17705. First National Bank (Mitchell, SD)

Bank Information

Episode Type
Suspension β†’ Reopening
Bank Type
national
Bank ID
2645
Charter Number
2645
Start Date
February 20, 1896
Location
Mitchell, South Dakota (43.709, -98.030)

Metadata

Model
gpt-5-mini
Short Digest
a1683afae696126c

Response Measures

None

Receivership Details

Depositor recovery rate
27.7%
Date receivership started
1923-10-23
Date receivership terminated
1930-08-15
OCC cause of failure
Losses
Share of assets assessed as good
33.7%
Share of assets assessed as doubtful
62.1%
Share of assets assessed as worthless
4.2%

Description

The First National Bank of Mitchell, S.D. suspended in February 1896 after the sudden death of its president and was placed in the hands of the national bank examiner/comptroller; it complied with conditions and was allowed to reopen in late March 1896. Some articles give slightly different suspension dates (Feb. 3, Feb. 18, Feb. 20) and one or two papers mistakenly print the state as N.D.; I use Feb 20, 1896 (most reports) for the suspension and March 21, 1896 for reopening. No bank run is described.

Events (4)

1. March 9, 1882 Chartered
Source
historical_nic
2. February 20, 1896 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in hands of national bank examiner after the sudden death of president John D. Lawler; examiner/Zimmerman assumed charge and comptroller imposed conditions for resumption.
Newspaper Excerpt
Comptroller Eckels has directed Bank Examiner Zimmerman to assume charge of the closed First National bank of Mitchell, South Dakota.
Source
newspapers
3. March 21, 1896 Reopening
Newspaper Excerpt
The First National bank ... opened for business this morning. There was no excitement, and not $1,000 was drawn out during the first day. With $75,000 on the counter, the bank was ready to meet any demand of the depositors.
Source
newspapers
4. October 23, 1923 Receivership
Source
historical_nic

Newspaper Articles (13)

Article from The Morning Times, February 22, 1896

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Receiver for South Dakota Bank. Comptroller Eckels has directed Bank Examiner Zimmerman to assume charge of the closed First National bank of Mitchell, South Dakota. The capital of the bank is only $50,000, and on its last report It had $215, 000 of assets and $130,000 of liabilities.


Article from Marietta Daily Leader, February 24, 1896

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CONDENSED NEWS Gathered From All Parts of the Country by Telegraph. Queen Victoria has sent a dispatch to President Kruger expressing her sympathy for the victims of the explosion. Washington's birthday was observed more generally as a holiday than ever before in Pittsburgh. Business was practically suspended. Fire Friday night at the corner of Kent street and University avenue, St. Paul, Minn, destroyed the street railway barns and 100 street cars. The loss is about $100,000. Dr. J. B. Hubbell, general field agent of the American Red Cross society, and Mr. Ernest Mason, an interpretor attached to Miss Clara Barton's party, started for Harpoot Saturday. The Marquis Yamagata, field marshal and inspector general of the Japanese army. has been designated as the representative of Japan at the coronation of the emperor of Russia at Moscow. Robbers broke into the bank at McLouth, near Lawrence, Kan., blew open the safe and stole $3,500 in cash. The burglars then stole a horse and vehicle and drove to Lawrence, where they took a train east. J. F. McCool, of Kosciusko, speaker of the Mississippi house, has been elected grand master of the Masonic Grand lodge, and Secretary of State J. L. Power re-elected grand secretary for the 27th consecutive year. John M. Coulter has resigned the presidency of Lake Forest University, Chicago, to become head professor of botany in the University of Chicago, which has been endowed with $1,000,000 for the botanical department. Advices received at Havana from Juguani confirm the report of the death of the well-known rebel chief, Jose Rabi. His death is said to have resulted from tetanus caused by a wound received in a recent battle. The republican state central committee met at Detroit Friday and decided on Detroit as the city for holding the convention to elect delegates at large to the national convention. The date of the convention will be May 14. The department of state has been officially notified that an international exhibition of agricultural machinery will be held at Vienna, Austria, from the 9th to the 14th of May, 1896. The United States is invited to participate in the exhibition. Controller Eckels has directed Bank Examiner Zimmerman to assume charge of the closed First national bank of Mitchell, S. D. The capital of the bank is only $50,000 and on its last report it had $215,000 of assets and $130,000 of liabilities. The confederate museum in the Jefferson Davis mansion, Richmond, Va., was formally opened Saturday. The services were very simple, consisting of prayer by Rev. Dr. Moses D. Hoge and an oration by Gen. Bradley Johnson who was introduced by the governor.


Article from The Herald-Advance, March 6, 1896

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N SOUTH DAKOTA. steresting News Items From all over the State Wheat seeding is in progress in Bon Iomme county. the ground there beig in fine condition to work. The first part of this month Gov. heldon will select three new members f the board of regents. The big stone quarries at Sioux Falls hich have laid idle for more than a ear have started up on full time Martin Vanzeante. thirteen years old nd living at Kimball has disapcared. He was punished by his parats and ran away. The work of removing the pontoon ridge from the Missouri river at hamberlain has been completed in nticipation of the ice breaking up. A dance at the home of a Gregory bunty settler broke up in a row in hich a score participated. Jesse E1SOD was stabbed in the abdomen. the extent of his injuries is unknown. Webster is added to the list of cities : have creameries before spring, a eamery company having been oranized. The capital stock is $5,000, alf of which has been subscribed. he milk of 500 cows is pledged. The First National Bank of Mitchell : still in the hands of an examiner. ho states that there is no cause for farm that the institution will fail. No xeitement prevails over the fact that 10 bank has been closed a week. Last year Beadle county paid out for eed wheat, loaned to farmers, $17.59.05. of which $10,763.08 has been allected. leaving the county short $7.18.08. Because of this loss the board f county commissioners has decided , keep out of the wheat loaning busiess this season. There is a movement on foot among usiness men at Aberdeen to establish large creamery in that city, with the lea of making it headquarters for the reamery business of this entire secon of the country. A cheese factory ill also be run in connection with at The jury in the Sullivan murder ase at Webster failed to agree and ave been dismissed. Dr. Sullivan has een admitted to bail in $3,000 bonds. he jury stood seven for acquittal to our for a verdict of guilty of criminal peration and one for a verdict of aurder. J. N. Cooley. an old-time resident of laremont. Brown county. has reurned with his wife, glad to get back . South Dakota. He picked up his ousehold effects last fall and returned > his former home in Michigan. He riled to find :1 location suited to his istes and decided to return here for " d. Hon. IL F. Hunter. of the Milwauno railread. assures the officers of to state immigration association that far as his company is concerned PY will be glad to aid and co-operate ith the association in every possible ay. Everything that is possible will done to assist in securing immigraon. A resident of Douglas county has instructed a natchine for pressing id baling Russian thistles. A load of 10 baled thistles has been taken to RE Castalia roller mill to serve as 101. and if they prove convenient in is form the muchine for pressing


Article from St. Paul Daily Globe, March 22, 1896

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DOORS OPENED. South Dakota Bank Resumes Business After a Suspension. MITCHELL, S. D., March 21.-The First National bank, which closed its doors a month ago, on the death of its president, John D. Lawler, and has been in the hands of the national bank examiner since, opened for business this morning. There was no excitement, and not $1,000 was drawn out during the first day. With $75,000 on the counter, the bank was ready to meet any demand of the depositors.


Article from The Herald, March 22, 1896

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WIFE WAIFS The Norwegian alip, Prince Amador, arrived at Halifax yesterday, 169 days from Vancouver. Suehad tempestuous weather north of Bermuda. The First national bank of Mitchell, N.D. which suspended February 3, having complied with the conditions imposed by the e emptroller of the currency, has been permitted to reopen its doors for business. John Windors was found hanging in the woods in Wild Cat Hollow at Hopkinsville. Ky yesterday. He had been warned repeatedly to leave the country on account of wife beating and general misconduct. and failing to go the vigilantes lynched m. Benjamin H. Milliken. the Tennessean whose trial on a charge of housebreaking wi.4 intent to commit rape on Miss Gertrude Phillips, daughter of ex-Solicitor General Philips. has been a topic of abworbing interest in Washington this week, was declared not guilty by a jury yesterday. The Republican S ate central committee yesterday fixed May 14th as the time and Pueblo the place for the state convention to select delegates at large to the national convention. The two congressional conventions will be held on the 13th for the first district in Denver, and for the second in Pueblo. The secretary of the treasury has decided to allow depository banks a larger margin than heretofore of United States deposits on the account of United States bonds. Under this more liberai policy the government deposits within the last week have increased about $1,500,000. It is said the government security is ample to warrant the extension. The ram Katahdin is to be the Irish raft of the United States navy. Under orders signed by Assistant Secretary MeAdoo, on St.Patrick's day, the vessel is to be painted an clive green. It is the intention of the navy department to color all the torpedo boats green, in order that the vessels may take advantage of natural conditions to deceive an enemy as to their approach. Superintendent Tangerman, chosen by the newly-elected directors of the Hale & Norcross Mining company, who is obnoxious to miners and citizens, was taken out of a chair in a barber shop yesterday by a crowd of miners and citizens numbering 200, and thrown into a wagon and taken to the county line. He was there set at liberty and warned never to return. A Chicago Tribune Washington special says: Benjamin Harrison's name will be presented for the consideration of the Republican national convention at St. Louis. This announcement is made on the allthority of prominent Indiana leaders. When ex-President Harrison's letter of withdrawal was printed prominent members of the Indiana delegation declared the letter would not prevent them from making use of General Harrison's name if they saw fit. From Juneau, passengers on the steamer Al-Ki, which arrived at Port Townsend from Alaska yesterday. it was learned that the night before the Al-Ki sailed the dead body of a squaw and her two half-breed children were found murdered in a cabin on Douglas island. The white man who had for several years lived with the squaw, and who was the father of the children, is in the Yucon country, and had recently sent the squaw a large amount of gold dust. It is supposed the inmates of the cabin were first murdered, then robbed. The bodies had been mutilated with an ax. Douglas island is across the bay two miles and a half from Juneau.


Article from The Salt Lake Herald, March 22, 1896

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MAY GO ON ..GAIN. WASHINGTON, March 21.-The First National bank of Mitchell, N. D., which suspended February 2, having complied with all the conditions imposed by the comptroller of the currency, has been permitted to reopen its doors for business.


Article from Twice-A-Week Plain Dealer, March 24, 1896

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Bank Authorized to Resume. Washington, March 21. - The First national bank, of Mitchell, S. D., which suspended payment February 20, having complied with all the conditions imposed by the comptroller of the currency, has been authorized to resume business.


Article from The Wichita Daily Eagle, March 24, 1896

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Wilkesbarre, Pa., March 21.-Hugh McGovern, aged 100 years and y months, died today. He is survived by his third wife, aged 86, and three daughters by his second wife. Washington, March 21,-The president has approved the act authorizing the First National bank of Sprague, Wash., to change its location and name. Washington, March 21.-The First National bank of Mitchell, S. D., which suspended payment February 20, 1896, having complied with all of the conditions imposed by the comptroller of the currency, has been permitted to reopen its doors for business. Buenos Ayres, March 21.-It is reported here that Chili has just bought one of the ironclads built by the Armstrongs of Newcastle for the Japanese government. This ironclad has a displacement of 12,000 tons. The price paid is said to have been Β£1,000,000. Buffalo, N. Y., March 21.-Mrs. Rosaland Vida was shot and killed today by Jack Bio, a neighbor. The murderer, whose real name is given as Giacomo Constantine, was arrested. It is alleged that he mistook Mrs. Vida for Louisa Guggino, the widow of a man for whose murder Cipriano was recently sentenced to imprisonment at Auburn. Cairo, Egypt, March 21-The Egyptian debt commissioners met today and considered the question of the withdrawal of funds from the reserve to meet the expenses of the expedition up the Nile. They adjourned without coming to any decision.


Article from River Falls Journal, March 26, 1896

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At the age of 111 years Mrs. Mary Ann Mosely died in Columbia, Mo. Albert Kinchlow shot and fatally wounded his mother at Indianapolis while insane from sickness and then killed himself. The American Republican College league will hold their fifth annual convention in Chicago on April 3. In an attempt to hold up an express train near Tulare, Cal., Sheriff Doggett and Constable Reed were shot and a train robber named Daniel McCole was killed. In Indiana 22 out of the 26 republican national delegates selected favor McKinley for president. The death of Mrs. Elizabeth Paulson occurred at Center township, Ia., at the age of 104 years. At her home near Rockville, Ind., Mrs. Mary Harlan, mother of ex-Senator James Harlan, of Iowa, celebrated her 100th birthday. In Milwaukee John Holzinger shot and killed his aged mother-in-law, Mrs. Catherine Miller, and fatally wounded his young wife. Family trouble was the cause. The murderer was arrested. At her home in Fond du Lac, Wis., Mrs. Elizabeth D. Blackburn died at the age of 100 years and 6 months. John White and Elijab Rutter, of Brice, 0., quarreled over the former's wife and both were fatally injured. Near Bayfield, Wis., Julia Bird, an aged squaw, her daughter. Charlotte Bird, and her child and O. Biquette, an Indian, were burned to death during a drunken carousal. William Murphy was taken from the jail at Huntsville, Tenn., by a mob and strung to a tree for the murder of William Knowlin, a miner. The death of Hugh McGovern, aged 100 years and 9 months, occurred at Wilkesbarre, Pa. For cause unknown John Hartman killed his wife and committed suicide at Omaha, Neb. Harry Somers and James Ford were painting a church steeple at Grand, O. T., when a thunderstorm came up and they were killed by lightning. In Chicago there were ten cases of suicide during the week ended on the 21st. Fifty thousand persons were said to be suffering in Chicago because of the strike in the clothing manufacturing trade. Business was resumed by the First national bank at Mitchell, S. D., which closed its doors about a month ago. The Colorado republicans will hold their state convention in Pueblo on May 14 to select delegates at large to the national convention. Flames nearly wiped out the business portion of Berrien Springs, Mich. Al Ewing and Archie Clark broke all tandem bicycle records at Nashville, Tenn., going a haif-mile in 1:031/2. James Leach, aged 100 years, died at the home of his son in Chicago. The firm of Kingsland & Douglas, manufacturers of agricultural implements in St. Louis, failed for $100,000. For no cause known James McCoy shot and killed his brother Henry at their home near Noblesville, Ind., and then killed himself. At Columbus, 0., W. S. Ide, a capitalist, failed for $170,000. Henry Floto, bakery; William Mann, foundry, and Thomas Mears, box and barrel factory, assigned at Martin's Ferry, O., with liabilities aggregating $500,000. The branch of the Consolidated Steel and Wire company at Joliet, III., suffered a loss of $150,000 by fire, throwing 500 men out of work. A mob lynched Isaae Pizer (colored) near Shreveport, La., for offering vio-


Article from Warren Sheaf, March 26, 1896

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Gus Elzy (colored) shot and probably fatally wounded his wife at Peoria, Ill., and then shot and killed himself. Domestic trouble was the cause. Reports to New York commercial agencies show that the business outlook throughout the country was not encouraging At Forest City, Pa., Frank Creagle fatally shot his wife, from whom he was separated. and then killed himself. John Holzinger shot and killed his aged mother-in-law, Mrs. Catherine Miller, and fatally wounded his young wife in Milwaukee. Family trouble was the cause. The murderer was arrested. Ballington Booth has changed the name of his new salvation army to "The Volunteers." There were 261 business failures in the United States in the seven days ended on the 20th, against 300 the week previous and 278 in the corresponding period of 1895. Fire in the Atlantic oil refinery at Pittsburgh, Pa., caused a loss of over $100,000. Elijah Rutter and John White, of Brice, 0., quarreled over the former's wife and both were fatally injured. Julia Bird, an aged squaw, her daughter, Charlotte Bird, an infant daughter of Charlotte Bird and O. Biquette, an Indian, were burned to death near Bayfield, Wis., during a drunken carousal A mob took William Murphy from the jail at Huntsville, Tenn., and strung him to a tree for the murder of William Knowlin, a miner. John Cloggett and Lee Williams were killed and three other men were injured by an explosion of dynamite at Ellicott City, Md. Mr. Edison, the famous inventor, has succeeded in penetrating the human body with the naked eye. With the powerful cathode light behind his patient, he gazes through a screen of prepared chemicals and sees every organ of the body plainly. John Hartman killed his wife and committed suicide at Omaha, Neb. No cause was known. James Ford and Harry Somers were painting a church steeple at Grand, O. T., when a thunderstorm came up and they were killed by lightning. There were ten cases of suicide in Chicago during the week ended on the 21st. It was said that 50,000 persons were suffering in Chicago because of the strike in the clothing manufacturing trade. The First national bank at Mitchell, S. D., which closed its doors about a month ago, has resumed business. Alexander McDonald, a fire boss, and Willie Davis, a trapper, aged 16, were killed by a fire damp explosion in the mines near West Newton, Pa. A fire nearly wiped out the business portion of Berrien Springs, Mich. Bertha McConnell, aged 20, fatally shot Harry Thompson at a hotel in Lancaster, Pa., because he had deceived her, and then shot herself fatally. The president issued an order extending the civil service to practically the entire Indian service. The Central Vermont railroad was put into the hands of receivers. The barks Havana and Robert S. Patterson, of Philadelphia, were lost with their crews, numbering 30 men. At Nashville, Tenn., Al Ewing and Archie-Clark broke all tandem bicycle records, goin a half-mile in 1:03Β½. A fire in the smelting department of the copper works of the Pennsylvania Salt Manufacturing company at Natrona, Pa., caused a loss of $200,000. PERSONAL AND POLITICAL. Maryland republicans will meet in Baltimore April 22 for the selection of two presidential electors and four delegates-at-large to the St. Louis convention. E. B. Head, the oldest printer in active service in Indiana, died at the home of his daughter in Franklin at the age of 86. The Eleventh congressional district republicans of Texas nominated C. G. Brewster, of Laredo, to fill the vacancy occasioned by the death of Congressman Crain. In the Fifteenth Missouri district the republicans renominated


Article from The Mitchell Capital, March 27, 1896

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DN After a Suspension of Thirty Days the First National Bank Opened Its Doors Last Saturday. The Bank in the Hands of New Men Presents a Stronger Front Than at Any Previous Time. A CASE OF INSANITY Alfred Olson, a Young Farmer in Lisbon Township, Went Insane Suddenly Last Thursday. HAVE OPENED FOR BUSINESS. The First National Bank Resumed Business Operations Saturday Morning At 9 o'clock Saturday morning the doors of the First National bank, which have been closed for the past thirty days opened to the public and resumed business under a new management. Tuesday afternoon. Feb. 18, after the bank had closed its business for that day the news was received that John D. Lawler. president of the bank, had died suddenly at Sioux City. Upon the suggestion of vice-President Logan the bank did not open for business the following morning for the reason that owing to the president's death Mr. Logan considered it would render a more satisfactory situation to have an examination of the bank made by the national examiner. Accordingly Mr. Zimmerman was sent for and he made an exhaustive investigation of the affairs of the bank. At that time Mr. Zimmerman stated to THE REPUBLICAN that there was no necessity for alarm as to the standing of the bank, that the examination he made showed to him that the bank was in no danger of collapsing, although reports had been freely circulated to the contrary. Mr. Zimmerman made his report to the comptroller of the currency who was thoroughly satisfied with the condition of the bank and gave his permission for it to resume business. Before commencing business the officials considered it better to effect a new organization so that when it opened up the bank would present a more solid front than ever. For the past two weeks new stock was being placed with various parties in the east and arranging everything for the reorganization. Those who are principally interested in the makeup of the new organization are D. T. Gilman, president, and C. M. Swan, cashier of the Iowa State National bank and Jos. Lawler of Sioux City. Mrs. John D. Lawler, Mrs. Nina Dousman. Messrs. J. O. Walrath. I. W. Seaman. J. D. Wood. R. D. Welch and J. S. Daniels of this city, who control $30,000 of the stock. while the other $20,000 is held by eastern parties. The re-organization was effected late Friday night by the election of the following officers: President-J. O. Walrath. Vice-president-R. D. Welch. Cashier-Geo. E. Logan. Asst. Cashier-0. P. Graham. Directors-C. M. Swan of Sioux City, J. Walrath, R. D. Weich, I. W. Seaman and J. D. Wood. The present directorship of the bank is five, which is the limited number under the by-laws. A meeting of the stockholders will be held soon when it is the intention to change the bylaws to make the directory consist of seven and the names of J. S. Daniels and Albert Boynton will then be added. F.E. Moses. who was the former cashier. tendered his resignation as he was desirous of devoting his entire time to his farm and live stock interests. The new officers of the bank are men who are well known in Mitchell, having been among the earliest settiers, and who enjoy the respect and confidence of all classes. Mr. Logan will have the active management of the bank and will devote his entire time and attention to its interests. He is an energetic and conservative gentleman and we believe the bank will continue to prosper. When the bank opened for business Saturday morning there was no excitement attending it ond other than those who money ing its held opening checks but against very the little bank pendwas drawn out by depositors. On the counter beside the cashier's window lay $50,000 in currency and gold, sufficient to meet any demand made by the depositors. All day long the officers were busy receiving the congratulations


Article from Great Falls Weekly Tribune, March 27, 1896

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Bank Pulled Through. WASHINGTON, March 21.-The First National bank of Mitchell, S. D., which suepended payment Feb. 20, 1896, having complied with all the conditions imposed by the comptroller of the currency, has been permitted to reopen its doors for business and did EO today.


Article from Perrysburg Journal, March 28, 1896

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Mr. Edison, the famous inventor, has succeeded in penetrating the human body with the nakede With the powerful cathode light behind his patient, he gazes through a screen of prepared chemicals and sees every organ of the body plainly. John Hartman killed his wife and committed suicide at Omaha, Neb. No cause was known. James Ford and Harry Somers were painting a church steeple at Grand, O. T., when a thunderstorm came up and they were killed by lightning. There were ten cases of suicide in Chicago during the week ended on the 21st. It was said that 50,000 persons were suffering in Chicago because of the strike in the clothing manufacturing trade. The First national bank at Mitchell, S. D., which closed its doors about a month ago. has resumed business. Alexander McDonald, a fire boss, and Willie Davis, a trapper, aged 16, were killed by a fire damp explosion in the mines near West Newton, Pa. A fire nearly wiped out the business portion of Berrien Springs, Mich. Bertha McConnell, aged 20, fatally shot Harry Thompson at a hotel in Lancaster, Pa., because he had deceived her, and then shot herself fatally. The president issued an order extending the civil service to practically the entire Indian service. The Central Vermont railroad was put into the hands of receivers. The barks Havana and Robert S. Patterson, of Philadelphia, were lost with their crews, numbering 30 men. At Nashville, Tenn., Al Ewing and Archie Clark broke all tandem bicycle records, goin a half-mile in 1:031/2. A fire in the smelting department of the copper works of the Pennsylvania Salt Manufacturing company at Natrona, Pa., caused a loss of $200,000. By the explosion of gas at the Berwind-White shaft in the eastern limits of Dubois, Pa., 13 miners were killed. By the burning of their home near Charleston, W. Va., Killiam Coxey, wife and child lost their lives. Isaac Pizer (colored) was captured and lynched by a mob near Shreveport, La., for offering violence to two white 1 girls. Fire in the Thackera Manufacturing company building in Philadelphia caused a loss of $400,000. The visible supply of grain in the I United States on the 23d was: Wheat, e 61,348,000 bushels; corn. 15,852,000 busheis; oats, 8,164,000 bΓΌshels; rye, 1,578,d 000 bushels; barley, 1,336,000 bushels. A violent earthquake shock was felt e at Machias, Me. Houses trembled, t dishes and windows rattled and clocks of were stopped. The supreme court of the United States decided that witnesses must tesS tify in interstate commerce cases, or go e to jail for contempt of court. Kingsland & Douglas, manufacturers d of agricultural implements in St. Louis, d failed for $100,000. ot James McCoy shot and killed his ubrother Henry at their home near Noblesville, Ind., and then killed himW self. No cause was known for the is deed. ie W. S. Ide, a capitalist at Columbus, O., failed for $170,000. rt At Martin's Ferry, O., Henry Floto, is bakery: William Mann, foundry, and ed Thomas Mears, box and barrel factory, assigned with liabilities aggregating d$500,000. rk The Joliet (III.) branch of the Conor solidated Steel and Wire company sufnfered a loss of $150,000 by fire, throwing 500 men out of work. b., Patrick W. Snowhook, a well-known attorney and supposed millionaire, made st an assignment in Chicago with liabilistties of $350,000. ed