1d1b204bNone
Click image to open full size in new tab
Deputy Sheriff Seized a Bank. WEST SUPERIOR, Wis., Dec. 29.-A deputy sheriff has taken possession of the Bank of South Superior. It has been known for some time that the bank was in financial straits, and the city attorhey decided that to protect the city a receiver should be appointed. The bank has $20, 000 of city deposits.
Click image to open full size in new tab
Bank Failure at South Superior, Wis. West Superior. Dec. 28.-A deputy sheriff served papers this morning on the officers of the Bank of South Superior, and the bank was taken possession of on behalf of a receiver acting for the city of South Superior. It has been known for some time that the bank was in financial straits, and the city attorney decided that to simplify matters and protect the city, which is a creditor, a receiver should be appointed. He secured the order from Judge Smith, and Homer T. Flower was selected. The bank has $20,000 of city money. President Merriam, of the bank, says the affairs of the institution will be straightened out soon and business resumed.
Click image to open full size in new tab
, Due to n Bank Suspension, West Superior, Wis., Dec. 30.-The Label Wagon company of South Superior has assigned owing to trouble growing out of the suspension of the Bank of South Superior Friday. The company has quickly available assets aggregating $190,000, and a plant valued at $10,000. Its liabilities amount to $135,000.
Click image to open full size in new tab
BUSINESS EMBARRASSMENTS. West Superior, Wis., Dec. 30.-The Labell Wagon Company, of South Superior, was forced to assign late yesterday afternoon owing to the trouble growing out of the enforced suspension of the Bank of South Superior, Friday. The company has quickly available assets aggregating $190,000 and a plant valued at $10,000. Its, liabilities amount to $135,000. Steps are already being taken to reorganize. Keokuk, Iowa, Dec. 30.-At a sheriff's sale yesterday the plant of the Fort Madison Water Works was sold to Alexander New, representing the committee of bondholders, for $41,000, in satisfaction of a judgment for $255,000 in favor of the Central Trust Company of New-York. Sloux City, lowa, Dec. 30.-The Sloux City Stock Yards Company, organized to take the old stock yards property and reorganize it. announces it has secured $1,029,000 of the claims against the company, and that there are only $105,000 of the claims that they do not hold. On this showing they have obtained an order for the sale of the property, with the right to use the claims for their face value in bidding It in. It Is expected the sale and transfer will be made early in January. The stock in the new company is owned by 302 banks, located in twenty-two States. Chicago, Dec. 30.-Judge Payne yesterday appointed the American Trust and Savings Bank recelver for the Wolf & Periolat Fur Company, which entered an appearance and acquiesced in the appointment of the receiver. Joseph Ullman, of New-York, and the firm of Phillips, Politzer & Co., of London, filed the bill on which the receiver was appointed.
Click image to open full size in new tab
TWO FAILURES. FIRST BANK OF FORT PIERRE ASSIGNS. Labell Wagon Company Follows the Bank Suspension at Superior. Pierre, S. D., Dec. 30.-The first bank of Fort Pierre has assigned and C. D. Meade, of this city, was appointed receiver. The bank holds plenty of collateral to satisfy all claims but was obliged to close on account of slow collections. West Superior, Wis., Dec. 30.-The Labell Wagon company, of South Superior, was forced to assign owing to the trouble growing out of the enforced suspension of the Bank of South Superior. The company has available assets aggregating $190,000 and a plant valued at $10,000; liabilities $13,000. Steps are already being taken to reorganize.
Click image to open full size in new tab
# Fifty Per Cent. The city has settled with the defunct bank of South superior. The bank had $30,000 of the city funds when it began "liquidation." As it could not honor any checks, the city had a receiver appointed. Now the bank officials come around and say to the city, we will pay you $15,000 and half the receiver's fees and call it square with you. The city says, all right Mr. Merriam you are a d-d good fellow, and set 'em up handsomely for the boys at the West Superior Hotel a few days after your failure, and we will take the $15,000 and pay half the expenses. Did you ever hear of such gall before? This deal gives the bankers of that rotten concern a clean $15,000 of the public cash. Can the people stand this long?