The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-03-30

Big Bucket Shop IA Chicago Closes Sew
ernl Hnnks suspend.


ernl Banks suspend.
CHICAGO, March 2s.-The firm OF NAL
colin a. Waterbury, which did an ex-
tensive bucket-shop business In Illi-
nois, Missouri. Nebraska and Iowa,
made an assignment Wednesday TO
George Wiley, a board OF trade man.
The crash came suddenly at the noon
hour in the head Office of the concern.
room 81, l2l La Sale street, which was
III charge of T. b. Waterbury. II was
an unpleasant surprise To the patrons
and creditors, the liabilities, II is un-
derstood, being $50, 900, and the assets
nothing. The house was heavily on the
bear side OF the market, aud the recent
rise in wheat and pork proved too much
for the firm.
The assignment was Immediately
followed by the closing of the twenty
seven branch offices, which were con-
nected by a system OF leased wires
with the Chicago office. In Illinois.
outside OF Chicago, the firm did
business at Sterling, Dixon, Clinton,
0dell, Pontiac, Lexington, Lincoln,
Atlanta; in Iowa at Davenport,
Newton, Colfax, Des Moines, Stuart,
Atlantic, Walnut, Cedar Rapids, Tama,
Marshalltown. Nevada, Boone, Jeffer-
son, Carroll and Logan; in Nebraska at
Omaha and Lincoln and in Missouri at
st. Louis O. r. Malcolm. the other
member of the firm, was in charge OF
the Omaha Office.
DIES MONIES Ia, March 2s.-Over
$500 of good Iowa money was lost I'm
q l... f,f ft,. - IL q
bury bucket shop in Chicago
Wednesday. Because OF the failure,
which was said 10 be caused
by the advance in pork and stock,
local offices In many of the towns
along the lines Of the Rock Island and
Northwestern roads failed.
CINCINNATI, March 2s.-The Com
mercial bank, located at 1872 Main
street. assigned at 3:45 o'clock Wednes-
day afternoon TO w. II. Campbell, its
cashier. The decision 10 90 out of
business was reached but half an hour
before the assignment was made. The
bank was compelled to make good
$4,000 worth Of bad paper ON Tues
day. When the bank sent It's
paper TO the clearing house Wednesday
afternoon the directors OF the nssocia-
tion on motion Of Cashier Guthrie, OF
the National Lafayette bank. sus-
pended payment on the paper
and ordered an investigation of
the banks condition. This move
proved fatal and precipitated the
crash, which had been impending
for some time past. The directors Of the
bank were hastily called together and
the attorneys for the concern were or
dered 10 draw up the deed of assign
ment, which was fled few minutes
later
President Foote says that the banl,
will be able TO pay dollar for dollar.
The bank is the oldest in the city and
was organized in 1851. The bank has
paid-up capital stock Of S32s, 900 and
surplus OF $4,000. It's average de-
posits were 100000.
The Commercial bank was az one
time the main bank for the steamboats,
and the Pendlctons and Thomas Sher-
lock were heavily Interested The
opinion ON Third street is that the
crash came about through long series
of bad management. The bank has
been rcdiscounting its own paper for
two weeks past, showing conclusively
that IL was bound 20 go up,
CLARENCE, Mo, March IS. The Clar-
ence bank made an assignment Tues
day night for the benefit Of its cred
itors, and its affairs are now in charge
OF w ID. Crow as trustee. The bank
at one time was very prosperous in
stitution, but Of late years IL
has been careless in loaning its
money, and also allowed many Of
its customers 90 largely overdraw their
accounts. The bank Is private one,
owned by c. Hunold. For the past two
years IL has been the county depos-
itory, and has about $50, 900 OF shelby
county money. This money, however.
is well secured and the county will
lose nothing. IL is thought the bank
will be able to pay out dollar for dol
lar
OMAHA, Neb., March 2s.-The state
bank Of stanton has gone into volun-
tary liquidation and It's affairs are in
the hands Of State Bank Examiner
Cline. The liabilities are so 400; cap
ital, $50, 900; cash ON hand, si,2l5 The
banks affairs are in fair condition
and Mr.. Cline expressed the opinion
that all depusitors would be paid In