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TWO OF A KIND. SPOKANE, Wash., July 26.-The First National bank and an allied institution of the Spokane Savings bank have suspended payment temporarily. The First National has a capital of $250,000, and the Savings bank of $100,000. No runs were made on the other banks,
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in times like these embarrassments must be expected." STOCKS AT THEIR LOWEST POINT. MONTREAL, July 26.-Stocks are more demoralized than ever in the history of Montreal, every stock listed reaching its lowest point. Many persons are ruined between here and New York. It is estimated that over $5,000,000 Montreal money has been lost the past three months. So far 110 bank or other failures have resulted. STAMPING WORKS SUCCUMB. CLEVELAND, July 26. - The Avery Stamping Works have gone into the hands of a receiver. The concern is solvent, but unable to secure further accommodation from the banks, which already hold $100,000 of its paper. Assets, $400,000; liabilities, $300,000. MILLS SHUTTING DOWN. NEW YORK, July 26. - Alexander Smith & Sons' big carpet mills at Yonkers, will be shut down to-night, throwing 5,000 hands out of employment. President Cochran is quoted as saying the mills will not resume operations until Congress has disposed of the Sherman silver bill. PHILADELPHIA, July 26.-The extensive woolen mills of Scatchard Brothers have shut down indefinitely, owing to depression in trade. NO NEW DEVELOPMENTS. INDIANAPOLIS, July 26.-There are no new developments in banking and financial circles to-day. Everything is quiet, and no further trouble is expected. RUNS CEASED. MILWAUKEE, July 26.-Everything is quiet here to-day. The runs on all the banks have ceased, and business is moving along in the usual channel. SILVER OFFERINGS. WASHINGTON, July 26.-The silver offered the Treasury to-day aggregated 175,000 ounces at $0.7025@0.7050. All was declined and $0.7020 tendered. BANK FAILURES AT SPOKANE. SPOKANE (Wash.), July 26. - At 2 o'clock this afternoon the First National Bank closed its doors, and with it an allied institution, the Spokane Savings Bank. Notice was posted that owing to the continued withdrawal of depositors and the inability to realize on securities, this bank has temporarily suspended payment. President Glover said that all depositors would be paid in full. The news created no excitement, and there was no run upon any other banks. The First National commenced business in 1882. Its paid-up capital is $250,000. The Spokane Savings Bank was organized in 1882, and has a capital stock of $100,000. H. L. Cutter is President. ASSIGNMENT IN MONTANA. HELENA (Mont.), July 26.-G. W. Cannon, real estate, assigned to-day. He was a large indorser on corporation paper, and the stringency of money caused the assignment. Liabilities, $240,000; assets, $1,500,000. A. M. Holter also made a personal assignment. He was also too heavy an indorser of corporation paper. His liabilities are $600,000, assets, $1,000,000. The Holter Hardware Company, of which he is President, is not affected by the assignment.
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A Small Bank Failure. SPOKANE, Wash., July 27.-The First National bank suspended payment yesterday. The Spokane Savings bank, connected with the First National, closed at the same time. In a few minutes the news was known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Gloyer stated that the bank has only temporarily suspended and all depositors will be paid in full.
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A Double Bank Failure at Spokane. SPOKANE, Wash., July 26. - At 2 o'clock this afternoon the First National bank closed its doors, and with it the allied institution of the Spokane Savings bank. A notice was posted that, "Owing to continued withdrawal by depositors and inability to realize on securities, this bank has temporarily suspended payment." President Glover saye that all the depositors will be paid in full. The news created no excitement, and no run upon any other banks occurred. The First National commenced business in 1882; its paid-up capital is $250,000. The Spokane Savings bank was organized in 1882 and has a capital stoek of $100,000. H. L. Cutter is president.
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smith & Co., dealers in carpets, etc., made an assignment yesterday. Two Spokane Banks Suspend. SPOKANE. Wash., July 27.-The First National Bank and Spokane Savings Bank suspended payment yesterday. Oregon Concerns Suspend. PORTLAND, Ore., July 27.-The Oregon National and the Northwest Loan and Trust Company of this city, suspended this morning. Charged with Embezzlement. HILLSBORO, Ohio, July 27.-Clarence M. Overman, ex-president and director of the Citizens' National Bank was arrested yesterday charged with embezzling $50,000 of the bank's funds. He Speculated in Land. CINCINNATI, July 27.-Powell Crossley, attorney, made .an assignment yesterday. Assets $200,000; liabilities unknown. Crossley has been speculating in land in Ohio and Indiana. Trouble in Kentucky Towns. MIDDLESBORO, Ky., July 27.--The First National Bank of this place closed its doors this morning. LOUISVILLE, Ky., July 27. - -The Farmers' Bank of Mt. Sterling, Ky., suspended this morning. Ended His Troubles. PITTSFIELD, Mass., July 27.-Cashier Edward S. Francis of the Pittsfield National Bank, who was the subject of much unpleasant newspaper talk recently, and who resigned his position last Monday, committed suicide this forenoon by shooting. Jewelry Trade Feels the Dullness. ATTLEBORO, Mass., July 27.-Owing to dulness in the jewelry trade due to lack of orders from large jobbing houses in the West, manufacturers in Plainville, North Attleboro, Attleboro Falls and this town have been compelled to close their shops. There are no signs of improvement for August and the present indications are that the factories will be closed down till September 1st. Six thousand persons will be out of employment four weeks. raise funds owing to the stringency of the money market. It is one of the largest concerns of the kind in the country, Favor Repeal. CONCORD, N. H., July 27.-A meeting of the Concord club was held this evening to act on the request of the New York city Board of Trade that it unite in passing resolutions urging the repeal of the compulsory silver purchasing sec-
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Carpet Dealers Fail. MILWAUKEE, Wis., July 27.-Goldsmith & Co., dealers in carpets, etc., made an assignment yesterday. Two Spokane Banks Suspend. SPOKANE. Wash., July 27.-The First National Bank and Spokane Savings Bank suspended payment yesterday.
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SPOKANE BANKS SHUT. The First National and its Savings Department Closed. Seattle, Wash., July 27.-A Spokane special says: "The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the Frst National, closed at the same time. In a few minutes the news was generally known throughout the city, but was received quietly. There was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and all depositors will be paid in full."
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FAILURES IN THE WEST. Two Banks in Washington Have Suspended Payments-Two in Montana. SEATTLE, Wash., July 28.-A Spokane special says: The First National bank has suspended payment. The Spokane Savings bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but wasreceived quietly. There was no effect preceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended, and all depositors will be paid in full.
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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.
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Fortress Monroe. The increase in national bank circulation during July SO far has been $5,868,750. Charles McGinnis, of Princeville, III., was killed by a freight train at Peoria Alexander Blessing of Wesley City, ill, was killed by a runaway horse at Peoria. Canadian speculators have lost $5.00,000 by the recent decline in the values of stocks. A dozen buildings in the vicinity of Concord, N. H., were demolished by 6 wind storm. John A. Porter, a switchman, feil nd had his head cut off by an engine at Terre Haute. The Bates mills at Lewiston, Me., withh be closed on August 5, and 1,500 nen will be made idle. Bunco men secured $3,600 from Robert Elliott, a rich farmer living near Fayette City, Pa. The First National bank and the Spokane Savings bank at Spokane, Wash., have suspended. Robert Morrison, a stockman, was tatally injured at Crawfordsville, Ind., by his horse falling on him. The Pittsburg wire works at Braddock, Pa., have been closed, and 500 men are out of employment. The 12-year-old daughter of James Ld. Pennington, of Hillsboro, III., was atally burned while cooking dinner. H. B. Nemitz, who stole $24,000 from the Swiss commission at the world's tair, was arrested in Toronto, Ont. Twenty-seven persons were poisoned y impure milk at Louisville. Three of the sufferers are in a serious conMtion Four hundred houses were wrecked and many persons killed and injured by an explosion of a powder magazine at Canton, China. The government surveying corps in me Cherokee strip has located and staked off nine sites for county seats, and also located two land offices. The Obermann Brewing company, Milwaukee, involved in the suspension of "Mitchell's bank," made an assignment to protect creditors. Four kinds of ice-cream made in one day by the Nuber Brothers, conrectioners of Brooklyn, N. Y., poisoned between twenty and thirty people, some of them seriously. A mob of unemployed workmen at Denver took Dan Arata, the murderer of B. C. Lightfoot, from jail and anged him to a tree. A Cheyenne, Wyoming, dispatch says It is understood that Senator Beckwith has resigned and that A. L. New, recently appointed internal revenue collector for Colorado and Wyoming, will be his successor. Howard Mutchler (dem.) has been elected to congress from the eighth Pennsylvania district to fill the vacaney caused by the death of his father. Dr. R. L. Watkins, of New York, has had himself inoculated with the baceiltus of consumption in order to test nis theory that consumption is not contagious. George N. Carman, principal of the St. Paul high school, has been chosen associate professor and dean of the preparatory department of the university of Chicago. Governor Altgeld has offered a re"yard of $200 each for the apprehension and conviction of the members of the mob that lynched Bradshaw at Kingston on July 19. It is reported that United States Senator A. C. Beckwith, of Wyoming, is about to resign in consequence of at quarrel with Governor Osborne regardng federal anpointments
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HORACE L. CUTTER. The Spokane Bank Wrecker Who Has Escaped to Mexico. San Francisco Examiner. Horace L. Cutter, who has fled to Mexico to avoid arrest on a charge of embezzlement, is well known to many leading financiers of San Francisco. He came to California from Ohio about 1872 and located in the southern part of the state. He lived at Los Angeles, San Jose and Colusa, engaging in the banking business at those places. While living in this state he married a Miss Harvey, and he has lived for some months past at the residence of his wife's father, near San Diego. It was from there that he communicated with his Northern friends, and through them got wind of his indictment. Cutter went North in 1883 and settled at Spokane, where he interested resident capitalists in the organization of the First National bank, of which he became cashier. The venture was a success and made Cutter a fortune. When the bank failed and a receiver was appointed it was shown that the affairs of the institution had been conducted in a very loose manner. The matter was finally brought before the grand jury and Cutter was indicted for embezziement. The amount mentioned is only $300. but it is said that the inside history of the wrecked bank will show Cutter to be a defaulter of many thousands. When the First National and Spokane Savings banks went under in June, 1893, Horace L. Cutter, who was the organizer and executive head of both institutions, was held responsible by the directors and depositors for their collapse. He had disposed of his stock in the banks shortly before the failures, realizing, it is said, $30.000 from the sale. The stock of the First National was rated high during the boom days in Washington, and Cutter was looked upon during that extravagant period as one of the wealthiest citizens of the town. The First National stood first among the banking houses of Spokane. Its paid-up capital was $150,000 and its deposits ran from a quarter to half a million. When the crash came there was barely enough coin in the vaults to buy a postage stamp. The capital and deposits had melted away in reckless investments. After the great fire of August 4, 1889, when the entire business portion of the city was swept away, entailing a loss of $5,000,000, Cutter immediately erected a new bank building at a cost of $200,000. It was built of brown sandstone and granite. The interior furnishings were of mahogany, marble and onyx, the counting room being unsurpassed by any other bank on the Coast. This and other extravagant expenditures weakened the resources of the bank. Cutter was a leader of the financial and social world in which he moved. Carried away by the excitement of the boom times, he rushed into all speculations having the semblance of stability. He was one of the promoters of the electric street car line, owned stock in the electric light plant of the city, the Washington Water Power Company. the Seattle, Lake Shore & Eastern railway, which had been built westward from Spokane and eastward from Seattle, the object of the builders being to connect the two cities. He also operated in mines and had large investments in grazing and agricultural lands. He was a patron of the turf, an expert angler and crack shot, moved among Spokane's 400 and was a leader of the cotillion. Now he is a fugitive from justice.
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I 1 WASHINGTON ITEMS. S The Bank of Colville has opened a branch at Chewelah. A new bank has opened for business 1 at Sprague. This is Sprague's second I bank, and opens under the name of r J. F. Green & Co. Tacoma, Wash.-The annual con5 vention of Washington Young Men's : Christian associations will be held at f Tacoma December 12, 13 and 14. John Larson, a Swede laborer, was arrested at Colfax recently on a / charge of robbing his employer, S. J. $ McMasters, a farmer living near Lat tah, of $270.40 and a silver watch. h Frank Clayton and another man I sawed their way out of the jail recently. They were up for petty lare ceny, and with two pocket knives cut I the steel bars of the prison. Jung Clong Kung, a Chinaman, held i as a witness, hanged himself in his . cell in the Pierce county jail last week by twisting his queue around his neck 6 and fastening it to the iron grating. : Fred B. Grinnell, receiver of the defunct Spokane Savings bank, which 3 went into the hands of a receiver during the panic of 1893, has declared a dividend of 9 per cent, amounting to $9036.86, on the outstanding claim. I Another rear end freight train collision occurred near Connell last Friday, the third to happen on the North. ern Pacific between Spokane and Ellensburg within two days. Rolling I stock was damaged considerably and t trains delayed. It is reported that Seattle is at the mercy of burglars. The police claim to be doing all they can to check the I epidemic, but admit that the force I is inadequate to give protection. Hardb ly a night passes that three or four 1 houses are not entered. Petty thiev1. ing is too common to even attract at2 tention. 1 A curious parallel of name and nat ture was seen in Walla Walla recentt ly in the case of John Hite, a man S working on a Dry creek ranch, who f came down town for the day. Mr. Hite bears out his name to perfecr tion. He stands about 6 foot 8 inches b in his stockings, and is easily the tallest man in Walla Walla county. t Colfax, Wash.-A large shipment of a livestock was recently made from Gare field. There were 12 cars in the train, eight being loaded with cattle and S four hogs. There were 209 head of e cattle and 335 head of hogs, and $13,.. 000 was paid for the stock in the ship6 ment, which is said to contain one of the finest lots of cattle ever sent from d the Palouse country. Another train load will be shipped from Garfield on December 15. n