The advocate and Topeka tribune., 1893-05-17


The Columbia was not member of the clear
ing house.
Lyman j. Gage says it made application for
membership year ago, but after examination
Of the banks affairs, it was denied President
Viggins has issued statement that all the
depositOrs will be paid in full
DUNKIRK, IND, May 12-The Dunkirk bank
closed its doors last night. suspendlng pay
ment to depositors A crowd of several hun
dred excited people surrounded the bank this
morning.
The concern is owned by Starbuck, Dwiggins
& Co., Of Chicago, and has gone down for about
$4,000. 1t Is assumed the failure Is the result
of the collapse Of the Columbian National
bank, OF Chicago, Of which Dwlggins was presi-
dent.
KOKoMo, IND, May 12-The Commercial State
bank, of Russiaville, and the Farmers bank, at
Greentown, both under one management,
closed their doors this morning with deposits
of $4,000. They were caught in the Columbia
bank failure of Chicago. The Commercial
bank Is one OF about twenty banks in Indiana
that are thought to be connected with the
Columbia National bank of Chicago Perhaps
as many private banks were also related to the
Chicago concern to some extent.
CINCINNATI, o., May 12.-The private bank of
Dwiggins, Starbuck & Co., at williamsburg, o.,
assigned last night in compliance with in
structions from Dwiggins, of Chicago. Assets,
$35OOO; liabilities, 100000. 1t was one of the
branches Of the Columbia bank, of Chicago.
An expert accountant who has been employed
at the bank has been arrested. The charge
seems to be based on the suspicion that he was
employed to conceal some of the funds of the
bank.
OTTAWA, ILL.,, May 12-Richard j. Hornick,
banker, assigned this morning. The cause of
his assignment is given as a run on his bank
caused by financial ENHANCEMENT Of his |
brother and backer, John Hornich, Sioux City
Iowa.
INDIANAPOLIS. IND, May ia special from
Brookston, Ind, says the Commercial bank of
that place closed its doors to-day. it was con- 4
trolled entirely by the Columbia bank, of Chi /
cagO.
CHICAGO, ILL.,, May 12-The tight money scare
has had disastrous effect on the Worlds Fair
attendance. The total attendance to date is |
2S5 1000, and the money taken in at the gate will
not 80 far pay the running expenses. Interest
on $5OO0OOO bonds Is about due, and it looks as
II the directors must borrow 100000 to take up
the coupons.
MINNEAPOLIS, May 15.-The Northwestern
Guarantee Loan Company Is now in an en-
barrassed condition owing to the financial
stringency. L. F. Menage, the president of the |
company, this morning declined to say any
thing The capital stock of the company is |
$l,25OOOO. 1t owns the $2,0OO,OOO building in
which its offices are located, and a large
amount of real property here, in Chicago and
elsewhere.
Its business has been the floating Of COM
mercial paper on sufficient collateral and the
guaranteeing Of the paper. 1t has some three
millions Of this paper and the refusal of its
patrons to take up or renew their notes has
precipitated the trouble If the company sus-
pends it will not do so for several days.
MINNNAPoMs, May 15-The Farmers and
Merchants State bank has suspended pay
ment pending run. The cashier states that
the bank expected to resume in few days.
The bank Is a very small one, its paid up
capital being but $6O,OOO and its surplus about
$1,000 Itshould be noted that this is not the |
Farmers and Merchants's Savings bank, which |
is perfectly solvent.
TROY, N. Y. May 15.-Nehr & Carpenter, east
ern managers for the Northwestern Guarantee
Loan Company, of Minneapolis, this morning
made general assignment and closed their |
doors. Two million dollars of $l6OOOOOO worth |
Of debenture bonds recently issued by the |
Northwestern Guarantee Loan company has
been disposed of to people in this city and vi |
cinity through the eastern managers
CHICAGO, May 15.-Godfrey Clark & Co, pa