Northern National Bank (Big Rapids, MI)

Article Text

NORTHERN NATIONAL CLOSED

The One Bank of Big Rapids Forced to Suspend. BIG RAPIDS. Mich., July 8.-The following notice was posted on the bank door at the time of opening this morning: Owing to the continuous draw on its funds, the Northern National bank has been closed by order of the directors, who feel assured that the depositors will be paid in full. By order of the board of directors. T. R. FOLLER, Cashier. Ofcourse a crowd gathered at the bank but the feeling was that the depositors would be paid in full, as the sureties of the bank an d the board of directors each are sufficient guarantee. A considerable amount of the funds is tied up in real estate and the stringency in the money market along with the amounts drawn by depositors has caused the trouble.

Article Text

BUSINESS REVERSES

Failure of the Cold Storage Exchange at Chicago. CHICAGO, July 8.-Application was made to-day for a receiver for the Produce Cold Storage Exchange. The exchange has been carrying on the business of a cold storage warehouse and holds perishable goods valued at $750,000. Should the business be closed up, as is shown to be possible in view of an indebtedness of $11,290 which cannot be met, great loss will be sustained. The corporation has a ninetynine-year lease on the property where it is now doing business, and the leasehold, with the building on it, is valued at $700,000. The indebtedness of the concern amounts to $200,000. BIG RAPIDS, Mich., July 8.-The Northern National Bank closed its doors this morning in consequence of the withdrawal of funds by depositors. LE SUEUR, Minn, July 8.-The Bank of Le Sueur has failed. The liabilities and assets are given each at $225,000. The reason given for closing is to protect home depositors. DENVER, July 8.-Edwin J. Binford, a coal-dealer, assigned to-day for the benefit of his creditors. His assets are $218,770 and his liabilities $76,800.

Article Text

NEWS NOTES

The Royal Clyde regatta was sailed yesterday. The Brittinia won, Valkyrie second. Comptroller Eckels has appointed Robert A. Luke receivor of the failed Phillipsburg National bank of Montana. The bank of Leseut Minn., has failed, liabilities and assets even at $225,000 The reason given for the closing is to protect home depositors. The Northern National bank of Big Rapids, Mich., closed its doors this morning in consequence of the withdrawal of funds by depositors. The official call for a meeting of the society of the Army of the Tennessee at Chicago on Sep. 12 and 13 will soon be issued by General Hickenlooper. During the reception to the Columbian minister at Rome yesterday, the pope said America would soon have a patron saint as Columbus would be beatfied shortly. The steamer New York arrived at New York yesterday. Among the passengers was Colonel Fred Grant, late United States minister to Austria, and Mrs. Grant and family. At Toledo. Ohio, yesterday afternoon, Sanger of Milwaukee, defeated Johnson of Syracuse in the bicycle race. The best time of the two day's meeting was made by Sanger in 2:20. Four thousand two hundred and sixtyfour more fourth-class postmasters were appointed on removals during the first four months of the last administration than during the corresponding period in this. It now appears that Judge Hudson's

Article Text

LATER NEWS WAIFS, FINANCIAL AND COMMERCIAL RED CLIFF, Col.-The Eagle County Bank nas suspended payment. Its capital is $12,100 and assets $40,000. The liabilities are 134,000. LESEUR, MINN-The bank of Leseur made an assignment. The liabilities are $225,000 and assets the same. BIG RAPIDS, MICH.-The - Northern National bank here, with a capital of $100,000, has suspended.

Article Text

Big Rapids Bank Suspends, BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of lia. bilities.

Article Text

Big Rapids Bank Suspends

BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of liabilities.

Article Text

Big Rapids Bank Suspends

BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of liabilities.

Article Text

LATER NEWS WAIFS

FINANCIAL AND COMMERCIAL RED CLIFF, Col.-The Eagle County Bank has suspended payment. Its capital is $12,100 and assets $40,000. The liabilities are $34,000. LESEUR, MINN-The bank of Leseur made in assignment. The liabilities are $225,000 and assets the same. BIG RAPIDS, MICH.-The - Northern Nation. al bank here, with a capital of $100,000, has suspended.

Article Text

Big Rapids Bank Suspends

BIG RAPIDS, Mich., July 10.-Notice was posted on the door of the Northern national bank at Big Rapids Saturday morning to the effect that the bank must suspend for the present, but that the directors feel confident that all depositors will be paid in full. The bank has a capital of $100,000. Its officials decline to make any statement of liabilities.

Article Text

Treasury View of the Financial Situation. As viewed at the Treasury Department, the week begins with brighter financial prospects. A number of the recently-failed banks are taking the necessary steps to resume, and Controller Eckels is lending them all the aid possible. He was notified this morning that the failed First National Bank of Kendallville. Ind., and the failed Northern National Bank of Big Rapids, Mich., would probably resume business this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturday after a short suspension. received in deposits $12,000, while the withdrawals amounted to only $6,000. This is regarded here as an evidence that confidence is bing gradually restored on the Pacific coast.

Article Text

CONFIDENCE RESTORED

Failed Banks Resuming Business : With Bright Prospects. WARNINGTON, D. C., July 24.-As viewed at the treasury department the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified this morning that the failed First National Bank of Kendallville, Ind., and the failed Northern National Bank, of Big Rapids, Mich., would probably resume. business this week. The First National Bank of Santa Anna, Cal., which resumed business Saturday after a short suspension, received in deposits $12,000, while the withdrawals amounted to only $6,000. This is regarded-here as an evidence, that confidence is being practically%re stored on the Pacific coast.

Article Text

CONFIDENCE IS RETURNING

Nearly All Suspended Banks Will Resume-Situation Brighter. WASHINGTON, July 25.-As - viewed at the treasury department, the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified that the failed First National bank of Kendallville, Ills., and the failed Northern National bank of Big Rapids, Mich., would probably resume this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturdey after a short suspension, received in deposits $12,000 while the withdrawals amounted to only $6,000. This is regarded here as an evidence that confidence is being practically restored on the Pacific coast.

Article Text

OUTLOOK IS BRIGHTER

Financaal Prospects Greatly Improved in the Eyes of Treasury Officials. WASHINGTON, D. C., July 24. -- As viewed at the Treasury Department the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessay steps to resume and Comptroller Eckels is lending them all the aid possible. He was notified this morning that the failed First National Bank of Kendallville, Ind., and the failed Northern National Bank of Big Rapids, Mich., would probably resume this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturday after a short suspensions, received in deposits $12,000 while the withdrawals amount to only $6,000. This is regarded here as an evidence that confidence is being practically restored on the Pacific Coast. DENNER, Col., July 24.-Bank Examiner Lazar in an interview states that he is convinced that all of the six suspended national banks in this city have more than sufficient assets and will resume in time. "It is a very hard matter at this time to realize on securities and the depositors will have to be a little patient. There will be a meeting this evening of representatives of the banks and depositors with a view to arrange plans whereby the depositors will accept certificates of deposits of the amounts to which the banks are indebted to them, these certificates to bear interest from their date until paid at a reasonable rate. These certificates can be used as collateral by the holders and on them money can be raised. I would suggest that the certificates be made to run for four, eight and twelve months, as was done in the suspended California banks that resumed. This will give the banks time to realize on their assets and prevent them from going into an enforced liquidation.

Article Text

RECONFIDENCE PARTIALLY STORED

The re is a Brighter Outlook at the Treas" ury Department. WASHINGTON, D. C., July 24.As viewed at the treasury department the week begins with brighter financial prospects. A number of recently failed banks are taking the necessary steps to resume, and Comptroller Eckles is lending them all the aid possible. He was notified this morning the failed First National Bank of Kendallville, Ind, and the failed Northern National Bank of Big Rapids, Mich., will probably resume business this week. The First National Bank, of Santa Ana, Cal., which resumed business, started after a short suspension, has received deposits of $12,000, while the withdrawals amounted to only $6000. This is regarded here as evidence of confidence being practically restored on the Pacific eoast.

Article Text

Trample Over One Another

"How can the present somewhat analogous situation be changed by suddenly inspiring confidence? The leaders of the party in power will scarcely acknowledge that its principles are mistaken ones. That the Chicago platform was false and should be repudiated. [ can see no Moses at present who will lead the business world out of its Egyptian darkness." General Harrison sympathizes personally with President Cleveland, who is carrying, he thinks, about as heavy a burden as mortal man can bear up under. CONFIDENCE IS RETURNING. Nearly All Suspended Banks Will Resume-Situation Brighter. WASHINGTON, July 25.-As viewed at the treasury department. the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps to resume, and Comptroller Eckels is lending them all the aid possible. He was notified that the failed First National bank of Kendallville, Ills., and the failed Northern National bank of Big Rapids, Mich., would probably resume this week. The First National Bank of Santa Anna, Cal., which resumed business on Saturduy after a short suspension, received in deposits $12,000 while the withdrawals amounted to only $6,000. This is regarded here as an evidence that confidence is being practically restored on the Pacific coast.

Article Text

BRIGHTER SKIES Overbang the Financial World-A Number of Suspended Banks to Resume. W ASHINGTON, July 25.-As viewed at treasury department the week begins with brighter financial prospects. A number of the recently failed banks are taking the necessary steps' to resume and Controller Eckels is lending them all the aid possible. He was notified Monday that the failed First National bank, of Kendallville, Ind., and the failed Northern National bank, of Big Rapids. Mich., would probably resume business this week. The First national bank, of Santa Anna. Cal., which resumed business on Saturday after a short suspension, received in deposits $12.000, while the withdrawal amounted to only $6,000. This is regarded here as an evidence that confidence is being gradually restored on the Pacific coast.

Article Text

GENERAL

Lieut. Peary's arctic ship sailed from Portland, Me. The Starr mills at Shelbyville, Ind., failed for $80,000. Col. Tyrrell, of the Michigan National guard, has been suspended by Gov. Rich for alleged insubordination. The strike of the Kansas- miners is almost over. There is a question of only 1 cent a ton. The New Manufacturing company at New York has failed. The company owes $182,000. The French Commission company failed at Kansas City. Assets, $12,000; liabilities, $60,000. Illinois National Guardsmen will not go into camp this year. Lack of funds is given as the reason. The Northern National bank at Big Rapids, Mich., has failed. No statement of its condition is given: Big Four's differences with its employes are adjusted, the men agreeing to no increase in their wages. Texas fever has broken out among the cattle in Chatauqua county, Kansas, and many animals have died. G. S. Thebo of Paris, Tex., sues the Choctaw nation for $110,349 attorney fees in the Choctaw-Oklahoma claim. Liquor dealers at Charleston will test the South Carolina state saloon law by an appeal to the high courts. Jones & Laughlin of Pittsburg signed the amalgamated scale, the workingmen accepting a reduction. of . 8 to 15 per cent. Jerry Simpson denies a report that he is a candidate for governor of Kansas. E. J. Binford, a Denver coal dealer, has failed, owing $76,800. The filing of a mortgage on the plant of the E. R. Holden Smelter company of Colorado has precipitated attach. ment proceedings. In the Denver courts the Farmers' Loan and Trust company won a suit to foreclose a $2,000,000 mortgage on the Denver Water company's works.

Article Text

Bank Receivers Appointed

The controller of the currency today ape pointed receivers of insolvent national banks a follows: John S. Lawrence, receiver Northern Na tional Bank of Big Rapids, Mich. Gold T. Curtis, receiver First National Bank of Great Falls, Mont.

Article Text

HOTEL CHATS Hugh McCurdy of Corunna. T. J. Collins. H. L. Authony of Storgis, George E Dowling of Montague, J. H. Fareham of Cassopolia, Arthur M. Clark of Lexington and John L Reid of New York arrived in The Morton last night to attend General Innes' funeral. J. Platt Underwood, a Chicago lum. berman. who was once manager of the old Tioga company's extensive plant at Big Rapids. is registered in The Morton. He is a nephew of Senatch Thomas C. Platt of New York. H. A. Matthews is a guest in Sweet's He has been appointed traveling freight agent for the "Big Four" road to assist J. Keavy, the general agent. Mr. Matthews formerly represented the M. & C. road. M. P. Gale of Big Rapids, president of the Northern National bank. of which John Lawrence has just been appointed receiver of, was among yesterday's are rivals in The Morton. 1 A. G. Runnels, sheriff of Newaygo county, dined in The Kent yesterday. He brought downa number of witnesses in the White counterfeiting case. John Call of Cleveland and A. H. Currie of Port Huron are registered in Sweet's. They are in the city to attend the races. D. J. McElheren of Chicago, assistant district attorney, is a guest in The Morton. H. Kitchel, the well-known Coldwater horseman, is registered in The Kent. MORTON-M. P. Gale, Big Rapids; W. H. Phillips, Menominee; J. W. Harvey, Detroit: J. W. Fleming, Traverse City; J.S. Vander Veen, Holland; H. L Osborn, Owosso. NEW LIVINGSTON-H. L. Brace. Newaygo; L R. Acker, Detroit; W. P. Skinner, Cedar Springs; S. C. Beecher, Lansing; M. J. Weldon, Detroit; L. E. Rowley, Lansing. SWEET'S-J. D. Moore, Ithaca; L C. Townsend, Jackson; G.A. Watson, Detroit; F. M. Cooper, Saginaw; 8. C. Despres, Traverse City; Clara L Anderson, Detroit. EAGLE-M. W. Calkins, Big Rapids; C. C. Newman, Sparta; A. Feldhouse, White Pigeon; C. M. House, Ovid; P. R. Dunning, Hastings; E. M. Colson, Kalkaska. KENT-A. G. Runnels, Newaygo; A. W. Dodge, Morley; H. L. Campbell, Alpine; J. W. Feighner, Muskegon; H. Kitchel, Coldwater; F. W. Saulter, Kalamazoo.

Article Text

TROUBLES OF BANKING COMPANIES

Leon, Iowa, Aug. 5 -The Decatur County Banking Association, the oldest concern In Southern Iown, Including brarch banks at Davis City and Garden Grove, suspended this morning. Assets, $471,000; liabilItles, $315,000. T. 8. Arnold has been named as assignee. It 1s believed that the embarrassment is only temporary, and that the depositors will be paid 10 full. Sparta, Wis., Aug. 5.-M. A. Thayer, operating banks at Sparta and Tomah, made an assignment yesterday. Depositors will receive about 60 cents on the dollar. The Waupaca National Bank is expected to resume in a few days. Washington, Aug. 5.-Controller Eckels has appointed John S. Lawrence receiver of the Northern National Bank of Big Rapid. Mich., and Gold S. Curtis receiver of the First National Bank, of Great Falls, Mont.

Article Text

United States Court

JUDGE Sevenans-In re, Northern National bank of Big Rapids, order permitting receiver to sell certain personal property. Henry A. Rice TR. William T. Lamoreaux et al. assumpait; judg. ment on verdiet for $0,583.76.

Article Text

AROUND THE GLOBE DIGEST OF THE NEWS FROM ALL PARTS OF THE WORLD. All Important Occurrences of the Past Week, Boiled Down and Arranged for Rapid Reading, From Home and Abroad. From the Nation's Capital. Counterfeit two-cent postage stamps are in circulation in large quantities. The department of agriculture reports the average condition of winter wheat 81.4, against 86.7 last April. President Cleveland denounces the Massachusetts minister who accused him of intemperance. Ernest Harris and John T. Jones, melter and assistant melter respectively at the Carson mint, have been suspended. The shortage in the mint is $80,000. The controller of the currency has declared a 5 per cent dividend in favor of the creditors of the insolvent Northern National bank of Big Rapids, Mich. The controller of the treasury has rendered a decision in which he holds that Judges Springer and Kilgore, recently appointed to the two districts in Oklahoma, cannot receive compensation for their services as such judges until after they have been confirmed.

Article Text

AROUND THE GLOBE DIGEST OF THE NEWS FROM ALL PARTS OF THE WORLD. All Important Occurrences of the Past Week, Boiled Down and Arranged for Rapid Reading, From Home and Abroad. From the Nation's Capital. Counterfeit two-cent postage stamps are in circulation in large quantities. The department of agriculture reports the average condition of winter wheat 81.4, against 86.7 last April. President Cleveland denounces the Massachusetts minister who accused him of intemperance. Ernest Harris and John T. Jones, melter and assistant melter respectively at the Carson mint, have been suspended. The shortage in the mint is $80,000. The controller of the currency has declared a 5 per cent dividend in favor of the creditors of the insolvent Northern National bank of Big Rapids, Mich. The controller of the treasury has rendered a decision in which he holds that Judges Springer and Kilgore, recently appointed to the two districts III Oklahoma, cannot receive compensation for their services as such judges until after they have been confirmed.