5140923991122 514092399
hash
322a2a5d9219f56dNone
Click image to open full size in new tab
SPOKANE BANKS Standing a Heavy Run with Good CourageTwo Banks Fail. SPOKANE, Wash,June 6.-The Washington National Bank and its adjunct, the Washington Savings Bank closed their doors this morning. Other banks are being subjected to a severe run, but seem to be standing the strain well.
Click image to open full size in new tab
ABUNDANT RESOURCES. All Depositors Got Their Money in Chiengo-Business Failures. CHICAGO. June 6.-Notwithstanding the fact that the Illinois Trust and Savings bank kept open until three o'clock this morning togive anxious depositorsa chance to draw their funds, a new line began to form before eight o'olock this morning, and at 10, the hour for opening, between 1,200 and 1,500 people were waiting at the doors with their savings books. The crowd was several times larger than at any time yesterday. The bank is considered absolately sound. Its assets figure up to over $28,000,000 and its stockholders are estimated to be worth in the aggregate fully $160,000,000. During the time when the run on the bank was hottest this afternoon Philip D. Armour. the millionaire packer, sent out some of his clerks to bring into his office 8 hundred or more of the most excited depositors, mostly women. To these Mr. Armour made a brief speech. assuring them that the bank was all right, and adding that Amour & Co. will guarantee to each of them the full amount of their deposit. If any of them were not satisfied with this he asked them to speak up and said he would give them their money. Two women asked for the amount of their deposit and were immediately paid in gold, while the remainder of the people went away satisfied. WASHINGTON,June6.-Comptrolter Eckles said to an Associated press reporter this morning that as far as advised no national bank in Chicago had been affected by yesterday's financial flurry. The clearing house stands ready to assist its members whenever necessary. An abstract of the condition of the Chicago national banks on the date of his last call showed A reserve of 29.45 per cent. or 4.45 above the legal requiements. The total resource rre $160,864,804; surplus, $11,516,700; undivided profits, $1,596,000. POKANE, June 6.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities. but could not get money in time for the sudden whirl. At two o'clock this afternoon the Citizens' National bank closed its doors. By one o'clock the runs had almost entirely subsided. The other banks stood the strain with no visible sign of wearing and since they have been strengthening themsolves and the worst of the flurry is believed to be over. It is generally believed that there will be no more suspensions. BOSTON, June 6.-Potter & Potter, publishers of the :New England Magazine, the Yankee Blade, the Woman's Home Journal and other periodicals, made an assignment. The liabilities are from $75,000 to $100,000. The firm may resume. The failure WAS due to a losing business on the New England Magazine. PHILADELPHIA, June .--amuel A. Prince, the owner of the marble works here and the quarries in Rutlond, Vt., has failed. The liabilities are $100,000 and nominal assets $250,000. MILWAUKEE, June .-The State bank of this city has failed. It had a capital of $50,000 and n sarplus of $10,000. DEFIANCE, O., June 6.-The Savings bank of Andrew Sauer has failed.
Click image to open full size in new tab
Two Banks Closed at Spokane. Spokane, Wash., June 6.-The Washington National Bank and its adjunct, the Washington Savings Bank, closed their doors this morning. They were crippled by runs yesterday. Both show strong assets, much in excess of the liabilities, but could not £e; money in time for the sudden whirl. Other banks are being subjected to a severe run, but seem to be standing the strain well.
Click image to open full size in new tab
EARLY BIRD DEPOSITORS A LONG RUN ON A CHICAGO BANK. The Doors Kept Open Till 2 a m. To Pay Ont Money To Depositors-The Fever Spreads To Other Banks. CHICAGO, ILLS., June 7.-It was uot until after two o'clock yesterday morning that the Illinois trust and saving banks closed its doors after paying the last depositor that remained in line at that hour. This performance, it is said, broke the record, it being the first time in this country, so far as is known that a bank has remained open after midnight in order to meet a run. As early as 7 o'clock, however, another batch of depositors bad made their appearance, and they lounged against the walls or sat on the curbstone awaiting the regular hour for opening. At the Bank of Commerce, farther up the street, as well as at the Dime Savings bank, the Union Trust,aud the Hibernian bank the same scenes were being enacted. By ten o'clock it was apparent that Monday's experiences would be repeated at each institution. At some of them there were double lines of depositors extending for a couple of blocks. Another large crowd (extended out into the middle of the street and those composing it pushed their way inside as best they could. Officers of all the institutions insisted that they were able to weather the storm and with the exception of the Dime Sayings bank, not one has so far found it necessary to enforce even the thirty days' notice rule, while this latter institution is paying from 20 to 80 per cent. in cash, according to the needs of the various applicants and requiring only the usual thirty days' notice for the remainder. At the various national banks it is said that the Illinois Trust, which has savings deposits subject to notice, to a total of $10,500,000 and individual deposits subject to check of $7,500,000 more, is as sound as the Bank of England, and the officers of the institution say that they can pay off every depositor in the savings branch and still haye several millions left for an emergency. Joseph Rathbone & Co., lumber dealers. made a voluntary assignment this morning. Assets scheduled at $500,000; liabilities at $250,000. KALAMAZOO, Mich., June 7.-The Winans-Pratt Carriage company made an assignment yesterday. BEATRICE, Neb., June 7.-The State bank at Cortant, this county, closed vesterday. It was a small bank. DALLAS, Tex., June 7.-The Times Herald, the only afternoon newspaper in the city, was sold at receiver's sales yesterday to Dr. c. M. Rasser for $16,000. The paper was anti-Cleveland and for free silver. It will be continued as a Democratic daily. SPOKANE, Wash., June 7.-The Washington National bank and its adjunct, the Washington Savings bank, closed their doors yesterday. Both have plenty of assets. BEDFORD, IND., June 7.-The Bedford bank suspended yesterday.
Click image to open full size in new tab
session this morning. These are collateral institutions of F. 8. Ashley Mears. 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 run yesterday. but both show assets much in excess of liabilities. The other banks are being subjected to a severe run. but seem to be standing the strain well. BINGHAMTON, June 6.-Parsons & Beach. general store keepers at Whitneys Point, this county. have failed under somewhat peculiar circumstances. It is said that Beach came to Binghamton yesterday and effected n bill of sale of the firm's property to protect his father. William Beach. who. during the past three years has endorsed the firm's paper to the extent of $7,000. Mr. Parsons will try to have the assignment set aside PO that the firm's assets may be equally divided among the different creditors. According to Parsons's attorney there was no occasion for making an assignment. The stock will inventory nt fully $12,000. Aside from the $7. 000 indebted nesst William Beach. they probably owe $2,000 to the trade. TROY. June 6. -The - Inventory and schedules of James H. Carpenter. banker and Eastern agent of the Northwestern Guaranty Loan Company were filed to-day. The statement shows the liabilities to be $255,223.28. and the nominal assets $257,852.04. The actual assets are placed at $131,671.85.
Click image to open full size in new tab
CONDENSED NEWS. Edwin Booth is dead. The Bedford, Ind., bank has suspended. The net gold reserve in the U. S. treasury is $90,000,000. The whisky trust has filed an $8,000,000 mortgage at St. Louis. After a running fight the Bentonville, Ark., bank robbers escaped with their booty, $10,000. St. Louis banks have attached the Wichita packing plant of Francis Whittaker for $125,000. Members of the Western Passenger association are still in a row at Chicago over World's fair rates. Potter & Potter, Boston. publishers of the New England Magazine, the Yankee Blade, the Woman's Home Journal, the American Vehicle and the Amesbury Daily, have assigned. An alstract of the condition of the national banks in Chicago on the date of the last call, showed a reserve of twentynine and forty-five hundredth per cent, or 4.45 per cent above the reserve required by law. Total resources are stated at $160,864,804. Surplus fund WAS $11,516,700 and undivided profits $2,566,000. At Spokane, the Washington National bank and its adjunct, the Washington Savings bank, closed their doors. They were crippled by the quiet run yesterday. Both show strong assets in excess of liabilities but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run, but seem to be standing the strain well.
Click image to open full size in new tab
One evening during the latter part of last week Byron Smith made application to Shardlow & McDaniel to cash a check for $30, which appeared to be signed on the face by White & Leach, the butchers. Not having that much money to spare Mr. McDaniel advanced $20 on the check. supposing everything to be all right, as Smith had been buying cattle for the firm. That was the last seen of Smith for some days. The check proved to be a forgery and uttered by Smith, who had no authority to sign the name of White & Leach. Smith was traced to Pendleton and thence to Seattle, where Sheriff Simmons arrested him on Tuesday and brought bim to Yakima for trial. The prisoner's downfall is attributed to drinking and gambling, he having recently dissipated over one hundred dollars in this manner. In conformity with the Anderson railroad bill, the Northern Pacific has issued a revised tariff sheet reducing the rates on grain, flour, feed, millstuffs, flaxseed, potatoes and onions 41/2 cents on the 10J pounds to Portland, Tacoma and Seattle, making the rate 18 cents. The tariff on hay has been reduced from 17 to 141/2 cents per 100 to Tacoma and Seattle, and a proportionate reduction to all other points in the state. Ladies, your attention is called to the Shampooing, Hair Dressing, Facial Massage and Manicure rooms opened by Miss E. G. Dunning in the large Cadwell building, where she is prepared to wait on you, guaranteeing satisfaction. She is also agent for the celebrated cosmetics manufactured by Mrs. Gervais Graham, of Chicago. The financial stress combined with the thoughtless fear of depositors caused the Bank of Spokane, the Washington National, the Washington Savings bank and the Citizens National banks, of Spokane to close their doors this week. The banks are all solvent, but at a time when securities could not be quickly realized upon they could not withstand a coninued run. Owners of alfalfa fields are busy with their cutting, which is running unusually heavy and in many cases will average 3 tons to the acre. The heaviest cutting recorded for last year was by Mr. Fender, whose 7 acres averaged 33/4 tons at the last cutting. Alfalfa is quoted at $12.
Click image to open full size in new tab
More Bank Failures. SPOKANE, June -The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities, but could not get the money in time for the sudden whirl. The other banks are being sub jected to a severe run, but seem to be standing the strain weil. At the hour of 1:15 a quieter feeling prevaile, and there is nothing to indicate that a heavy run is being made on any of the banks. Shortly before noon Cashier Cowley, of the Exchange National, came out and said to a crowd of loafers hanging around the steps: "If you fellows want your money, come in and get it; if you don't, clear out and attend to your business." This had a good effect; he crowd dispersed and confidence was restored. Since closing its doors, the Washington National has received a large amount of money and more is expected tomorrow. It is thought the bank will immediately resume. At 2 o'clock the Citizens' National closed its doors. It is impossible to get reliable information. It is reported here on apparently reliable authority that the Palouse City bank has also suspended.
Click image to open full size in new tab
LOWERING CLOUDS. Eastern Banks and Mercantile Concerns Go Down. NEW York, June 14.-A run was started on the Irvine Savings Institution this morning as soon as the doors were opened and twenty minutes afterward the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if neccessary. This is the bank in which Superintendent Preston discovered a deficiency of $70,800 yesterday. This afternoon Superintendent Preston made the following statement: "The directors of the institution are averse to making the condition of affairs public, fearing the run would hurt the bank's standing, but I advised them to take the public into their confidence. The run will probably be over by to-morrow, when the solvency of the bank will become generaliv known." The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishonest officials than those mentioned last night. No arrests have yet been made. Ernest E. Kipling, importer of precious stones, 182 and 184 Broadway. with offices at Providence, R. I., and Paris, France, failed to-day. The liabilities are about $150,000, and the nominal assets exceed that amount. SPOKANE, Wash., June 14.-Receiver Augustine of the Washington Savings Bank has completed a condensed statement of the bank's condition that shows a gratifying state of affairs, The statement shows the total assets of the bank to be $205,690, while the liabilities, aside from the capital stock and undivided profits, are $136,463. This leaves a balance of $69,232. If 70 per cent of the assets are realized it will more than satisfy all demands against the bank. The receiver will leave to the stockholders the question of resuming business. MT. VERNON, Ohio, June 14.-The Chicago Brown Stone Company, engaged in extensive quarrying in Knox County, has been placed in the hands of a receiver. PAINESVILLE, Ohio. June 14.-The run which began on the Lake County Bank of Tapon, Wilcox & Co. yesterday culminated in its doors being closed this morning. Notice was posted stating that the bank had suspended temporarily and all the depositors would be paid in full. The general impression is the bank will be able to resume. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thou-
Click image to open full size in new tab
A Bank Statement. SPOKANE, Wash., June 15.-The receiver for the Washington Savings bank, recently suspended, has completed a statement of the bank's affairs, showing total assets of $206,000; liabliIties, $136,000.
Click image to open full size in new tab
PANICKY FEELING GONE. Spokane, Wash., June S.-Quite a little run was kept up all day yesterday on local banks. The Traders' bank paid $150,000. The Citizens' National bank closed its doors at 2 o'clock. The panicky feeling is nearly over now. Two hundred and forty thousand dollars in gold reached the city last night from New York and Portland. One hundred thousand of this amount is for the Washington Savings bank, vhich went down yesterday with the Washington National bank. It is believed the savings bank will open to-day
Click image to open full size in new tab
Will Pay Every Dollar. SPOKANE. Wash. June 15. The receiver of the Washington Savings Bank, recently suspended. has completed his statement of the bank's affairs. showing total assets of 8206.000 and liabilities of 8136.000.
Click image to open full size in new tab
Fight Over Bank Receivership. SPOKANE, June 24-A lively fight is on for the receivership of the Washington Savings bank. One of the judges of the superior court first appointed H. W. Augustine as receiver, and a few days later Judge Acher appointed W. B. Roberts and removed Augustine. The appointment of Roberts gave offense to many stockholders and depositors, and thus sustained, Mr. Augustine refused to give up possession. Tonight the sheriff is in possession of the bank.
Click image to open full size in new tab
PANICKY FEELING GONE. Spokane, Wash., June 8.-Quite a little run was kept up all day yesterday on local banks. The Traders' bank paid $150,000. The Citizens' National bank closed its doors at 2 o'clock. The panicky feeling is nearly over now. Two hundred and forty thousand dollars in gold reached the city last night from New York and Portland. One hundred thousand of this amount is for the Washington Savings bank, -vhich went down yesterday with the Washington National bank. It is believed the savings bank will open to-day
Click image to open full size in new tab
THE report of Receiver W. B. Roberts, of the suspended Washington Savings bank, of Spokane, reveals the fact that its officers, if not criminally liable, are morally guilty of squandering the money belonging to its depositors. They have been transacting a most reckless business and are guilty of gross mismanagement. Among other things the report shows that in the list of liabilities nearly all are classed as unsecured. The officers of the bank have used about $50,000 of the money which is represented in the assets by their individual paper. Men who will squander money left with them for safe keeping in such a reckless manner should be made to suffer for their crimes,
Click image to open full size in new tab
JU P D. All the Big Trail Creek Claims in Trouble. Special Dispatch to the Standard. SPOKANE, Wash., March 14.-W. G. V. Renwick, the defaulting ex-deputy auditor of Spokane county, before Judge Buck in the criminal court to-day, pleaded guilty to the crime of embezzlement of $206 of county road funds warrants. Prosecuting Attorney Feighan asked, in view of the fact that Redwick confessed his guilt, thus saving the county the expense of a trial, and this being his first offense, that a nolle be entered in the remaining cases against him. An order to this effect was entered. Judge Buck then passed a sentence of two years. Sheriff Rinear will take Renwick to the penitentiary at Walla Walla in a few days. The $50,000 bond of Henry M. Richards, the new receiver of the Washington Savings bank, has been secured and approved. Receiver Roberts states he will not resist the order of the court and will turn over the receivership as soon as Richards' bond is filed. There are no new developments in regard to Judge Moore's summary action in this case, but it is probable that something will be done. The report comes to-lay that all the big claims in Trail Creek have been jumped, including the War Eagle, Nickel Plate and Le Roi. The particulars have not yet been made public.
Click image to open full size in new tab
SPOKANE has one judge who cannot b, wheedled or intimidated by designing and unscrupulous lawyers-that man is Judge Moore. In the case of W. B. Roberts, receiver of the Washington Savings bank, he gave the lawyers and their client to understand that the purity of the courts could not be tampered with under his administration and ad ministered to them such a rebuke that they will not soon forget it. He wound up with an order removing Roberts from the receivership and appointing Henry M. Richards in his stead. If Spokane had more men like Judge Moore she would not now be in a condition of bankruptcy brought about by the wholesale plundering of the people's treasury.
Click image to open full size in new tab
Judge J. Z. Moore of the superior court at Spokane has summartly removed W. B. Roberts as receiver of the Washington Savings bank. and appointed In his place on petition of seventy-five or eighty creditors Henry M. Richards of the Spokane & Eastern Trust Company. In his decision Judge Moore roasted George Turner. the receiver's attorney, and the affair caused a sensation. as it is well known that Moore and Turner are bitter personal enemies,
Click image to open full size in new tab
SUPREME COURT OF WASHINGTON Opinions in an Important Spokane Case Formally Announced. Olympia, April &-The supreme court has reversed judgment in the case of W. B. Roberts, receiver of the Washington Savings bank of Spokane, respondent, VS. the Washington National bank, appellant; from Spokane county. Other supreme court decisions were: G. Bredek and John Schlessinger, respondents, vs. W. C. Stetson, appellant, from King county; reversed. Charles Hill, respondent, vs. W. E. Frink, respondent, W. F. Gehres, et al., respondents, D. C. Hayes et al., appellants; from Lincoln. Affirmed.
Click image to open full size in new tab
lowing decisions have been handed down by the supreme court: G. Brodeck and John Schlessinger, respondents, vs. W. C. Stetson, appellant, from King county; reversed. Charles Hill, respondent., vs. W. E. Frink, appellant, and W. F. Gehres et al., respondents, vs. D. C. Hayes et al., appellants, from Lincoln; affirmed. W. B. Roberts, receiver of the Washington Savings bank, of Spokane, respondent, VS. Washington National bank, from Spokane; reversed.