f058b035Borrowed from banks or large institutions, Capital injected, Full suspension
Other: Assignment to Title Guarantee & Trust Company (assignee) and later took assets out of assignee in open court to resume business.
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Suspended and Failed. CHICAGO, Aug. 3.-Lazarus Silverman, a well known private banker, suspended today. Liabilities, $500,000; assets in excess of that amount, and $6,000 cash on hand. ANTHONY, Kas., Aug. 3.-The Savings bank of Anthony failed yesterday.
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AN OLD BANKER FAILS. Lazarus Silverman, of Chicago, with Liabilities of $1,000,000, Forced to Suspend. CHICAGO, Aug. 8.-Lazarus Silverman, a well-known private banker. suspended today. His liabilities are $500,000, with assets in excess of that amount, and $6,000 cash on hand. Silverman, besides being a banker, was one of the largest operators in Northwestern iron properties in Chicago. He ras interested to a considerable extent in the Schlessinger iron mine system. the recent embarrassment of which, it was reported to-day. contributed to his suspension. Bliverman has popularly ranked as a millionaire. The deposits in the bank are estimated at $600,000, placed there mostly by Jewish dealers engaged in small business ventures. So far as is known no large concerns are involved. Beside the deposit account the liabilities will not exceed $100,000 or $200,000, and few estimates place the debts a bove $1,000,000. They will probably fall below that figure. Against
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in the savings banks do not are Depositors feel any uneasiness and all there the banks but it few is calls In the stated for that money. outlook secured is bright. $100,000 The Essex bank has just in gold in Europe and it is now on its way across the ocean. Craighead & Kinty's factory at Andowhich has been closed for a month is ver, opening up and will be running on full time next week. Smith & Dover's mills at Andover will an out period, close tomorrow throwing night 100 for hands. indefinite They manufacture twine. Will Shut Down for Two Weeks. were Dover, N. H., August 3.-Notices works posted in the Cocheco print this afternoon that the works would shut down August 12 for two weeks or more. Railroad Men Discharged. Omaha, Neb., Aug. 3.-One hundred the Union were yesterday. was clerks discharged in Pacific This offices step the reduce expenses during dull state of present taken to Union affairs. Pacific Vice President Mink said the was in the same condition as all western roads while he did not apof a receiver, was and, pointment anticipate the traffic the very dull at present, Sioux City, Aug. 3.-An important reduction has been made in the working forces of the Chicago, Milwaukee and St. Paul, and the Illinois Central roads in this part of the country. Hartford, Conn., Aug. 3.-The New York and New England railroad has discharged 125 section hands along the line of the road, and 45 or more men employed in the repair shops at East Hartford will be discharged tomorrow. Wages Cut. Stamford, Conn., August 3.-The Yale & Towne Manufacturing Company, manfacturers of Yale locks, hardware and hoisting machinery, gave notice tonight of a reduction of wages and salaries of ten per cent during the continuance of disturbance The of the to the works present company of will business. continue probably operate in all departments, with some reduction in force and working hours. Ruined by Pork. Chicago, August 3.-A. W. Wright, on has His attorney to provision assigned. operator the board had said of that trade, his knowledge the assignor no realty possessions. Wright was estimated to be worth $750,000 to ($1,000,000 a year ago. This is all believed to have been absorbed in the gigantic deal in pork which he had under manipulation when his resources were exhausted. Depositors Unrelenting; Bank Closed. St. Paul, August 3.-The National of St. Paul will not open its tomorrow. German doors Bank issued Joseph address R. Tuckey, the president, an this evening in which he says the bank has ample assets to meet all liabilities, but when the temper of its depositors is unreasonable and unrelenting, no other course but temporary suspension is possible. The bank's last statement, published July 12, places its resources at $5,488,658 and liabilities at $3,300,000. Couldn't Collect Accounts. Philadelphia, August 3.-The Philadelphia Stove and Iron Foundry Company assigned today. Inability to collect outstanding accounts is the cause of the embarrassment. A statement of assets be and liabilities, which are said to about even, is being prepared. Plant New and Valuable. Cal., August 3.-The Union Yards San Stock Francisco, Company of Rodeo Contra, Costa county, has suspended operations. The cause of the suspension was the inability of the packers to continue under the existing financial conditions. The plant is new and valuable. In Accordance With Agreement. South Framingham, Mass., Aug. 3.The Savings and Mechanics' Farmers' Framingham Savings bank bank, and themselves notice law. This is not any days have availed of the due of to thirty the local effect of the stringency but is the an the agreement money market, among savings result banks of throughout the state. Lazarus Silverman Suspends. Chicago, August 3.-Lazarus Silverman, private banker, suspended today. Liabilities $500,000; assets in excess of that amount and $6000 cash on hand.
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CLOSED ITS DOORS. The National American Bank of St. Paul will not Open. Sr. PAUL. Aug. 8.-The National American bank of this city will not open its doors for business to-morrow morning. This step is rendered necessary by the steady drain upon itn resources for several months, depositors having withdrawn 81,562,000 since January. The Diesent financial stringency has made is impossible to realize ready money on assets in sufficient amount to meet all withdrawals, and the directors to-day decided to close temporarily, in order to get the affairs of the bank in better shape. The bank has a oncital of $2,000,000, with a aurplus of $200,000. Deposits amount to $2,400,000, and the bank holds bills receivable aggregating $4,000,000. The assets are more than simple so meet all liabilities. The officers aumounce that they will pay all depositors with interest so that BO loss will be sustained. MILWAUKEE. Aug. 3.-The grand jury has been called to investigate the South Side Savings bank failure. President T ampff and Cashier Koetting are missing. Affairs of the bank are in bad shape. Depositors will probably lose everything. CHICAGO, Aug. 8.-Lazarus Silverman, a well-known private banker. suspended. Liabilities $500,000. cash on hand $6,000. STEVENS POINT, Wis., Aug. 3.-The Commeroial bank failed. Assets $200,000, liabilities $100,000.
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Business Embarrassments. ANTHONY, KAN., August 3.-The Savings Bank of Anthony failed yesterday. CHICAGO, ILL. August 3.-Lazarus Silverman, a well known private banker, suspended to-day. His liabilities are $500,000, with assets in excess of that amount, and $6,000 cash on hand. A notice declaring that the difficulty was only a temporary one was posted on the doors of the bank. Silverman is in New York, and was informed by telegraph last night of the pending trouble. He is expected to reach Chicago tonight. Until his arrival no plans for a liquidation or continuance of the business can be formulated. Bankers estimate his deposit account at $600,000. It is of a commercial nature, and depositors are for the most part Jewish dealers, engaged in small business. So far as known no large concerns are involved. PITTSBURG, PA., August -The New York and Cleveland Gas Coal Company, one of the largest concerns in Pittsburg district, whose mines are located on the line of the Pennsylvania railroad, is unable to pay its miners in full. A proposition has been made to 800 employes to pay them one-half of their earnings for six months, and the balance with interest at the end of that time. Officials state that unless this proposition is acceped the mines will close. It is thought that the men will accept. The company is not short of orders for coal, but cannot make prompt collections. MACON, GA., August 3.-The mills of the Bibb Manufacturing Company, of this city, closed down completely to-day. They have been working on two-thirds time for six weeks. Six hundred people are thrown out of employment. The manager gives as the reason that no market can be found for the goods. The closing is for an indefinite time. STEVENS POINT. WIS., August 3.The Commercial Bank failed to open today. Assets, $200,000; liabilities, $100,000.
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BUSINESS TROUBLES. More Banks and Business Houses Forced to the Wall. STEVENS' POINT, Wis., Aug. 3.-The Commercial Bank failed to open its doors to-day. Its assets are $200,000 and liabilities $100,000. CHICAGO, Aug. 3.-Lazarus Silverman, a well known private banker. suspended to-day. His liabilities are $500,000, with assets in excess of that amount, and $6,000 cash on hand. MILWAUKEE, Wis., Aug. 3.-The grand jury was called on to-day to investigate the South Side Savings Bank failure. The president, G. C. Trump, and Cashier J. B. Jettling are missing. The affairs of the bank are in a bad shape and depositors will probably lose every. thing. CHICAGO, Aug. 3.-John W. Aver, dealer in mantles, made an assignment. Liabilities, $25,000; assets, $40,000. ST. LOUIS, Aug. 3.-The National Iron Cornice Company made an assignment. The assets and liabilities are estimated at about $20,000. Elyria, Ohio, Aug. 3.-The Lorain Manufacturing Company has assigned to A. St. J. Newberry, of Cleveland. Liabilities, $105,000; assets, $192,500. This company had the largest brass works in the country and employed about 600 men.
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A CHICAGO BANKER SUSPENDS. UNABLE TO TURN COLLATERALS INTO CASH WITH WHICH TO MEET THE DEMANDS OF DEPOSITORS. Chicago, Aug. 3.-Lazarus Silverman, a well-known private banker, suspended to-day. His liabilities are $500,000, with assets in excess of that amount, and $6,000 cash on hand. Silverman, besides being a private banker, was one of the largest operators in Northwestern iron property in Chicago. He was interested to a considerable extent in the Schlesinger Iron Mine system, the recent embarrassment of which, It was reported to-day, contributed to his suspension. Silverman has popularly ranked as a millionaire. His failure, although an important one, was not a complete surprise. It has been understood that he was hard up for ready money and he was quite generally. supposed to have ample assets, but of the slow sort. The bank did not орей at all to-day, and the followIng notice was posted on the door : "Payment suspended for to-day on account of the stringency in the money market." No assignment was made and a representative of the house claimed that the embarrassment was only temporary. Other bankers estimate Silverman's deposit account at $600,000. It is of a commercial nature, and the depositors are for the most part Jewish dealers engaged in small business ventures. So far as is known no large concerns are involved. Besides the deposit account the liabilities will not exceed $100,000 or $200,000, and few estimates place the debts above $1,000,000. They will probably fall below that figure. Against this liability account Silverman has assets bearing a face value of nearly $2,000,000. It is estimated that the banker's real estate is worth $700,000, and that it is in shape to be available for realization. Since June 15 the bank has been drawn upon heavily by depositors. A few days ago the situation grew critical. The cash reserve had practically disappeared and collateral could not be turned into cash. Mr. suverman made a trip to New-York and other Eastern cities to secure aid. Last night word was received from the Commercial National Bank, through which Silverman cleared, that to-day. checks would encounter armedity. A conference between Silverman's manager and his attorneys was arranged and it was decided 10 suspend. No legal action was taken and the Institution. pending Silverman's return. stood to-day at the mercy of creditors, unpretected by assignee or receiver.
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e believe that when the commercial world understands that the United to bull the of silgoing arbitrarily States price is not ver they will very soon call a halt and ask what legislation can be brought about to use silver in a way to be of the greatest benefit to the the whose people throughout world, great mass cur- of rency, as I have said, it always has and always will be." BALFOUR FOR DOUBLE STANDARD. LONDON, Aug. 3.-A meeting was at official residence of to-day the the Lord held Mayor to consider the financial and busiIt was Mayor. The was the less situation. Lord gathering presided over very by largely attended. Among those were Hon. A. J. Hon. the Right Balfour, present Right Henry Chaplain, formerly PresiBoard of John Lubbock, of the dent Hon. of Sir the Agriculture; firm Right of & Co., bankers; Hon. American Lubbock F. Bayard, Embassador Thomas to Great Brilain; Dana Hurton, and most of the bankers of made an address. disBalfour leading London. He claimed political motives and felt throughout the the world anxiety connected alluded business to with the currency India and the action changes might in that be taken by the United States Government. The gold standard, never satisfy the clared, cial would Balfourde- commerwants, while the double standard alone would prevent dangerous oscillations in trade. He condemned isolated action on the part of individual an international and recommended States, agreement. fixing the ratio of the value tween and silver. In the of Balfour denied that the his address gold course advo- becates of bimetallism aimed at This be he the currency. of might inflation true, of said, some bimetalists connected with the Western States of America, but it did not apply to bimetallists of Europe, who believe theadoption of bimetallism would prove the safest commercial policy. In event of a European war the double standard would, according to Balfour, be found very advantageous. The meeting adopted a vote of thanks to Balfour for the address. GOLD COMING BACK SOUTHAMPTON, Aug. 3.-The steamer sails hence Normannia New to-morrow for York, with $4,500,000 gold for American houses. LONDON, Aug. 3.- Two and a half gold were taken England for the United millions Bank of of from States the to-day. A PRIVATE BANKER FAILS. Aug. 3.-Lazarus CHICAGO, Silverman, a well-known private banker, has $500,000. The pended; said liabilities, assets susare to be greater. Cash on hand, $6,000. Silverman was one of the largest operators in northwestern iron properties. He was interested to a considerable tent with the Schlesinger syndicate. In the absence of Silverman, a representaof the house claimed the f was temporary. The are at $800,000 and were estimated deposits mostly by Hebrews engaged in small busimade tive ment Other only embarrassnesses. liabilities are estimated from $100,000 to $200,000. The assets : of the nominal value of $2,000,000, of which $700,000 is real estate. A SENSATION YORK. NEW YORK, Aug. 3.-Woerishoffer & Co., bankers and brokers, Exchange Place, furnished a sensation to-day street busy members of the firm kept When Wall the gossiping reached day. that the office this morning found the big and the clerks for safe locked they waiting 1 some one to open it. Only two combination and both sent an knew of missing, his the and neither explanation employes were absence. Finally the bankers sent for an expert, who succeeded in opening I the safe. The occurrence was soon noised t about the street and all sorts of rumors were rife. el e It was said that experts were to on the An was f at office. As soon as given work the books. explanation the put Clearopened the firm sent a delayed making a and ing-house would be settlement, word 1 pledging the firm's honor that everything was all right. THINKS NO CRISIS WILL OCCUR. LONDON, Aug. 3.-In the Commons day Sir Ellis Ashmead Bartlett (Conservative) asked the Government whether stoppage of free of there had silver since the in India been, minting as stated, a depreciation in the value of f to the amount of held in England securities £130,f 000,000; whether the supply of gold was to the of trade, and what quirements the not insufficient monetary measures reGovernment proposed to take to avert a financial crisis, Prime Minister Gladstone replied that e t he did not know how to ascertain the truth of the assertion of a decline to the amount referred to take place in the value of securities held in England. He did d t not believe the supply of gold insufficient for trade requirements, and could n not announce measures to avert crisis that he did not believe would occur.
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SENSATIONAL DISCLOSURES. Some Damaging Charges Against ExSecretary Foster His Acconnt Largely Overdrawn In His Own Bank and in all Other Concerns With Which He Was Connected. CINCINNATI, Aug. 3.-A great sensation was created here last night by some publications made in an extra issued by the Times-Star, the leading afternoon paper. The article is based upon special telegrams from Fostoria, the home of ex-Secretary Charles Foster. In a statement it shows that Foster was overdrawn in his own bank, without any security whatever, $136,321; that his partners and clerks were also overdrawn, that the accounts of all concerns in which he was interested were overdrawn; that a mysterious woman, known only as Mrs. M. Carter of New York City, is overdrawn $9.361 97; and the article estimates that she will appear in a sensational light soon. The total overdrafts of the bank are $230,325.79, to say nothing of its other liabilities, while its total assets are only $24,491.62. The Times Star declares that Mif Mr. Foster were amenable to the laws that he, as Secretary of the Treasury, was called upon to enforce he would go to the penitentiary," and makes other grave and sensational charges. An examination of Mr. Fos. ter's affairs is in progress, and it is said that even more disreputable dealings will be disclosed. CHICAGO, Aug. 3.-Lazarus Silverman, a private banker, has assigned. Liabilities half a million. Also the Express National Bank, with a branch at Juarez, Mexico, has closed. The as. sets are double the liabilities. MILWAUKEE, Wis., Aug. 3.-The grand jury has been called to investigate the Southside Savings bank. The President, G. C. Trumoff, and Cashier J. B. Jetting are missing. The affairs of the bank are in bad shape and the depositors will probably lose everything.
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SILVERMAN ASSIGNS. Chicago, Aug. 5.-Lazarus Silverman, the private banker who suspended basiness yesterday, made an assignment in the county court to-day to the Title Guarantee and Trust company. No schedule of assets and liabilities has been filed.
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FINANCIAL FAILURES. SILVERMA ANK FAILS. CHICAGO, Aug. 3.-Lazarus Silverman, the well known private banker. suspended today. His liabilities are $500,000, with assets in excess of that amount and $6000 cash on hand. Silverman was informed by wire last night of impending troubles and will reach Chicago tonight. Other bankers estimated his deposits at $600,000. So far as known no large concerns are involved. Besides deposit accounts his liabilities will not exceed $100,000 or $200,000 and few estimates place his debts above $100,000. Against this liability Silverman has assets bearing face value of nearly $200,000. SUIT BY A DEPOSITOR. DENVER, Aug, 3.-Wm. Coleman, a depositor in the suspended Peoples' Savings bank, began suit against the bank officers, shareholders and directors to recover $2000 on deposit in the bank. Charges of fraud and conspiracy are made against the bank author ities. A WISCONSIN BANK FAILS. STEVENS POINT, Wis., Aug. 3.-The Commercial bank failed to open today. Assets $200,000, liabilities $100,000. GRAND JURY INNESTIGATING. MILWAUKEE, Aug. 3.-The grand jury was called today to investigate the recent South Side Savings bank failure. President G. C. Trumpff and Cashier J.B. Koetting are missing, and the affairs of the bank are in bad shape and depositors will probably lose everything. YARN MILLS CLOSED. MORRISTOWN, Pa., Aug. 3.-At 11:55 o'clock this morning a notice was posted throughout the Woodstock Yarn mills of J. Morton Brown & Co., that the mills would suspend operations at noon. On 5 minute's notice 200 men, boys and women were thrown out of employment for an indefinite period. Soon afterward a levy was made on the property under execution of a judgment for $151,000 which the firm confessed to William Johnson, trustee for 32 creditors. SCHEDULE OF ASSETS. KANSAS CITY, Aug. 3.-The assignees of the Kansas City Safe Deposit and Savings bank, which suspended three weeks ago, filed an inventory of the institution's assets this afternoon. The total assets are given at $2,044,217. STOCK YARDS BUSTED. SAN FRANCISCO, Aug. 1. - The Union Stock Yards company at Rodeo suspended operations, owing to inability to continue under existing financial conditions. REDUCTION OF WAGES. HARTFORD, Aug. 3.-The employes of F.R. Walker's Sons' paper mill have agreed to a reduction of 10 per cent in wages in preference to closing the mill. SILVER CERTIFICATES. WASHINGTON, Aug. 3.-No more silver certificates will be issued by the treasury department for the present, as the limit prescribed by law has been reached.
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SILVERMAN RESUMES. Chicago's Embarrassed Private Banker Pays All He Owes. Chicago, III., March 26.-Lazarus Silverman, the well-known banker of this city, who suspended payment last August with liabilities of $1,500,000, resumed business to-day, all of his assets being taken by him out of the hands of the assignee to-day in open court. He has liquidated his entire indebtedness by paying in full, with interest to everybody. The suspension was made while Mr. Silverman was on the train on his way from New York to Chicago and was due, not to lack of assets, but to lack of ready money. The suspension caused a world wide sensation at the time, which to-day's resumption will, in a measure, parallel. It appears that none of the property was sacrificed and that the resumption was accomplished chiefly by reliance upon collecting, with assistance from the First National Bank of Chicago.