c4164c54Full suspension, Books examined
Other: Assignment to an assignee/receiver (T. L. Stiles) and inventory/guard maintained.
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A HEAVY RUN ON A BANK. TUCSON, Ariz., May 10. - Hudson & Co., bankers at Tombstone, made an assignment last evening to T. L. Stiles. The firm 18 composed of Charles Hudson and James Toole. The failure is attributed to the stoppage of the mines, the miners having withdrawn their deposits sometimes at the rate of $120,000 a day. The assets are about $360,000. and the liabilities, $300,000. If the mortgages held by the firm can be realized on there will be a surplus.
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PACIFIC COAST ADVICES. [SPECIAL TO THE SENTINEL.| Establishment of a Line of Steamers. SAN FRANCISCO, May 10.-The Chronicle this morning publishes an interview with several leading Mexican merchants regarding the contract signed recently in the City of Mexico between Emilio Guillermo Vogel and Salvador Malo and the Mexican Government for the establishment of a line of steamers on the west coast of Mexico, Central America, and with China, Japan and the Philippine Islands. The contract was for 25 years. By the proposed new line of steamers it is expected that the trip from New York to Oriental parts will be reduced three days. The company's vessels are obliged to make 12 Oriental trips a year. The subsidy for each trip is $19,000, and for every Asiatic laborer landed in Mexico the Government offers the company a premium of $65, with & provision that the steamers shall never carry less than 200, or over 1,000 passengers, unless with the Government's permission. It has been arranged that these two subsidies, that of $19,000, and $65 for every Chinese, shall be paid with 60 per cent of the Custom-houses duties where the steamers touch. This is to hold good for the first three years, and for the following years 50 per cent of the duties on importations. Defrauded His Employers. SAN FRANCISCO, May 10.-Fromm & Schaefer, doing business as importers and manufacturers of trimmings, fringes and upholstery, employed Charles Stohn for two and & half years, and until six weeks ago, when Stohn left their employ. A few days after he left that firm he went into the same business, and associated himself with James Frellocher, under the firm name of Stohn & Frellocher. They opened their new store with a large and expensive stock, and they sold goods below cost, which excited the suspicion of Stohn's former employers, who, by the aid of detectives, ascertained that the whole of the goods comprising the new firm's stock had been stolen by Stohn from his former employers. Stohn has been arrested. Suspension of a Tombstone Bank. TUCSON, A. T., May 10.-Hudson & Co., bankers at Tombstone, made an assignment this evening to T. L. Stiles. The firm was composed of Charles Hudson and James Toole. Three assignments were made to one firm, one to each individual member. The failure is attributed to the depression of business and the stoppage of the mines at Tombstone, the bank at that place having drawn from here as much as $120,000 per day, on account of the miners withdrawing their deposits. The assets are about $360,000; liabilities, $300,000. If the mortgages can be realized on there will be a surplus of assets. Receives a Life Sentence. SAN FRANCISCO, May 10.-Henry Pfaff, the murderer of Charles Perceval, was this morning sentenced to San Quentin for life. The cause which gave rise to the shooting was that Perceval, who is a Frenchman, made some derogatory remarks regarding Bismarck, which Pfaff, who is a German, resented. A quarrel ensued, and ended by Perceval being shot and killed.
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Buisness Suspension. The Northwestern Manufacturing and Car Company of Stillwater, Minnesota, of which D. M. Sabin, U. S. Senator, is President, failed on Saturday. One of the Directos of the Company, resident in St. Paul, says the suspension was owing to the blow to credit given by the W all street failures in New York and will be only temporary, the assets being $4,500,000, against $1,000,000 of liabilities. To prevent attachments and the tying up of their property the Company have resolved to have a receiver appointed. Bama S. Swow & Co', wholesale fish dealers 111 Boston, have made au assignment Liabilities about $325,000 Hudson & Co., bankers, of Tombstone, Arizona, made an assignment on Friday evenine Their liabilities ate reported at $3000,000; assets at $390,000.
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Financially Embarrassed The Northwestern Car Company, at Stillwater, Minn., suspended on the 10th, with liabilities to the amount of $1,100,000, and asssts of $4,500,000. Hudson & Co., bankers, Tombstone Ari., suspended on the 10th. Liabilities about $300,000. B. S. Snow & Co., one of the largest fish firms of Boston, assigned on the 10th, without preferences. The liabilities of the concern are placed at $400,000. Santerman & Stewart, grain dealers, Graysville, Ill., failed on the 10th, with debts to the amonnt of $50,000. Dispatches of the 9th, report the failure of Grant, Ward & Co., brokers, New York, much more disastrous than at first supposed. The liabilities of the concern are now estimated at from $8,000,000 to $10,000,000. The firm of Grant & Ward, and J. D. Fish, president of the Marine Bank, have assigned. Francisco Virvago, one of the oldest business houses in Laredo, Mex., closed his doors on the 8th inst. The new stamp tax was the immediate cause of the failure. Daniel B. Fisher, of Leesport, Pa., assigned on the 7th, with liabilities amounting to $150, 000. His assets are figured at twice that amount. Dunlop & Twaddell, jute spinners. Glasgow, suspended on the 6th. Libilities $45,000. The Marine National Bank, of New York city, closed its doors on the 6th. Its capital stock is $400,000. Grant & Ward, stock brokers, New York, have failed. The firm consisted of Gen. Grant, James D. Fish, U. S. Grant, Jr., and Ferd. Ward. Graff Abrahamson & Co., dry goods dealers of Chicago, were closed up by the sheriff, on the 6th, on judgments by confession amounting to $49,000, The failure of the Ceylon Company was announced from London on the 5th. It owed the Oriental Bank, which failed a few days since, $2,000,000. Moses Fraley, the St. Louis speculator, announced to his creditors on the 5th, that he was ready to pay all claims dollar for dollar. Henry Ihort & Co., upholsterers, New York, assigned on the 5th, giving preferences to the amount of $97,000.
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A MAN MURDERED. LORDSBURG, N. M, May 12.-A man supposed to be J. Nichols, was found murdered in the Pyramid Mountains, 12 miles east of here this morning. The body was in an advanced stage of decomposition and could only be identified by papers in his pockets. His assassins had evidently attempted to hang him but the repe being to weak they took the shorter method and shot him (wice, once in the left eye and once in the left side. A piece of rope was found around his neck, his hands were bound and the rope from his hands run to the limb of a tree directly above the body. BANK FAILURE AND L. C. HUGHES. TOMBSTONE, May 12-The town is quiet but the guard IS still maintained at the bank of Hudson & Co. This morning a committee of the grand jury and Mr. J. Y. Eccleston, teller of the bank, began making an inventory. No statement will ba arrived at before night. A witness before the grand jury this morning testified to having seen M. B. Clapp cashier, leaving the bank at six o'clock, or three and a half hours before the suspension, with it valise in his hand The general impression is that but little money will be found in the vaults. The statement in the Tucson Star that the Miners' Union contemplated firing the town, etc., is maliciously false. Upon the contrary the President of the Union waited on Mayor Carr and notified him if guards were needed for any purpose the Union would furnish them free of charge. The result of the ballot of the Democratic Territorial convention announcing sev n votes forHughes of the Tucson Star for delegate to the national convention, making a tie with Oury and Meade, was received here with surprise, by the Democras cy, who threaten to bolt the party if Hughes is sent to Chicago. They claim he never was a Democrat until he arrived in Arizona and only now from policy. Any man or set of men upholding him will get the political black eye in this county if put up for suffrage. LATER-The statement that Clapp left the bank at 6 a. m. is incorrect. KILLED BY CARS WILCOX, May 12-Phillip Mead, a native of New Orleans, La., was run over last night at ten o'clock by the east-bound train. Amputation was made at the knees. He died at ten o'clock this morning. APOLEXY. KANSAS, CITY, May 12.-W. G. Case, of Santa Monica, California, en route to Saratoga as a delegate to the Presby terian general assembly at Saratoga, Was seized with apos plexy on the train this morning. He died at the hotel this afternoon. CONDENSED TELEGRAMS. Senator Sabin is said to be largely involved in the failure of the car company at Stillwater, Mich. The California legislature is on the eve of adjournment. The Cincinnati grand jury found 54 indictments growing out of the recent riots. There are rumors afloat that the telegraph operators may strike during the Chicago Conventions.
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in the State Senate and in the House for fifteen years. In politics he was a Republican. PERSONAL. The remains of the eminent Philadelphia surgeon, Dr. Gross, arrived at Washington, Pa., on the 8th inst., and were taken at once to the crematory and placed in the retort. There were no ceremonies at the incineration. The remains were reduced to ashes in two hours. General Audley W. Gozzam, late of the 103d Pennsylvania Volunteers, died at his residence in West Philadelphia Saturday evening. In accordance with his expressed wish, the remains will be taken to Washington, Pa., for cremation. A special dispatch from Sumter, S. C., dated May 8, says: Captain R. W. Andrews, aged 93, started yesterday for Boston, Mass., on a pedestrian tour. He expects to make the entire journey on foot, and is confident of his ability to do so. Warren B. Johnson, sixty-five years old, who left California on foot June 1, 1882, with a horse, wagon, cow and dog, arrived at his home in Webster, Mass., on the night of the 9th inst., all the animals accompanying him. John F. Slater, the philanthropist, who gave a million dollars for educational purposes in the South, died at Norwich, Conn., on the 7th inst. FINANCIAL AND INDUSTRIAL. The Northwestern Manufacturing and Car Company of Stillwater, Minn., of which United States Senator D. M. Sabin is president, failed on the 10th inst. The liabilitias are $1,000,000 and the assets $4,500,000. The company was being pressed by a number of creditors on obligations which they had expected to meet with money secured from the East; but the suspension of the Marine Bank and the failure of Grant & Ward had so shaken confidence in credit that they had found it impossible to secure the expected advances. To prevent attachments and the tying up of their property the company resolved to have a receiver appointed. They expected to discharge all their obligations, and after a temporary embarrassment to resume business as a corporation. It is understood that A. H. Brown, of Stillwater, has been selected as receiver. The Northwestern Car Company had a great set-back in the penitentiary fire last winter. The returns of the Department of Agriculture for May make the wheat prospect nearly as favorable as in April. Then the general average was within five per cent. of the standard of full condition. The May average is 94. It was 83½ in 1883. Barring the changes of the future, a winter wheat product of about 350,000,000 bushels is indicated. A carload of 20,000 pounds of fresh salmon was shipped Friday night from Dallas, Oregon, to New York, the first that has ever been shipped from that State to New York. The company guarantee that the time consumed in transit will not exceed nine days. The cotton crop report for the Memphis district, embracing West Tennessee, North Mississippi, North Arkansas and North Alabama, shows a decreased acreage planted in cotton in that district of one-half per cent., as compared with last year. The business failures throughout the country in the seven days ending May 10, number for the United States 158 and for Canada 33. Hudson & Co., bankers, of Tombstone, Arizona, have made an assignment-liabilities $300,000, assets $360,000.
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M., May 12-4 was supposed in the morning. to be Pyramid J. Nichols, Mountain The debody and murdered of here advanced this stage identified composition in his by His papers miles was east in an could only be assassing pockets. to him, hang evidently attempted but took they the too rope weak being bim the and shot twice, method shorter left in the in the left and once eye A of was rope side. piece around found and the his his bound neck, hands a of the to bis ran limb hands from rope the tree directly body above is The May town quiet TOMBSTONE, at the still guard maintained Co. is morning Mr. committee of the teller Eccleaton, but bank the of Hadson of the & grand jury bank, and began No statement A witbefore making Y. arrived an inventory. at before night. this morning seen will be the grand jury M.B. Clapp, o'clock, and or three testified pess to having the bank at six before the in with valise cashier, leaving half hours his hand. suspension, but that little The vaults. statement The general will be found in Star that the the is money in the contemplated Tucson firing etc., town, Upon the contrary President Miners' Union maliciously false. of the Union him notified Care purpose the Union would charge. waited if guards on were Mayor needed furnish for any them free of of the the The of ballot result Demoancratie convention Territorial of the for votes REVED Hughes the with nouncing Tucson Star making for delegate tie with Oury surprise. and convention, received here threaten to bolt Meade, the Democracy, was who is sent to Chicago. by if Hughes was a Democrat only Arizona the party he never and men They claim be arrived in Any man or set of until from policy. will get the political in this black eye now upholding him county if put up for eufTrage. The that ClapP statement incorrect. LATER the bank at 6a. m. Phillip Mead, left WILLCOX, May La., was runOrleans, the eastof New no'clock by the native last night at was made this knees. bound over train. He Amputation died ten o'clock morning. The committe by branch TOMBSTONE the May grand 13.- jury to bank investi- of appointed affairs of the concluded gate the in this ity, the folHudson & Co. and furnish $161, labors to-day, statement: Assets, lowing their general $133,206 89: among from 545 53; liabilities, included $71,000 due about the parent assets is bank at Tueson. the vault. But in the found in chute $16,000 were the wood Ash On Sunday last mountains, canon, Huachuca quantity of wood to gether with the large Toughnut mining by incen- combelonging was fired, it is estimated thought at 35,000. pany, The loss is compromise diaries. effect being Efforts to minera are now mines and will be success made, the and it is thought will resume operful. If so, the mines time. The Prompt ones atione Rattlesnake short mines are the camp. only The and now in operation in Sergeant Sixth of note trial of L. B. Lawrence, Cavalry, who at of M company, saloon keeper, and also killed Hill. Depuy a of his own company was closed Sergeant November last, of to-day, Willeox, the in jury rendering a verdict from manslaughter. May 14. A telegram Grand TOMBSTONE, Gage, of states the that the will company Central Supermtendent mine, not now resume East, work except on the basis of $3 council per day. met to-day and terms The resolutions city condemning in strong The passed an article in the Tucson publishing Star. an Miners' Union intends miners and scatter the same all over the address to the Territory. The usion bitter against the Star. branch very deta led staten t of the cash in the bank A of Hudson & Co. shows warrants, $10,vaults, $12,891 27: itore, county $133,206 89; due 275 98; due depo- bank, $71,324 57; due from The has from Tucson on overdrafts, $52,799 bank. depositori been taken from the guard May 12 -Senator Sabin com- has BOSTON, borrower for car York, been heavy capitalists of New of New pany from and many smaller cities Norwieb, Boston sold stock in ManEngland. cut. He Fitchburg, Lowell, The Connect and other places. chester, Bangot said to be largely init: trust funds are considerable preferred stock vested was ia sold with half common firm in Bosstock thrown in as bonus. to hold One nearly a hundred ton is said dollars in the stock and not paper exthat pected of thousand the ear the compau) firm will but be it affected been east several the failure. Sabin has sales of stock and times lately making Not many months negotiating =ince leading loans. firm held nearly $200,000 of his stock May and 12-The papers. bark survivors Theresa of QUEBEC, mainder of the with the State the of Florida has refuses arrived. to talk The of agent accident. of the steamer Officer Thompson is much less depressed. the The seamen are unable than the officers, but of the reticient light upon the cause the throw any having been abed when ac vessels disaster, collided. They had small Those commodation and spare rations. Captain from the Pomona are: saved Angelo Rosa, Thomas NicholHeyburn, names of the lost of the PoSOD. The The Pomona was in mona are unknown. for Miramichi. The ballast at Liverpool Florida have been secured sailors the of agent the and kept away from lost news- everyby Capt. Heyburn paper men. Nicholson was on the lookout 1 thing. of the collision and ascribes à the the fault time of the disaster of officer to the Allen steamer. and favorably
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FROM the Epitaph we learn that the bitter feeling in Tombstone against Hudson & Co. is materially changing. They have also receded from the po tion the 1 rand jury took immedia'ely upon the suspension of the bank, declaring that the funds in the Tombstone bank should not go towards liquidating the indebtedness of the bank in Tucson. It is discovered that the bulk of the assets are in the parent bank and should Tombstone hold to their first proposition they might get left, and now they are perfectly willing to leave the settlement of the affairs with the assignee and believe that the condition of the bank IS far better than was anticipated. The condition of affairs here are about the same with a constantly growing feeling of a healthier state. There has been nothing done to embarrass the assignee and the good feeling existing between the creditors and the assignee is pleasant and a degree of confidence has spired that modifies all feelings erness heretofore expressed. The fear that some deep laid scheme been concocted by the bankers to depositors was so prevalent at the rt, that it was hard to convince anyae to the contrary, but as time passes and knowledge of the condition of the bank is disclosed. that idea is entirely abandoned, and it is firmly believed tha if the officers of the bank are not tied up in law the creditors will realize all the way from 50 to 100 per cent. A gentleman remarked to us yesterday: "What is all this howl about the town being broke and having no money, made for? There has no money left town. It has only changed hands. The borrower has got the depositor's money. The money is all here, and the creditors will get it all back if they will be patient. I owe the bank, and when called upon will pay what I owe and the interest thereon. Most of the securities are in the same condition, and nine-tenths of them will be paid when the time comes."
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A little less than three years ago the firm of Lord & Williams failed. They had been doing the banking business of Southern Arizona, and when they suspen ded a large number of poor people lost all they had. And now ;the bank of Hudson & Co. has also failed, and the same story is being repeated. The cause of the present crash as stated by the officers of the bank, was the with drawal of large amounts from their Tombstone branch. This latter run was occasioned by the closing down of the Tombstone mines, and the consequent removal of a great many depositors from that locality. When the suspension was first announced in Tucson a strong feeling of indignation prevailed. There were heard many threats of violence, but in a little while a calmer mood prevailed, and the depositors resigned themselves to the inevitable. The effairs of the bank are now in the hands of a receiver, and it is thought the loss to depositors will not exceed 50 per cent.
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[From Friday's Daily.] The Tombstone branch of Hudson & Co. has enough coin on hand to pay its depositors. Hudson & Co's assignee thinks be will pay filly cents on the dollar in a few days. If is estimated that 10,000 Calls fornia Odd F. Hows were in line in San Francisco on Wednesday last. It COS 8 but $24.50 to ride from Denver to New York City now, $11 to Chicago and $5 to St Louis. Before the adoption of standard time, trains were run by fifty-three different kinds of time; now there are only five different times. The Anglo California Bank, 0 San Francis o, has attached property of Hudson & Co. in New York to secure payment of $130,000. Two hundred and ninety-four lodges of Odd Fellows were represented in the procession in San Francisco on Wednesday last. Mr. Sims, of Phoenix, formerly an exteusive contractor on the A &P, is visiting Prescott. R is presumed he is examining the lay of the land of the Prescott railroad. The McDowell sharpshooters returned from Whipple Barracks this morning. The rifle contest at the Barracks will take place in September. The ambulance and an escort came down from Fort McDowell. this foreavon 10 take out a paymaster which is expected to arrive from California this afternoon.