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Failure NASHUA, N. H., July 20.-The Security Trust Company closed its doors. this morning. The bank has not met with losses, but stopped business on account of the withdrawal of deposits. The treasurer states that the bank will be able to pay all depositors in full. It has capital and surplus amounting to $250,000, which must be paid out before loss can come to the depositors. There is considerable excitement in consequence of the suspension.
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NEW YORK, July 20. - -David McClure has been appointed receiver for the Truth Company, on the application of Charles Eddy, Lonis Ettlinger and Gustave H. Buck, directors, for a dissolution of the company. It was incorporated Dec. 10, 1892, with a capital stock of $200,000. succeeding to the business previously carried on by the News Letter Company. and issued bonds to the amount of $100,000. SHARON. Pa., July 20.-Sheriff Burnett. of Mercer, at the instance of attorney Ingersoll, of Cleveland, served writs of attachment on the Douglass Furnace Company, of Sharpsville, foreclosing judgments for $250,000 to-day. The failure is perhaps directly attributable to the recent assignment of Forsythe, Hyde & Co., of Chicago, by which firm the furnace has been operated. CANON CITY, Col., July 0.-When the hour for opening banks arrived this morning bassers-by were confronted with a notice on the doors of the First National Bank announcing that, owing to failures of Denver banks, it would have to suspend for a short time. CHEYENNE, Wyo., July 20.-The failure of the Kent Bank, this morning, precipitated & run on the other banks and this afternoon the First National Bank closed its doors. Liabilities, $502,000; assets $725,000. Both banks will probably reopen. NASHUA, N. H., July 20.-The Security Trust closed its doors this morning. The bank had not met with losses but stopped business on account of the withdrawal of deposits. It has deposits and surplus amounting to $250,000. GRAND JUNCTION, Col., July 20.-The First National Bank failed to open its doors this morning. A notice posted on the doors stated the liabilities to be $50,000. assets $108,000, leaving a balance of $58,000 in favor of the bank. FRANKFORT, Ky.. July 20.-Coi. E. H, Taylor,jr. the distiller, made an assignment to-day to the Lexington Trust Company. The liabilities are not given out but it is supposed that they are not nearly 80 large as the assets. COLORADO SPRINGS, Col., July 20.-The banking houses of J. R. Wheeler & Co., at Colorado City and Manitou, failed to open
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But the Suspension of a Nashua Con. cern Excited the City. TIMES ARE HARD FOR COLORADO'S IDLE THOUSANDS. Thirty Thousand of Them Looking for a Chance to Work-Other News of the Financial Situation-The Dishonesty of a Trusted Assistant Caused One Banker's Troubles-The Trouble Over in Denver-Its Effects Seen in Greeley. NASHUA, July 20.-The Security Trust Company of this city suspended this morning. The following notice was pinned on the door: Continued withdrawal of deposits from the savings department, coupled with the bank's inability to realize on its assets immediately, compels temporary suspension of payments. "This," said Mr. T. S. Sargent, treasurer of the company, "tells the whole story. The bank is as strong as ever today, but continued withdrawals made it impossible to pay depositors who demanded their money. We have been mixed up in no failures and have made no losses. This is not a failure, but a suspension. Our capital and surplus fund amount to $250,000 and all our loans are well secured." There is great excitement about town, but beyond this company there are no apparent signs for uneasiness, and it is hoped that a better state of confidence will follow, Some of the heavier depositors of the bank were greatly alarmed when they heard this morning that the doors of the bank had been closed. Many of them hurried to the bank to see if the report were true. To many of them the doors were opened, and they were allowed in and told the full facts of the situation by the bank officers. They were assured that there would be no loss to depositors, and that the suspension was only a temporary one. These statements greatly reassured the depositors, and they felt confident that the bank will come out of the affair all right.
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Heavy With Drowals of Deposits Cause the Suspension. Nashua, N. H., July 20.-The Security Trust Company closed its doors thismorning. The bank has not met with losses, but stopped business on account of the treasurer withdrawal of deposits. The states that the bank will be able to pay all depositors in full. It has a capital and surplus amounting to $250,000. which must be paid out before a loss can come to the depositors. There is considerable excitement in consequence of the suspension.
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sold until October, and no money can be realized until the spring. MILTON MILLS. July 20.-The agent of the Waumbeck Company has issued orders for the closing of the mills here for six months, as soon as the goods now in progress of manufacture are finished. The reason assigned is a lack of orders, except at ruinous prices. This is the first time in the history of the company that work had been ordered to cease on account of the condition of the markets, and the result will be a serious blow to many employes. PLATTSBURG, N. Y., July 20.-The Chateaugay Ore and Iron Company closed down to-day, as did also the Crown Point Iron Company's mines and ironmakers at Crown Point. The cause given is the dullness of the iron trade. Thousands of men are thrown out of employment. HARRISONVILLE, Mo., July 20.-The First National has suspended payment and is in the hands of the Comptroller of Currency. The liabilities are between $30,000 and $40,000. while the assets amount to $80,000. The stringency in the money market and the failure to realize on collateral were the causes of the suspension. CHICAGO, July 20.-It was stated in court to-day that the assets of Banker Hermann Schaffner, who recently committed suicide, would not pay over 12 1/2 cents on the dollar of the liabilities. NEW YORK, July 20.-David McClure has been appointed receiver for the Truth Company on the application of the directors of the company. It was incorporated in December, 1892, with a capital stock of $200,000, succeeding to the business previously carried on by the News Letter Company. NASHUA, N. H., July 20.-The Security Trust Company closed its doors this morning on account of the withdrawal of deposits. The depositors will be paid in full. The company has a capital and surplus of $250,000. SHARON, Pa., July 20.-The She riff has served attachments on the Douglass Fur Dace Company of Sharpsville, aggregating over $250,000. The chief creditors are Corrigan, Ives & Co. of Cleveland, $102,000. and the Wisconsin Marine and Fire Insurance Company, $125,000. The failure is attributed to the assignment of Forsythe, Hyde & Co., Chicago, by whom the furnace has been operated. CHEYENNE, July 20.-The private banking-house of T. A. Kent failed to open this morning. Most of the deposits were time claims and but few business houses were affected. A statement is not obtainable. Following the failure of the Kent Bankinghouse, the First National suspended at 2:30 o'clock owing to a heavy run. J. W. Foster was appointed bank examiner and has taken charge. The assets are $780,000 and the liabilities $525,000.
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Plattsburg, July 20.-The Onatenguay Ore and Iron Company closed down to day, as did also the Crown Point Ircn Company. The cause given is the dullness of the trade. Thousands of men are throw not of employment. Portland, Me., July 20.-The directors of the Westbrook Manufacturing Company's gingham mills have decided to shut down from July 29th to September 4th- Goods now being manufactured cannot be sold until October, and no money can be realized until spring. Milton Hills, N. H., July 2).-.The agent of the Waumbeck Company has issued orders closing the mills here for six months, as soon as the goods now in process of manufacturing, are finished. The reason assigned is the lack of orders except at ruinous prices. This is the first time in the history of the company that work has been ordered to cease on account of the condition of the market and the result will be a serious blow to many employes. Nashua, N. H., July 20.-The Security Trust Company closed its doors this morning on account of the withdrawal of deposits. Depositors will be paid in full. It has a capital and surplus of $250,000. Sharon, Pa., July 20-The sheriff today served attachments on the Douglass Furnace Company of Sharpsville, aggregating over $5,000. Denver, July 20-The Flanders' dry goods house, occupying five stores five stories high, was attached this morning. The assets are estimated at $200,000, liabilities, $125,000.
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J. B. Glasser." The assets of the Manitou Bank are $114,000. The liabilities are $84,000, of which the personal deposits of J. B. Wheeler are $31,000, leaving the liabilities about $53,000. All depositors will be paid in full, and the hotels are cashing all checks on the bank. Cheyenne, Wyo., July 20-The private bankinghouse of T. A. Kent failed to open its doors this morning. There has been a quiet, steady decline for several weeks. Most of the deposits of this bank were time certificates, and few of the business houses are affected. J. W. Foster, the assignee, believes that depositors will De paid in full. Topeka, Kan., July 20.-Notice of the failure of the Bank of Belleville, Republic County, has been received at the State Bank Commissioner's office. It was a private bank, with a capital of $20,000. Peoria, Ill., July 20.-All fears of trouble at the banks as a consequence of the failure of Oberhouser's private bank on Saturday have died away. Preparations were made to stand any possible run, but none materialized. All the savings banks have now taken advantage of the sixty-day notice clause governing withdrawals. Nashua, N. H., July 20.-The Security Trust Company closed Its doors this morning. The bank has not met with losses, but stopped business on account of the withdrawal of deposits. The treasurer states that the bank will be able to pay all depositors in full. It has capital and surplus amounting to $250,000. which must be paid out before loss can come to the depositors. There is considerable excitement in consequence of the suspension.
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NASHUA, N. H., July 20.-The Security Trust company closed its doors this morning. The suspension was caused by the withdrawal of depositors. The treasurer states that the bank will be able to pay all depositors in full. It has capital and surplus amounting to $250,000. There is considerable excitement over the suspension.
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Vermont has suffered seriously from the failure of western investment companies and one home company, and now New Hampshire is having her toro at it. The Security Trust Co. of Nashus and New Hampshire Trust Co. of Manchester have been compelled to stop business. Two large national banks in the latter city have also suspended, and the savings banks have voted to demand the 90 days notice authorized by law, on large deposits.
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Nashua, N. H., July 20.-The Security Trust company closed its doors this morning. The bank has not met with losses but stopped business on account of the withdrawal of deposits. The treasurer states that the bank will be able to pay depositors in full. It has capital and surplus amounting to $250,000 which may be paid out before loss can come to the depositors.
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Nashua, N. H., July 20.-The Security Trust company closed its doors this morning. The bank has not met with losses but stopped business on account of the withdrawal of deposits. The treasurer states that the bank will be able to pay depositors in full. It has capital and surplus amounting to $250,000 which may be paid out before loss can come to the depositors.
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Part of the employes have not been paid for several weeks. Sound at the Bottom. PORTLAND, Or., July 29.-The Commercial national bank, the Portland savings bank and the Ainesworth national bank closed their doors this morning on account of the depositors drawing money faster than collections could be made. Several other banks are paying out rapidly, and it is possible that some of the smaller ones may suspend. All are considered absolutely safe, however, and those which have been forced to suspend have more than ample security to meet their liabilities. Will Probably Resume. NASHUA, July 29.-The bank commissioners today finished their examination of the affairs of the Security trust company, which was closed ten days ago. They report the company in fine condition, having sustained no losses. The company will probably resume. The closing was caused by the large number of depositors drawing out their money. Another Bank Defalcation. PATTERSON, N. J., July 29.-A defalcation of $10,550 has been discovered by the United States bank examiner in the case of the First National bank of this city. The money has been abstracted since July 1. Abram Fardon, paying teller. was arrested last evening, charged with stealing the money. The bank insured with the Fidelity and Casualty company of New York for $10,000. Fardon is 50 years old and has been connected with the bank 25 years. He has always been considered upright and had the confidence of the bank officers and depositors. Bank at Kankakee Closes. KANKAKEE, Ill., July 29.--The First National Bank of Kankakee closed its doors yesterday. Assets, $224,000; liabilities, $147,000. Stringency of the money market caused the suspension. The depositors will lose nothing. In the Hands of a Receiver. AKRON, O., July 0.--The Pittsburg, Akron & Western railroad yesterday passed into the hands of a receiver. The receiver is W. A. Lynch, president of the road. The company is capitalized at $3,350,000; bonded indebtedness $3,000000. No statement of the assets and liabilities can be obtained. The road extends from Akron to Delphos, 165 miles. The promoters of the line hoped to sell it to the Baltimore & Ohio, but that system built a line of its own from Chlcago Junction to Akron. Since then the road has been operated at a loss. The financial stringency was the immediate cause of the present trouble.
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The Security Trust Co, For the benefit of many of our readers who have had business with the IS above company at Nashua, N. H., we clip the following article from a recent issue of the Manchester Union, as it contains good news to those having money invested with said company: f The reopening of the Security Trust Company today, as mentioned in dispatches, has been a matter of congratulation among citizens. The bank was closed on July 19, 1893, and at the time there was considerable excitment in business circles. To be sure of the bank's financial condition, it has been subjected to a most careful investigation by James Russell, not in any way connected therewith, and the result shows that the bank is entitled to the full confidence of its depositors, as well as the public. This was made evident today by the fact that on the opening there were deposits as well as withdrawals. The officers of the bank number many of Nashua's most conservative business men of high financial standing, and it has also $270,000 capital and surplus. Bank Commissioner James O. Lyford was in town in the bank this morning. and following a meeting of the direotors its doors were opened. The injunction was dissolved by the court at Manchester, on Saturday afternoon, upon recommendation of the bank commissioners. Depositors have long been satisfied that the company was solvent and that it was a mistake last summer in forcing it to close its doors because of inability to convert its securities into cash. A large majority of depositors have notified the company that they do not wish to withdraw their deposits and there is no indication today that there will be any unusual call for money on their part. One of the pleasing features of the case is that the panicky feeling of last summer has disappeared. The officers and depositors of the Security Trust Company, as well as the public, are to be congratulated on its ability to resume business. In an interview with Bank Commissioner Lyford he said, in reply to questions from The Union man that it was more agreeable to the commissioners to perform a duty of this kind than it is to close a bank. The Security Trust Company might have resumed business at an earlier day, except that the officers and commissioners desired to make sure that the company was in condition to meèt every reasonable demand upon it. At the suggestion of the commissioners James Russell was employed by the company to investigate the character of its western securities and investments, and after spending two months in the west, he is able to report that the company has met with no losses, and that its suspension of business was due entirely to the panic which made it impossible for any bank to convert any large amount of its assetts into cash. The commissioners believe from their own investigations and the report of Mr. Russell that the company is solvent and have recommended the dissolution of the injunction.