18498. First National Bank (Texarkana, TX)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
3065
Charter Number
3065
Start Date
December 1, 1890
Location
Texarkana, Texas (33.442, -94.038)

Metadata

Model
gpt-5-mini
Short Digest
f75243d8896313a6

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1895-04-01
Date receivership terminated
1896-12-18
OCC cause of failure
Fraud
Share of assets assessed as good
20.2%
Share of assets assessed as doubtful
10.4%
Share of assets assessed as worthless
69.4%

Description

The First National Bank of Texarkana suspended on Dec 1, 1890 and subsequently reopened (reported Jan 20, 1891). Contemporary accounts describe limited cash on hand ($6,000–$7,000) and indicate speculation/mismanagement by Cashier W. A. Kelsey (interests in local enterprises), but newspapers do not describe a depositor run prior to the suspension. Some reports list Texarkana as Arkansas; the provided bank location is Texarkana, TX — articles appear to refer to the same institution in the Texarkana region. Cause classified as bank-specific adverse information (mismanagement/speculation) based on mentions of cashier's interests and low cash found, but the precise triggering cause is not definitively stated in the articles.

Events (4)

1. October 26, 1883 Chartered
Source
historical_nic
2. December 1, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reports state only $6,000–$7,000 cash found in vaults; cashier W. A. Kelsey had large interests and is said to have attempted to float liabilities (speculative/management problems).
Newspaper Excerpt
The First National Bank of this city suspended this morning. The bank officials assert that the embarrassment will be only temporary.
Source
newspapers
3. January 20, 1891 Reopening
Newspaper Excerpt
The First National Bank of Texarkana Ark. which suspended last November, reopened Monday.
Source
newspapers
4. April 1, 1895 Receivership
Source
historical_nic

Newspaper Articles (13)

Article from Richmond Dispatch, December 2, 1890

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A National Bank Suspends, TEXARKANA, ARK., December 1.-The First National Bank of this city suspended this morning. Several heavy depositors will be badly crippled. The bank officials claim that the losses will be only temporary, as their assets are $225,000 and their liabilities $150,000.


Article from The Morning Call, December 2, 1890

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BUSINESS FAILURES. Assignment of a Boston Wholesale Firm. Suspension of Banks. NEW YORK, Dec. 1.-Arthur & Ketchum, stock-brokers, have assigned. BOSTON, Dec. 1.-Winslow, Reed & Watson, wholesale dealers in teas, coffees and spices, have assigned. Winslow says the immediate cause of the failure is stringency in the money market. He has no idea of the amount of liabilities and assets. PITTSBURG, Dec. 1.-An Indiana (Pa,) special says the Deposit Bank has failed. The liabilities and assets are unknown. The closing of the doors of the Deposit Company is the result of the failure of B. K. Jamison & Co., Philadelphia. The latter had in their possession cash and securities of the Deposit Company amounting to $45,000 at the time of the suspension. The officials say the deposits aggregate $141,000, and the assets are three times as large. An early resumption is expected. The chief stockholder, White, spent some time in Philadelphia, trying to recover securities or money from the Jamisons, but was unable to do so. He stated to-day that the bank is solvent and will pay dollar for dollar, and all they wanted was time enough to turn the securities into money. The principal depositors express confidence in the bank. TEXARKANA (Ark.), Dec. 1.-The First National Bank suspended this morning. The bank officials assert that the embarassment will be only temporary, as their assets are $255,000 and liabilities $150,000. GUTHRIE (Ind. T.), Dec. 1.-President Ragsdale of the Commercial National Bank, which suspended last week, has been arrested under an indictment charging him with a violation of the banking laws.


Article from Deseret Evening News, December 2, 1890

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BRIEF TELEGRAMS. London, Dec. 1.-It is said the question of excluding Parnell from membership in the National Liberal Club will shortly be brought before a committee of that organization. Texarkana, Ark., Dec. 2.-The First National Bank suspended this morning. The bank officials assert that the embarrassment will only be temporary, as their assets are $255,000 and liabilities $159,000: The Hague, Dec. 1.-The body of the late King of Holland was conveyed by train today to this city, where it was followed by an imposing procession to the Noord Riode palace. The interment will be on Thursday. Cheyenne, Wyo., Dec. 1.-The postmaster at Granger, Wyo., caught a thief Sunday. The official opened fire on the burglar and wounded him in both legs. Marshal Rankin will bring the captive here for a hearing. Detroit, Dec. 1.-The embarrassment of the Potts Salt and Lumber Company has developed into an absolute failure, and an assignment has been made for the benefit of the creditors. The assignees say the assets are $1,030,682, and the liabilities for debts $393,558. Boston, Dec. I.-Winlow, Rand & Watson, wholesale dealers in teas, coffees and spices, assigned. Winslow says the immediate cause of the failure was the stringency of the money market. He has no idea of the amount of liabilities and assets, which it is believed will foot up to about $250,000. New York, Dec. 1.-Arthur & Ketchum, stock brokers, have assigned. Both members of the firm state the assignment was the outcome of their troubles last year. They suspended then and resumed, after arrangements with their creditors. Business was so poor because of the present state of the market that it was impossible to live up to their agreement. London, Dec. 1.-Severe frosts and snow are reported on the shores of the Mediterranean, some:hing unknown for twenty years. Very severe snowstorms are reported in Spain, and the Pyrenees are impassable. The German rivers are full of dangerous drift ice. Eight persons were drowned at Barmen. The damage at Elberfeld, Barnum and Posen is estimated at 3,000,000 marks. London, Dec. 1.-Advices from TienTain, by way of Vladivostock, say that a vast portion of the population are rendered destitute by recent floods. The people are desperate in consequence of the lack of food and shelter, and threaten to massacre and plunder the European residents, and march to demand relief. Four Chinese war ships and one French and one American man-of-war are at Pekin, and have taken measures for the protection of the Europeans. Oswego, N. Y., Dec. 1.-Dr. Mary Walker them dying at her farm near Bunker Hill, five miles west of this city. She arrived home from Washington, where she had been sick for some time near the end of August. Her condition was not considered dangerous until a few days ago, when a serious change took place, and her physicians have no hope of her recovcry. The trouble is said to be heart failure, superinduced by exposure and privation while an inmate of Libby


Article from The Seattle Post-Intelligencer, December 2, 1890

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RUNS ON THE BANKS. A Big Philadelphia Depository Stands a Siege. JAMISONS WRECK ANOTHER FIRM An Arkansas Institution Goes DownFailures in Michigan, Boston and New York. PAILADELPHIA, Dec. 1.-Owing to rumors afloat for several days a long line of depositors stood all day in front of the Keystone National bank, awaiting their turn to get their money. So far all checks have been paid, and the officials say every demand will be met. Promptly at 3 o'clock the bank closed. Cashier Hayes said the amount paid out during the day aggregated about $350,000. The bank's deposits average $1,200,000. City treasurer Kardsley, why had $400,000 of the city's inoney on deposit, announces that no attempt will be made today to withdraw the money. Tomorrow Mayor Fitler and Kardsley will confer with the directors of the bank. Bank Examiner Drew says the Keystone National bank is perfectly solvent. Indiana, Pa., Dec. 1.-The Deposit Company has closed its doors, the result of the failure of B. K. Jamison & Co., of Philadelphia. The latter had in their possession cash and securities of the Deposit Company amounting to $45,000 at the time of the suspension. The officials say the deposits aggregate $141.000 and that the assets are three times as large. An early resumption is expected. The chief stockholder, White, spent some time in Philadelphia trying to recover money or securities from the Jamisons, but was unable to do so. He stated today that the bank is solvent and will pay dollar for dollar, and all they wanted was time enough to turn securities into money. The principal depositors express confidence in the bank. NEW YORK, Dec. 1.-Arthur & Ketchum, stock-brokers, have assigned. Both members of the firm sta te that the assignment is the outcome of theirtroubles last year. They suspended the n, and resumed after arrangements wit h their creditors. Business was 80 poor because of the present state of the market, it was impossible to live up to their agreements. BOSTON, Dec. 1.-Winslow, Rand & Watson, wholesale dealers in teas, coffees and spices. have assigned. Mr. Winslow says the immediate cause of the failure is the stringency of the money market. He has no idea of the amount of liabilities and assets. The liabilities of Winslow. Rand & Watson are believed to foot up about $250,000. GUTHEIE, O.T., Dec. 1.-President Ragsdale, of the Commercial National bank, suspended last week, has been arrested under the indictment charging him with violating the banking laws. TEXARKANA, Ark., Dec. 1.-The First National bank suspended this morning. The bank officials assert that the embarrassment will be only temporary, as their assets are $255,000 and liabilities $150,000. DETROIT, Dec. 1.-The embarrassment of the Potts Salt and Lumber Company has developed into an absolute failure, and an assignment has been made for the benefit of the creditors. The assignee says the assets are $1.030,682 and the liabilities or debts $393,558.


Article from Fort Worth Daily Gazette, December 2, 1890

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BUSINESS. A BOSTON ASSIGNMENT. BOSTON, MASS., Deo. 1.-Winslow, Rand & Walson, wholesale dealers in teas, coffees and spices at 197 State street, have assigned. Liabilities and assets not yet known. MULES ATTACHED. Correspondence of the Gazette. BLACK JACK GROVE, TEX., Nov. 30.Yesterday Messrs. Schneider & Davis, of Dallas, levied an attachment on nine head of mules supposed to belong to L. D. Stinson, who recently sold out his stock of "groceries here to W. F. Mahaffav, leaving several creditors in duress. The property was replevied by Mr. A. S. Fry, claimant. Amount of their claim was $1000. STOCK BROKERS ASSIGN. NEW YORK, Dec. 1.-Arthur & Ketchum, stock brokers, have made an assignment to Charles A. Demeritt. A DEPOSIT BANK FAILURE. INDIANA, PA., Dec. 1.-The deposit bank has failed. Liabalities and assets not yet known. The suspension is a result of the failure of B. K. Jamisson & Co. of Philadelphia. The latter had in their possession cash and securities of the deposit company amounting to $45,000 at the time of the suspension. Officials say the deposits aggregate $141,000, and that the assets are three times as large as the liabilities. Early resumption is confidently expected. SAN ANTONIO DRUGGIST ASSIGNS. Special to the Gazette. SAN ANTONIO, TEX., Dec. 1.-F. D. Duncan, druggist, made a general assignment to-day for the benefit of creditors. George S. Board is named as assignee. The assets and liabilities are not known. FIRST NATIONAL BANK OF TEXARKÁNA SUSPENDS. Special to the Gazette. TEXARKANA, TEX., Dec. 1.-This city was startied this morning by the announcement that the First national bank of this city had suspended. This is the oldest banking institution in the city, and has had the confidence of the entire community for many years, who at least thought its conditions should be in a healthy state. W. A. Kelsey, the cashier and manager, IS well known in financial circulars all over the Union. The cause of the suspension cannot be ascertained. The card on the door announces that a meeting of the stockholders has been called, but no promise is made of an early resumption of business. Some of the largest merchants and lumber establishments are sufferers. It is not known what will be the result of the disaster. There are three other national anks here, all in good condition to successfully meet any kind of panto that may ensue. The officers of this bank are J. H. Draughon, principal owner of the Sulphur lumber company, president; J. Deutzchman, president of the street railway and electric light company, vice-president; and W. A. Kelsey, cashier. C. C. Derrian, mavor of Texarkana, Ark., and A. B. Kizer, proprietor of the Kizer lumber company, are among the directors. It is understood here that the assets of the bank are amply sufficient to meet all liabilities and that business will be resumed. AN ASSIGNMENT AT RIPLEY, TENN. MEMPHIS, TENN., Dec. 1.-Class & Butler, general merchants at Ripley, Tenn., made an assignment Saturday. Liabilities $50,000;assets nominally $75,000.


Article from Omaha Daily Bee, December 2, 1890

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Dr. Birney cures catarrh. Bee bld. g Failure in T xarkana. TEXARKANA, Ark., Dec. 1.-The First Na tional bank suspended this morning. The bank officials assert the embarrassment will be only temporary as their assets are $255,000 and liabilities $150,000.


Article from The Portland Daily Press, December 3, 1890

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GENERAL NEWS. Several stores in Coaticook, Que., burned yesterday. Loss $70,000; insurance, $30,000. The business part of Colliowood, a suburb of Cleveland, O., burned yesterday. Loss $50,000. Steamer Bear arrived at San Francisco yesterday from Behring Sea. She reports no evidence of marauders at the seal islands. The first national bank at Texarkana, Ark., suspended Monday. It is the oldest bank in the city. The cause of the suspension is not stated. Three more elections officers were found guilty of conspiracy in Jersey City, N. J., yesterday. In all 67 were indicted and 15 have been tried and convicted. The strike of coal miners in Alabama went into effect Monday and 6000 of the 8000 quit work. The operators state that they will fill the vacant places with negroes. Three Lowell, Mass., hotel keepers have been fined $100 and costs each for keeping liquor nuisances. They were convicted on "spotter" evidence, the police refusing to act. Wm. A. Hunnewell, candidate for alderman in Boston, is charged under the new law with circulating an anonymous circular flecting on the character of another candidate. A company composed of Saugus, Mass., and Kittery parties, propose to establish a route in Kittery and vicinity for gathering milk for the Boston market. The new company is said to be strongly backed finanetally*


Article from Fort Worth Daily Gazette, December 3, 1890

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BUSINESS. RUN ON THE KEYSTONE BANK CONTINUES. PHILADELPHIA, PA., Dec. 2.-The run on the Keystone national bank continues to-day with unabated vigor. All persons presenting checks for $100 or tess were paid in currency, but any whose demands exceeded that amount are given clearing house due bills. By an arrangement with the clearing house banks these due bills will be honored at any bank. Towards 1 o'clook the run seems to have been broken and a long line of depositors waiting their turns rapilly dwindled down, and no new arrivals took the places of those who left. TEXARKANA'S SUSPENDED BANK. Special to the Gazette. TEXARKANA, TEX., Dec. 2.-There are no new developments concerning the suspension of the First national bank here. It is said that only $7000 cash was found among the effects. Cashier Kelsep had large interests in several enterprises here and it is said attempted to float the liabilities of the East Side waterworks and electric light company for large amounts. A special bank examiner from Washington will take charge to-night, and a statement may be expected. There has been no run on the other banks here, but the deposits in every case are largely increased.


Article from San Antonio Daily Light, December 4, 1890

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Texarkana Bank Busted. TEXARKANA, Tex., December 4.The First National Bank of this city has suspended. This is the oldest banking institution in this city, and has had the confidence of the community for many years. The last report of Its condition showed it to be in a healthy state, and the blow fell without previous warning.


Article from Fort Worth Daily Gazette, December 5, 1890

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BUSINESS. FAILURE AT BOWIE. pecial to the Gazette. BOWIE, TEX., Dec. 4.-Evans Bros. of this city were closed by attachment yesterday. It was thought that they would be able to at once adjust the mat. ter, hence no mention was made in the newspapers, but instead of adjusting, this morning attachments were run for about $15,000. Common report says the liabilities will reach $35,000 and that the assets will only be about $8000. In con. versation with Mr. Evans this morning he stated that the liabilities would not exceed $25,000 and that the assets would amply reach $12,000. This is the great. est failure that Bowie has ever had, and its effect will be felt in all classes of bus. iness in the city. Some time since the dry goods men inaugurated a war among themselves and sold goods at and below prime cost. To this is ascribed their failure. TEXARKANA'S FIRST NATIONAL BANK. Special to the Gazette. TEXARKANA, TEX., Dec. 4.-Examine! Spalding has charge of the effects of the First national bank here, and nothing I developed except that about S6000 was all the cash found in the vaults. FAILURE AT CORSICANA. Special to the Gazette. CORSICANA, TEX., Dec. 4.-Ben Hr. man, a dry goods dealer here, executed a deed of trust to-day to secure the Corsicana national bank and other home creditors for the amount of $3000. Noth. ing is known as to the assets or other lia. bilities. A NEW JERSEY MANUFACTURING COMPANY FAILS. PASSAIC, N. J., Dec. 4.-The Ritten. house manufacturing company went into the hands of a receiver yesterday. The concern employes 700 or 800 hands in the manufacture of woolen blankets, shawls and a variety of plush used in covering railroad car seats. Edward H. Ammidown, president of the American protective tariff league, owns nine-tenths of the stock, and is president of the corporation. The liabilities aggregate nearly $1,000,000, and nominal assets, consisting principally of mill machinery and stock of manufactured goods, are estimated at $800,000. W. Barbour, the widely known thread manufacturer of Patterson, and Belfast, Ireland, was appointed receiver. He qualified at once and took formal possession of the plant. J. M. Moore, attorney of and stockholder in the corporation, said the company had been running at a loss for two years, and were storing a great deal of their product in anticipation of the passage of the McKinley tarif bill. They had been borrow. ing money, and the recent stringency in the money market crippled them. It is also said that Ammidown, either for himself or for the company, put 8 million dollars in wool during the months of June and July, intending to take advantage of a rise in the market following the passage of the new tariff bill. The rise never came and the result has been a loss instead of the anticipated profit.


Article from Fort Worth Daily Gazette, December 11, 1890

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BUSINESS. ATTACHMENTS AT DECATUR. Special to the Gazette. DECATUR, TEX., Dec. 10.-The Schwab clothing company of St. Louis attached the C. C. Jones stock of dry goods for $2353, and Naumburg, Kraus, Lauer & Co. of New York for $3120.47. WILL RESUME BUSINESS. Special to the Gazette. TEXARKANA, TEX., Dec. 10. - The stockholders and officers of the First National bank held a meeting last night, which lasted until 12 o'clock. It was the sense of the meeting to open up business again, and depositors could call. and get their money or let it remain in the bank, as they saw flt. The bank will be doubly strong should it resume business as we learn it can secure all the money that is needed to place it upon its former financial footing. We have talked to several connected with the bank, and they expressed a firm belief that the First national bank would again resume business, and that very soon. TWO FAILURES AT CLARKSVILLE, TENN. CLARKSVILLE, TENN., Dec. 10.-The Franklin bank of this city was suspended this morning. It is a private bank, capital stock $50,000. Assets and liabilities unknown. Kendrick, Pettus & Co., a large tobacco firm, made an assignment to-day. Their liabilities are $41,000, statement of assets not yet been made. CLOSED ON ATTACHMENT. DENVER, CoL., Dec. 10.-The grocery and importing house of John H. Carleton was last evening closed on attachments. The liabilities are $24,000; assets unknown.


Article from Fisherman & Farmer, December 12, 1890

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South and West. A FIRE in Powers's dry goods building at St. Paul, Minn., caused $150,000 damage. BELL & RESTUS'S private bank at Duluth, Minn., has suspended. The deposits are about $500,000, the capital $100,000, and the surplus $100,000. THE boiler of John H. Ackers & Co.'s steam sawmill at Scotland, Worth County, Ga., exploded, killing three men and injuring four others. The killed are Augustus Stinson, of Angelica, Wis.; Thomas Sammons and Adolphus McMillan. JAMES L. PUGH was elected United States Senator by the Alabama Legislature, to succeed himself. AT Sylacauga, Ala., William B. Hunter, editor of the Bee, shot and killed Town Marshal Mokerson. The latter arrested the editor while with a party of friends, charging him with disorderly conduct. Hunter was discharged. Next day the Marshal attacked the editor with a stick and the latter defended himself with a revolver. THE Annapolis (Md.) Naval Academy team defeated the West Point Military Academy eleven at football on the campus at West Point. SOME of the Indians of the Northwest are still dancing, but there are no signs of an outbreak. THE control of the Chesapeake and Ohio Canal has been secured by the Baltimore and Ohio Railroad. THE University of Virginia football team defeated the Trinity College team of North Carolina for the championship of the South at Richmond, Va., by a score of ten to four. EVERY coal miner in the Birmingham, (Ala.) district, 8000 in all, threw down his pick the other evening, and the most extensive strike of its kind ever known in the South began. It was probable that 20,000 men would be thrown out of work. FREEMAN B. CROCKER, President of the Board of Public Works of Denver, and one of Colorado's most prominent citizens, committed suicide because criticism of his public actions had deranged his mind. ROBERT LEEDS and Jeremiah Hitchcock were fatally injured in a railroad collision at Cherokee, Iowa. THE Brazilian naval officers visited Annapolis (Md.) Naval Academy and were entertained at dinner by Secretary Tracy. THE Indians at the Pine Ridge Agency are drifting into the inaccessible Bad Lands. THOMAS G. JONES was inaugurated Governor of Alabama, at Montgomery, to succeed Thomas Seay. THE First National Bank of Texarkana, Texas, has suspended. This is the oldest banking institution in the city.


Article from The Times, January 20, 1891

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to the sea King, and Captain Bethell WHB OI dered to pay the damages, This the captain refused to do. and one night he shipped his auchors and silled for San Francisco, A Pe: ruvian man-of war was sent in pursuit, but the -ea King eluded her. Fire broke out at 2 o'clock Monday morn ing in the Ave-story brick building occupied by Walbridge & Co., Bhifalo, as a general hardware store. and in less than twenty minutes the whole building and its immense stock valued at $200,000, was destroyed. The cause of the fire is unknown, The escape of some of the firemen from failing walls was almost miraculous, The total loss is about $225,000. The insurance will cover over $200,000. Mr. Walbridge will rebnild. Valley Station, Col. is greatly excited over the noding of the body of Ranchipan Beardslay in his cabin on Saturday with a bullet-hole thr ough his brain. Beardsley had been dead several days. and is supposed to have been assassinated by Ben Booyer, a negro. who had been having questionable relaions with a white woman and was exposed by Boardsley, The latter was from New York If Booyer is caught he will be lynched Between four and five hundred pounds 0, opium. valued at about $7.00 was seized at the Broadway wharf. Oakland, Saturday, while being taken aboard a ferryboat for San Francisco in an express wagon. The driver of the wagon said ne had been directed by 8 man giving the name of Henry Rule, to bring the opium to this city, where the latter would alspose of it. William Bugbee, a farmer. of Lyme, Connecticut. eat some poison alder recently and drew it. together with other cordwood, to his kitchen woodpile. One stick of the poisonous wood WPS put into the kitchen blove, and the noxious fumes of the burning stick overpowered both the farmer and his wife, A physician h d a hard struggle to save Mrs. Bugbee's life. Secretary Noble, in speaking of the Indian situation. Sunday, said he believed the Indians had no legitimate use for fire-arms and therefore should be required to dispose of them He proposed to give the hostile sioux all opportunity as well as an incentive 10 earn his own living. Rumors are afloat that the Chicago, Milwaukie and St. Paul railroad telegrapti operators strike will extend to the Alton and the Illinde Central Nothing definite can be ascertained as to the intentions of the operators on either road Mrs. Mollie Barry, of No. 1,003 California avenue, St Louis, Mo., gave her eight-yearold daughter Mamie, a dose of 'Hough on Rats Saturday afternoon and then took a large quantity of the same poison herself. The mother is dead and the child cannot live. The suicide of Mayor H. 8. Branham, of Litchfield, Minn while temporarily deranged. led to the closing up of the bank in Litchfield, of which Mr. Branham was the cashier. A receiver will be appointed, Lia bilities from $50,000 to $100,000; assets unknown. Ben K. Police, who was arrested in Fort Worth. Texas, Sunday, was formerly City Register of Memphis, Jenn and is a defaulter to the amount of 36.000. There are several indictments pendiogagainst him. Supreme Treasurer Krause of the Patrons of Industry, of Port Huron, Mich,, is $1,400 short in his accounts He says that he used the money in establishing the organ of the order. He promises to repay the amount If given time. Mis Wilbur Barker, teacher at the BassettStreet Public School, in 8 racuse, N. was shot Ave times yesterday by her husb end in the class.r om. Jealousy was the cause of the sho ung. The regular annual meeting and banquet of the Society of the A rmy and Navy of the Confederate states in Baltimore was largely attended. The meeting was held at the Confederate headquarters. The Democrate of the Pennsylvania House and Senate, in joint caucus, nominsted Chauncey F. Black for United States senator last night The First National Bank of Texarkana Ark. which suspended last November, reopened Monday. William M, Evarts was renominated the Senate by the Republican caucus at Albany last night. Demoeratic members of the Indiana Legislature have nominated Senator Voorhees by acclamation to succeed himself. The Republicans nominated G overnor A. P. Hovey, The treachery of the whites in murdering old Few Talls and wounding his squaw came very near ruining General Miles, plans, and greatly complicated the situation,