1eecf075Capital injected, Full suspension, Books examined
Other: Bank later placed in receivership by Comptroller (1912? Actually 1892).
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CLOSED ITS DOORS. The Huron National Bank Forced to Suspend. Special to the Globe. HURON, S. D., Dec. 16.-The Huron National bank, of which L. W. Hazen is president and John A. Fowler, cashier, closed its door to-day. The suspension was forced upon them by an un-
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EMBARRASSED BANKS. Ex-Senator Wallace Makes a Failure-A Dakota Bank Fails. CLEARFIELD, Pa., Dec. 16.-The Clear field County bank closed its doors this morning. Depositors are made safe by a mortgage on real estate for three times the amount of their deposits. The owner of the bank is ex-United States Senator William A. Wallace. Excessive tightness in the money market was the cause of the failure. The Clearfield County bank was a private concern. It was several years ago a state institution, but latterly did a collecting and exchange business. The depositors have been secured by a judgment bond and mortgage on valuable coal lands in this county. The deposits aggregate $475,000. The security is double the indebtedness. The entire indebtedness of Senator Wallace is near $400,000, and his assets $600,000. MINNEAPOLIS, Dec. 16.-A Journal special from Huron, South Dakota, says: The Huron national bank suspended this morning, because of the withdrawal of $60,000 of deposits. The bank officials declare that provisions have been made to pay every dollar due creditors and depositors. The depositors had been steadily withdrawing money for a month past, evidently scared by the financial stringency. Individual deposits, subject to check, dwindled down to less than $20,000, and certificates of deposit in the same rate. The bank could not stand the strain. There is general confidence in the bank being able to carry out its promise to make good all deposits.
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Atrocious Deed. SHAKOPEE (Minn.), December 17th.-A dark deed, involving three deaths, and which is shrouded in deep mystery, was discovered this afternoon. John Spearman, 67 years old, was found sitting by his kitchen stove dead. The old man's wife was found dead in a corner of the sitting-room with her skull crushed and the scalp taken from her head. Upstairs in bed lay their grandson, a lad of 12 years, with his head crushed. There is no clue to the murderer. Anonymous Letters Caused a Scare. HURON (S. D.), December 17th.-It transpires to-day that business men and others having deposited with the Huron National Bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the elections. This precipitated a run, resulting in the suspension. Telegrams from Chicago and other points were received to day, offering aid and ad. vising resumption of business. Sharp Practice. CHATHAM (Ont.), December 17th.-James N. Henry, who has been shipping considerable pork during the winter, obtained from the local ageut of the Grand Trunk line bills of lading for ten carloads of pork. The bills were immediately taken to the Bank of Montreal and cashed for $18,000. It was subsequently discovered that no pork had been delivered to the railroad and Henry has disappeared. An investigation of his affairs shows a defa cation of some $40,000. Valuable Painting Destroyed. NEW YORK, December 17th.-Christ Episcopal Church at Thir y fifth street and Fifth avenue was burned this evening. The church was vacated two years ago. Recently Bentley's painting, "The-Ideal Head of Christ," was put on exhibition in the building. The picture was valued at $50,000, and destroyed. The damage to the church is estimated at 85,000. she is a Good One. NEW YORK, December 17th.-The American ship Shenandoah, which is considered the finest vessel of her kind afloat, and which was launched at Bath, Maine, November 15th, reached her dock in Brookiyn yesterday. she experienced heavy weather, but behaved beautifully, and her officers believe she is going to make a record soon between here and San Francisco. Killed His Wife. LEADVILLE (Col.), December 17th.-J. E. Pheland shot and instantly killed his wite last evening at Cardiff. He barricaded himself in the house after the shooting and denied the authorities admittance. The Sheriff and the crowd finally capsured him. Frightful Death. CAREY (Ohio), December 17th.-To-day two oil-well drillers, Henry Wilson and Charles Henderson. were fatally burned When they struck oil the fluid spurted all over them. The gas took fire from the engine and the men were burned to a crisp. Governor &teele's Veto. GUTHRIE, December 17th.-Governor Steele has vetoed the Kingfisher capital bill, and in his message warns the Legislature that he will not consider any further legislation on that subject. The message caused but little demonstration. Preferred Death to Disgrace. CHICAGO, December 17th.-Robert Baker shot and killed himself at his home this morning, in the presence of his wife and the Constable who had come to arrest him on a charge of embezzie ment from his employers.
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Political Venom Caused It. HURON, S. D., Dec. 17.-It transpired today that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposit, as the bank would suspend following the election. This precipitated a run, regulting in suspension. Telegrams from Chicago and other points were received to-day offering aid and advising the resumption of business.
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S. A. KEAN & co. SUSPEND. Great Chicago Bank That Handled Western Municipal Bonds. CHICAGO, Dec. 17.-The private banking house of S. A. Kean & Co., one of the oldest in Chicago, will not open its doors tomorrow. Mr. Kean made a statement to the press tonight, announcing suspension. He declined making a statement of assets and liabilities, but was inclined to think that every claim would be paid in full. He said: We have been negotiating for some time for reorganization, either as a state or national bank, and expected to reorganize without stopping business. It has been found. however, that it would be impossible in a short time to raise the necessary funds to continue the business with safety, pending reorganization. It was thereupon determined to accept the next wisest course, suspension. Our business has grown too rapidly in the last year or two for our capital, and the stringency of the money market made it impossible for us to turn our securities again at once, after we had loaned money on them. Our nominal capital was $100,000, but in the reorganization would be half a million. The firm was formerly known as Preston, Kean & Co., and has done a large business in floating city, county and public improvement bonds issued in the West. These, when not otherwise disposed of, would be pledged to banks for call loans at New York and other Eastern points. These loans have recently been called heavily, and the drain on the house apparently reached the limit today. Another factor was the circumstance that the demand for securities of partially and newly settled districts, such as were largely dealt in by Kean & Co., had fallen to a great extent. Deposits in the institution recently aggregated between $600,000 and $700,000. Wide celebrity was given the house some years ago by the extraordinary incidents following the defalcation of its cashier, Ker, who was traced to and brought back from Peru and, after a long legal fight, incarcerated in Joliet. A number of Chicago bankers held a meeting tonight after Kean had decided to close his doors, and discussed the local financial situation. No alarm was felt, as the banks had been getting ready for any danger of this kind and as the public confidence was being restored in the financial institutions of the country. Atemporary flurry, it was thought, might be created in local speculative circles, but no serious results would follow. The gentlemen present spoke connidently of Chicago's banks pulling through without embarrassment. HURON, S.D., Dec. 17.-It transpires today that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the elections. This precipitated a run, resulting in suspension. Telegrams from Chicago and other points were received today, offering aid and advising resumption of business. NEW YORK, Dec. 17.-The suspension of Erastus E. Ford was this morning announced on the Stock Exchange. He had no outstanding contracts.
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How the Run Was Caused. HURON, S. D., Dev. 17.-It transpires to day that business men and others having deposits with the Huron National bank, which suspended yesterday, received an anonymous letter advising them to withdraw their deposits, as the bank would suspend following election. This precipitated a run, resulting in suspension. Telegrams from Chicago and other points were received to-day, offering aid and advising resumption of business.
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HURON. S.D., Dec. 17.-It transpires today that business men and others having deposits with the Huron National bank. which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the election. This precipitated a run, resulting in the suspension Telegrams from ( hicago and other points were received today offering aid and advising a resumption of busiDO 83.
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$106.000 "SHY." The Huron National Bank Closed its Doors Tuesday, With some Hand Co. Money Locked Up. Ex-County Attorney J. I. Pyle Wins the Appeal Case and the County Pays all Costs. Another Artesian Well-Christmas Festivities-The wolf (1) Hunt, Local Notes, Etc. Word was received Tuesday that the Huron National Bank had gone under. The first impression of course was that it had guaranteed too much capital paper. but that is only surmise. Some Hand county people were canght in the crash for several hundred dollars. Mr. Hill, cashier of the Hand County bank, went to Hurou Tuesday and the report soon started that he had lost several hundred dollars, but he returned yesterday and brought back some remittances sent the past few days. He says the Huron National went under for $106,000 liabilities, consisting of $46,000 deposits of various state banks and citizens, $45,000 borrowed and a $15,000 Chicago overdraft The assets are $190,000, consisting of $140,000 in notes, $30,000 Huron water bonds, brick building and office fixtures $20,000. Mr. Hazen, the president. says the bank will pay every dollar of indebtedness, but that it will take a little time to turn collaterals into money. Mr. Hill says the Huron depositors all say they will get their money shortly, and that the bank will probably resume business, as banker Bailey of Sioux Falls, and other capitalists have tendered assistance The Hand County bank had $1,385 in the Huron National when the doors closed. but $900 having been sent since Saturday the grafts were returned to Mr. Hill, as was also all other deposits made by others since that time. This leaves $185 the Hand County bank has tied up. We understand a Ree Heights merchant had in $500 when the bank closed. The Highmore bank had in about $600. A run was started on the tank for some reason and the officers did not have time to arrange matters to tide over. The bank is DOW in the hands of an examiner.
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TH HURON NATIONAL BANK. Hukon, S.D., Dec. I7.-It transpires today that business men and others having deposits with the Huron National Bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend the following election. This precipitated a run, resulting in the suspension. Telegrams from Chicago and other points were received today offering aid and advising a resumption of business.
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national bank until the books could be examined. Last evening another important conference was held, when it was developed that $35,000 was paid out yesterday, that immediate obligations might be presented at any time for $300,000, instead of $90,000 as was at first understood. It then became apparent to the bankers composing the conference that the bank would have to suspend. A conference was held in the Citizens' National bank and adjourned at a late hour this morning. The difficulty was precipitated by the failure of three branches in the Coeur d'Alene mining district, namely the bank of Wallace, the bank of Wardner and the bank of Murray. It is said to have been brought about by a failure to realize on securities held by the bank for advances made for the development of various mining properties. The bank was a United States depository, but the government withdrew its deposits about two weeks ago. WILL PROBABLY RESUME. MINNEAPOLIS, MINN., Dec. 17.-Aid from Chicago bankers, from other cities and from forty leading business men of Huron, South Dakota, has been assured and the Huron national bank will probably resume business to-morrow and pay the depositors in full. The run on the bank is said to have been caused by anonymous letters sent to depositors by enemies of the bank, and the police are trying to find the person who wrote them. WHOLESALE GROCERS ASSIGN. KEOKUK, Iowa, Dec. 17.-Collier, Robertson & Hambleton, who gave a mortgage on their wholesale grocery stock and building 8 few days ago, today made an assignment to James W. Summers of the State national bank. The sched ule of liabilities amount to a little over $184,000; assets less than half of this amount.
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The Huron National Bank Suspension. HURON, S. D., Dec. 17.-It transpires today that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the election. This precipitated a run, resulting in a suspension. Teiegrams from Chicago and other points were received to day offering aid, and advising a resumption of business.
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OFFERING AID. Anonymous Letters Caused the Huron Bank to Suspend. HURON, Dec. 17.-lt transpires to-day that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the election. This precipitated a run, resulting in the suspension. Telegrams from Chicago and other points were received to-day offering aid and advising the resumption of business.
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NEIGHBORHOOD NEWS. By Press Correspondents and From Exchanges. WEST SIDE. Ree Heights Press:Mr. Vogeldesang's boy who had his leg broken is getting along nicely and Dr. Lane reports him on the high road to re. covery. N. H. Micham of Cedar boasts of the ownership of a fine cat that recently cap tured single handed a juck rabbit that was larger than itself. No telling what will happen when one gets out of meat. The Huron National Bank closed its doors Tuesday. Its suspencion was caused by the withdrawal of deposits amounting to more than $70,000. Local backers in this and Hyde counties were caught for small sums as was also W. S. Ensign, for 86 cents. W. R. Crifiield was not EO fortunate. He had just deposited $500 in the bank and had made calculations to use it about Jan. 1st. The people living south in the valley met at Col. Hocking's in Glendale last Saturday and organized a military com. pany with 41 members. Richard Need. ham was elected Captain W. S. Bell, Sergeant and C. W. Fross. Corporal. Col. Hocking was dispatched to Pierre for guns and ammunition and returned yesterday having secured 20 rifles and 1000 cartridges. To-day the company will meet at the colonel's for a general drill and the old fashioned training day will again be inaugurated.
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STATE AND INTER-STATE. The city of Pierre looms up with improvements made during the year, amounting to over $600,000. This is reasonably considered as a good showing for a town that is as nearly bankrupt as it had been represented to be. Fire at Ree Hights, recently destroyed the principal part of the business portion of the town. Loss estimated at $50,000. The male portion of a Sioux Falls family of Wilsons is in a sad plight. Last winter the oldest son of the family was sent to the reform school for stealing and SOOR thereafter the father of the young man was arrested for running a hole in the wall after being forbidden to do so by the court, and heis now in jail. To cap the climax, a few days ago the youngest and only male member of the family, was arrested for robbing a fruit store. The whole outfit are now in jail and all that is left of the family is the sorrow-stricken wife and mother who is nearly heartbroken over the action of her recreant husband and sons. The Huron National bank, which suspended a few weeks ago, is about to be reopened By Joe Bailev and H, L. Greene of Sioux Falls. An examination has disclosed that the affairs of the institution were in good condition and had its correspondents been advised of the need of money, plenty would have been forwarded to meet all demands. The Scandinavian Republican League, of South Dakota, which held its regular meeting in Sioux Falls last week, had a very slim attendance. The league recommended B. H. Lien, of Brookings, for commissioner of immigration and K. C. Stabeck, of Canton, for consul of the United States at Christiana, Norway. J. A. Marvin, of Vermillion, who was crippled in the war SO as to loose the use of both legs, has been granted as pension of $75 per month. The report of Hon. L. G. Pinkham, state superintendent of schools, shows that there were 78,043 pupils enrolled in the public schools of the state during 1890, out of a possible 86,000, and that the total value of permanent school property is $2,585,248, against $2,219,620 for the previous year. The expenditures for school purposes for the year amount to $1,225,208, and the receipts for such purposes, $1,439,531. The average salary paid for male teachers was $49 and for female teachers $37 per month. The regular annual meeting of the South Dakota Educational association was held in Sioux Falls last week. Over 150 teachers, superindents and college professors were in attendance. Among the most prominent educators in attendance were State Superintendent Pinkham, Prof. Hood of Aberdeen, Prof. Kratz of the State University, Prof. Tuve of Augustana College, Canton, Dr. Kyle of the state Agricultural College, Prof. A. T. Free of Yankton, Prof. Frazee of Lead City, and Prof. Beadle of the State Normal school at Madison. The session was very successful. Outside of Minnehaha, Lincoln county, sent the largest delegation. Diphtheria is raging seriously at Madison. The health authorities have taken steps to prevent the spread of the disease. The recent failure of the Faulk county bank involves the county to the extent of $13,000, and the failure of the Sanborn county bank at Woonsocket will let that county down for about $8,000. Of the amount lost in the Faulk county bank, $7,500 belonged to the seed wheat fund. Menor & Jacobson are making a liberal offer on winter goods in their advertiseto
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AUTHORIZED TO RESUME BUSINESS.-The - Huron National Bank of Huron, S. D., which suspended December 16, yesterday resumed business, the national bank examiner having delivered the assets to the officers of the bank by order of the controller of the currency. -
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Charles Leonard, bookkeeper of the Washington National Bank of Seaitle, shot himself yesterday at the bank. it is supposed, with suicidal intent. He formerly lived in Auburn, N. Y. Lieut. Frederick Schwatka has been taken to his home at Rock Island, III. He is in a very cheerful mood. The steamer Richmond Hill, which arrived at New York today, brought several valuable horses. among them the celebrated threeyear-old, St. Magnus. The Huron National Bank of Huron, 8. D., which suspended a month ago, resumed business yesterday.
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WEST AND SOUTH. 'A CYCLONE swept the western part of Clay County, Miss., and several lives were lost and thousands of dollars' worth of property destroyed. DR. HENRY SEMPSELL, of Bloomville, O., informed his wife on the 3d that he was going to die in the afternoon, and after making all preparations he passed away quietly about 1 o'clock p. m. THE Legislature of Arkansas refused to make an appropriation for the world's fair owing to the large deficiency in the State treasury caused by the peculations of the State Treasurer. HENRY BECHTOLD murdered his sisterin-law at Smithton, III., and then committed suicide. MAYOR WORD, of Palestine, Tex., attacked Sam Jones, the evangelist, with a cane. Jones wrested the cane from the mayor and gave him a beating. BUSINESS has been resumed by the Huron (S. D.) National Bank, which suspended payment a month ago. A FIREMAN was killed and a brakeman and two tramps were fatally hurt in a railway collision at Beach City, O.
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WEST AND SOUTH. A CYCLONE swept the western part of Clay County, Miss., and several lives were lost and thousands of dollars' worth of property destroyed. DR. HENRY SEMPSELL, of Bloomville, O., informed his wife on the 3d that he was going to die in the afternoon, and after making all preparations he passed away quietly about 1 o'clock p. m. THE Legislature of Arkansas refused to make an appropriation for the world's fair owing to the large deficiency in the State treasury caused by the peculations of the State Treasurer. HENRY BECHTOLD murdered his sisterin-law at Smithton, Ill., and then committed suicide. MAYOR WORD, of Palestine, Tex., attacked Sam Jones, the evangelist, with a cane. Jones wrested the cane from the mayor and gave him a beating. BUSINESS has been resumed by the Huron (S. D.) National Bank, which suspended payment a month ago. A FIREMAN was killed and a brakeman and two tramps were fatally hurt in a railway collision at Beach City, O.
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WEST AND SOUTH. FLAMES at Rockville, Mo., destroyed thirteen business houses. DR. HENRY SEMPSELL, of Bloomville, O., informed his wife on the 3d that he was going to die in the afternoon, and after making all preparations he passed away quietly about 1 o'clock p. m. THE Legislature of Arkansas refused to make an appropriation for the world's fair owing to the large deficiency in the State treasury caused by the peculations of the State Treasurer. HENRY BECHTOLD murdered his sisterin-law at Smithton, III., and then committed suicide. MAYOR WORD, of Palestine, Tex., attacked Sam Jones, the evangelist, with a cane. Jones wrested the cane from the mayor and gave him a beating. BUSINESS has been resumed by the Huron (S. D.) National Bank, which suspended payment a month ago. A FIREMAN was killed and a brakeman and two tramps were fatally hurt in a railway collision at Beach City, O. WHILE engaged in a fight with a party
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Appointed a Bank Receiver. W ASHINGTON, Jan. 8.-The comptroller of the currency has appointed Mr. Lewis Lostetter, of froquois, receiver of the Huron National bank, Huron, S.D.
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Washington Notes.-Springer's Bill. WASHINGTON, Jan. 7. Representative Enloe of Tennessee today introduced a bill amending paragraph 199 of a schedule of the tariff law SO as to provide that lead ores and lead dross shall pay a duty of three quarters of a cent per pound providing that ores containing silver and lead in which the silver is greater in value than the lead, shall be considered silver ores and be admitted free of duty. Secretary Noble decided that the charges of fraud and corruption against Palmer, agent at Cheyenne River Indian agency, and Shoenfelt his clerk, are not sustained. He does find, however, that inefficiency is shown, and in consequence their resignations will soon be asked. The comptroller of the currency today appointed Lewis L. Lostetter of Iroquois receiver of the Huron National bank, of Huron, South Dakota. The text of the free wool bill, drafted by Chairman Springer of the ways and means committee, but not yet introduced in the house by him nor approved by a majority of the ways and means com. mittee, has been given to the press. Springer was at first reluctant to give it out for publication in advance but finally said, in view of the many
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Lostetter Becomes Receiver. Special to the Globe. HURON, S. D., Jan. 8. -National Bank Examiner Diamond will deliver the affairs of the Huron National bank into the handsof L. L. Lostetter, of Iroquois, in a few days, he having been named by the comptroller of the currency as Teceiver. Lostetter's appointment gives satisfaction to all concerned and he will rapidly close the affairs of the bank.
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Closing Its Affairs. Special to the Globe. HURON, S. D., Jan. 15.-John E. Diamond, national bank examiner, in charge of the Huron National bank for the past three weeks, turned the business of that institution over to Lewis L. Lostetter, receiver, this morning, who at once proceeds to close up its affairs.
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Huron's Crippled Bank. Special to the Globe. HURON, S. D.. Jan. 29.-Yesterday L. L. Lostutter, receiver of the Huron National bank, sola the bank building to William N. Coler & Co., of New York, for $9,000. This firm owns a large amount of stock in the First National bank, of this city, and is also the possessor of considerable city property and large tracts of land in this immediate vicinity. Mr. Lostutter is closing up the affairs of the Huron National as rapidly as possible. A number of St. Paul parties interested in the institution have been settled with.