Savannah morning news. [volume] (Savannah) 1868-1887, 1884-07-04
COMMERCIAL COMPLICATIONS.
The Gloucester Savings Institution
Closes It's Doors.

closes Its Doors.
| GLOUCESTER, MASS, July 8. - The
| Gloucester Savings Institution was
closed to-day and notice of its suspension
was posted in front of the office. The
| President said that he expected that the
bank would open its doors in a few davs
and pay dollar for dollar. 1t is saId that
/ the liabilities are $150,000 and the face
value of the assets $155. 900.
THE MARINE BANK STATEMENT.
WASHINGTON. July 3.-The report of
| the receiver of the Marine National Bank
was received by the Comptroller of the
Currency to-day. The Comptroller saws
that he has not had time to 20 through the
schedules and examine the report. which
IS very voluminous in detail, but from the
fact that the proved claims amount to
3,493,01I and the assets are estimated as
good amount to only $3.022, $50. He has
no doubt but that an assessment will he
made against the shareholders of the bank.
In reply to inquiries regarding probable
dividends, the Comptroller saws that he
hopes to be able to make a dividend to the
creditors of the bank within one month,
The Comptroller is not prepared to say
whether proceedings will be commenced
against the Directors or not.
In reference to the bad and doubtful
debts, amounting to ST, ,S23, ,1SS, the Comp
troller is Of the opinion that they will not
ne total loss, but the condition of the
Marine Bank is involved in such legal
complication that the amounts recovered
from these assets will be collected with
great difficulty, and their collection will
be attended with much delay and consid-
cradle expense.
HALF STARVED woRKNIEN DEMAND THEIR
EARNINGS.
MILWAUKEE,, July 3.-About two hum
dred labOrers, employed by the Lake Shore
aud Western Railway Company in the
Green Bay region of Michigan. arrived
here this morning, having Travelled two
days and nights without food, and going
to tie headquarters of the company de-
manded pay for their May work. On
being refused they attempted to break
in the doors, but police arrived
and drove them off. They
still hang about. having no money
and being desperate from hunger. The
company's officers explain that the paw
roll was late and that they are unable to
settle with the men until the superin-
tendenis of the gangs certify to the rolls.
The superintendents are up in the woods
and the paymaster took the pay car for
the north at noon, so that the men will
not be paid until they go back to the
woods.
IRON DEALERS ASSIGN.
CHICAGO, July 3.-Cherrie & Co., deal
ers in iron and rails, filed voluntary as
ssignment to-day. The liabilities are
$780, 200 and the assets nominally $3.50, 900.
The failure was precipitated by the pur-
chase of 10000 tons of pig iron, worth
about 100000 at high prices and borrow
Sl20,000 on it. The banks called for the
money, and several other debts fell due.
The company Will be able to pay in full
and have large surplus.
GRANTED AN EXTENSION.
YOUNGSTOWN. o.. July 3.-Andrews q
Hitchcock, iron manufacturers and coal
operators, to-day asked an extension from
their creditors, which will be granted,
and the firm will continue business. The
firm is very wealthy, but the depression
in the iron business and their inability to
realize even on good commercial paper
caused an extension to be asked. The
firm has the confidence of business men
here, and no trouble is anticipated.
DRY GOODS COMMISSION MERCHANTS AS
SIGN.
BOSTON, July 3.-Whittemore. Cabot q
Co., dry goods commission merchants.
have made an assignment to John b.
Smith, OF HillsbOro Bridge, N. H., large
consignor to the firm. The amount of the
liabilities is not YET known, but will be
large. The firm was one of the leading
houses in knit goods in this city, and also
owned and operated the South Shore Mills
at bingham.
THE PENN BANK COMPLICATIONS.
PITTsBURG, July 3.-Assignee Ward
filed bill of equity to-day against the
directors of the defunct Penn bank
to compel them to surrender secu-
rites, valued at $451, ,000 appropriated by
them the day the bank failed to secure
themselves against loss on notes given
the associated banks at the time the latter
loaned them money to tide over the sus-
pension.
COMPROMISE EFFECTED.
PHILADELPHIA, July 3.-The Arbitra-
tion Committee of the Knights of Labor
waited on Messrs. Z. NJ. Harris & Co.,
shoe manufacturers, to-day with view
to settling the difficulty between that firm
and the employees who went on a strike
about week ago. A compromise was
effected and the men will return to work
on Monday.
COKE OVENS TO BE CLOSED DOWN.
PITTsBURG, July 3.-The Coke Pro-
ducer's Association have decided to close
down all ovens in this region, hereafter,
two days in the week. This movement is
considered necessary, owing to the de-
pressed state of the coke trade.
COTTON BROKERS SUSPEND.
NEW YORK, July 3.-Johnston Bros,
cotton brokers, in the Exchange Building,
have suspended.
EEI, HAZAR ESpOTTCTEC TT, IzAuDT