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Spokane Bank Suspends. SPOKANE, Wash., June 5. The bank of Spokane Falls, capital $150,000, surplus $125,000. suspended today. The bank is believed to be solvent, the sus pension being due to the tightness of the money market A M Cannon, the president. is reputed to be a multi-mil lionaire. /
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Spokane Bank Closes. SPOKANE, June 5. -The bank of Spokane Falls temporarily closed its doors this morning. The suspension is taken quietly. There is no run on the other banks. The Bank of Spokane Falls was organized in 1879, and is the oldest bank north of Snake river. It has always been considered the strongest and safest bank in Eastern Washington. The hard times of the past year or so in Spokane, it is thought, has placed the bank in a tight fix for ready money. A. M. Cannon, the president of the bank, was an old-time resident of Portland, and has been long known and identified with the welfare of Spokane. He has many and diversified interests in that country and is reputed to be a millionaire. Bascomb H. Bennett, the cashier of the bank, and son-in-law of Mr. Cannon, is also well known in this city, where he was raised. The bank has a paid-up capital of $150,000 and a surplus of $125,000. There has been no statement made of the liabilities and assets.
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EAST AND ELSEWHERE. Banks and Banking Houses Closed Yesterday. Chicago, June 5.-Meadowcroft Bros., private bankers and dealers in commercial paper, doing a business similar to that of Herman Schaffner failed Saturday, made an assignment today. It was one of the best private banking firms in the city. The assets and liabilities are not yet known. The attorneys for the bank place the liabilities at $250,000, and the assets at $470,000. The later consist chiefly of commercial paper which is not now readily convertible into cash. Chicago, June 5.-F. A. Armstrong & Co., manufacturers and dealers in society and military uniforms, have failed. The liabilities are $105,000, assets, $275,000. Spokane, June 5.-The Bank of Spokane Falls temporarily closed Its doors this morning. The suspension is taken whete There is no run on the other banks. The bank was the oldest In
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POLICY OF THE ADMINISTRATION, There was net a rift yesterday in the cloud of gloom and despondency that has settled over Wall Street. True, the stock market was fairly strong. but it was also duil. and what strength was shown seemed to be the result of a feeling among operators that the Administration was about to wake up from Its lethargy and find a panacea for the financial IIIs of the country. How or why this miracle was to be accomplished at this late day did not appear, though there was more or less talk of an extra session of Congress which would repeal the Sherman silver Purchase law. of course. the assumption behind this view is that the silver men in Congress have either been won over to Mr. Cleveland's side by a judicious use of patronage, or have taken to heart and understanding the teachings of the "object lesson" with which the country has been favored. Here and there also was found a banker who took I hopeful view of the situation. and expressed with confidence a belief that 'everything would turn out 11 right." but he Was in an almost hopeless ml hority, and was always careful to qualify his remarks with an explanation that he by no means under estimated the serious condition of affairs, and that his optimism was relative only. so serious is the situation considered by most of the conservative business men in Wall Street that they hesitate to say how worried they really feel for fear of adding fuel to the financial fever already raging. What the end will be, OF when, they declare them selves unable to predict. Neither can they now suc cest any remedy except the repeal of the Silver Purchase law, and of the possibility of obtaining that action from Congress they are not over sanguine The time is thought to have gone by when a bond issue would be efficacious even 11 the Ad:ninistration were not still oppesed to one. and faith in the ability of Mr. Cleveland or any member of his Cabinet to devise , means of relief is abs lutely lacking. The particular disturbing elements yesterday came from all over the country. In this city the Canal Street Bank was found to be in trouble, and notice was given by its Clearing House agent. the National Shoe and Leather Bank. that after to-day the latter would decline to handle the former's exchanges. From Chicago came reports of the failure of Meadoweroft Brothers, and the runs that were being mad on two savings and two National banks in that city. In Milwaukee the situation was unrelieved and runs were also reported in progress there. From the Far West came the news of the failure of the Bank of pokane Falls. In Sandusky a savings bank went into a receiver's hands. Other troubles were reported in Texas, in St. Louis and In Kansas City. There was also the announcement of the withdrawal of $1,000,000 gold from the Sub-Treasury for export to-day by Lazard Freres. This raises the amount shipped in ten days to $10,000,000. an average of $1,000,000 a day Including two Sundays and one holiday. All these things furnished fruitful themes for dis cussion. and they were discussed long and earnestly and many remarks were made by Democrats and Re publicans alike that must have caused the ears of Mr. Cleveland and of his Cabinet advisers to fingle. With one accord and without regard r political affiliations, conservative bankers united in condemning the course of the Administration since March 4 as little short of criminal. Those Republican members of Congress who allowed the expectation of partisan advantage to cause them to vete against the repeal of the Silver Purchase 1:111 at the last session, also came In for their share of the criticism. But It was against the vacillating and impotent polley of the Administration that the shafts of the crities were chiefly levelled. It is believed that a large part of the present troubles could have been avoided had Mr. Cleveland and Mr. Carlisle, when they took the direction of the financers of the country into their own hands. pursued the course that was so strongly urged upon them by the financlers of the East. They chose to fly in the opposite direction and to seek their inspiration in the silver producing and cotton growing States, and the country at large is now paying the penalty. As one banker expressed it: We told Mr. Carlisle when he came here to consult with the New-York bankers, just how we thought the trouble that was already in sight could be avoided. We urged him to do certain things to tide affairs over the crisis until the root of the whole evil could be taken out by the repeal of the Act of 1890. We told him just what would happen If those things were not done. Mr. Cleveland elected to follow the advice of men who think, or profess to think, that all New-York financiers are Wall Street bunco steerers' with interests entirely opposed to the rest of the country. Instead of taking means to allay the alarm that already existed, he let affairs run on as they were going and all that Mr. CarHsle has done is to give to the press now and then interviews that have tended admirably to increase the uncertainty and fear. All that we predicted has happened or is happening, until now affairs have reached such a pass that it is beyond the power of the Administration or anybody else but Congress to relieve the tension.' Other bankers talked in a similar strain. The few who were comparatively hopeful for the future found the grounds for their faith partly in the increased exports during the last week of wheat and bread stiffs, and partly in the fact that a general liquidation is going on locally all over the country. and It this is expected to relleve the strain somewhat. 1. also pointed out that the gold movement should work out 118 own solution by reducing the rates for money abroad and increasing them here. which will. 11 is argued. check the export and stop the demand at the same time, while the present low price of food products should cause heavy foreign buying and help to restore the balance of trade. The excitement in Chicago and other Western cities felt here yesterday further than in a heavy currency, was demand was not for which shipped West in to large amounts. This was partly in response demands from the banks and partly in payment of
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OTHER FAILURES. 1 1 Troubles in Kansas City, Milwankee, and ( Other Parts of the Country. KANSAS CITY. June 5.-The Kansas Grain Company. which was said to be the greatest / buyer of grain from producers in the world. 1 has failed. H. M. Kirkpatrick. Secretary and ) : Treasurer of the company. notified the Secretary of the Board at 101/2 this morning that the company was unable to meet its contracts. 7 When the announcement of the suspension was made on the Board it caused great ex: citement. , The main offices of the company are in this city and at Hutchinson. Kan.. and the Presi3 dent of the concern. T.J. Templer. is in charge . of the Hutchinson offices. and the officers here decline to make any statement of the financial condition of the company until authorized to do so by Mr. Templer. It is presumed, however. that the assets and liabilities will each be large. The company has elevators in 106 towns and cities in Kansas. representing an investment of $150,000. All of these elevators contain more or less grain. The company was incorporated five years ago with a capital stock of $50,000. The cause of the failure. as announced by the officers here. is the tight money market. Mr. Kirkpatrick says the stringency in money prevented the company from realizing on its warehouse receipts, which were depended upon to meet maturing obligations. MILWAUKEE June 5.-A run is now in progress on the South Side Savings Banks. Some 200 or 300 people block the sidewalk in front of the bank. but everything is quiet and orderly. There is a slight run on the Second Ward Bank. but the demand on the Commercial Bank seems to have subsided. Affairs at other banks are about in their normal condition. The failure of F. T. Day on Saturday last seems to have increased the nervous fears of small depositors. Business men are not in the least alarmed at the situation. and predict that the flurry will end in a day or two unless it is aggravated by more failures. The failures of Frank A. Lappen and the Plankinton Bank will be investigated by the Grand Jury. The Grand Jury called to investigate the matter convened late this afternoon and Judge Wallber delivered his charge. He spoke about the failures and read sections of the statutes referring to the obtaining of credit by false statements and to the acceptance of deposits when bank officials know that the bank 18 not in a sound condition. The first section. the Court intimated. referred to the Lappen matter. and the other to the Plankinton Bank. The action of Judge Wallber has created a sensation. A despatch from Hutchinson. Kan., says the suspension was due to the inability of the comiany to extend its paper in Kansas City. President Templer of the company says the assets are fully sufficient to meet the liabilities. and that they will pay out dollar for dollar. The assets of the company are placed at $150,000. with liabilities as follows: To Hutchinson creditors. $20,000; to Hazard. of Kansas City, $25,000; to sellers of grain. $12.000: to American National Bank of Kansas City. $45,000. All the indebtedness is well secured. MADISON. Wis.. June 5.-There was a small run on the First National Bank to-day. but not enough to cause any great excitement. The bank's balance at the close of business on Saturday showed $259.000 on hand to meet demands. and the officers of the bank are not at all alarmed. PHILADELPHIA, June 5.-Washington ButchF er's Sons. provision dealers, to day filed an assignment. with George W. Lex as the assignee. No statement of assets or liabilities can be obtained. Tightness of the money o market is the announced cause of the embarI rassment. a SANDUSKY. O., June 5.-The doors of the Sandusky Savings Bank Company. which b closed on Saturday night upon what WAS genM erally supposed to be one of the soundest and h safest institutions of the city, were not opened this morning. but displayed the following anD nouncement: t Owing to inability to realize upon assets at M this time. this bank has been compelled to assign. All depositors will be paid in full. fl SPOKANE. Wash.. June 5.-The Bank of Spo11 kane Falls temporarily closed its doors this o morning. The suspension caused no excite5 ment. The bank is the oldest in the city, and has paid capital of $150,000 and a purplus of a $125,000. n The embarrassment is due to the tightness 1 of the money market. The bank has always been considered the strongest in Eastern fa Washington. A. M. Cannon. President of the bank. has many large interests in this city, and is reputed to be a millionaire several B times over. $
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A Spokane Bank Suspende Temporarily. SPOKANE, June 5.-The Bank of Spokane Falls, owned exclusively by Hon. A. M. Cannon, has temporarily suspended, ow. ing to inability to realize on securities. The liabilities of the bank are $200,000, and the assets are largely in excess of that amount. Mr. Cannon announces that all obligations will be paid. He states that the bank will be reopened before the end of the week.
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A Spokane Bank Closed. SPOKANE, Wash., June 5.-The Bank of Spokane Falls temporarily closed its doors this morning. The suspension is taken quietly. There is no run on other banks. The bank is the oldest in the city and has a paid-up capital of $150,000. A. M. Cameron is president.
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know nothing of his whereabouts. 1218 stated that he left his business affairs in bad condition. His property has been attached in a suit brought by Mrs. Charlotte Baker to recover $12,000 given to Mr. Merrill to urchase shares of stock for her. but since that time he has failed to turn them over to her. Other attachments are: Sarah A. Cohen. $40,000; Hepsebeth Fenton, $5,000; Susan D. B. Webber, $10,000; Robert M. Morse, $25,000; Lucia A. D. Long, $100,000. John F. Hooper. Mr. Merrill's private secretary, said to-day that Mr. Merrill had gone away for rest, on the advice of a physician. His financial affairs, his secretary says, are in good condition. and all claims against him will be promptly paid when he returns. Winthorp M. Merrill said to-day: "1 think it would be safe to estimate that after all my father's liabilities are met he would be worth from $100,000 to $200,000." Three More Spokane Banks Closed. SPOKANE, Wash., June 6.-As a result of the suspension of the Pank of Spokane Falls yesterday, three other banks in this city closed their doors to-day. They are the Washington National, the Washington Savings and the Citizens' National. A. M. Cannon, president of the Bank of Spokane Falls, is vice president of both the Washington National and Washington Savings Bank and the failure is due directly to the failure of the Bank of Spokane Falls. There great excitement during the run occurred on day and was a Washington nearly every Nabank in the city. The tional has a paid-up capital of $100,000, and according to a recent statement has deto $326,000. posits amounting The capital Wash- of 1D g ton Savings has a paid-up $50,000 and deposits of $100,000. The Citiof $150,000 and to about zens' deposits National amounting has a capital $400,000. It is believed all the banks are perfectly solvent and will resume in a few days. The Palonse City Bank of Palouse City, also closed its doors to-day. Bedford Bank Forced to Suspend. Special to the Indianapolis Journal BEDFORD, Ind., June 6.-The Bedford Bank this morning closed its doors. The president claims that owing to an unprecedented heavy run on the Chicago banks yesterday, which had promised assistance, the bank was forced to suspend. Depositors are promised to receive full value for every dollar. The bank 18 one of the oldest in the State. The exact amount of deposits 18 not known at present, but are supposed to be large. Packing House Attached. WICHITA, Kan., June 6.-The Laclede and Third National Banks, of St. Louis, and the Bank of Commerce, of Kansas City, to-day sued out attachments for $50.000 and $25,000, and $50,000, respectively, against the Francis Whittaker & Sone house. Late this evening N. packing of the property. The sheriff is in possession W. Levy, president of the Wichita National Bank, was appointed receiver. The plant here is valued at $200,000. Assignment of New England Publishers. BOSTON, June 5.-Potter & Potter, publishers of the New England Magazine, the Yankee Blade, the Woman's Home Journal, the American Vehicle and the Amesbury, have assigned to W. J. Clark, of this city. Isaac J. Potter said that the New England Magazine had broken the firm. and that the other publications were in good condition. The liabilities are between $75,000 and $100,000. A Wisconsin Bank Suspends. Lane The State
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THE CHICAGO FLURRY. The Runs Continue But a Better Feeling of Security Prevails. CHICAGO, June 6.-A run began to-day upon the Globe Savings Bank, which has savings and individual deposits to a total of about $600,000. Its oflicers, however, were prompt in announcing that thirty days' notice would be 10. quired, and savings depositors had consequently to be content with giving notice of their intention to draw out next month. A large number of those who have withdrawn their money from banks within the past twenty-four hours have deposited in safety deposit vaults, and it is now almost impossible to secure lock boxes at any of these institutions. The crowd about the Prairie State National Bank and the Prairie State Savings and Trust Company was even greater than that of yesterday. The former institution suffered but little today, however, as the depositors are business men who have implicit conddence in the stability of the bank. Both institutions met all demands. This afternoon the crowds surrounding the different banks diminished and a measure of confidence seemed to have been restored to savings depositors. No body has attempted to assign any reason for the runs other than distrust. SPOKANE, Wash., June 6. - The Bank of Spokane Falls closed its doors yesterday morning. It was a private institution owned by A. W. Cannon, who is reported to be worth in the neighborhood of $3,000,000. Mr. Cannon is also president of the First National Bank of Palouse, and vice-president of the Washington National Bank, of Spokane. The deposits and correspondence with other banks make the liabilities over $300,000 The six national banks of this city are not affected by the failure, and all were appealed to by the private bank and refused assistance.
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Washington Banks Close Their Doors. SPOKANE. Wash., June 6.-As a result of the suspension of the Bank of Spokane Falls yesterday three other banks in this city closed their doors today. They are the Washington National, the Washington Savings and the Citizens National. A. M. Cannon, president of the National Bank of Spokane Falis, is vice president of both the Washington National and Washington Savings banks, and the failure is due directly to the failure of the Bank of Spokane Falls. There was great excitement during the first day and a run occurred on nearly every bank in the city. The Washington National has a paid up capital of $100,000, and, according to a recent statement, has deposits amounting to $326,000. The Washington Savings has a paid up capital of $50,000 and deposits amounting to about $400,000. It is believed all the banks are perfectly solvent and will resume in a few days. The Palouse City bank of Palouse City also closed its doors today.
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Mexican Telegraphte Brevities Gov. Waite of Colorado 18 seriously 111. Failures yesterday were numerous. The hat includes many chan of business. The State bank of Cortland, Neb. closed. Deposits are about $18,000. 88 sets unknown. The direct liabilities of Erastus Wiman are $591,000; contingent habili tree, $315000 The Bedford, Ind., bank failed to open. The run on Chicago banks 18 the cause. The bank is solvent and no one will lose. The Free Trade club of Cieveland, Ohio, held a meeting and pretend to be pleased with the situation of affairs in this country. The direct liabilities of Thomas M. Barr & Co. coffee merchants, are $818. 680, contingent habilities $50,330; nominal assets, 8965,335 actual assets, $408,697 As a result of the suspension of the Bank of Spokane Falls, Wash. three banks in Spokane, Washington National, Washington Savings and National Bank of Spokane Falls, have closed. I: is be. lieved they are all solvent and will resame The Laclede and Third National banks of St. Louis, and the Bank of Commerce of Kansas City, Mo., have filed attachments aggregating $125,000 Whittaker & Son's packing house. Michael McGinne, junior part. ner. wants the partnership dissolved.