The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-07-04
CAUSED BY TIGHT MONEY.
Banning, Fissell & Co., Importers of
Dyes, Confess Judgment.

Banning, Blssell & Co., Importers of
dyes, at Nos. 96 and SO Reade street,
and also at Philadelphia! have become
financially embarrassed, the effect, it
is said, of tight money. Deputy Sheriff
Mulvaney has taken charge of their
place of business.
The firm confessed judgment to the
Tradesmen's National Bank, through
Stern & Rushm0re, attorneys, for $685.
.854, on a note dated June 81, payable
on demand.
The firm consists of William G. Ban
ming and Edward H. Bissell. They
have been in business since 1873, and
formerly had branches in Boston and
Chicago. They did a large business,
claiming a capital Of 5000, 900.
They became interested a few years
ago in the manufacture of tannin ex
tract at Huntingdon, Pa, and invested,
it is said, about $85, 900 in the stock of
the GondOla Tannin Company, of
Huntingdon and Philadelphia, which
tied up a large part of their means. 1t
was said about a year ago that Mr..
Banning had put more than 800, 900
additional money in the firms business,
and last November the statement of the
firm showed assets $3.50, 600, liabilities
$50, 900.
Cashier Berry, of the Tradesmen's
Bank, said he understood tight money
had a great deal to do with the EN-
barrassment of the firm, as they were
unable to negotiate their commercial
paper. Hehad not learned the amount
of the liabilities. At the Office of the
firm it was said tight money was the
principle cause of their trouble. MI.
Bissell, of the firm, declined to say any
thing concerning the liabilities or as
sets
Boston, Mass, June 28-W. @. Jack
son e Co, coal dealers, have assigned.
Liabilities, $40, 900.
CHICAGO, Ill, June 28.-David M.
Pollock & Co., millinery goods, con-
fessed judgment to day for $48, 900.
BURLINGTON, June 28.-Bennett 6
Franz, carriage builders, have assigned,
with liabilities of $25, 600 and assets
that will exceed that amount.
LOCK HAVEN, June 28.-The doors of
not opened this morning. A notice
follows: by order of the board of
directors this bank has been closed for
the purpose of going into liquidation.
Depositors will be paid in full"
People here have full confidence in
the solvency of the bank.
EDwARDsvILLE, Ill, June 28.-The
firm of FL. G. Reinemer 6 Co., hard
ware dealers of Giant Fork, has failed.
The liabilities are upward of $34, 900
and the assets, SO far as ascertained,
about $27, 600, ST.. Louis houses are
the principal creditors.
BEDFORD, Ind, June 27.-The Bed
ford Stone Quarries Company, the
largest producers of limestone in the
world, made an assignment yesterday.
liability to realize in time to meet ma
turing obligations was given as the
cause. A. w. Wishard executed bond
for $500, 900. The business of the quar-
ries will be continued and all contracts
filed.
MINNEAPOLIS, Mimi, June 28.-The
suspension of the St. Paul and Mime
apolis Trust Company was announced
last night. The capital stock is $500, 900.
In an interview Ex-Governor McGill
said the failure was not due in any
sense to mismanagement. The com
pany-had closed because il could not
collect money due to it from good, re-
sponsible parties. The immediate cause
of the failure was the presentation of a
check for SO, 600. While the company
had money to pay this and much more
the officers felt that all creditors should
be treated alike. Hence the determ-
nation to close.
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