The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-06-04
BUSINESS TROUBLES.


Chicago Bankers Fell.
MILWAUKEE. June 3-Frederick T. Day,
president of the Piankinton Bank, this
afternoon made . voluntary assign
ment to William H. Moilson, cashier
of the bank. who furnished bonds
in tho sum of $3.50. Days
nominal assets are placed at $780,.
600 and the liabilities at $5oO,OOO So far
the examination of his assets has only
been cursory, but it is believed that
enough can b. realized to meet all the
debts. In doing this, however. his large
private fortune will be utterly wrecked.
Reckless banking methods were the cause
Of Days failure.
GLADSTONE. Mich, June 3.-The Ex-
change National Bank closed its doors
today and made an assignmen for the
benefit OF its creditors. The suspension
vas caused by the failure Of the Plankin-
ton bank Of Milwaukee and the outcome
depends entirely upon that institution.
No statement has yet been made.
WASHINGTON CrrY. June 3.-As result
Of the conference between Comptro Ter
Eckies and the officials Of the failed Capt.
tai National bank. of indianapolis. this
morning the comptroller announced that
the bank would probably resume in about
two weeks.
CHICAGO. June 3-The great Grant Lo-
connective Works. which moved here from
New Jersey couple Of years ago. is being
pressed by some Of its creditors. and in
order 20 provide ready cash 1t has
ca led meeting Of stockholders. The
recent strike preventing the filling of con-
tracts is the cause of the trouble. Tho
company is solvent. its assets greatly ex-
ceeding its liabilities.
CHICAGO, June 3-Hermann Schaffner
& Co. private bankers. have made an as
signmsnt. The firm is the largest pr vate
concern in Chicago or the Northwest,
dealing exclusively in commercial
paper. and II is also abou, the
eldest one OF its kind in Chicago.
| No statement. OF the banks affairs wa.
flied with the application for a receiver.
The assignment was made TO the Amers
lean Trust and Savings bank, and the
cashier OF that institution. on visit.
! ing The suspended lnstlsn.ion this
| morning, found large and demon
! stratise crowd around the closed
| doors To add TO the excitement, il was
/ rumored thai Schaaner had committed
| suicide. Investigation developed the fact
! that the assignments was the direct result
/ Of the disappearance OF Hermann SchatF-
/ ner, the senior member OF the firm. Ii is
| said that the bank has been in straits for
/ some days, and that the difficulties
] pTeyed heavily on Schai.ner's mind. He
! LETT the bank Yesterday afternoon. and h as
not been seen since, though diligent
/ search has been made for him. HIS friends
/ say that mental alteration 10 not an-
known IN his family, and they
! tesr mat his distress has unbal-
. aneed his mind, and tina, some misaap
Rad neisiien him. The police have been
noi.ae<! 10 keep sharp lookout for him.
| HIS partner, A. q. Bseeker. is SO over.
/ come ~ the train Of ii.s ,ha. he has been
taken sex and IS nog confined To his bed.
/ representative Of the assignee say.
| that Tire canse ~ the failure was too much
! commercial paper. In ,ais line the firm
WAS the largest N the country, handling
! $Aa.uc.to worth last year. and there has
been but Little market for IL since the
period OF tight money came. Ii will take
some time 10 make Up . statement OF the
/ assets and Liabilities. Il IS also said tina.
/ the ilrm vas eaash, ey several recent
failures for sans ranging from
S@n0no down. II - further sa,,,
j that me bank when in need al
. money nsaeea 1ooa commercial! notes 80
/ collateral for advances from ether banks.
! There - also a theory ,aa; Schss.ger VA.
/ c2ugh. IN the recent great stump in values
OR she local stock exchange The a;to-.
f, ney FOR the bank has III ale = statement. in
/ sa.ea he says II IS expected :aa.
tie suspension at. be only temporary
, aaa MAS made only because Schasfner's
! disappearance VAS likely 10 cause dis.rass.
Tie arm dealt IN mortgages, which il sold