The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-24
FINANCIAL SITUATION.
THE BUSINESS FAILURES AND RE-
SYMPTOMS OF YESTERDAY.
Plan For Moving the south's Cotton Crop.
A Denver Bank Resumes Payment.
John Cudahy's Affairs in Fair
Way For Settlement.


Southern banks must have currency
for that purpose and the banks of this
city cannot let them have much, if
any, and currency cannot be obtained
anywhere else. Demands for money
have already begun to come in from
southern banks and the problem many
banks are now individually consider
ing is how to comply with future de-
mands. Thus far it is believed all
reasonable demands have been sup
piled. Your reporter made some in
quiries on the subject today and was
informed by one of the leading bank
presidents of the city that in all prob
ability the difficulty in the South
would to a great extent be relieved By
the adoption of plan similar to that
adopted by the business men, manu-
facturers and others in Buffalo, and its
vicinity. Certified checks for small
amounts could be paid out by cotton
factors and others, and as they will
pass currency from hand to hand and
be as convenient as ordinary currency.
Certified checks will always pass and
be accepted as cash anywhere. There
can be no question as to the legality
of their issue. Banks in the South as
=. ell as this city will have not the
ightest objection to certifying any
lumber of checks for any sum as long
as it will save banks paying out
actual cash. The adoption of this
plan will, it is believed, greatly assist
in moving the cotton crop A bank
president said today: THE cotton
crop is wanted and the wheat crop is
wanted. and some medium of exchange
will undoubtedly be found for obtain
ing them. 1t is English gold that is
Low buying our cotton and wheat"
PAID OFF THE EMPLOYEES.
GALVESTON, Aug. II. = Receiver
Reuben A. Reese of the North Calves
ton Land and Investment company,
which assigned about a month ago,
paid off the employees of the company
today for labor performed from the
LIST of May until the 10th of July.
When the company assigned. Some
$4,000 was distributed among about
$50 employees, which was quite relief
as the most of them had been on the
ragged edge of restitution for the past
TO RESUME SHORTLY.
ST. PAUL, Aug. 1.-THE Germa an
National bank, which sus-
pended few days ago. will resume
business just as soon as the necessary
formalities can be complied with.
HEAVY FAILURE AT PITTSBURG.
PITTSBURG. Aug. 1.-THE Oliver
Iron and Steel company, one of the
largest concerns in the country, went
into the hands of receiver to-
day. Application was made
before Judge Acheson of the
United States circuit court by the
National Tube works of New Jersey,
and E. G. Converse of New York and
member of the firm was appointed re-
ceiver. The company has extensive
plants in Pittsburg and Allegheny
City, and employs about 1000 men,
They are also largely interested in the
coke and natural gas business. When
in full operation the sales of the com
pany will aggregate $75OO,OOO per an
mum.
WAGON COMPANY ASSIGNS.
CINCINNATI, Aug. 17-This morn
ing the Standard Wagon company, the
largest company of the kind in the
United States filed deed of assign
ment Its assets are placed at 81 ,2OO,-
600 and liabilities at 100000. Assign
ic 10 70
who is president of the company, but
who resigned to become assignee.
NATIONAL BANK sUsPENDs.
DUBUQUE, Ia, Aug. 1.-THE First
National bank of this city suspended
this morning. twas one of the old
est institutions in the city and had a
capital of $200,000 The last statement
showed deposits of all kinds amount
ing to $685. 800. The officers say the |
bank is solvent and that it will resume
in a short time, and that depositors
will be paid in full. Other banks of
the city are believed to be perfectly
solvent and fear no difficulty. They
offered to come to the First Nationals |
assistance, but that institution
thought it could carry itself through |
the crisis, This is the first failure in
Dubuque since the financial trouble
began.
CUDAHY STRENGTHENING UP.
CHICAGO, Aug. 1.-THE affairs of
john Cudahy, who figures so prom
inently in the recent lard corner, is in |
a fair way for adjustment. Cudahy's |
three brothers submitted a PROPOSE
ton this morning to his creditors
which practically assures to them pay
ment in full of all their claims, $780,
600 collateral to be put up to secure
$780, 900, or one-half indebtedness,