The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-12-31
DUST CLEARS AWAY
LEAVING THE FINANCIAL HORIZON
AGAIN VISIBLE.

Minneapolis Describes the Situation as
Easier, Only Two Installations Having
Gone Down Yesterday, Neither of Them
Very Important John S. Van Nortwick
Makes individual Assignment Com.
merciaI National Bank, of Selma. Ala,
Fails Commercial Disasters - General
News of Business.
Minneapolis, MINI, Dec. 30.-The f.
nancial situation was much easier here
today, and no apprehension was felt as
to the security Of any OF the large banks.
The announcement that the Bankers
Exchange bank had suspended payment
for a few days caused scarcely ripple,
rs the institution is a very small one
with only $4,000 capital There has
been a run on the bank which has taken
f35, 900 from il in three weeks. Cashier
Field declared that he had plenty Of
ready money in the vault, but preferred
To await the bank examiners advice De-
fore making further payments.
The Northern Trust company, through
Its vice president, George Maxwell, ap-
piled to the district court this morning
for receiver The hearing was post
poned one week Ex-Governor a. r.
McGill is its president. 1t suspended dur
ing the panic Of 1893, but afterwards re-
Iunled business.
ORDERED TO CHICAGO.
Denver, Colo, Dec. 30.-Joseph T. Tai
bert, national bank examiner in charge
Of the American National Of this city,
which is about to reopen, has received
totice from Comptroller Eckles 10 pro-
iced to Chicago at the earliest convent
tnt day to take charge Of the banks that
have failed in that city
INDIVIDUAL ASSIGNMENT
Appleton, Wis, Dec 3O.-John S. Van
Nortwick has made an individual as
pignment OF his Fox river interests,
naming Postmaster John Baer of this
eity as assignee. The latter has given
bonds for s25o,00o. The principal proper
lies in this assignment are the plants of
the combined Look Paper company and
the Appleton Paper and Pulp company.
Mr.. Won Nortwick took this step to pro-
tect himself.
Appleton, Wis, Dec. 30.-No assign
ment has yet been made of the Van
Nortwicks' Wisconsin properties. At
fairs look brighter and it is now practi-
callly certain that all Wisconsin proper
ties Will be saved. The combined
Locks, Kaukauna and Appleton mills of
the brothers are running at full capacity
The excitement that existed yesterday
has died down and there seems no fur
fher danger OF a run on the Citizens
bank Of Appleton, of which John S. Van
Nortwick was president.
PREPARING TO LET GO.
Chicago, Dec. 30.-As a result of q
conference this afternoon between Vim.
Van Nortwick, Congressman A J. Hop
kips of Aurora, Charles Quarles of Mil
waukee and Attorney A. w Green of
this city, it was agreed that the Batavia
bankers, whose failure on Monday af-
fected SO many institutions in Kane
county and elsewhere, should ask their
creditors for more time in order that they
may be able to pay in full their obliga-
tons. No creditors of the insolvent
bankers were admitted to the conference
What properties would better be dis
posed OF first and how much they would
bring. was one of the matters talked of,
but no arrangement was made 1t is be-
neved, however, that the Western Paper
Bag company will go first, and that the
Combined Lock Paper company on Fox
river, will follow.
WAY DOWN IN ALABAM'.
Birmingham, Ala, Dec 3O.-The Com
mercial National bank of Selma. Ala,
failed to oper its doors today. The Com
mercial was established in 1880, and has
a paid up capital of 5000, 900. and I'M
divided profits of $500 600. The New
York correspondent is the American EX-
change National and the Chicago cor
respondent is the First National r. NJ.
Nelson, president of the Commercial is
Well known in Alabama, and has for
many years been prominent in financial
circles He was regarded as conserva-
tive banker. There are two other banks
In Selma, one small concern. The
other is the City National bank. which
Is regarded as the most substantial finan
clal institution in the state.
STREET IMPROVEMENT BONDS.
Hartford. Conn. Dec. 30.-In their an
nual report the bank commissioners of
this state urge reforms in that class of
securities known as special assessment
bonds" The commissioners say:
Some savings banks have been in
vesting in a certain class of securities
called street improvement bonds, issued
by cities located principally in western
states. and payment for which securities
is predicated upon the collection Of as
easements from abutting property on
certain Streets
The commissioners. after taking coun-
sci in the matter. have decided that these
bonds are not adviSa BILE investments and
notify the banks to make no further
purchases till the state legislature can
pass on the question.
DENVER'S BULLION REPORT.
Denver, Dec. 30.-The following state
ment OF bullion operated on at the Dem
yer mint during 1896 was furnished to-
day by Chief Pickett: Gold S4.2IS. Sol:
silver S27,37S; total s4.246.234 Last
years total was "a. $50. 226. The total fur
nished by Colorado this year is S3.93S, 365,
m increase of So, 1853 over last year.
SUGAR MILL TO BUILD.
Omaha, Dec, 30.-The Commercial club
met this morning and determined that
tomorrow they will organize company
90 build and operate a big sugar fac
tory in or near this city. The meeting is
10 be addressed by Professor Nicholson
Mclean and Lyons. Of the State Uni
versity, who will speak on the ability
of the country in this vicinity 10 raise
enough sugar beats 70 warrant the estab-
lishment OF the factory. Secretary UtI
has sent out invitations 70 the farmers
OF this Sharp and Washington counties
10 attend. The proposed factory is to
have capacity of 10000 tons Of beets
per day. 1t is estimated that the plant