The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-03
VARIOUS FINANCIAL TRoUBLEa
Conmercini CRISIS In Iraian Terr,tory-Sev.
eral Su,nu Failures


erai sr,nn Failures.
TAHLEouAH. T.. June 1.-The failure to
raise s6.5oo.o0o on the Cherokee Strip bonds
has caused a commercial crisis In the Terri
tory. Nv. Staples & Son. who have been the
principal traders on the Strip fund. at enee
discontinued credit sales. Their action was
followed Immediately by nearly all the general
meroh ants OF the place. and now no goods are
sold on tho Strip money
At Fort Gibson. Vinita. MuskoRee Wagner
Webber's Falls. Claremore and ut many other
points the same results followed. and not
dollars worth OF goods can be purchased on
credit at any OF these places The situation Ia
decidedly serious, as merchants bought on
credit and sold on credit. and consequently
will be closed out by, the creditors unless eN-
tensions are granted.
CHICAGO, june 2.-Cheverton. Marion h Co..
bankers. at Ogden avenue and Twelfth street,
Abraham Baldwin. assignee. Assets were
scheduled at 100000 and liabilities at s10,-
0O0: According to the statement made by VI.
Marion. the Junior me Der of tho firm. this
evening the failure was due to the unsettled
condition Of tho money market.
We have had constant demand on tho
part OF our depositors Tor the PAST month
said ne, and we were uhable to Withstand It,
II is uncertain whether or not we will resume
ST. PAUL June 2;-GeorGe W. Martin, com.
TscoSS: June =. There were no new devo;
on the Tacoma Trust and savings Bank, but
is drain also on all other banks. but there 10
no apprehension OF further suspensions.
s"s S1 sSn p"s H 81 Il %:S
s6SSs lIs5itiea of ssSooj With ssssss. sss
INDIANApoL1s June 2-Ex-Gov Chase and
Limri pwigeins Of Chicago have been sum
know. of the affairs OF the Greentown Bank.
and the cashier. now under arrest promises to
msns Ss s %ss hf v ,Ss n s. S
superiors and that they are the real cuIp5lts.
II the SpP fa'n ns %s%
Ing The apHOintment Of SfT. Piankinton gives
viii be paid as rapidly as It can 0 be e done le.
gally; The failure OF the bank has caused .
ana ase IN
their money. A small run occurred on the
Commercial Bank this morning. but that in;
savings departm emit will be held closely to the
a has been issued for
meeting Of the stockholders Of the Grant
through the recent strike Of the mschinists
em ploS gu me WOEkS, Dul tno uuauClhl
gency prevailing all over the country has also
had something to do with ii.
About one month ago the machinists en-.
ployed by the company demanded an increase
OF wages. which was refused. The men went
out on strike; leaving an immanse quantity Of
ing capital Of the concern tied up In material
which was not marketable
The company was unable to obtain sufficient
financial accomm mediation to tide them over tho
trouble and found iteelf in the peculiar pre-
excess Of its liabilities 1t was still unable. II
hard pressed by its creditors. to meet It's LA
bilities on demand.
This was the condition Of affairs when an
attachm ent suit for small amount was begun
In the Circuit Court few days ago By one Of
its creditors. an Eastern corporation.
This suit was the first suggestion to tho
management OF q possible danger Of run"
on the company by its creditors. and II 10 to
prepare for any such contingency that the
meeting Of the stockholders has been called.