Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-06-06

Both banks dealing in commercial paper,
and the inability 10 realize upon the same,
was a warning 70 Meadowcroft Bros. who
deemed a run with disastrous result not
improbable. Eddy and Walker, attorneys
for the complainant have given an ap-
prOximate estimate Of the banks assets
and liabilities. They place the liabilities
at $3.50, 0O0 and the assets at t460, 900.
PHILADELPHIA, PA, June 5.-Washing-
ton Butchers Sous, provision dealers, to-
day filed an assignment with George w.
Lex, as the assignee. No statement Of as
sets or liabilities can be obtained. Tight
ness Of the money market is the announced
cause OF the embarrassment.
CHICAGO. June "a run on the Prairie
State Savings Bank which started Sstur-
day was resumed this morning. The off,
GERS are confident they have all means
available to meet all demands from deposi-
tors. The banks business Is practically
confined 10 the West Side.
MILWAUKEE, Wis, June 5.-The failures
Of Frank A. Lappen & Co. and the Plank
inton Bank will be Investigated by the
Grand Jury The Grand Jury called to
investigate the matter of the recent affairs
convened late this forenoon and Judge
Wallber delivered his charge. He spoke
about the fires and then read sections Of the
statute referring 70 the obtaining OF credit
bS false statements, and 10 the acceptance
Of deposits when bank officials know that
the bank is not in a sound condition. The
first section, the court stated, referred TO
the Lappen matter, and the other TO the
Plaukinton Bank. The action OF Judge
Wallber has created a sensation.
KANSAS CITY, Mo, June 5.-The Kansas
Grain Company, which claims TO be the
greatest buyer OF grain from producers IN
the world has failed. II. NJ. kirkpatrick,
secretary and treasurer Of the company,
notified the secretary of the board at 10 30
O'Clock this morning the company was un-
able 10 meet its contracts. When the an
nouncement of the suspension was MADE
on the Board it caused great excitement.
The main offices Of the company are
located in this city and at Hutchin-
son. Kansas. and the President Of
the concern T. J. Templer, is In charge OF
the Hutchinson offices, and the officers
here decline TO make any statement OF the
financial condition of the company, until
authorized to do so oy Mr.. Templer. IL is
presumed, however, the assets and haoih-
ties will each be large. The company has
elevators in l06 towns and cities in Kansas
represent an investment Of $3.50, 600. Alot
these elevators contain more or less grain
Mhe company was Incorporated some hye
years ago with capital stock Of $50, ,OOO.
Il u6 NAA1p u lL1 AoAAlAO 90 oNN-ecN ~ 49, -
fcers here is tig ht money market.
CHICAGO, June 5-For the first time In
many months the Government gold reserve
in the Chicago sub-treasury has been
drawn on 10 meet the gold shipments from
the East to Europe. A first consignment
OF 81, OOO. 600 has been despatched. This
shipment was made up of so gold pieces,
which were placed in canvass sacks and
delivered TO the United States Express
Company for shipment to the East. When
the gold had all been piled on the scale,
the total weight was more than S,OOO
pounds There is yet bal
ance Of more than 100000 in the Sub
treasury in Government funds. This Is
being added TO daily by many or the Cnl-
cagO banks which are largely deposlting
gold in exchange for currency. The very
large stock OF currency held for safe keep
ing at the Sub-reasury for the conven-
ienCe OF local banks has been almost eX-
hausted. To-day single bank drew out
$50. coo. The rule that no checks would DO
received by the Department OF Internal
Revenue here, went into force to-day, ana
those vino came 10 pay taxes and were un-
provided with legal teRder had TO go WIN
out.
SANpUsKY, o., June 5.-The doors Of
the Saudusky Savings Bank, which closed
Saturday night npon what was generally
supposed to be one OF the soundest and
safest institutions of the city. were not
opened this morning but displayed the fol-
lowing announcement:
Owing 70 inability TO realize upon as
sets at this time the bank has been com
PEELED TO assign. All depositors will be
paid In full"
Intelligence Of the assignment spread
throughout the city like wildhre, and
Il hlaH In front
OF the banking house, but with 1t all very
little excitement was manifested. The
present trouble is ascribable directly TO
the heavy though groundless run that was
made in the bank ten weeks ago, and which
IN withstood successfully at that time, pay
ing out upward OF $6O, 900 within two days,
when the run ceased as suddenly
as when it had begun. This drain
upon it's immediately available
resources handicapped the bank
seriously, although il has been doing as
much, or more, business since the furry
than before, such confidence did the people,
especially the business community, have In
its stability Some heavy demands upon
it during the closing days of last week,
however. precipItated the crises this time.
The available assets of the bank will
aggregate fully 5000 while the habili-
ties az an outside estimate are only about
1906. 600, and il was for that reason that an
assignment was decided upon rather than
receiverShip.
CHICAGO June 5.-The property OF A.
WeiSenbach, clothing ana shoe merchant,
was seized by tue sheriff this morning.
Execution was made on judgments aggre-
eating 5000. The liabilities are about
S55. 900; assets, $4,000 His liabilities are
with the exception OF about $4,000 for
goods ard for borrowed money. The fail
ure Is said 20 have been precipitated oy the
assignment of Banker Hermann Schaffner,
who is mysteriously missing.
MILWAUKEE. Wis, June 5.-A run Is now
In progress on the South Side Savings
Bank There is slight run on the Sec
ond Ward Bank, but the demand on the
Commercial Bank seems TO have subsidized.
Affairs at other banks are about IN their
normal condition. The failure OF +. I.
Day, late on Saturday, seems to have in
creased the nervous fears Of small de-
pOsitors. Business men are not in the
least alarmed at the situation and predict
that the furry will end in day or two un-
less il is aggravated by more failures.
New YORK, June 5.-Lazard Freeres will
ship Sl,0OO,OoO in gold by to-morrow's
steamer.
CHICAGO, June 5.-To-day's develop
ments in the search for Herman Schaffner,
head Of the suspended bank firm Of Her
man Schaffner * Co, who has been miss
ing since Friday afternoon, tend to prove
that be IS the man who drowned himself
in the lake OF Diverse street. The police
are dragging for his body.
WASHINGTON, d. C., June 5.-Conp-
troler Eckels was informed to-day that
the Merchants National Bank OF Ft. Worth,
Texas, capital $3.50, 900, failed to-day. The
bank was closed on an order from the di-
rectOrs, and Bank Examiner Stone Was
placed in charge.