22926. Bank of Superior (Superior, WI)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
December 26, 1896
Location
Superior, Wisconsin (46.721, -92.104)

Metadata

Model
gpt-5-mini
Short Digest
d937b1dd

Response Measures

Full suspension

Other: Assignment to Henry S. Butler (assignee) / de facto receivership.

Description

Multiple contemporaneous articles report a slight run (around Saturday Dec. 26, 1896) which influenced the directors to suspend and make an assignment to Henry S. Butler (reported Dec. 28–30, 1896). Later (Jan 19, 1897) the assignee filed an assets/liabilities statement and reorganization was said to be probable, but no clear reopening is recorded in these articles — outcome therefore uncertain.

Events (2)

1. December 26, 1896 Run
Cause
Local Banks
Cause Details
Withdrawals and nervousness triggered by recent failures of banks in St. Paul, Chicago and related local failures; unwarranted rumors also mentioned in some reports.
Measures
None recorded besides directors' decision to close/suspend to avoid larger run; assignment to an assignee was prepared.
Newspaper Excerpt
a slight run Saturday which influenced the closing of the institution.
Source
newspapers
2. December 28, 1896 Suspension
Cause
Local Banks
Cause Details
Suspension was undertaken because of threat of a run and heavy withdrawals following recent failures of other banks (St. Paul, Chicago); disproportionate deposits and tied-up investments worsened position.
Newspaper Excerpt
The Bank of Superior ... suspended today. An assignment was made by the directors to Henry S. Butler.
Source
newspapers

Newspaper Articles (21)

Article from Deseret Evening News, December 23, 1896

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Article Text

Another Bank Falls, WEST SUPERIOR, Wis., Dec. 23.The Bank of Superior, with a capital of $100,000, surplus, $50,000, suspended operations]this morning a: a direct result of the failures of the banks of Minnesota and Illinois. The notice of suspension stated that the cause was the Bank of Minnesota failure but the Bank of Illinois weakened it consider. ably. At the November statement the bank had deposits $78,947; rediscounts, $1,505. Loans and discounts, $18,971; real estate assete $43,419; bonds and securities, $5,391; cash on hand, $22,259.90. Tue officials say they expect to resome and pay the depositors in full.


Article from Evening Star, December 28, 1896

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COULDN'T STAND A RUN. Suspension of the Bank of Superior, Wis. WEST SUPERIOR, Wis., December 28.The Bank of Superior, doing business at the East End, suspended today on account of a run with which they were threatened on account of the recent failures. An assignment was made by the directors to Henry S. Butler. The bank had $25,000 capital and $6,000 surplus, which was largely tied up in investments. The disproportionate deposits of about $100,000 were a constant menace and a slight run was experienced Saturday which influenced the closing of the Institution. The deposits are mostly in small amounts and the bank expects to be able to liquidate in full unless there is a continual decline in assets. The city of Superior had $13,210 in the bank, making nearly $30.000 lost by the city during the past week.


Article from Deseret Evening News, December 28, 1896

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The Bank of Superior Fails, WEST SUPERIOO, Wis., Dec. 28.The Bank of Superior, doing business at the East End, suspended today. The assignment was made by the directors to Henry S. Butler who has taken possession. The bank had $25,000 capital and $6,000 surplus which largely was tied up in investments. The big proportional deposit of $100,000 was a constant menace. A elight run Saturday caused the closing. The deposits are mostly small amounts. The officers of the bank expect to liquidate in full, unless there is a continual decline or assets.


Article from The Providence News, December 28, 1896

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Another Bank Failure. WEST SUPERIOR, Wis., Dec. 28.-The Bank of Superior, doing business at the east end, suspended today on account of a run with"which it was threatened on account of recent failures. An assignment was made by the directors to Henry Butler. The bank had $25,000 capital and $6000 surplus. The depoists were about $100,000.


Article from The Wheeling Daily Intelligencer, December 29, 1896

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Small Bank Unitere. SUPERIOR Wis. Dec. 28.-The Bank of Superior, doing business at the east end. suspended to-day on account of a run with which they were threatened on account of the recent failures. An ast. signment WITH made by the directors to Henry S. Butler. The bank had $26,000 capital and $6,000 surplus which was largely tied HID in Investments


Article from The Morning News, December 29, 1896

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SUPERIOR BANK SUSPENDS. Poor Business and Heavy Withdrawals the Cause. Superior, Wis., Dec. 28.-Anticipating a run to-day, the Bank of Superior did not open for business this morning. Henry S. Buller is assignee, and has assumed charge of the bank's affairs. The failure is due to poor business, and heavy withdrawales since the recent failures in St. Paul, Chicago and this city. The capital of the bank was $25,000, with a surplus of $6,000. The deposits were nearly $100,000, including $13,210 of city funds. This makes nearly $30,000 of public funds tied up in a week. The officials of the bank say they will pay in full.


Article from Wheeling Register, December 29, 1896

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BANK OF SUPERIOR Saspends Business and Makes an Assignment-A Run Caused It. Superior, Wis., December 28.-The Bank of Superior, doing business at the East End. suspended to-day on account of a run with which they were threatened on account of the recent failures. An assignment was made by the directors to Henry S. Butler. The bank had $25,000 and $6,000 surplus, which was largely tied up in investments. The disproportionate deposits of about $100,000 were a constant menace and a slight run was experienced Saturday, which influenced the closing of the institution. The deposits are mostly in small amounts and the bank expects to be able to liquidate in full unless there is a continual decline in assets. The city of Superior had $13,210 in bank. making nearly $30,000 lost by the city during the past week. The bank was capitalized at $25,000 and had $6,000 surplus. The deposits at this time were about $100,000. and the city is caught in the affair for about $13,000. The bank was organized in 1885.


Article from Rock Island Argus, December 29, 1896

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ABBREVIATED TELEGRAMS. A Washington scientist proposes to build a laboratory at Niagara Falls for the manufacture of large diamonds from carbon. A London Times dispatch from Calcutta says that the long-lost birthplace of Buddha has been discovered in Nepa-Terai. Obituary: At Muscatine, Ia., Rev. Alden Burrill Robbins, 80. At Galena, Ilis., Benjamin Christy St. Cyr, 87. At Frederick, Md., Charles W. Hoffman, LL. D., ex-librarian of the United States supreme court, 67. At San Francisco, Colonel A. E. Marchand, of Kentucky. At Youngstown, O., Colonel Roswell Shurtleff, 80. At Philadelphia, Charles B. Parish. The bank of Superior, Wis., has suspended on account oka run with which it was threatened on account of the recent failures. It expects to pay in full. The retail house of Lewis Grabower, Marquette, Mich., has suspended business and the store is now in the hands of J. Krolich & Co., holders of a first chattel mortgage. The ninth annual meeting of the American Economic association began last evening at Johns Hopkins' university, Baltimore, and will continue until Thursday. The American Volunteers served Christmas dinner at the Second Regiment armory, Chicago, Sunday. Five thousand men, women and children were fed. Rev. E. H. Vaughn, president of the Saule college at Dodge City, Kan., has been deposed from the ministry for lying. Mrs. Mary Bernhardt keeps a saloon at 131 West Twelfth street, Chicago. Sunday night, following the habit of other saloon keepers in different parts of the city, she contributed $450 to satisfy the demands of the hold-up men. Floods have occurred in the Livada district of Greece. They have been accompanied by some loss of life.


Article from New-York Tribune, December 29, 1896

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BANK FAILURE IN SUPERIOR WIS. Superior, Wis., Dec. 28.-Anticipating a run today, the Bank of Superior did not open for business this morning Henry B. Butler is assignee and has assumed charge of the bank's affairs. The failure is due to poor business and heavy withdrawals since recent failures in St. Paul, Chicago and this city. The capital of the bank was $25,000, with surplus of $6,000. The deposits were nearly $100,000. including $13,210 of city funds. This makes nearly $30,000 of public funds tied up in a week. Officials of the bank say they will pay in full.


Article from The Salt Lake Herald, December 29, 1896

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Wisconsin Bank Failure. Superior, Wis., Dec. 28.-Anticipating a run today, the Bank of Superior did not open for business this morning. Henry S. Butler, assignee, has assumed charge of the bank's affairs. The failure is due to poor business and heavy withdrawals since the recent failures in St. Paul, Chicago and this city, The deposits were $100,000, including $13,000 city funds. This makes $30,000 public funds tied up in a week. Officials of the bank say they will pay in full.


Article from The Houston Daily Post, December 29, 1896

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Bank of Superior Suspends. West Superior, Wis., December 28.-The Bank of Superior, doing business in the East End, suspended today on account of a run with which they were threatened on account of the recent failures. An assignment was made by the directors to Henry S. Butler. The bank had $25,000 capital stock and $6000 surplus which was largely tied in investments. The disproportionate deposits of $100,000 were a constant menace and a slight run was experienced Saturday which influenced the closing of the institution: the deposits are mostly in small amounts and the bank expects to be able 40 liquidate in full, unless there is a continual decline in assets. The city of Superior had $13,210 in the bank, making nearly $30,000 lost by the city during the past week.


Article from Daily Kennebec Journal, December 29, 1896

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The Bank of Superior at Superior, Wis., with a capital of $25,000 and a surplus of $60,000, failed. Monday. The officials closed the bank, fearing a run on account of the Chicago and St. Paul bank failures. The deposits are $100,000.


Article from Rock Island Argus, December 30, 1896

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Bank Union at West Superior. West Superior, Wis., Dec. 30.-A move is on foot looking to the consolidation of several of Superior's banks into one big banking insitution with a capital of not less than $1,500,000. This move is said to have been contemplated for some time by several local capitalists, and since the suspension of the Bank of West Superior and the Bank of Superior the proposition has received a healthy stimulation.


Article from The Princeton Union, December 31, 1896

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FAILED AT SUPERIOR. The Bank of Superior Breaks, Carrying City Funds. West Superior, Wis., Dec. 30.-The Bank of Superior, located at the east end of the city. and the only bank there, suspended to-day on account of a run with which they were threatened on account of the recent failures. An assignment was made by the directors to Henry S. Butler, who has taken possession. The bank had $25,000 capital, and $50,000 surplus, which was largely tied up in investments. The big proportional deposit of about $100,000 was a constant menace, and a slight run was experienced Saturday, which influenced the closing of the institution. The deposits are mostly in small amounts. and the bank expects to be able to liquidate in full unless there is a continued decline in assets. The city of Superior had $13,210 in bank, making nearly $30,000 lost by the city during the past week.


Article from Mineral Point Tribune, December 31, 1896

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BANKS ON A CRASH MONDAY A DAY OF DISASTER IN WESTERN MONEY CIRCLES THE SUPERIOR SUSPENDS Oldest Institution of Its Kind in Northern Wisconsin-The Atlas National Bank of Chicago Also Forced to Close-Chicago Clearing House Will Aid. West Superior, Wis., Dec. 29.-The Bank of Superior, the oldest bank at the head of the lakes, capital $25,000, failed to open its doors for business Monday morning and the following notice was posted on the door: "The directors of this bank have decided to close it, and have accordingly made an assignment to Henry S. Butler. They were forced to this regretful step in order to avoid a probable run upon the bank this week beyond its power to withstand on account of unfavorable reports regarding its condition floating about the city since last Saturday, also in view of the considerable withdrawals of money recently and inability to realize upon assets at the time. We shall make every effort to resume and pay creditors in full." This bank, although operating with a small capital, was considered to be the safest depository in the city and the suspension created a big sensation. Its directors are among the wealthiest men at the head of the lakes, the president being James Bardon, the millionaire property owner of Superior. The bank was established over twenty years ago under the national banking laws and about twelve years ago a reorganization was effected under the state laws. It was the pride of old inhabitants. G. R. Smith, assistant cashier, said: "The business of the bank had run down somewhat, as is usual at this season of the year, and there were some quiet withdrawals since the bank failures in Chicago and St. Paul. I think we would have pulled along all right, for business always picks up after the first of the year, if some unwarranted rumors regarding our condition had not spread about the city Saturday afternoon, causing a run almost certain. Therefore, in order to protect all creditors alike the directors made the assignment. The bank has a large number of depositors notly in small amounts, so that so far as I can see no one will be seriously crippled by waiting for his money. Its loans are likewise in small amounts well secured in the main and good, though many of them may be slow of collection in these stringent times. 1 don't think any depositors will lose unless there shall come a general break up and continued decline in values." The bank was capitalized at $25.000 and had $6,000 surplus. Its deposits at this time were about $100,000. and the city, as usual, is caught in the affair for about $13,000.


Article from The Corvallis Gazette, January 1, 1897

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Bank Closes Its Doors. West Superior, Wis., Dec. 30.The Bank of Superior, doing business in the East End, suspended today. An assignment was made by the directors to Henry S. Butler, who has taken possession. : The bank has $25,000 capital and $6,000 surplus, which is largely tied up in investments. Big proportional deposits of $100,000 was a constant menace. A slight run Saturday caused the closing. The deposits are mostly small amounts. Officers of the bank expect to liquidate in full unless there is a continual decline in assets.


Article from Spirit of the Age, January 2, 1897

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Feared a Run. WEST SUPERIOR, Wis., Jan. 1 --- The bank of. Superior of this city, with a capital of $25,000 and surplus of $60,000. failed. The assignment was made to Henry S.Butler who takes posession. The officials closed the bank. fearing a run on account of Chicago and St. Paul bank failures. The deposits amounted to $100,000.


Article from Mineral Point Tribune, January 7, 1897

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NEWS OF THE WORLD. HOME NEWS. Kingston, N. Y.-The thermometer was 16 below. New York-Isaac Zucker was convicted of arson. Pittsburg-Another armor plate factory will start here. Isaac Ruker was sentenced to thirtysix years in prison in New York for arson. The new cotton mill at Centreville, R. I., was started, giving work to 600 operatives. The commissioners of Lane county, Kan., have declared the county insolvent. Wm. Whaley and his wife were murdered by unknown men at Seviersville, Tenn. Col. Thomas A. Dent, who was connected with the Steelton (Pa.) National bank, died of pneumonia. Archbishop Martinellli, the papal delegate, was given a reception and banquet at Springfield, Mass. Philadelphia-Charles B. Parrish, one of the oldest and wealthiest coal operators in Pennsylvania, is dead. It is said that Judge Simonton will order the sale of the Cape Fear and Yadkin Valley railroad as a whole. Archbishop Corrigan said he had received no announcement that he was to be appointed a cardinal, as reported. The Columbia National Bank and the Washington Bank, a state institution, closed their doors at Minneapolis. New York-Thomas C. Platt in an interview said. "I am satisfied that Mr. Choate will not be the next senator. California orange growers will send a delegation to present the needs of the orange men to the tariff committee. The republican club of New York decided not to indorse the candidacy of Joseph H. Choate for the United States senate. Franklin, Tenn., was nearly wiped out by fire early Sunday morning. The loss runs up into the thousands. The Dime Savings bank of Chicago took advantage of the ninety-day withdrawal notice law and suspended payment. Fire at Nashville, Tenn., early Sunday morning destroyed a number of business block, causing a loss of $500,000. The Commercial National Bank of Roanoke, Virginia, suspended payment. It is said that the depositors will be paid in full. Wm. J. Bryan, in a speeca at Lin coln, Neb., said that business ires have increased since the electice of McKinley. The Bank of Superior, at West Superior, Wis., suspended payment on account of a run with which it was threatened. Tammany will invite all soundmoney as well as silver democrats in New York to participate in the next primary election. The Atlas National bank of Chicago will liquidate and go out of business. The clearing house will pay deposItors in full. New York-Isabelle Evesson, the actress, has brought suit for $8,000 against T. Henry French, the theatrical manager. Edward Avery, who was for several terms chairman of the Massachusetts democratic state committee, died aged 58 years. Frederick, Md.-Charles W. Hoffman, LL. D., Hbrarian of the United States supreme court since 1878, is dead, aged 67. Fire in the building occupied by the Consolidated Stock and Petrofeum exchange, New York, did damage to the extent of $2,000. Charles Boemer was arrested at his wife's grave in Chippewa Falls on complaint of a young girl at Sparta charging him with being the father of her child. Louisville-Governor Bradley declared that it was his purpose to resign the office of governor, saying that it was killing him. At least twenty-one bodies have been taken from the debris of the wrecked train at the Onhaba river bridge, near Blocton, Ala Mount Vernon, Ill-Granville Fyko's sawmill blow up and killed his wife and seriously and perhaps mortally wounded Fyko and one child. The jury at Dayton, Onio, in the case of Albert Franz, tried for the murder of Bessie Little, ga e a verdict of murder in the first degree. James W. Brady, a clerk in the sixth auditor's office at Washington, fell dead in " street car in that city. He lived at Catonsville, Md. A strike instituted at Georgetown Mass., has thrown out of work 150 men and promises to embrace the entire six shoe factories of the town. Bob Breckinridge, a son of the excongressman, has returned home after a three years' tramp all over the world. He worked his own way. Ex-Queen Lil has taken a residence in Boston's fushionable suburb, Brook-


Article from The Copper Country Evening News, January 19, 1897

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Superior Bank May Reopen. West Superior, Wis., Jan. 19.-Assignee H. S. Butler of the suspended Bank of Superior has filed a statement showing assets and liabilities at $126,777. The bank has loans and real estate to the amount of $100,000. The liabilities include $77,000 deposits. This was the only bank at Superior and will probably be reorganized.


Article from The Superior Times, February 20, 1897

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# Notice of Sheriff's Sale on Foreclosure. STATE OF WISCONSIN. Circuit Court, Douglas County. Louisa M. Strickland, Plaintiff, vs. William B. Lowrie, Robert M. Fulton and Emma G. Fulton his wife, and David B. R. Chapman, Defendants. NOTICE is hereby given that by virtue of a judgment of foreclosure and sale duly made and entered in the above entitled action in the court aforesaid, on the 6th day of June, A D. 1893, which said judgment was thereafter, and on said 6th day of June A. D. 1893, for a val- uable consideration duly transferred and assigned by said plaintiff, Louisa M. Strickland, to the Bank of Superior, of Superior Wisconsin, and was thereafter by the voluntary assignment of all its assets made and executed by said Bank to Henry S. Butler, as assignee for the benefit of its creditors, duly transferred and assigned to said Henry S. Butler as assignee, as aforesaid, I shall on the 2nd day of March, A. D. 1897, at ten o'clock in the forenoon of that day, at the West- erly front door of the County Court House in the City of Superior in said County of Douglas and State of Wisconsin, offer for sale and sell at pub- lic auction to the highest bidder for cash, the real estate and mortgaged premises directed by said judgment to be sold, and hereinafter de- scribed, or so much thereof as may be necessary to satisfy the amount of said judgment, to-wit: the sum of Two hundred and ninety three and 37-100 dollars ($293.37) with interest thereon from the date of said judgment at the rate of six per centum per annum and the costs and ex- penses of such sale. The real estate and premises so to be sold, as directed by said judgment, are situated in the county of Douglas and state of Wisconsin, and are described as follows, to-wit: The south west quarter of the north west quarter (SW¼ of the NW¼) and the west half of the south west quar- ter (W½ of the SW¼) of section twenty (20) and the north west quarter of the south east quarter (NW¼ of the SE¼) of section thirty 30) all in township forty five (45) north of range fifteen (15) west. Dated January 14th, 1897. FRANK L. WILCOX. Sheriff of Douglas County, Wisconsin. By CHARLES WICKSTROM, Deputy Sheriff. CATLIN, BUTLER & LYONS, Attorneys for said Assignee. (J-16-23-30-f-6-13-20-27)


Article from Mineral Point Tribune, December 2, 1897

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# NEWS OF THE WORLD. DOMESTIC. India's jute crop is estimated at 6,800,000 bales of 400 pounds each. The Nicaragua canal commission sailed for Port Limon, on the isthmus. Frank Novak, tried at Vinton, Iowa, for the murder of Murray, was convicted. W. S. Tyler, late professor of Greek language and literature in Amherst college is dead, aged 87. Miss Ida Sundsteardt of Rockford, Ill., was fatally burned by explosion of a gasoline stove. Dr. D. E. Salmon, a government expert, severely criticised the Bordon process of butter-making. Dr. W. D. Flynn, ex-president of the Minnesota State Medical society, died at Redwood Falls. The monetary commission took a recess until Dec. 15, when it will reassemble in Washington. Fifteen alleged moonshiners were captured by government officers in a raid in Scott county, Ark. Pat Galvin, a returned Klondike miner, now in New York, was offered 1,000,000 for part of his claim. Formal charges have been preferred against John U. Smith, United States commissioner for Dyea, Alaska. A fast passenger train on the Lake Shore ran into a freight at Ligonier, Ind., demolishing both engines. The employes of the Bourbon Shipping company of Bourbon, Ind., are on a strike against a cut in wages. Three persons were killed and several others were fatally wounded by a boiler explosion at Louisville, Miss. Senator Lindsay of Kentucky thinks the republicans, if united could accomplish a reform of the currency. At Indianapolis Mrs. Nellie Walley recovered a judgment for $5,414.80 lost by her husband at a faro game. Trustees of the Northwestern university are considering the advisability of banishing football from that institution. John Ryan, Sr., a pioneer citizen of Atlanta, and one of the richest and most widely-known men in the south, died. William F. Burden of Newport, R. I., died in the Astoria hotel, New York, while preparing to dine in his apartments. Evelyn B. Baldwin, an arctic explorer, returned to Marengo, Ind., from an extended exploration of Wyandotte cave. Mrs. O'Reily, widow of the late John Boyle O'Reilly, the patriot, poet and editor, died at her home in Boston of preumonia. The United States agrees to suspend seal-killing for a year of the British will do the same. The special naval board considering the subject will recommend the erection of a $3,000,000 armor plate by the government. The fire which was started a week ago Sunday in the Smuggler mine, at Aspen, Col., is to all appearances under control. Up to November 27 a total of 4,289 cases of yellow fever had occurred in this country the presnt year, and 446 had proved fatal. H. Wiswall, the Boston capitalist who was injured by falling into the cellar of the Grand Opera house at Atlanta, died. The trial of ex-Cashier T. B. Youtsey of the First National bank of Newport, Ky., has been postponed until March 1. William McNeal was found dead by the road side near Abingdon, Ill., his riderless horse reaching home without him. John Cherry committed suicide by taking morphine at Shelbyville, Ind., and William Ford dropped dead on the streets. The University of Pennsylvania professor shocked the national Methodist conference with a paper in defense of evolution. Thomas, alias Lutz, etc., who married Miss Rutherford of Minneapolis, was recaptured and is in the Memphis jail again. Asa Briggs, the farmer who was shot on the night of November 10 by an unknown masked man at Hannama Falls, died. It is understood that President McKinley has appointed all the colored men to office in Georgia whom he desires to honor in that way. Victor Molain has sued the stockholders of the defunct bank of Superior, Wis., to recover $600 he had on deposit when the bank failed. James Foley of Savannah, Ga., sues the Central of Georgia for $5,000 damages for being put off a train on a scalper's ticket. Senator Burrows thinks congress will have a long session in debates on the currency and other questions, and may not adjourn before August. Rapid progress is being made in the preparations for the trans-Mississippi and international exposition, which is to begin June 1 1898 at Omaha.