St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-17
FINANCIALLY CRIPPLED.
First National Bank OF Cedar
Falls, 10, SusDends Payments

~ AA-N OAsAA LINZ
First National Bank OF Cedar
Falls, 10, Suspends Payments
WATERLOO, 10, May lG-The First
National bank of Cedar Falls suspended
at the close of business yesterday, being
involved by the assignment of William
M. Fields q Brother. which was fled
this morning and who control a major
ity of the stock. Field d Brother are
among the largest importers of draft
and coach horses in the West, and their
failure is due to the DECLINE in
stock which they handle The
liabilities of the bank are
estimated at 100000 to Sl5O,O00, while
the personal liabilities of the Fields
will be fully as much more. No state
ment of assets can be given as yet. The
resources consist of 125 imported draft
and coach horses, and vast tracts of
land in Iowa, the Dakotas and Kansas.
The bank is III the hands of the comp
troller Of the currency. 1t is said to be
solvent, and will be able to pay all
claims in full. The creditors. 1872 in
number, are mostly farmers from the
surrounding country. 81
WAsHINGTON, May 16.-COmptrOler
Eckles has bean informed of the failure
of the First National bank OF Cedar
Falls. 10. Bank Examiner John Nc
Cough has been ordered to take charge
of the bank The comptroller today ap-
pointed Albert Watkins, Of Lincoln,
Neb., receiver Of the First National
bank of Ponca, Neb. He also appointed
David Armstrong, of Little Rock, Ark,
receiver Of the First National bank of
Little Rock, vice Logan Ii. Root re-
signed.
GRAND RAPIDS, Mich, May 16.-In
the United States circuit court today a
decree in foreclosure was handed down.,
and a judgment in favor of the Farmers
Trust and Loan company, of New York,
for 6,397S0 was entered against the
Toledo q South Haven railway. The
road is thirty miles long, narrow gauge,
and runs from South Haven to LawtOn.
BLOOMINGTON, Ill.,, May lG.-The
Exchange Bank of Normal, a suburb Of,
this city, closed its doors today. 1t was
a private banking institution, conducted
by w. Ii. Schuereman, and the cause is
doing business without adequate capitals
The crash has been expected some time.
The deposits average 100000, and capig
tai stock was supposed to be S95, 000, e
New YORK, May 1G.-Erastus Wiman
today made a general assignment To-
Lawyer David Bennett King, Of A Pine.
street. The assignment was signed by
Mr.. Wyman and Assignee King. Mr..
Wyman would not make any formal
statement. lie merely SAID that the
assignment was without any prefer
ence.
MILWAUKEE, May 16.-H. Penner 81
Co., whose bedding factory was burned
last week, made an assignment today.
Assets, 1900; liabilities. not stated.
MONROEvILLE, Ind, May 1G.-Thei
Citizens Bank of MOnrOevile, which
closed its doors last Friday after a run
of one hour had depleted its cash on
hand, has opened its doors for business
this morning, with q statement that it,
would pay dollar for dollar on all in
debtedness. q
New YORK, May 16.-An attachment,
for s95, 600 against the West Superior
Iron and Steel company in favor of the
Atlantic Trust company, the trustee of
Cecil b. Griffith, was granted by Judge
Andrews today. Copies of the attach
ment have been served upon the Cen
trail Trust company and KnickerboCker
Trust company.
PITTsBURG, May IG. - judgments
have been entered in court here today
against the Godfrey IL Clark Paper
company, bringing the total against the
company up to $4,000. The firm hopes,
however, to weather the trouble and
soon resume business.
CHARLESTON, C, May 1G.-The
doors OF the Bank of the Carolinas, with
home Office at Florence, this state,
closed today with notice Of temporary
suspension until n meeting of the direct
ors. The capital stock of the bank is
nearly 100000. 1t has branches at
Kingstree, Conway, Williston and Varn-
vile, in this state, and several towns In
North Carolina. 1t is believed that the
bank has assets to cover all indebted
ness. StriDgency OF the money market
and consequent inability to realize on
securities held by the bank is the cause
of the failure.
SIOUX CITY, To-, May 1G. e. B.
Spaldlng, assignee for Ed HaakinsOn's
estate, filed his schedule of values to.
day. The total value Of assets to which
he will have access is put at $24, 245, as
against Haakinson's scheduled total
of S1,977, 7SS, a discrepancy of
S1,Sj3, 534. The explanation is that
the bulk Of the securities ORR
ginally scheduled had been hypOthe-
Gated previous to the failure. In tho
matter of the Sioux City Dressed Beef
and Canning company assignment,
II. j. Taylor, as assignee, also
filed an amendment to the
schedule Of assets which place the
total valuation Of available property at
S38, PSI, as against the assignee's Yalua-
ton of 1896, 19S, a discrepancy of $780,
S41. The difference in valuation in this
case is also attributed to the hypotheca-
ton of securities, large amounts of
which have been floated through the
defunct Union Loan and Trust COM
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