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Buffalo Bank Suspends. Buffalo, N. Y., Oct. 15.-At 2 o'clock this morning the directors of the Bank of Commerce, one of the leading financial institutions in this city, announced that owing to heavy withdrawals the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination. Nothing can be learned as to the assets and liabilities.
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Buffalo, N. Y., Bank Fails. Buffalo, N. Y., Oct. 15.-At 2 o'clock this morning the directors of the Bank of Commerce, one of the leading financial institutions in this city, announced that owing to the heavy withdrawals the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination. Nothing can be learned as to the assets or liabilities.
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A BUFFALO BANK GOES UNDER. FORCED TO CLOSE BY HEAVY WITHDRAWALS NO RUN ON OTHER BANKS. Buffalo, Oct. 15. - The Bank of Commerce of this city closed its doors this morning pending an examination by the Banking Department. Withdrawals from the bank have been recently quite large, and at a meeting of the Board of Directors last night it was deemed expedient to suspend and place the bank in the hands of the Banking Department. The directors, however, expect that the bank may be able to resume in a short time. The Bank of Commerce was organized of in $300,000 July, 1873, and is quoted as having a surplus and a capital of $200,000. The officers are: Prestdent. R. R. Hefford; vice-president, William H. Gardner: cashier, William P. Reed: directors, James Tillinghast, R. R. Hefford, James F. Chard, William H. Gardner, William H. H. Newman and William H. Gratwick. Cashier Reed resigned a fortnight ago, ill-health being given as the cause of his retirement. There was no run upon any of the city banks as A result of the suspension of the Bank of Commerce. At several banks visited this morning deposits were being made as usual. The presidents and cashiers united in saying that the embarrassment of the Bank of Commerce had not been felt by them at all. There was not even a suggestion to of withdrawals anywhere. They attributed this the fact that the trouble in the Bank of Commerce was due not to present business conditions. but to affairs of long standing. which have been known inside banking circles for some time. Colonel Rochester, cashier of the Third National Bank, and a member of the Clearing House Committee. said: "Our committee desires to state that the reports of all the banks of the city to the Clearing House last Friday showed them to be in an exceptionally strong condition. None of the banks, so far as I know, and I think I can speak from accurate information, are in any way involved with the Bank of Commerce, either by loans to them or by exchange of any securities. The Bank of Commerce did not call upon the Clearing House Committee for assistance, but the directors and stockholders decided to suspend until they could ascertain exactly how they stood, as the officers and directors had no wish to make themselves criminally liable in receiving deposits when their capital was impaired."
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BUFFALO BANK SUSPENDS. One of the Leading Financial Institutions Closes Its Doors. Buffalo, N. Y., Oct. 16.-At 2 o'clock Thursday morning the directors of the Bank of Commerce, one of the leading financial institutions in this city, announced that owing to the heavy withdrawals the bank was compelled to suspend business and place its affairs in the hands of the banking department for examination. Nothing can be learned as to its assets and liabilities. The following statement was given out by Myron P. Clark, attorney of the bank, at 2.30 o'clock Thursday morning: "Withdrawals from the Bank of Commerce have recently been quite large, and at the meeting of the board of directors it was deemed expedient to place the bank in the hands of the banking department for examination. which will be made at once. Pending this examination the directors have decided to suspend business. The directors expect that the bank may be able to resume In a short time." The Bank of Commerce was organized in July, 1873, and quoted as having a surplus of $300.000 and a capital of $200,000. It was supposed to be one of the soundest financial institutions in the city.
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Buffalo Bank Suspends. BUFFALO, N. Y., Oct. 15.-The Bank of Commerce has suspended business, pending an examination into its affairs by the banking department. The directors state that on account of large withdrawals they decided to take this step.
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BANK'S FINANCES ARE SOUND. Buffalo Bank Closed Because Its Offleers Were Shorthanded. BUFFALO, Oct. 15.-No statement of the assets and liabilities of the Bank of Commerce, whose directors decided to suspend business today, has yet been made. The bank was supposed to be one of the soundest financial institutions in the city. The indi vidual deposits were $1,659,960; bank deposits, $547,490; loans and discounts, $1,788,920. It is hoped by the directors that after examination by the State Banking department the Bank of Commerce will be enabled to resume business. It is learned this afternoon that President R. R. Hefford of the Bank of Commerce resigned that office October 1 for two weeks. Therefore the bank had been without a presdent or cashier. Attempts at reorganization having failed, there was nothing honorable left to do but close the doors. The following statement has been given out: The doors of the bank have been closed, not because it had not money to pay out, but because it was desired by the officers of the bank to do full justice to its creditors and not make themselves criminally liable in case it was found that the bank's capital was impaired.
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Big Buffalo Bank Suspends. BUFFALO, Oct. 15.-At 2 a. m. the directors of the Bank of Commerce, one of the leading financial institutions of the city, announced that, owing to the heavy withdrawals, the bank was compelled to suspend business and place their affairs in the hands of the banking department for examination. Nothing can be learned as to the assets and liabilities.
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THE NEWS. Compiled From Late Dispatches. DOMESTIC. Gen. Edward S. Bragg, of Wisconsin, has been appointed by Attorney-General Harmon especial assistant to the United States district attorney for the eastern district of Wiscons:n. For the first time in the history of New York state courts women were appointed receivers in supplementary proceedings of insolvency in New York city. A statement prepared by the bureau of mints shows that during the month of September last the mints of the United States coined 2,700,100 silver dollars. The Cooperative Fruit company of New Castle, Cal., failed for $100,000. The notorious Bill Green gang of desperadoes. composed of Bill, Edward and Arthur Green, was found near Oologah, I. T., and Bill and Edward were killed by the officers. The barkentine Thomas J. Stewart, of Boston, was lost at sea with her crew of 11 men. An organized effort is being made in South Dakota to boycott the hard coal combine throughout the northwest by inducing as many consumers as possible to substitute corn for fuel. Later advices from the storm on the Atlantic coast say that the property damage at Coney Island and other places in the vicinity will amount to over $500,000. Six lives were also lost. The Sherburne (Minn.) bank robbers have been identified as Lu Kellihan and his brother Hans, the latter, who was killed by his captors, being only 18 years old. Knights of the Golden Eagle from nearly every part of the United States met at Reading, Pa., in annual convention. The first irrigation fair in the history of the west opened at North Platte, Neb., with many thousands in attendance. George Harris, William Smith and Charles Jones were killed and two citizens were wounded during an attempt to rob the bank at Meeker. Cal. The Marine national bank at Duluth, Minn., suspended with heavy liabilities. Cummings Bros., exporters of hardwood lumber and logs at Houston, Tex., failed for $100,000. The J. & P. Coates company of Glasgow, Scotland, has bought Clark's MileEnd thread mills at Newark, N. J., for $1,250,000. Three men were fatally injured and 20 others were more or less seriously injured in a trolley accident at a railway crossing in Hazieton, Pa. The Second national bank. the oldest financial institution in Rockford. III., closed its doors, having gone into voluntary liquidation. James Michael, the Welshman, broke the world's five-mile bicycle record on the Garfield park track in Chicago, his time being 9:17 1-5. The annual report of the third assistant postmaster general for the past fiscal year shows that the total expenditure for the year was $90,626,296 and receipts $82,499,208, leaving a deficiency of $8,127,085. or a reduction of $1,679,956 less than the preceding year. J. A. White shot and killed Richard M. Adams and William Jackson, police officers who were trying to arrest him at Columbus, Ga., and was himself shot dead. Michael Boyd and a man named Murphy were asphyxiated in a large gas tank at Syracuse, N. Y. In a wreck on the Florida Central road near Swansea, Ga., Baggage Master Lines and Mail Clerk Thomas were pinned down in the debris and burned to death. The Bank of Commerce, one of the leading financial institutions in Buffalo, N. Y., suspended because of heavy withdrawals. The Military Order of the Loyal Legion of the United States at its annual meeting in Philadelphia elected Rear Admiral Bancroft Gherardi, U. S. N., commander-in-chief. Settlers in Ontonagon and Gogebic counties, Mich., were meeting with heavy losses by forest fires. The president has appointed Robert A. Smith postmaster at St. Paul, Minn. The appointment ends a long contest over the office. Four members of the volunteer fire department of Blue Island, III., have been placed under arrest charged with burning the principal business block in that place some time ago.
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THE NEWS. Compiled From Late Dispatches. DOMESTIC. The Sherburne (Minn.) bank robbers have been identified as Lu Kellihan and his brother Hans, the latter, who was killed by his captors, being only 18 years old. Knights of the Golden Eagle from nearly every part of the United States met at Reading, Pa., in annual convention. George Harris, William Smith and Charles Jones were killed and two citizens were wounded during an attempt to rob the bank at Meeker. Cal. Cummings Bros., exporters of hardwood lumber and logs at Houston, Tex., failed for $100.000. The J. & P. Coates company of Glasgow, Scotland, has bought Clark's MileEnd thread mills at Newark, N. J., for $1,250,000. Three men were fatally injured and 20 others were more or less seriously injured in a trolley accident at a railway crossing in Hazle'on, Pa. The Second national bank. the old. est financial institution in Rockford, III., closed its doors, having gone into voluntary liquidation. James Michael, the Welshman. broke the world's five-mile bicycle record on the Garfield park track in Chicago, his time being 9:17 1-5. The annual report of the third assistant postmaster general for the past fiscal year shows that the total expenditure for the year was $90,626,296 and receipts $82,499,208, leaving a deficiency of $8,127,088, or a reduction of $1,679,956 less than the preceding year. J. A. White shot and killed Richard M. Adams and William Jackson, police officers who were trying to arrest him at Columbus, Ga., and was himself shot dead. Michael Boyd and a man named Murphy were asphyxiated in a large gas tank at Syracuse. N. Y. In a wreck on the Florida Central road near Swansea, Ga., Baggage Master Lines and Mail Clerk Thomas were pinned down in the debris and burned to death. The Bank of Commerce, one of the leading financial institutions in Buffalo, N. Y., suspended because of heavy withdrawals. The Military Order of the Loyal Legion of the United States at its annual meeting in Philadelphia elected Rear Admiral Bancroft Gherardi, U. S. N., commander-in-chief. Settlers in Ontonagon and Gogebic counties, Mich., were meeting with heavy losses by forest fires. The president has appointed Robet t A. Smith postmaster at St. Paul, Minn. The appointment ends a long contest over the office. Four members of the volunteer fire department of Blue Island, III., have been placed under arrest charged with burning the principal business block in that place some time ago. Mrs. Col. Vernon, of Red Key, Ind., gave her two small children a dose of poison and then poisoned herself. No cause is known for the deed. Dr. John B. Hamilton, surgeon-general of the United States marine hospital, stationed in Chicago, sent in his resignation to President Cleveland. The Union Pacific fast mail was held up by three masked men near Uintah. Utah. and the mail car was robbed. A gang of masked men looted the little town of Peryear. Tenn., and then started tires in many places, but they were extinguished with small loss. Capt. William Clarke, of Hampden, Me., shot and killed his wife and then shot himself. Jealousy was the cause. A treasury statement says that the first half of October shows a deficit of $5,739,873 and for the fiscal year to date of $30,934,009. The total receipts for the fiscal year to date have been $91,575, 670 and the expenditures have aggregated $122,509,670. The wholesale chinaware and crockery establishment of Pearson & Wetzel in Indianapolis was gutted by fire, the loss being $75,000. In a collision between two freight trains near Meridian, Miss., Will Tulsche, engineer, and Zip Alexander, fireman, were instantly killed and, 40 cars were wrecked. The Manchester Cigar Manufacturing company at Baltimore, Md., failed for $100,000. At the annual meeting in Colorado Springs, Col., of the International Typographical union William P. Prescott. of Toronto, Ont., was reelected president, and a nine-hour labor law was passed.
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Certain to Be a Receiver. Buffalo, N. Y., Nov. 23.-That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other bankers are not inclined to assist, and stockholders of the suspended bank cannot agree now among themselves any more than they could before its affairs reached such a shape as to compel suspension.
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Other Business Troubles. PHILADELPHIA, Nov. 23.-A bill in equity was filed in the United States Circuit Court to-day by George A. Lee, of New York, against the Pennsylvania Traction Company, of Lancaster. Lee says he is a holder of $10,000 of the bonds issued and secured by the mortgage of Jan. 5, 1894, and of bonds to the aggregate amount of $700,000, issued under and secured by the mortgage of April 5, 1894. Lee claims the company has defaulted in the payment of interest, and he asks that a receiver be appointed. BUFFALO, N. Y., Nov. 23. - That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other bankers are not inclined to assist, and the stockholders of the suspended bank cannot agree now among themselves any more than they could before its affairs reached such a shape as to compel suspension. WASHINGTON, Nov. 23.-The Controller of the Currency has received information of the failure of the Dakota National Bank, of Sioux Falls, S. D. The bank has a capital of $50,000. and at the time of the last report it had a surplus of $50,000 and liabilities amounting to $230,000, exclusive of stock. Bank Examiner Zimmerman has been placed in charge. NEW YORK, Nov. 23.-Schedules in the assignment of Albert B. Hilton, who conducted business under the firm name of Hilton. Hughes & Co., successors to A. T. Stewart & Co., were filed to-day. The schedules show liabilities to the amount of $1,891,576; nominal assets, $1,600,342, and actual assets of $732,174. LONDON, Nov. 23.-The failure is announced of Webster & Bennie, warehousemen, with liabilities estimated at £180,000 ($900,000) and estimated assets at £120,000 ($600,000.)
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Bank Will Suspend, BUFFALO, N. Y., Nov. 23.-That the Bank of Commerce will go into the hands of a receiver now seems inevitable. All attempts at reorganization have proved fruitless. Other bankers are not inclined to assist, and stockholders of the suspended bank cannot agree among themselves, any more than they could before its affairs reached such a shape as to compel suspension.
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RECEIVERS FOR A BUFFALO BANK. Buffalo, Nov. 28.-It is stated here that Superintendent Küburn of the State Banking Department has advised Attorney-General Hancock that, unless the Buffalo Bank of Commerce is in condition to resume business by December 1, he will apply to the Supreme Court for the appointment of John R. Hazel and Henry H. Persons as receivers. Mr. Hazel is the Eric County member of the State Republican Executive Committee, and Mr. Persons is an ex-State Senator and a banker of East Aurora, this county. The fees will amount to between $100,000 and $150,000.
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Receivers for Buffalo Bank. Buffalo, N. Y., Dec. 3.-Justice Childs has appointed Henry H. Persons of East Aurora and John R. Hazel as rereivers for the defunct Bank of Commerce. A bond of $100,000 will be reguired from the receivers.
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TALK OF WALL STREET. A favorable prospective feature is the likelihood of no gold exports from here next spring, due to heavy accumulations of exchange now. The Omaha has earned a dividend on common stock and many directors expect a dividend, probably small, will be declared in January. The surplus for the stock for the year will be in excess of $500,000, which will be enough to pay 2½ per cent. The Vanderbilt contingent is bullish on Omaha and higher prices are predicted for it. Burlington will probably get above 80 on this rally. Omaha gross increase, $726,524 for year to date; last year's surplus, after dividend on preferred, $348,258. Earnings for Northern Pacific, third week of November, decrease, $97,942; from July 1, decrease, $85,533. ANTHRACITE POOL. NEW YORK, Dec. 2.-The agreement entered into on Feb. 1 of this year by the presidents of the anthracite coal mining and carrying companies, at the instance of powerful financial interests, will expire nominally on Jan. 1, 1897. At the time of the agreement, however, it was arranged that the contract would run on subject to thirty days' notice from any interest. There is the best authority for the statement that no notice of withdrawal has been filed, and that none will be. The companies for the first time in the history of the anthricite trade, kept faith with each other absolutely, and all interested looked confidently for the banner year of the industry. The well-laid plans were, however, nullified to a very large extent by the continued depression in general business disturbances in the money market and anti-election agitation. The first six months of the trade were very poor, as the agreement did not really become operative until June, and the tonnage for the year, as compared with 1895, will show a heavy falling off. Recently business has been very light, more particularly at tide water, where prices, with the single exception of chestnut, which has been in fairly good demand, have been and are now being cut twenty-five cents below the nominal September circular. Trade is now improving under the stimulus of the colder weather. but officials of the various companies agree that the best that can be expected in the present month is to get up to the September figures. BANK CLEARINGS. St. Paul-$783,990.63. Minneapolis-$2,537,632.75. New York-Clearings, $141,915,611; balances, $9,639,947. Boston-Clearings, $20,682,991; balances, $2,334,961. CLOTHING FAILURE. BOSTON, Dec. 2.-The assignment of the wholesale clothing firm of Whitten-Burdett Co., of this city, is announced today. An account of stock is now being taken, and a statement of assets and liabilities will be prepared as soon as possible. NEW YORK MONEY. NEW YORK, Dec. 2.-Money on call, easy at 1½2@2 per cent; last loan, 2, closed 1½2 per cent. Prime mercantile paper, 4@5 per cent. Sterling exchange easier, with actual business in bankers' bills at $4.861/2@4.86% for demand and $4.83%@4.83% for sixty days. Posted rates, $4.841/2 and $4.871/2@4.88. Commercial bills, $4.83. Bar silver, 651/8c; silver certificates, CHICAGO MONEY. CHICAGO, Dec. 2.-Money steady at 6@7 per cent. New York exchange, 60c premium. Foreign exchange firm; demand, $4.86%; 60 days, $4.83%. TREASURY STATEMENT. WASHINGTON, Dec. 2.-Today's statement of the condition of the treasury shows: Available cash balance, $224,814,190; gold reserve, $131,651,631. FOREIGN FINANCIAL. NEW YORK, Dec. 2.-Evening Post's London financial cable: The stock markets were quiet and irregular today. The chief feature was the rise in Americans, which were more active than for several days past. As cabled on Monday, the buying of Americans here in the last two days has been of a good kind and today prices shot up from the opening, New York prices supporting the rise here. The close was at the best. RUBBER DIVIDEND. NEW YORK, Dec. 2.-The United States Rubber company has declared a dividend of 4 per cent on preferred stock, payable Jan. 15. Action on the dividend on the common stock was deferred until Oct. 23. TWO RECEIVERS NAMED. BUFFALO, N. Y., Dec. 2.-Justice Childs today appointed Henry H. Parsons, of East Aurora, and John R. Hazel, as receivers for the Bank of Commerce. The officials and a majority of the stockholders of the bank opposed the appointment and urged that the Fidelity Trust and Guaranty company be appointed to wind up the bank's affairs. A bond of $100,000 will be required from the receivers.
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NEWS OF THE WEEK. -A $700,000 electric light combine is the latest addition to the forces of light and power manufacturing in St. Louis. -Justice Childs at Buffalo appointed Henry H. Parsons of East Aurora and John R. Hazel as receivers for the Bank of Commerce. A bond of $100,000 will be required from the receivers. -Bound to iron rings anchored in the walls and caged like a wild beast, Grace Solomon, the daughter of a wealthy pawnbroker of Denver, has raved for the past seven months in a condition and under surroundings the most terrible. -By the arrest of Charles Rubinsky at Pottsville, Pa., the federal authorities say they have broken up a daring gang of swindlers, who during the past five years have obtained goods valued at many thousands of dollars from merchants of New York, Boston, Chicago, Philadelphia and other cities. -Mrs. William Aitken and her 16year-old sister were in a crowd near the Grand Opera house at Kalamazoo, Mich., when an unknown young man made an insulting remark to the girl. Mrs. Aitken resented it, and backed her feelings by her strong right arm, much to the discomfiture of the young man. -Jeff Paget, aged 22 years, and Albert Ells, 21 years, have been arrested at Kansas City, Mo., for supposed connection with the Chicago & Alton robbery on October 23. They were scene shifters at a local theater. Paget admitted having planned to rob the Missouri Pacific passenger at Leeds with Oscar Bridges, leader of the electric car robberies. -By the first of the year every flour mill in St. Louis will be running full blast. This is the prediction on 'change. -The United States gunboat Bennington has finished taking on coal at San Francisco and will sail for Callao in the wake of the Philadelphia. -Natural gas wrecked the $10,000 residence gf V. A. Weaver at Moundsville, W.V. The inmates of the house escaped with slight injuries. -The Postal Telegraph-Cable company and the Commercial Cable company directors took action in New York in regard to forming a closer alliance. -The Cincinnati chamber of commerce has passed a resolution petitioning Congress to create a new cabinet position, that of commerce and manufactures. -The canals of the state of New York were officially closed by order of the superintendent of public works. Active work on the improvements is to be begun at once. -At a meeting of the Royal society at London medals were presented to Prof. Roetgen for his ray discoveries, and to Prof. Moissan for his discovery of the isolation of the element fluorine. -A dispatch from Rome says that a great sensation has been caused in that city by the attempted murder of an English lady who wrote for the press under the nom de plume of Comtessa Lara. -Admiral Walker has gone to Portland, Or., to arrange for the completion of lightship No. 67, which was under construction by John F. Steffen & Co. of Portland at the time of their failure some months ago. -Consul Ridgely at Geneva in a report to the state department says there is a small demand in Geneva for American tin plate, more especially for the raw material packed in boxes, also for block sheets packed in bundles. -Interest in Ohio Southern first mortgage 6 per cent. bonds has been defaulted at New York. Payments of June coupons have recently been completed. The default is attributed in part to a strike in the coal regions through which the road traverses. -Oscar Hammerstein, the New York theatrical manager, has made a proposition to his creditors, offering to pay his outstanding indebtedness of $75,000, in full with interest during 1897 in instalments and to give a collateral mortgage on all his property as security. -The Postal Telegraph Cable company announces the completion of its new connecting cable, known as the United States and Hayti Cable company. This connection with the Postal company causes a reduction in rates to points in the West Indies and South America from 10 to 30 per cent.
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BANK BOOKKEEPER IN JAIL. He Is Accused of Embezzlement and Falsifying the Books. Buffalo, N. Y., Dec. 23.-Edwin J. Smith, individual bookeeper of the Bank of Commerce, has been arrested on complaint of the receivers of the bank, charged with falsifying the books, and effecting practical embezzlement of between $2,500 and $3,000. Smith has confessed.
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A Bank Bookkeeper Arrested. Buffalo, N. Y., December 23.-Edwin J. Smith, individual book-keeper of the Bank of Commerce, was arrested on complaint of the receivers of the bank, who charged him with falsifying the books, effecting a practical embezzlement of between $2,500 and $3,000 Smith confessed.
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# HE BORROWED MUCH MONEY. A JERSEYMAN ACKNOWLEDGES A LARGE INDEBTEDNESS, WITH ONLY HYPOTHETICAL ASSETS. Trenton. N. J., Oct. 6.-A bankruptcy petition has been filed in the United States District Court for New-Jersey by Andrew Brown, of Millburn, N. J. The petition says that Brown is indebted to the extent of $841,858.58, consisting principally of judgments obtained upon promissory notes. The creditors are in most instances either banks or individuals who accommodated Brown. In his petition Brown says he has assets amounting to $271,000. This is made up of a claim against the Bank of Commerce, of Buffalo. Brown states in his petition that in accordance with an agreement made in August, 1895, he turned over to the bank a large amount of real estate and other property. The bank, he charges, failed to carry out its part of the agreement, and he has been damaged to the extent of $271,000. A suit for this amount is now pending in the United States District Court for Erie County, N. Y., against H. H. Persons and John R. Hazel, receivers for the Bank of Commerce. The amount due by Brown to his creditors is for debts incurred in 1889 and since that time.