The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-06-13
OUR PRosPRRlTyO COLUMN.
The Bank and Commercial Failures as
Numerous this Week as Ever--A
Few of Them are Mentioned
Below.

NANOA0 Nll4, uLS Os-ALNO A4
Grain Company, which claims to be the
greatest buyers of grain from producers
in the world, has failed. H. M. Kirk
patrick, secretary and treasurer of the
company, notified the secretary of the
board at 10 80 this morning that the
company was unable to meet its con-
tracts.
New YORK, June 5.-The Shoe and
Leather National bank gave notice that
1T will not clear for the Canal street
bank after to morrow. This will make
it necess Try for the Canal street bank
to go into liquidation. It's deposits
are about $3.50, 900.
SANDUsKY, Ohio, June 5-The doors
of the Sandusky Savings bank closed
Saturday night. 1t was generally sup
posed to be one Of the soundest and
safest institutions of the city. On the
door the following notice was posted !:
lowing to inability to realize upon
assets at this time, this bank has been
compelled to assign. All depositors
will be paid in full.
The Illinois Trust and Savings bank
kept open until after 2 a. ~. Tuesday
night, paying depositors.
A run was started ID the Globe Saw
ings bank Tuesday, but the depositOrs
were notife1 / that they would have to
| give thirty days notice.
Schaffner & Co., one of the Oldest
banking houses in Chicago, failed on
the 5th and closed their doors.
The West Lynchburg, Va, Furni
ture Company has made an assignment
with liabilities of $45, 900.
The Cumberland Gap Ho.el and I'm
provement Company, Chattanooga,
Tenn, went into the hands of receiver
Wednesday. Liabilities $3.50, 600.
KALAMAZOO, Mich, June THE
Winans Pratt Carriage Company made
an assignment yesterday. Liabilities
and assets unknown.
BEATRICE, Neb, June "A State
bank at Con tland, this county, closed
yesterday. It vas a small institution.
CHICAGO, June 7.-Joseph Rathbone
& o., lumber dealers, made a volun-
tary assignment this morning. Assets
scheduled at $500, 900; liabilities at
$3.50, 900. Robert T. Shanklin, assignee
is now in possession Of the cOmpany's
property. The firm is composed of
Joseph RathbOne and Morton Butler.
Inability to realize on commercial
paper Is given as the cause Of assign
ment.
GLADSTONE, Mich Ju5 e 3 The Elk
change bank last night made an assign
ment for the benefit of creditors and
has closed it's doors. The suspension
was caused by the failure of the Plank
inton bank, of Milwaukee, and the out
come depends entirely on the latter in
stitutiOn. No statement Of the banks
condition has yet been made.
MILWAUKEE, Mimi, June 3-Runs
were made to-day, as yesterday, on
practically all the banks in this city in
a greater or lesser degree. Small saw
ings depositOrs, always timii and easily
alarmed, have taken fright at the
Plankinton bank failure and have dis
regarded the causes of that failure,
which business men represent to be
only the careless and foolhardy specu-
IatiOns of one man. The Commercial
and Second Ward banks were crowded
to day with depOsitOrs in the savings
departments who are giving notice in
order that at the end of thirty or sixty
days, which I've it is according to law
in their case, they will Withdraw their
savings.
CHICAGO, June 6-The Grant loo
motive works made a voluntary as
/ signmcnt this afternoon. The assets
are stated at 81, 100, 600; liabilities
$40, 900.
DEFIANCE, O, June 6.-The Andrew
Suer Savings bank has failed.
PHILADELPHIA, June 6.-The Samuel
T. Prince steam marble works here
ard at Rutland, Vt, have failed, with
liabilities Of 500, 900.
MANITOwOC, Wis, June 6.-The
State bank at this place closed it's doors
this morning. The liabilities will prob
ably be very heavy.
CHICAGO, June 5.-The State Bank
of Commerce, having offices on the
ground floor of the WOman's Christian
Temperance temple, experienced q
heavy run this afternoon. It started
Just before noon with the appearance
of some thirty or forty depositors. The
news spread like wild fire and within
half an hour thelobby was filed with an
excited crowd of men and women who
tore and crushed in order to get with
in the glass doors. The cene attracted
over 1000 Of the general public, and
the thrOng increased to such proper
tiOns that 1t was necessary to summon
several policemen, who admitted the
frenzied crowd one by one as fast as
the head Of the line received their
money.
CHICAGO, June 5.-The private bank
owned by Meadowcraft Brothers, No.
100 Dearborn street, failed this morn
ing. At 10 o'clock a notice was at
tached to the closed doors of the bank
bearing this inscription: This bank
is in the hands Of Lyman E. C~randall,
receiver, by order of the Superior
court"
A run was also started on the Dime
Savings bank at No. 7O4 Washington
street this afternoon. This institution
has deposits aggregating 5000, 900, and
among it's directors are Col. Robert O..
Clowry, Vice-President of the Western
Union Telegraph Company and ex-
Senator O.. B. Farwell. President
Bailey of the bank says he has a dollar
and a half for every dollar deposited,
but the greater part of the money is
tied up in securities. He does not know