8c174a73Accommodated withdrawals
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Run on Tacoma Banks. TACOMA, Wash., June 2-A heavy run on the Tacoma Trust and Savings bank and most of the other banks in the city continued today because of the suspension yesterday of the Merchants' National bank. All demande were promptly met and no further trouble is feared.
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The Scare Dying Out. TACOMA, June 2.-The - situation of the Merchants' National bank is unchanged. A heavy run still continues on the Tacoma Trust & Savings bank, but all demands are promptly paid. There is a steady drain on all the other banks, but they are simply able to stand it up to their full liabilities. All are confident and the scare is dying out, confidence being restored.
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VARIOUS FINANCIAL TROUBLES. Commercial Crists in Indian Territory-Sev. eral Small Failures. TAHLEQUAH. L T. June 2-The failure to raise $6,500,000 on the Cherokee Strip bonds bas caused a commercial orisis in the Territory. .W. Stables & Son. who have been the principal traders on the Strip fund. at once discontinued credit sales. Their action was followed immediately by nearly all the general merchants of the place. and now no goods are sold on the Strip money. At Fort Gibson. Vinita. Muskogee. Waginer. Webber's Falls. Claremore. and at many other points the same results followed. and not a dollar's worth of goods can be purchased on credit at ANV of these places. The situation is decidedly serious. as merchants bought on credit and sold on credit. and consequently will be closed out by the creditors unless extensions are granted. CHICAGO. June -Cheverton. Marton & Co.. bankere. at Ogden avenue and Twelth street. closed their doors and made a voluntary assignment in the County Court to-day to Abraham Buldwin. assignee. Assets were scheduled at $100,000 and liabilities at $70.000. According to the statement made by M. S Marton. the junior me ber of the firm. this evening. the failure was due to the unsettled condition of the money market. We have had a constant demand on the part of our depositors for the past month." said he. and we were unable to withstand it. It is uncertain whether or not we will resume business. ST. PAUL. June 2. George W. Martin. commission merchant. has made an assignment for the benefit of creditors. Liabilities, $15.000: assets. $30,000. TACOMA,June There were no new developments to-day in the Merchants' National Bank suspension. The heavy run continues on the Tacoma Trust and Savings Bank, but All demands have been promptly paid. There is a drain also on all other banks. but there is no apprehension of further suspensions. SIOUX CITY, IOWR. June 2.-Harry K. Websterhas been appointed receiver of A.J. Ames's broken bank ut Beresford. His first statement shows liabilities of $35,000. with assets. face value. $40,000. INDIANAPOLIS June 2.-Ex-Gov. Chase and Zimri Dwiggins of Chicago have been summoned before the Grand Jury to tell what they know of the affairs of the Greentown Bank. and the cashier. now under arrest. promises to make a clean breast of the whole matter. intimating that he was simply the victim of his superiors and that they are the real culprits. MILWAUKEE. June -Assignee William Plankinton of the Plankinton Bank assumed official charge of that institution this morning. The appointment of Mr. Plankinton gives assurance that every dollar due depositors will be paid as rapidly as it can be done legally. The failure of the bank has caused a nervous feeling among small depositors in other banks. and many are withdrawing their money. A small run occurred on the Commercial Bank this morning. but that institution. it is stated. is on a sound basis. and can withstand all demands. Depositors in the savings department will be held closely to the thirty- day clause. however. CHICAGO. June 2.-A call has been issued for a meeting of the stockholders of the Grant locomotive works to devise means to tide over a temporary financial embarrassment. The difficulty was brought about mainly through the recent strike of the machinists employed in the works. but the financial stringency prevailing all over the country has also had something to do with it. About one month ago the machinists employed by the company demanded an increase of wages. which was refused. The men went out on strike. leaving an immense quantity of work unfinished and a large amount of working capital of the concern tied up in material which was not marketable. The company was unable to obtain sufficient financial accommodation to tide them over the trouble and found itself in the peculiar predicament that while its assets were largely in excess of its liabilities it was still unable. if hard pressed by its creditors. to meet its liabilities on demand. This was the condition of affairs when an attachment suit for a small amount was begun in the Circuit Court a few days ago by one of its creditors. an Eastern corporation. This suit was the first suggestion to the management of a possible danger of a "run' on the company by its creditors. and it is to prepare for any such contingency that the meeting of the stockholders has been called.
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FINANCIAL WRECKS. Stationery Manufacturers Drawu Down by the Flurry. BOSTON. June 2.-The Thorp & Martin Manufacturing company, manutacturers of stationery, etc., 14 Milk street, with a factory at 113 Purchase street, has assigned. No exact statement of the company's financial condition has yet been prepared. but the liabilities are said to be about $125,000. The nominal assets are understood to be about $100,000, but subject to considerable depreciation in case of immediate conversion into money. Mr. Thorp is liable as indorser of a large amount of the coinpany's liabilities, and has made an individual assignment. CHICAGO. June 2.-Cheverton, Martin & Co., private bankers, made a voluntary assignment today. Assets were scheduled at $100,000, and liabilities at $70,000. According to M. S. Martin, the junior member of the firm, the failure is due to the unsettled condition of the money market. TACOMA, Wash., June 2.-A heavy run on the Tacoma Trust and Savings bank and most of the other banks in the city continued today because of the suspension yesterday of the Merchants' National bank. All demands were promptly met, and no further trouble is feared. WASHINGTON, June2.-The total net gold in the treasury at the close of business today was $91,429,271. This does not take into account the gold engaged today at New York for shipment tomorrow. No advices as to how much was engaged had been received at the treasury at the close of business. Because of the heavy shipments of gold from New York Secretary Carlisle has ordered gold shipped from three other subtreasuries to New York to keep up the supply, and this gold is now on its way to New York. SIOUX CITY, Io., June 2.-Harry K. Webster has been appointed receiver of A. J. Ames' broken bank at Beresford. His first statement shows liabilities of $35,000, with assets, face value $40,000. TOLEDO, O., June 2.-C. W. Bond was this afternoon appointed receiver for Isaac D. Smead & Co. to take charge of the personal affairs of Isaac D. Smead. This action in no way affects the Smead Heating and Ventilating company. NEWARK, N.J., June 2.-Judge Kirkpatrick was this morning appointed receiver of the Domestic Sewing Machine company. WASHINGTON, June 2.-A committee consisting of Messrs. Bennett and Strait, representing the failed Chemical National Bank of Chicago, had a conference with Comptroller Eckels today with a view to the bank resuming business. They were assured that if they could present evidence insuring the stability of the bank in the future they would be permitted to resume. MILWAUKEE, June 2.-Assignee William Plankinton, of the Plankinton bank, assumed official charge of that institution this morning. A feeling of security to all depositors pervades the atmosphere today, as the appointment of Mr. Plankinton gives assurance that every dollar due depositors will be paid as rapidly as it can be legally done. The failure of the bank has caused a nervous feeling among small depositors in other banks, and many are withdrawing their money. A small run occurred on the Commercial bank this morning, but the institution is on a sound basis, and can withstand all demands. PAULDING, O., June 2. - Potter's bank, the oldest bank in Paulding county, and heretofore considered one of the safest, closed its doors this morning. The bank was established in 1874, and has always done a large banking business. GLOUCESTER, Mess., June .-Edward Hodkiss & Co., fish dealers, have made an assignment, with liabilities estimated at $40,000 and assets small.
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Run on Tacoma Banks. TACOMA, June 5.-A heavy run on the Tacoma Trust and Savings bank and most of the other banks in the city continued during the day because of the suspension of the Merchants' National bank. All demands were promptly met and no further trouble is feared.