behalf of the bank, made the following statement: "George A. Rose, cashier of the bank, is a defaulter to the extent of $170,000." It is said that Rose is now under guard at his home and will be taken before the grand jury today. According to statements of other bank officials, he will plead guilty to the charge of embezzlement.
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DEFALCATION OF $170,000 CLEVELAND BANK FORCED TO CLOSE ITS DOORS. The Produce Exchange Robbed by an Official-Voluntary Confession Said to Have Been Made-Had Been Speculating in Chicago Grain-Branches of the Institution lu Three Smaller Places Closed. Cleveland, Jan. 22.-The Produce Exchange bank, corner of Broadway and Central avenue, closed its doors to-day. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are each placed at $1,500,000. Attorney Andrew Squire, on behalf of the bank, made the following statement this afternoon: "There is a defalcation of $170,000, which is more than the paid-in capital and surplus combined. The original capital was $200,000, but only $50 per share was paid in. The depositors will be protected fully. The stockholders will have to pay in $100,000 more on their capital stock and $200,000 in stockholders' liability. "The directors worked all day trying to make up the deficiency, but the burden was too heavy and they decided to close the bank. "The defaulting official has been speculating in Chicago grain. He COVered his peculations by manipulating the bank's loan accounts. He voluntarily confessed yesterday. He will be taken into custody this afternoon. The directors know where he is." It is announced that branches of the Produce Exchange bank at Defiance, Hudson and Bedford, Ohio, will be closed at once as a result of the failure. The last filed statement made by the bank October 1 gave its total resources as $1,759,689, and total liabilities the same amount. An official of the bank is now under guard at his home. He will, according to the statements of other bank officials to-night, plead guilty to the charge of embezzlement. An indictment will be brought against him and the case hurried to trial. There is a great deal of uneasiness among the depositors, many of whom were small creditors. The irregularity has been going on for eight years, it is said to-night.
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Gilt-Edged Thief. (By the Associated Press.) Cleveland, Ohio, Jan. 22.-The Produce Exchange Banking Company , corner Broadway and Central avenue, closed its deors today. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and liabilities of the bank are each placed at 31,500,000. Attorney Andrew Squire, on behalf of the bank, made the following statement: "There is a defalcation of $170,000 which is more than the paid in capital and surplus combined. The original capital was $200,000 but only $50 per share was paid in. The depositors will be protected fully The stockholders will have to pay $100,-
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Bank Becomes Insolvent Cleveland, O., Jan. 22.-The Produce Exchange Banking company, corner Broadway and Central avenue, closed its doors today. The insolvency court has appointed the Cleveland Trust company as receivers. The assets and liabilities of the bank are each placed at $1,500,000.
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THEY STOLE OVER $170,000 Produce Exchange Board of Cleveland Forced to Suspend Owing to Defalcations. ers will nave to pay in $100,000 mc Cleveland, Jan. 23.-The Produce on their capital stock and $200,000 in Exchange Banking company has closed stockholders' liability. its doors. The insolvency court has "The directors worked all day tryappointed the Cleveland Trust coming to make up the deficiency, but the pany as receiver. burden was too heavy and they decidThe assets and liabilities of the ed to close the bank. bank are each placed at $1,500,000. "For many years the defaulting offiAttorney Andrew Squire, on behalf cial has been speculating in Chicago grain. He covered his peculations by of the bank, made the following statement: manipulating the bank's loan accounts. He voluntarily confessed Thursday. "There is a defalcation of $170,000, He will be taken into custody at once. which is more than the paid in capital The directors know where he is." and surplus combined. The original It is announced that branches of the capital was $200,000, but only $50 per Produce Exchange bank at Defiance, share was paid in. The depositors Hudson and Bedford, O., will be closed will be protected fully. The stockholdat once 20 9 result of the failure.
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CLEVELAND BANK FAIL8. George A. Rose. Cashier, Defaulter to the Extent of $170,000. CLEVELAND O., Jan. 23.-The Prodnce Exchange Banking company, on Broadway and Central avenue, has closed its doors. The insolvency court has appointed the Cleveland Trust company receiver. The assets and liabilities of the bank are each placed at $1,500,000. Attorney Andrew Squire, in behalf of the bank. made the following statement: "George A. Rose, cashier of the bank, is a defaulter to the extent of $170,000." It is said that Rose is now under guard at his home and will be taken before the grand jury today. According to statements of other bank officials, he will plead guilty to the charge of embezzlement.
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Cleveland Bank Fails. The Produce Exchange Banking Company, of Cleveland, Ohio, has closed its doors. The insolvency Court has appointed the Cleveland Trust Company receiver. The assets and liabilities of the bank are each placed at $1,500,000.
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Ohio Bank Closed. Cleveland, Ohio.-The Produce Exchange Banking Company, corner of Broadway and Central avenue, has closed its doors. The insolvency court has appointed the Cleveland Trust Company as receivers. The assets and liabilities are placed at $1,500,000 each.
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TRADE AND INDUSTRY. Cuban revolutionary 6 per cent. bonds now sell at par. Official figures show that 17,000 tons of copper have been exported so far this month. Thirty-one railroads report a gain of 5½ per cent. in the earnings for the second week in January. Increased demand for merchandise and furnace products is reported in Dun's weekly review of that Chicago trade. E. H. Harriman is said to have offered to guarantee orders for 1,000,000 tons of rails if the trust will reduce the price. The Wisconsin public was warned by the insurance commissioner of that state that unauthorized companies, including many from Chicago, are doing business there. The bank statement makes an extracrdinary showing; deposits gain $45,000,000 and loans increase $30.000,000. Deposits in New York close to $1,000,000,000. Senator Hanna in a magazine article on Socialism and the Labor Unions declares that organized labor must be educated to responsibility and be more conservative. The Produce Exchange bank of Cleveland, O., was forced to assign through defalcations by its cashier, George A. Rose, totaling $170,000; lost on Chicago board of trade. A rate war over the St. Louis exposition threatened by Chicago-Missouri river lines' refusal to let through traffic be diverted there. St. Louis lines may act independently. Terms for the reorganization of United States Shipbuilding company and the abandonment of the Sheldon plan are believed agreed on by the receiver. C. M. Schwab and syndicate. Chicago strike riots were investigated by a grand jury. City railway, Franklin press feeders'. and Kellogg switchboard "slugging" were given special attention. The results were kept secret. The Chicago paintmakers' demand "closed" shop was refused by the employers, who refused arbitration with
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ROSE GETS TEN YEARS. Cashier of Cleveland Bank, Who Embezzled $187,000. CLEVELAND, February 3.-George A. Rose, late cashier of the Produce Exchange Bank, who recently confessed to embezzling $187,000 of the bank's funds, was today sentenced to serve ten years in the-penitentlary by Judge Dissette in criminal court. The sentence was the extreme limit of punishment that could be inflicted under the nio laws for the offense. With good behavior Rose can reduce his imprisonment to six years and four months. When brought into court today Rose was pale and greatly emaciated. Asked If he had anything to say before sentence was pronounced, the prisoner replied: "I am truly sorry for what I have done and am willing to take my punishment." As a result of Rose's peculations the Produce Exchange Bank, of which he was cashier, was thrown into the hands of a receiver and the doors closed. Rose confessed that he had been using the bank's money for eight years in speculation.
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TRADE AND INDUSTRY. Cuban revolutionary 6 per cent. bonds now sell at par. Official figures show that 17.000 tons of copper have been experted so far this month. Increased demand for merchandise and furnace products is reported in Dun's weekly review of that Chicago trade. E. H. Harriman is said to have cffered to guarantee orders for 1,000.000 tons of rails if the trust will reduce the price. The Wiscons'n public was warned by the insurance commissioner of that state that unauthorized companies, including many from Chicago, are doing business there. The bank statement makes an extracrdinary showing: deposits gain $45.000,000 and loans increase $30.000.000, Deposits in New York close to $1,000,000,000. Senator Hanna in a magazine article on Socialism and the Labor Unions declares that organized labor must be educated to responsibility and be more conservative. The Produce Exchange bank of Cleveland, O., was forced to assign through defalcations by its cashier, George A. Rose, totaling $170,000; lost on Chicago board of trade. A rate war over the St. Louis exposition threatened by Chicago-Missouri river lines' refusal to let through traffic be diverted there. St. Louis lines may act independently. Terms for the reorganization of United States Shipbuilding company and the abandonment of the Sheldon plan are believed agreed on by the receiver, C. M. Schwab and syndicate.
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BANK CASHIER GETS TEN YEARS. Cleveland, Feb. 3.-George A. Rose. ex-cashier of the Produce Exchange Bank, who recently confessed to embezzling $187,000 of the bank's funds, was sentenced to-day by Judge Dissette in the Criminal Court to serve ten years in the penitentlary. The sentence was the extreme limit for the offence. With good behavior Rose can reduce his imprisonment to six years and four months. As a result of Rose's speculations, the Produce Exchange Bank was thrown into the hands of a receiver and the doors closed. Rose confessed that he had been using the bank's money for eight years in speculation.
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IC4 A the Fire at Springfield, Ill., which originated in a lumber yard, destroyed business property valued at $75,000. A movement has been started at Atlanta, Ga., for the erection of a monument to the late Gen. John B. Gordon. Many members of the theatrical profession have been forced to seek other means of earning a living by the closing of Chicago theaters. A bill has been introduced in the lower house of congress giving a pension of $12 per month to every surviving union soldier of the civil war. Fire at San Antonio, Texas, destroyed store of the L. Wolfson. mammoth The department building and stock were valued at half a million dollars. The Japanese legation at Washington has received numerous apventuresome plications from Americans for commissions in the Mikado's army. All railroads centering in Chicago, have decided to forbid passengers to ride on freight trains, whichewill be a hard blow to commercial travelers. The Japanese have landed over 14,000 troops at a strategetic point and threatens to seize Korea at the first demonstration of actual war on the part of Russia. / The coroner's jury, after an in vestigation lasting several weeks, has placed the blame for the Iroquois theater disaster at Chicago on the managers and builders. 1 The Produce Exchange bank at Cleveland, Ohio, has suspended, and G.A. Rose, the cashier, has been indicted on the charge of squandering $150,000 of the bank's funds. The little town of Moundsville, Ala., was almost completely wiped out by a cyclone. Five white people and thirty-two negroes were killed and over 100 injured. The town is located on the Alabama Great Southern railroad. The storm struck about midnight, and'à heavy rain following prevented the rescue work for some time. Fire in the Masonic Temple in Chicago caused a panic among the 4,000 occupants of the building, and damaged the stock and fixtures of tenants to the extent of $20,000. All occupants of the building escaped without serious injury through the bravery of their elevator men, who remained at their posts, operating their cars while dense clouds of smoke filled the building. The urgent deficiency appropriation bill reported to the house carries a total of $11,251,308, based on estimates of the various departments aggregating $12,488,209. Some of the larger items in the bill are: $2,000,000 for armament and armor for new ships; $200,000 for the naval station at Guantanamo, Cuba; $100,000 for Alaskan boundary survey; $570,000 for construction of a new office building for the house of representatives; $145,000 for mileage for members and senators: $300,000 for rural free delivery, and $2,400,000 for collecting the customs revenues. The Mississippi legislature has re-elected United States Senators Money and McLaurin. The republican state central committee of Tennessee has indorsed President Roosevelt's candidacy. The United Mine Workers have
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Business Failures Jan. 14-Auburn (Ind.) Farmers' bank. 16-Mt. Ayr (la.) Citizens' bank; $450,000. 22-Cleveland (0.) Produce Exchange bank and branches at Belford, Hudson and Defiance. 23-Elkhart (Ind.) Nat. bank. 80-New York, A. B. Baxter & Co., cotton brokers; $2,000,000. Feb. 2-New Orleans, Kirby Lumber Co. and Houston Oil Co. Clarksburg (W. Va.) Traders' Nat, bank. 9--McGruder (Tex.) Citizens' Nat. bank. 10-New York Equitable Nat. bank Bank of Dunn, N. C. 11-Syracuse (N. Y.) Exchange Nat. bank; $500,000. 15-Pella (Ia.) Savings bank. 28-Opelika (Ala.) bank; $150,000 Tanton (Mass.) bank; $600,000. Mar. 2-Le Sueur (Minn.) bank; $95,000. 11-Garden Grove and Coin (Ia.) banks. 18-Daniel Sully, New York cotton king; $17,000,000. 2i-Lonaconing (Md.) Savings bank. 22-Riverside (Cal.) bank....E. O. Miller, banker, Providence, la National bank of Holdenville, Ind. T., suspends operations. 81-Union Trust, Boston: $1,600,000...Federal Trust. Cleveland; $1,000,000.
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Business Failures Jan. 11-Auburn (Ind.) Farmers' bank. 16-Mt. Ayr (la.) Citizens' bank; $450,000. 22-Cleveland (O.) Produce Exchange bank and branches at Belford, Hudson and Defiance. 23-Elkhart (Ind.) Nat. bank. BO-New York, A. B. Baxter & Co., cotton brokers; $2,000,000. Feb. 2-New Orleans, Kirby Lumber Co. and Houston Oil Co. Clarksburg (W. Va.) Traders' Nat. bank. 9-McGruder (Tex.) Citizens' Nat. bank. 10-New York Equitable Nat. bank Bank of Dunn, N. C. 11-Syracuse (N. Y.) Exchange Nat. bank; $500,000. 15-Pella (Ia.) Savings bank. 28-Opelika (Ala.) bank; $150,000 Tanton (Mass.) bank: $600,000. Mar. 2-Le Sueur (Minn.) bank; $95,000. 11-Garden Grove and Coin (Ia.) banks. 18-Daniel Sully, New York cotton king; $17,000,000. 21-Lonaconing (Md.) Savings bank. 22-Riverside (Cal.) bank E. O Miller, banker, Providence, Ia National bank of Holdenville, Ind. T., suspends operations. 81-Union Trust, Boston: $1,600,000 Federal Trust, Cleveland: $1,000,000. Apr. 4-Capital Nat. bank, Guthrie, Okla.; $1,033,000 W. B. Mack, New York.