26c894a7Full suspension
Other: Officers made an assignment for benefit of creditors; president turned over personal property.
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Wisconsin Hanks. MANTTOWOC, Wis.. June 6.-The State bank of this city failed. It had a capital of $50,000. surplus $10,000. Manitowoe savings bank is now experiencing a slight run. At Madison the run on the First national has increased. and other banks are having increased demands.
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A Wineonsin Bank Falls. MANITOWOC, Wis., June 6.-The State bank of Manitowoe did not open for business Tuesday morning, There has been a continued run on the institution for the past three weeks, and the officers have made a fight against the failure.
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A Bank Shut at Manitowoc. Manitowoc, Wis., June 6.-The State Bank of Manitowoc did not open for business this morning. There has been a continuous run on the institution for the past three weeks and the officers have made a fight against failure, which. by developments yesterday, was made inevitable. C. C. Barnes, the president, it is understood, turned over all his personal property to cover any possible loss by the depositors.
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Wisconsin the Bank Failure. MANITOWOC, Wis., June 7.-The State Bank of Manitowoc did not open for business as usual. There has been a continued run on the institution for the past three weeks and the officers have made a fight against the failure which by developments Monday was made inevitable. C. C. Barnes, the president, it is understood, has turned over all his personal property to cover any possible loss by depositors.
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MANY SMALL BANKS GO DOWN. UNDUE EXPANSION THE CAUSE IN ONE CASERUNS RESPONSIBLE IN OTHERS. Toledo, Ohio, June 6.-A dispatch to "The Blade" from Defiance, Ohio, says that the doors of the Deliance Savings Bank closed yesterday afternoon just before 3 o'clock. This was done by the assignee, Rolla H. Gleason. Many of the stockholders did not know that any such step was in contemplation. The bank is the youngest in the town, and has a paid up capital of $27,000. The assets will reach not less than $150,000, and the liabilities are stated at $100,000. The failure is attributed to large loans made by the bank, which ties up some $127,000, leaving them too narrow a working capital. Andrew Sauer, the cashier, assigned his entire real and personal property amounting to $100,000, Frank S. Smith being his assignee. The enterprises In which Mr. Sauer is Interested. all of which are Included in his assignment, are the Deflance Electric Street Railway, electric light plant and gas works, the Citizens' Opera House, valued at $50,000, besides considerable real estate. The Golden Rule Drygoods House, in which he was Interested with a stock valued at 42,000, was turned over to Henry Smith and Henry Foos, two of his heaviest creditors. Manitowor, Wis., June 6.-The State Bank of ManItowoc did not open for business this morning. There has been a continued run on the Institution for the last three weeks, and the officers have made a fight against the failure which by developments yesterday was made inevitable. C. C. Barnes, the president, It is understood, has turned over all his personal property to cover any possible loss by depositors. The bank's capital stock was $50,000 and the surplus $10,000. The Manitowoe 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 vigor, while other banks are having Increased demands. Spokane, Wash., June 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, much in Increase of the liabilities, but could not get money in time for the sudden demand. The other banks are being subjected to a severe run, but seem to be standing the strain well. Two Rivers, Wis., June 6.-The bank of Two Rivers closed its doors this morning. It was capitalized at $10,000. Its resources according to the last state. ment were $70,523, and amount due depositors, $59,314 32. Philadelphia, June 6.-Cornellus & Rowland, dealers in gas fixtures, at No. 1,512 Chestnut-st. have made an assignment. Liabilities are estimated at $50,000, and assets at $75,000.
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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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MONEY TROUBLES ELSEWHERE The Capital National of Indianapolis Will Resume Business. INDIANAPOLIS June 6. - The directors of the Capital National Bank held a meeting yesterday afternoon at 3 o'clock and went carefully over the books of the bank to determine the condition of the institution. After looking the grounds all over they found the bank solvent and decided to resume business. The Comptroller has given the directors two weeks in which to resume business. MANITOWOC, Wis.. June 6.-The State Bank of Manitowoo did not open for business this morning. There has been a continued run on the institution for the past three weeks, and the officers have made a flight against the failure which by developments. yesterday. was made inevitable. C. c. Barnes. the President. it is understood, has turned over all his personal property to cover any possible loss by depositors. FARGO. N. D., June 6.-In the absence of Judge McConnell. Judge Rose of Jamestown appointed R. S. Lewis. cashier of the Mortgage Bank, as receiver of the Mortgage Bank and Investment Company and the State Bank of Minot. which has no connection with the National Bank of Minot. Judge Rose fixed the bonds at $75,000. which Mr. Lewis has secured and qualified yesterday. Mr. Lewis took DOS-
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State Bank Fails. MANITOWOC, WIS., June 6.-The State Bank of Manitowoc did not open for business this morning. There has been a continued run OR the in stitution for the past three weeks, and the officere have made a fight against the failure which, by the developments yesterday, was made inevitable.
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WISCONSIN BANKS, The State Bank of Manitowoc Succumbs -Runs on Others. MILWAUKEE, Wis., June 6.-The State Bank of Manitowoc has failed. It had a capital of $50,000 and a surplus of $10,000. The Manitowoc Savings bank is now experiencing a slight run. Returns from Racine say a slight run is in progress on the Manufacturers' National. At Madison the run on the First National has increased, and other banks are having increased demands.
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Failing Banks. PALONBE, Wash., June 8.-The First National bank of this city closed its doors yesterday. The suspension is due to the failure of the bank of Spokane. The bank has a capital of $100,000 and deposits of about $30,000. Milwaukee-The State bank at Manitowoo 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 Racino 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.
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DEPOSITORS LINE UP. HEAVY RUNS IN PROGRESS ON WESTERN BANKING HOUSES. Illinois Trust and Savings Bank and Other Chicago Institutions Subjected to a Severe Strain-Runs in Progress On Wisconsin and Washington Banks. CHICAGO, June 6.-Between 1200 and 1500 people formed in line to-day at the Illinois Trust and Savings bank to withdraw their deposits, although the bank remained open till 3 o'clock this morning, paying out money on demand. At other savings banks also the run which began yesterday seemed to have increased in proportion to-day. The assets of the bank are $128,114,000. The stockholders are estimated as being worth $150,000,000. L. Z. Leiter, who is one of the beavioststockholders in the bank, said last night: "I have real estate enough to pay all these claims and it is at the service of the bank. Every person who has a dollar here may have it on demand." Runs on Wisconsin Banks. MANITOWOC, Wis., June 6.--The State bank of this city has closed. Its capital stock was $50,000 and the surplus $10,000. The Manitowoc Savings bank is experiencing a light run. Reports from Racine say a run is in progress on the Manufacturers' and National bank. At Madison the run on the First National bank has increased in vigor, while other banks are having increased demands. D. fiance savings Bank Closed. TOLEDO, Ohio, June 6.-A special from Defiance, Ohio, states that the doors of the Defiance Savings bank closed by the assig1100 yesterday afternoon. The bank has a paid up capital of $27,000. The assets will reach not less than $150,000 and liabilities are stated at $100,000.
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Wisconsin Bank Failure. MANITOWOC, Wis., June 7.-The State Bank of Manitowoc did not open for business as usual. There has been à continued run on the institution for the past three weeks and the officers have made a fight against the failure which by developments Monday was made inevitable: C. C. Barnes, the president, it is understood, has turned over all his personal property to cover. any possible loss by depositors.
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STATE BANK FAILS. On Monday just near the close of banking hours there were ominous proceedings at the State Bank. Business men who brought in their money received during the day were told by the bank officials that they would not accept it, as the long continued run made upon them made it uncertain what the outcome would be. With this knowledge came the certainty that failure was to follow and several succeeded at the last minute in getting their money out. When the hour to close arrived the curtains were drawn and the coming and going of officials with the occasional entrance of a stockholder, director or lawyer made it certain that steps for the permanent closing of the bank were in progress. The news flow like wild fire and it was the whole topic of conversation on the streets. At nine o'clock on Tuesday morning the four corners of the streets were lined with people. Soon a little placard was placed upon the door which read as follows: Owing to a run on this bank which has continued for three weeks, its officers have concluded to make an assignment for the benefit of all its creditors. This has accordingly been done and the President of the bank, C. C. Barnes has turned over his private means and property, including his homestead, to be used for the same purpose. J. W. BARNES, Assignee. The causes which led to the failure are numerous. The basis of all was the panicky feeling which is general. [The exciting causes were probably many. The fact that the factory was unable to get money was SO generally known throughout the county that it called attention sharply to the stringency of the money market, which really had not been felt at all here up to that time. Often the question was asked "can it be that the bank has no money?" This query no doubt took the form of assertion by being repeated. The change of the bank from a national to a state bank measurably destroyed confidence. It was not felt at first because there was no general feeling of distrust, but the change was recalled when suspicion began to take possession of men's minds. The change of location played an important part in starting rumors. Any little thing was enough to create a panic and the fact that the 1 doors of the old bank building were closed, no doubt received many a false ) representation. The run began as early as the 18th of May. It was quiet but e steady. It let up occasionally but was e resumed on the slightest cause. It had r almost ceased when the Plankinton failure started it afresh. The peristency of a the run gave it accelerated force and on Monday it seems to have become an avae lanche if the amount of money drawn out I is an indication. e The statement made by the bank on January 1893 was as follows: RESOURCES
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Wisconsin Bank Failure. MANITOWOC, Wis., June 7.-The State Bank of Manitowoc did not open for business as usual. There has been à continued run on the institution for the past three weeks and the officers have made a fight against the failure which by developments Monday was made inevitable: C. C. Barnes, the president, it is understood, has turned over all his personal property to cover. any possible loss by depositors.
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THE failure of the State Bank made the Savings Bank prepare for a run. The following circulars were distributed on Tuesday morning just before the bank opened. TO THE DEPOSITORS AND THE PUBLIC GENERALLY. In times.like these when confidence is sbaken to the utmost by the frequent failures, it must be expected that there will be some who doubt the soundness of the best of banks. Therefore we give the following monthly statement up to June 1st 1893: The Manitowoc Savings Bank owns County. City and School Bonds
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Wisconsin Bank Failure. MANITOWOC, Wis., June 7.-The State Bank of Manitowoc did not open for business as usual. There has been a continued run on the institution for the past three weeks and the officers have made a fight against the failure which by developments Monday was made inevitable. C. C. Barnes, the president, 10 is understood, has turned over all his personal proporty to cover any possiole loss by depositors.
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THE BANK FAILURE The assignee of the State Bank of Manitowoc filed his report with the clerk of the circuit court on Saturday evening. On the week of the failure The Pilo' gave the assets of the bank as $232,550 and the liabilities at $151,755.25. The report puts the liabilities at 223,636 and the assets at $237,254. The real assets of the bank are only $219,302, the additional $17,952 being personal assets of C. C. Barnes which are turned over to the creditors. This last is mainly real estate with the exception of about $800 which is individual accounts. What was stated as a probability then can now be stated as a fact and that is that there is a considerable shrinkage in the value of the paper held by the bank. The increase in liabilities ftom what the books showed when the bank assigned and what investigation proved to be the real situation, will materially reduce the percentage to be paid creditors. The increase in liabilities is the one feature which attracts attention and which is at present undergoing thorough investigation at the hands of the assignee. The following estimate of available assets is as correct as a careful examination can make it. It agrees practically with estimates made by prominent business men who have gone over the statement
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The News Condensed. W. G. Cressy, a pharmacist, commit ted suicide by taking poison at his boarding house in Wauwatosa. His wife recently instituted proceedings for a divorce. During the encampment of the Pirst regiment at Camp Deglas a bolt of lightning struck in the quarters of the Darlington company, killing two men and seriously inj tring ten others. Conductor R. Pepper, of the North western railway, was run over and killed by a freight train at Sheboygar Falls. He was 42 years of age ano leaves a family. The first serious labor trouble experienced in Sheboygan occurred when nearly 1,000 employes of the Mattoon Manufacturing company refused to ac cept a reduction in wages and walked out. Ole Larson, employed at the Ashland blast furnace, stepped into a stream of molten iron and was horribly burned. James Berry, who stabbed James Hoar at Oconto Falls, has been held over to the circuit court. Robert Williams was drowned in the bay at West Superior. He lost his balance while working a dredge and fell. The Crown creamery at Baldwin. owned by D. M. White and a Terhaar, was slightly damaged by fire. The school census of Beloit shows 2,068 persons between the ages of 4 and 20. The attendance at the public schools is the largest ever known. The judgment against ex-Treasurer McFetridge has been changed so that he has to pay $4,000 more to the state. Max Pfennig, a prominent German citizen, was arrested at Janesville and will be tried at the September term of the United States court in Madison on the charge of sending improper matter through the mails. A. C. Robert, a Washburn banker. was arrested for alleged criminal practices when with a bank at Shell Lake. Miss Helen Lipman, of Milwaukee. 20 years of age, was drowned in a swimming school. being seized with cramps. The Northern Manufacturing com pany of Ashland, manufacturers of hardwood, assigned with assets of $60.000 and liabilities unknown. The failure is due to the recent loss of the factory by fire. Hyman Meacham. aged 96 years, died in Beloit. He was a descendant of Miles Standish and served in the Black Hawk war. He was a faithful member of the Congregational church since he was 18 years of age. James P. Corsea. contractor and builder, made an assignment at Racine to E. C. Peck. Liabilities, $20,000; assets not given. Corsea was involved in the recent failure of the Racine Hardware company. The annual pow-wow dance participated in by Indians from Hayward, Bayfield, Red Cliff, Ashland, Superior and surrounding agencies came to a close at Odanah. Jackson Wright (colored) died at Ra tine aged 101 years. A special meeting of the county board of supervisors was held at Ashland and a resolution passed to bond the county for an additional $50,000 for the purpose of getting one of the normal schools there. The stock of the Racine Bicycle company at Racine vas seized to satisfy a judgment for $840 in favor of H. C. Korpnage. The concern is capitatized at $10.000. A 2-year-old son of George Denure was run over and killed by a train near Throwntown. Four tramps were arrested at Hudson by Chief of Police Carroll. A valise containing cutlery, answering the description of that stolen at Baldwin, was found in their possession. Edward Anderson, a laborer about 30 years of age, died from asunstroke near Madison. The 5-year-old daughter of Henry Thompson, of La Crosse, died from burns. She set her clothing on fire with firecrackers. Among the indictol officials of the Plankinton bank in Milwaukee that failed recently is Judge Jenkins, of the United States circuit court. Beloit enthusiasts held a memorial meeting in honor of the late P. A. Burdick, of Alfred Center, N. Y., whose temperance work did the city great good. J. W. Barnes, vice president, and George Burnett, cashier of the State bank of Manitowoe, which recently failed, were arrested on a charge of embezzlement and illegal banking. W. F. Hunkins was arrested at Waukesha, charged with placing a mortgage on property he had already sold. Stapleton & Brading, tobacconists in Milwaukee. have failed. Liabilities, $6,000: assets about the same,
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ALTHOUGH business is dull in Manitowoc the city may congratulate itself in not being as others are. All its laborers have work at good pay. We have had no financial crash here except the state bank which went down not because of hard times but because it was built on sand. There is nearly as much money paid out here now to labor as when times were flush. Traveling men admit that times are less dull here than in other places within their territory. What factories we have, manufacture staple articles and they have not yielded to the mania of overproduction. Manitowoc has been very conservative-slow neighboring cities have pronounced us, but we have been very safe. One advantage the city has and always had, is the splendid agricultural country lying tributary to it. The city which relies largely upon the agricultural resources of the country surrounding it will grow slowly but its growth will be substantial, and it is very rarely affected by financial panics. Our security at present lies in our agricultural backing and in the fact that we have no mushroom concerns. A considerable number of men found employment in the harvest fields of this county at good wages during the present season. The large hay producers, of whom there are eight not far from the city, employed on an average five men each while haying was in progress. These hands need not be idle for the balance of the harvest. The threshing season will also give them employment and there will be fall work enough to keep them busy. The seed companies and pea canning factories employ a large number of hands and through these institutions a large quantity of money is distributed here. Indeed if it were not for report of failures elsewhere and the unpleasant anticipations to which mankind is given in periods of depression, we could hardly be sensible of very hard times in Manitowoc.
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DOMESTIC. THE C. B. Woodward Printing Company at St. Louis, Mo., on the 24th filed a chattel mortgage on all its effects, naming William Bright, A. H. Pernie and F. O. Sawyer as trustees. The plant is one of the oldest printing establishments in that city. By the upsetting of a small boat in the Ohio river, fourteen miles above Madison, Ind., on the night of the 24th, two colored preachers named Warfield and Skelton, and another man named Willis, all of Carrollton, Ky., were drowned. R. W. PACKER, who was under arrest at San Francisco, Cal., for embezzlement of $3,000 in Chicago, shot himself on the 23d when he learned that extradition papers were on the way for his removal to the east. The bullet entered his right temple making a fatal wound. AT Pittsburgh, Pa., on the 24th, the Linden Steel Company made a voluntary assignment to the Safe Deposit and Trust Company of Pittsburgh to protect the assets of the company for all the creditors and to avert the issuance of foreign attachments. HEAVENRICH BROS., wholesale clothing dealers at Detroit, Mich., filed a chattel mortgage on the 24th of $121,950 to secure twenty-six creditors. The firm has been in business in Detroit for thirty years. WILLIAM G. STEVENS has been appointed receiver for the Windermere hotel. one of the most fashionable establishments in the world's fair district, Chicago. The assets are about $400,000; liabilities less. THE Madison Square bank in New York City went into receivers' hands on the 24th. The capital is impaired about $250,000. SPECIAL bulletins to the Kansas State board of agriculture state that there have been soaking rains throughout the corn district since August 20, and that in consequence the condition of the corn, especially the late planted, has been greatly helped. The early plant is regarded as safe. SCERETARY CARLISLE sent to the house on the 25th a letter recommending the appropriation of $300,000 for continuing the recoinage of fractional silver coin. THE body of George S. Burnett, cashier of the recently failed State Bank of Manitowoc, Wis., was found in the river at that place on the 25th. His body and arms were entangled with a fish line. AT San Francisco on the 25th the jury in the case of M. B. Curtis. the actor, for the murder of Officer Grant, returned a verdict of acquittal. This was the third trial of Curtis, the jury in the first two trials having disagreed. RECEIPTS of gold from Europe during the week ended August 25, were $6,790,000. The bank of England has raised its rate of discount to 5 per cent., which is expected to stop further shipments of gold to thls country. AT Pittsburgh, Pa., on the 25th Mrs. Sarah Barr poured oil on the kindling wood in her kitchen range from a lighted lamp. Immediately there was an explosion and Mrs. Barr was covered with burning oil. She was fatally burned. THE Illinois Steel Company will close down during September, throwing 3,000 men out of employment.