Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-13
The CRASH CONTINUES.
Three Receivers Appointed in a
Day.
sAsIN, eRANT-WARD WAsAsH
Settling 10 the B oks---The Losses and Il
Losers---State Of Affairs at the Ma
rine Baak---Sabin's Stock
is sEyeIywhere.

NV YORE, May l2.-Little or nothing
new has been learned concerning the affairs
OF the Marine Bank A meeting of the Di-
rectors was helFthis afternoon, but thebus
mess transacted has not been made public
The report Of the bank examiner will be
forwarded to Washington shortly. Until it
is made public no official statement of the
bank affairs can he obtained Maryland
Trask, an intimate friend of Senator Sabiu,
SAYS no one in the East will be hurt by the
failure Of the Minnesota firm. There are
no failures here to justify the heavy decline
in wheat reported in Chicago dispatches
A dispatch from Norwich. Conn, says
that not over $1,000 was invested there in
the stock of the Northwestern Car Company,
and that personal loans are small The
stock of Sabin's Company sold at Ftchburg
Mass, by Worcester parties and by
President Lawrence, of the Worcester Bank
Lawrence saws the stock is all held By
S rong parties, who viii not be embarrassed
bv the cnmpanv'S suspension.
The Post saws, the second meeting was
held this afternoon By the special committee
of the Clearing House appointed to inYes-
tigate the case of the First National and
the Marine banks in which the former is
required To paw 81 $4,000 of worthless
checks which the Marine bank had &C
cepted and also to devise amendments to
the constitution and bylaws Of the Clearing
House which will prevent a repetition of
such occurrences. At the Office of Grant L
Ward. Receiver Davies is investigating the
books. He refuses to say anything. Mr.
Smith saws that the report that the habili-
ties are ten millions is exaggerated.
Director Ellwell says the reported synop-
SIS of rough report Of Examiner Serbia 5
is founded on guess work and is not accu-
rate. II is reported we have no funds in
the bank We have 100000 cash; also
5000 900 in real estate, making 5000 900
not shown in this statement think the
depositors will be paid in full.
Receiver Brown.
ST. PNUL. Nav i3.-Receiver Brown, of
the Northwestern Car Company, will begin
the work Obtaining an inventory of all the
property Of the concern without delay. This
property embraces small lots of machinery
scattered throughout the country in the
hands of the numerous agents as well as
commercial paper held by the company
and the enormous plants and the large
amount Of material on hand ut the works.
MIR Brown says he will pay of all the
hands on the 18th Of the present month,
and the shops will then he shut down for a
few davS to facilitate the taking of an in
vcntory. senator G. u. Glhllan, the First
Vice President of the Car Company. says
tho intention Is To continue operations un-
der the Receiver tor ten months, after which
time It Is thought the company will be IN
condition To continue under management of
its own. The Senator SAYS there has been
no management. but still believes the crcdi-
tors will be paid in full
Bank InSolvent.
WASHINGTON. Nav l2-No detailed re-
port has vet been received from Examiner
Serbia concerning the affair, of the Marine
Bank Of New York Mr.. Serbia, however,
has reached The conclusion that the bank is
m>olycut. and int preliminary report to the
Comptroller of the Currency, has recon-
meu1ed the appointment of a receiver.
In the Fast.
Bu~roN. Nav l2-Fogg Bros, bankers,
hold some of the papers ot the Northwestern
Car Company but decline to say how much.
\ leading banker saws Sabin Is in about
every bank in Boston, and his paper is held
all over New England, but nohody is going
t. lost ANYTHING.
WORCESTER. Mass. MAY l2-Ghe paper
Of the Northwestern Company is held by
banks here. but not in amounts to cause in
convenience
The wabash Follows suit.
NEW YORK. Nav l2-lt is officially an
nounced that the Wabash Company will be
placed in the hands of temporary receiver
un,il the plans for placing property on a
solid basis are perfected. IL is estimated
that ninety DAYS will be required for the re
organization. Ii is understood the conSoli-
dated mortgage bonds will be exchanged
for the first preferred stock. This action
sets at rest an reports that the Pacific will
be called upon to take care of the Wabash