20901122 2090
national
131847b7a5f08f93Accommodated withdrawals, Partial suspension, Books examined
Clearinghouse involved: Yes (loan, examination, or other measures)
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Runs ou Savings Banks. OMAHA, Neb, June 13.-The American National bank is in the hands of the comptroller. J.L. McCague, is president and it is supposed that the American National connection with McCague's savings bank, which failed yesterday, caused its downfall. There were heavy runs on all the savings banks here this morning.
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OMAHA BANKS STAND A RUN. Closing of American National Caused by the McCague Failure. OMAHA, NEB., June 13.-There WAS a run on every savings bank in the city this morning, precipitated by the failure of the McCague Savings Bank yesterday, followed by the downfall this morning of the American National Bank, in which the McCagues are largely interested. It was unofficially stated yesterday that the Clearing House Association would stand by its members. of which the American National is one, but when the assets of the American National Bank came to be examined they were pronounced not good enough and the aid of the associated banks was withheld. The ominous sign appeared on the door this morning and the crowd which had collected became greatly excited. The McCagues tried to reassure the depositors, telling them that every account would be paid in full. At the Omaha Savings Bank, the German Savings Bank. the American Savings Bank, the and other was a of all was out as soon as was no to it. institutions called Globe morning. for Loan and there and there Cash Trust steady Company paid apparent drain limit deposits Toward noon the lines had dwindled till they appeared no larger than upon any day of business. Bank Examiner Griffith. who took charge of the American National for the controller. this morning could not say much about the assets. A great deal of paper, thought not to be firstclass, figures in the resources of the bank. The falling off in deposits amounted to nearly $200,000 since May 4, and this has badly crippled the institution. The Dime Savings Bank compelled its depositors to givesixty days' notice of withdrawal. This action, together with the promptness with which the other banks met all demands. is believed to have stopped what almost promised to be a panic. Caused by the Plankinton Failure. LANSING, MICH., June 13.-Advices have been received from Bank Commissioner Sherwood from Crsytal Falls. Upper Michigan, that the State Bank of Crystal Falls has suspended payment. The bank WAS organized about a year ago with a capital of $25,000. It had deposits of $60,000. The cause of the failure is the suspension of the Plankinton Bank of Milwaukee. Taking Precautions at Detroit. DETROIT, June 13.-For some time there has been uneasy feeling in the banking atmosphere of this city occasioned by the numerous failures in savings institutions that have recently occurred throughout the country, especially in the west. Although until this morning there had not been a decided run on any of the savings banks of Detroit, considerable money has been withdrawn in a quiet way. and to forestall any movement that might result disastrously to them and as all act of self-preservation the officers of these institutions met last night and decided to require the notice allowed by law in case of unusual demands. This morning depositors were handed copies of the foregoing circular and told that their deposits would be paid in full at the end of the specified time-sixty days. This seemed to allay the excitement.
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BETTER FINANCIAL OUTLOOK. A General Feeling That the Worst is Over, Few Small Failures. WASHINGTON, June 13.-The financial condition of the country as viewed from a Treasury standpoint shows general improvement. Bank and commercial failures are fewer, Europe is buying our grain in greater quantities, gold shipments have ceased, at least for the present, confidence is being restored and money is not so tight. The Treasury net gold has increased from $89,000,000 to $91,300,000. and the demand for small money in the West will have the effect to further increase the Treasury gold. The rate of exchange is sufficiently high to warrant the shipment of gold abroad. but the fact that commercial paper is for sale in London has a deterrent effect. There is a general feeling that the worst is passed. the weaker financial institutions and business firms having suecumbed, while those that passed through so far unseathed are the stronger for having weathered the financial storm. More Bank Troubles, SALT LAKE. UTAH, June 13.-The Park City Bank suspended yesterday. The liabilities are $130,000; assets as much. A claim is made that the bank will shortly resume. The assignee says that the depositors are to be paid 80 cents on the dollar. OMAHA, NEB. June 13.-The American National Bank is in the hands of the comptroller. J. L. McCague is president, and the supposed American National's connection with the McCague Savings Bank, which falled yesterday, caused its downfall. There are heavy runs on all the savings banks here this morning, WASHINGTON June 13.-The Comp= troller of the Currency has appointed Joseph W. Bennett receiver of the Oglethorpe National Bank of Brunswick, Ga.
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Omaha Banks in Trouble. OMAHA, Neb., June 13. The American national bank is in the hands of the controller. J. L. McCague is president, and it is supposed that the American national's connection with the McCague saving bank, which failed Monday, caused its downfall. There were heavy runs on all savings banks here Tuesday morning.
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Another Bank Fails. By Southern Associated Press. OMAHA, Neb., June 13.-The American National Bank is in the hands of the Comptroller. J. L. McCague is President and it is supposed that the American Nationals connected with the McCague Savings Bank which failed yesterday caused its downfall. There are heavy runs on all Savings Banks here this morning.
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FAILURES TODAY. One of the Largest Wire Nall Compaules in the Country. CLEVELAND, June 14.-Bancke's Wire Nail company, one of the largest concerns of the kind in the country, has assigned. Inability to raise money to meet maturing paper was the sole cause of the failure. The liabilities are only $225,000, while the assets reach $900,000. The company is one of the largest manufacturers of wire natis in the United States and is backed by capitalinto of Cleveland worth millions of dollars. Baackes, vice president and founder of the concern, 18 one of the pioneers of the wire nail business of the country. President Lockwood of the concern said: "We simply got under cover to keep the creditors from slaughtering us with attachments. We can pay three dollars for every one we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off but the tightness of the money market caught us. The principal creditor is Natler & Company, New York and Philadelphia,from whom we have bought millions of dollars' worth of steel and always paid them. They refused to grant us an extension and insisted on the individual security of the stockholders." WAS CONSIDERED SOUND. PAINESVILLE, Ohio, June 14.-The which began on the bank of Aaron Wilcox & Co., yesterday, culminated in the doors being closed this morning. Notice was I osted stating that thebank had suspended temporarily but that all the depositors would be paid up in full. The general impression is that the bank will be able to resume. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. COMMISSION MERCHANT FAILS. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities. THE RUN ON THE OMAHA BANKS OMAHA, June 14.-The runs on the Omaba savings banks subsided this morning almost as quickly as they be. gan yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over, the anxious ones left without taking their money. There are no new developments regarding the suspended banks. CLOSED UNDER INSTRUCTIONS. RIVERSIDE, Cal., June 14.-The doors of the Riverside banking company failed to open this morning. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." BAD MANAGEMENT. KANSAS CITY, June 14.-The Star's Topeka, Kansas, special: State Bank Commissioner Breidenthal, who made enexamination of the affairs of the bank of Burr Oak which falled last Saturday, declares that Manager Hurl. burt conducted the affairs of the bank in such a manner as to send him to the penitentiary. Hurlburt disap. peared after the failure and cannot be found. The bank's deposits amount to $45,000, and the assets are worthless. ONE MORE. INDIANAPOLIS, Ind., June 14.-The Citizens' bank of Fairmound, Ind., has suspended operations owing to stringency in the money market. The capital 8 ock is $50,000; liabilities, $130,000 to $150,000.
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Claims of $80,000. MOUNT VERNON, Ohio, June 14. -The Chicago Brownstone Company, engaged in extensive quarrying in Knox county, was placed in the hands of a receiver today. The claims against the concern amount to $80,000. A Run in New York. NEW YORK, June 14.-Up to 3 o'clock this afternoon, $50,000 was withdrawn by depositors from the Irving Savings Institute. The officials declare there is no cause for alarm, as the surplus exceeds the deficiency over $600,000. Couldn't Find Aid, TOLEDO, O., June 14.-The Exchange Banking Company of Weston, capitalized at $50,000, closed its doors today. The bank had a heavy run, and was unable to obtain assistance. Citizens' Bank Suspends. INDIANAPOLIS, Ind., June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the strihgency in the money market. The capital stock is $50,000. Trouble Over at Omaha. OMAHA, Neb., June 14.-Runs on the Omaha savings banks subsided this morning, almost as quickly as they began yesterday. There were a few depositors at the Ohama Savings bank demanding their money but it became apparent that the rush was over and the anxious ones left without*taking their cash. Hard Up But Solvent, NEW YORK, June 14.-It is stated the Chicago dry goods house of James H. Walker & Co., has been forced by the stringency in the money market to secure an extension from its creditors on bills aggregating $600,000. The concern is declared perfectly solvent.
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# A SILLY SCARE ENDED. OMAHA, June 14.--The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without taking their money.
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EASTERN BANK TROUBLES. A Run on the Irving Savings Institution of New York. NEW YORK, June 14.-A run was started on the Irving Savings institution this morning as soon as the doors were opened. Twenty minutes after the bank had opened the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if necessary. This is the bank in which Superintendent Preston found 8 deficiency of $70,000 genterday. This afternoon Superintendent of State Banks Preston made the following statement: "The directors of the institution were averse to making the condition of affairs public, fearing a run would hurt the bank's standing, but I advised them to take the public into consideration. The run will probably be over by tomorrow, when the solvency of the bank becomes generally known. The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishoneet officials than the three mentioned last night." No arrests have been made. BANK SUSPENSIONS IN OHIO. PAINESVILLE, O., June 14.-A run which began on the Lake county bank of Taron, Wilcox & Co. yesterday culminated in its doors being closed this morning. A notice was posted stating the bank had suspended temporarily, and that all depositors would be paid in full. The general impression is the bank will be able to resume. The personal estates of the stockholders are liable for the bank's indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. TOLEDO, O., June 14.-The Exchange Banking company of Weston, O., a concern capitalized at $50,000, closed its doore this morning. AN INDIANA BANK FAILURE. INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Ind., has sugpended operations, owing to the stringency of the money market. Capital stock, $50,000; assets, $191,000; liabilities, $130,000 to $150,000. THE HUDSON SAVINGS BANK. HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank will show that the assets, according to the bank statement, are $736,127; assets, according to the committee's appraisement, $596,296 liabilities. $644,493. With careful handling by the assignee the loss will be comparatively small. OMAHA BANK RUNS SUBSIDED. OMAHA, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended banks. A KANSAS BANK WEECKRR. TOPEKA, Kan., June 14.-State Bank Commissioner Breidenthal, who made an examination of the affairs of the bank of Burr Oak, which failed Saturday, declares Manager Hurlbut conducted the 1 affairs in such a manner as to send him to e the penitentiary. Hurlbut disappeared after the failure and cannot be found. c The bank's deposits amount to $45,000. a Its assets are worthless. 8
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Banks and the Time Rule, PROVIDENCE, R. L. Aug. 1.-The People's. Merchants'. and Mechanics' savings banks have decided to enforce the ninety-day rule. The three savings banks in Pawtucket posted notices to-day that they would enforce the ninety-day rule. DANBURY. Conn.. Aug. 1.-The Danbury and the Union savings banks of this city now require ninety days' notice from depositors. BOSTON, Aug. 1.-The Franklin Savings Bank now requires sixty days time for the withdrawal of more than $50. PORTSMOUTH. N. H.. Aug. 1.-The directors of the savings banks have availed themselves of the right to insist on a ninety days' notice before paying out larger sums than $50 to any depositor. OMAHA. Aug. 1.-At a meeting of the Presidents of the Omaha savings banks this morning it was resolved to require sixty days' notice for the withdrawal of deposits. AUBURN. N. Y., Aug. 1.-The two savings banks of this city have decided to demand sixty days' notice. BRIDGEPORT. Conn., Aug. 1.-The four savings banks in this city have decided to take advantage of the ninety days' clause.