The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-10

4
selling the ore and makes monthly settle
mcnts wish the holders OF the stock.
There are many furnaces which use this
( ore. ard these are also divided among
| the heirs. Robert II. Coleman
has the three Colebrook furnaces.
two anthracite furnaces and the Coleman
| furnaces. Robert II. Coleman II also
! Joint owner OF the North Lebanon fur
/ naces and an important member OF the
firm OF Coleman & Brock. manufacturers
Of pig iron.
Other business Troubles.
| MINNEAPOLIS, MINI. August O.
| The Commercial Bank Of this city closed
| its doors this morning.
| NASHVILLE, TENN, August s.-The
1 First National Bank OF this city suspend
] ed after banking hours this afternoon.
a statement has not yet been given out.
! After the suspension Of the First Ma
| tional Bank this afternoon the directors
OF the Fourth National had a meeting.
| those present representing several mil
lions Of property. ana signed a guaranty
pledging themselves and their individual
estates TO the payment OF all deposits
| They further state that the bank is able
| 10 meet all Of its obligations.
The directors OF the City Savings
| Bank held a meeting 10 night and unani-
Iuously decided to suspend payment for
sixty days. The suspension 10 caused by
| the stringency OF the money market.
| The bank Is considered solvent. and will
pay depositors and stockholders In full
| Deposits. S40.707s0; assets sl5l, 1892
| ninety per cent OF which f. good. The
| directors OF the bank have personally
| pledged themselves and their estates TO
the payment OF all deposits In fun
Edgar Jones. president OF the Union
Bank and Trust Company SAYS in an
| int vii hat Iva mt
| will open as usual tomorrow. John NJ
Sperry. president OF the Merchants Ma
! tional. in an interview says his bank
viii also open tomorrow as usual.
! PITrSBURG. PA, August 9.-The Lin
| den Steel Company. one OF the largest
manufacturing concerns In Pittsburg has
suspended operations on account OF the
stringency Of the times and the difficulty
in procpring discounts and inability 10
make collections All employees. about
| eighty. have been discharged.
ROCHESTER,, MINI. August 9.--The
Union National Bank closed temporarily
this morning. There is no statement. The
bank is solvent. AMI will resume without
the appointment OF a receiver. The other
banks are all considered solid
COLFAX, WASH. August 9.--The
Bank Of Colfax has closed Capital $780,,
600. assets exceed liabilities two 10 one.
| The Commercial Bank closed fits doors
this morning The bank IS a small local
| institution, doing business in this city.
| Capital, 800 600; deposits $4,000. and its
time deposits $222 ono. The loans and dis
counts al the last statement amounted 10
| $4,000. 1t is stated by the officers that
depostors will be paid in full.
NEW YORK August 9.-Fuller Broth
| ers. commission merchants at l39 Green
| uffFh uccignaI fc-Aat
said to be the largest wholesale dealers
in nails in this city, and the oldest con-
| Germ in that line here. They have always
| been regarded as conservative ard relia-
BILE. Members OF the firm said that the
assignment was the result Of the terribly
| hard times. As commission merchants
| they had dealings with many nail mills,
| had made advances to them, and now
were unable to collect from them. The
firm had been absolutely unable TO raise
! money TO meet their obligations coming
| due. They could give no figures to
their condition, but the totals will be
large.
Run Avoided.
NEW YORK, August "a crowd of
small depositors gathered before the doors
| of the closed Madison Squars Bank this
morning and anxiously inquired as 10
| the safety OF their money. Large dcposi
tors. # was stated. had full confidence
in the bank and were not on hand.
| About II o'clock Harry GOldstein a
son OF Isaac Goldsten, a millionaire
dealer Of Sixty-second and Hudson streets,
| stated 10 depositoTs that his father had
| authorized him to say he would bond
himself I'm 100000 10 pay all depositors.
He did this because he was n friend OF
President Blant and was confident the
affairs Of the bank were all right. Ten
minutes later the tanltor appeared and
stated that one Of the directors was on
hand with $4,000, prepared TO settle with
the depostors on the spot at ninety cents
on the dollar. If they were willing how
ever. 10 wait. every cent would be paid
No one took up the offer and the crowd
dwindled away.
Depositors Become Quiet.
NEW ORLEANS, LA, August "a
run was started yesterday on the Germa-
MIA Savings Bank. and all who came
were promptly paid. When the doors Of
the Germania were opened this morning
there was a molly group of people wait
ing on the outside with their deposit
books grasped tightly in their hands.
They had not heard OF the new order of
things. Last night the Savings Bank man
ayers decided to enforce the sixty-day
clause. This action has apparently had
the effect Of allaying the fears OF deposi-
tors and the run has ceased.
The Clearing House Association, at a
meeting to-day, agreed 10 hold currency
as much as possible and 10 carry on
business more largely with checks No
depositor will be allowed to withdraw
more than fifty dollars per day In cur
rency but the banks are issuing clearing
house certificates for the remainder.
Money may be deposited for withdrawal.
Speaking of the financial situation
President Baldwin of the New orleans
National Bank. said
II suppose that each of the leading
banks in the city has been affected by
the present trouble TO a slight extent.
Probably $4,000 has been withdrawn from
u.s. and a similar amount from other
large financial Institutions here. Some Of
the business men and timid depositors
are alarmed and withdraw their money
quickly. But. instead OF losing IN the
aggregate Of business. we have been gain
ing, and there is unlimited confidence in
the sound condition Of the New Orleans
city banks"