c21fcb02Accommodated withdrawals
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Run on a National Bank. MADISON, Wie., June 5.-There was a emall run on the First National Bank today, but not enough to cause any great exeitement. The bank's balance at the close of business Saturday showed $258,000 on hand to meet demands, and the officers of the bank are not at all alarmed.
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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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WISCONSIN'SUFFERS. Many Banks in Trouble and Some of Them Closed. MANITOWOC, Wis., June 6.--The state bank of this city is closed. The capital stock is $50,000; surplus $10,000. The Manitowoc savings bank is experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' National bank. At Madison, the run on the First National bank has increased in vogor and other banks are having increased demands. The bank of Two Rivers closed the doors this morning. It is capitalized at $10,000 and its resources, according to the last statement, were $40,520. The amount due depositors is $59,314.
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The Wisconsin Banks. MILWAUKEE. Wis.. June 6. The State Bank of this city has failed. It had a capital of 850,000 and a surplus of 810,000. The Manitowoc Savings Bank now is experiencing a slight run. Reports from Racine say a run is in progress on the Manufacturers National and at Madison the run on the First National has increased.
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Rune on " Isconsin Banks. MASTIOWOC, Wis., June 6.-The State bank of this city. failed today. It had a capital of $50,000 and a surplus of $10,000. The Manitowor Savings bank is now experiencing a slight run. Reports from Racine say that a run is in progress on the Manufacturers' National bank. At Madison the run on the First National bank has increased, and other banks are having increased demands, (Ca/vin C. Barnes is president an t George B. Burnit cashier of the State bank, of Manitowoc. John Sebutte is president and L. Schutta cashión of the ManitowoeSaviogs bank E. yr. Erskine is president and B. R. Northrys cashiér of the Manufacturers' National bank, of Racirie N. + Van Slyke is president and W. Ramsay cashike of the First National bank, of Madison.]
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Rons ou Wisconsin Banks. MATITOWOC, Wis., June 6.-The State bank of this city has failed. It had a capital of $50,000; surplus, $10,000. The Manitowoc Savings bank is now experiencing a slight run. Reports from Racine say a run is in progress on the Manufacturera' National bank. At Madison the run on the First National has increased. Other banks are having increased demands.
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slight run. Reports from Racine say that a run is in progress on the Manufacturers National bank. At Madison the run on the First National has increased. Other banks are having increased demands.
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CRIPPLED BANKS. Small Country Banks in Wisconsin Suspend Payment. NEW YORK, June 6.-State Examiner Preston took charge of the affairs of the Canal Street bauk, at 206 Canal street, this morning. The bank went into voluntary liquidation yesterday because of the refusal of the Shoe and Leather bank to clear for the Canal Street bank. Two RIVERS, Wis., June 6.-The Bank of Two Rivers failed this morning. A statement from the officials as to the cause and condition of the bank cannot be had, as the cashier and principal owner, David Becker, is not in the city. MILWAUKEE, June 6.-The flurry in financial circles of last week has passed away. This morning there is not a run on a single bank in town. The Commercial, Second Ward and South Side Savings banks present their usual appearance, and confidence seems to have been completely restored. It was thought that the flurry in Chicago would have its effect here, but its influence does not seem to have been felt at all. TOLEDO, O., June 6.-A Blade special says the savings bank of Andrew Sauer, at Defiance, failed. Particulars soon as received. Liabilities, $100,000. TROY, N. Y., June 6.-The affairs of Neher & Carpenter, brokers and private bankers, who failed some time ago, are not in an encouraging condition. The liabilities are about $235,000 and the actual value of the assets $131,000. Neher & Carpenter were the Eastern agents of the North western Guaranty Loan association, of Minneapolis. MILWAUKEE, June 6.-A special from Manitowoc, Wis., says the State bank in that city has closed. Its capital stock was $50.000, and the surplus $10,000. The Manitowoc Savings bank is now experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' National bank. At Madison the run on the First National bank has increased in vigor, while other banks are having increased demands. SPOKANE, Wash., Jnne 6.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by the quiet run yesterday. Both show strong assets in excess of liabilities, but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run, but seem to be standing the strain well.
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THE panic which is running over the country is exactly like the Indian scare in the early 60's, with the exception that the Indian scare injured no one while the present panic is injuring every one by depressing business and is wiping away fortunes. There is just as much reason for the panic now prevailing as there was for the Indian scare. There is no bank in the world which can pay all its depositors if all call at once. If a farmer has a mortgage on his property he is not expected to pay it on demand. Not one in a hundred could do so. A run was made on a Chicago bank on Monday. It was the Illinois Trust and Savings Bank. They were prepared for it and placed seven tellers at seven windows. When the time for closing came the bank remained open. All through the night it remained open and the President announced that it would remain so until every man was paid. The certificates were not due until July 1 and the bank saved $35,000 in interest due. The depositors threw that much away in their fright. At Madison a farmer was refused a loan of $200 at the First National Bank. He went home and reported that the bank had no money to lend. This caused a rush the next day and the next but the bank stood it all right. Together with breaking the banks this frenzy of fear has paralyzed business. There is no money with which to do business. It is stowed away in secret places and burglars and foot pads will soon reap a har rest. They will not miss the opportunity they now have and will quit breaking safes for the less dangerous and more profitable business of "going through" people who have money stowed away.
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CRASHES AT OTHER POINTS. The following is a summary of the financial disasters recorded Tuesday: Maintowor, Wis.-State Bank of Maintowoc after standing a three weeks' run. Defiance, 0.-Andrew Sauer's Savings Bank: liabilities, $100,000; assets $150 000. Boston.-Potter & Potter, magazine and newspaper publishers; liabilities $100,000. Philadelphia.-Same E. Prince. marble quarryman; liabilities $100,000; nominal as. setts $250,000. Troy. N. Y.-Neber & Carrenter. private bankers and brokers; liabilities, $235,000; actual assets, $131,000. Three Rivers. Mich.-Bank of Three Rivers, capitalization, $10,000; accounts due depositors at last statement, $60,000. Spokane, Wash.-Washington National and Washington Savings Banks; assets in excess of liabilities. Racine, Wis.-A run is in progress on the Manufacturers' National Bank. At Madison the First National is being subjected to a heavy run. Two Rivers, Wis.-The Bank of Two Rivers failed. The owner, David Becker, is not in the city. Evanston, III.Charles S. Winslow has been appointed receiver of the Evanston National Bank, Spokane. Wash.-The Comptroller has directed Bank Examiner E. T. Wilson to take charge of the Citizens' National Bank and the Washington National Bank. New Albany. Ind.-The New Albany Banking Company closed its doors owing to the fall of the Bedford Bank. Assets claim. ed, $212.000; liabilities. $100,000. Bedford, Ind.-The Belford Bank has suspended after a run. Palouse, Wash.- The First National Bank has suspended, owing to the Bank of Spokane's failure. Chicago-Joseph Rathbone & Co., lumber dealers. have assigned. Scheduled assets, $500,000. The run on the Banks has ceased. Cleveland, 0.-A run is in progress on the St. Clair street branch of the East End Savings Bank Company. No cause except fail 'rres in other cities.