The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1897-01-06
troller of the currency, who happen

stock, etc., and including principally
deposits, amour ted to $450,0Q0. HI
said that he had no doubt but that tht
depositors would in time be paid II
full. The State is creditor 10 tht
amount of SIG, 900 and the county tc
about $1,000. The city had 81, 200 or
deposit. At the present time, accord
ing TO Cashier Bobletter, there is $33,
GOO cash in the vault and $100, 600 viii
be collected within next 80 days. Thu
suspension was ordered for the purpose
of protecting the majority of the cred
itors. The banks capital is 5000, ,0O0
The suspension of the Scandia yes
ter day and the Columbia this morn
ing created CONSERVATION among the
patrons of the Washington bank, and
such run" ensued that the bank
was compelled to close its doors short
ly after noon. Depositors drew their
checks directly at the bank and
through the clearing house at such a
rate that it was evident that the In
terests of all the depositors demand
ed suspension of business. The bank
knew that its strength would be sore
ly taxed today, and had made arrange
ments to get $50. 900 in cash, which
would have tided it over safely, but
the money was not forthcoming this
morning, and after vain attempt to
stand the demands, Cashier Brecke
telephoned Bank Examiner kenyon
that the officials had decided to close
the bank, and asked him to take
charge. Cashier Brecke stated this
afternoon that aside from the matter
of cash on hand the bank was in ex'
ce]lent shape.
Exactly what will be done has moi
yet been determined. 1t is very like
" that the suspension will be only tenn.
porary, as the resources of the bank
are in such shape, according to Mr..
Brecke, that its depositors can be paid
in full in a comparatively short time,
and so cents on the dollar within two
months. In round numbers the liabil
tiles are $500, 900, and the assets $780,:
900. OF the latter only $l4, 500 is real
estate. The bank had some city de.
posits, $4,000 of State money and
$4,000 of the county's. The bank
officials are: President, A. Q. Hau'
gan, who is at present city treasurer
vice president, K. S. E. johnson
cashier, o. E. Brecke.
The banks loans and discounts are
$5O7, las. Its deposits are s54S, ,O0O
and it's capital stock 100000. The
announcement of the failure OF the
Columbia and Washington banks
caused a considerable furry at nearly
all OF the other banks of the city. The
biggest run was on the Farmers and
Mechanics bank. the largest savings
institution in the north west. with de-
posits of over $4,000, 900. This bank
is said to be entirely safe. 1t stood a
constant run of eight days during the
panic of 1893.
MINNEAPOLIS, Dec. 29.-The Wash
ington bank of this city has closed its
doors. Its last Statement, Dec. IL,
shows loans and discounts of $500, 0OC
and deposits of $4,000. Its capital
| is 500, 1000 and its surplus $15, 900. A.
g. Haugan, its president, is city treas
urer and it is likely that quite an
amount of city funds will be locked
up by the failure. Its business is
largely with working people. The
officers claim that they will be able to
pay them in full.
COLUMBIA BANK CLOSES.
MINNEAPOLIS. Dec. 20 The Colum-
bia national bank of this city closed
its doors this morning owing to ina.
bility to make collections. II is a
comparatively new bank, having been
organized about five years ago with
ex State Treasurer Chas. Kittelser as
its president and ex.State Treasurer
Bobleter as cashier, which positions
they still hold. Its capital on Decem.
Der 1S was 5000, 1000, with surplus OF
about 5000. It's loans and discounts
were $4S, 900 and its deposits 1854, 900.
1t has never been profitable. Deputy
Controller of the Currency Joe w.
Coffin, who happened to be in the city,
took charge of the bank. It's officers
claim that they will be able to pay
depositors in full.
sNELLBURGER & SON ASSIGN.
BALTIMORE, Dec. 29.-L. Snellburg'
er & Son, leading retail dry goods
merchants of South Baltimore, made
an assignment today. Liabilities
$50. 900; assets about the same amount.
Pressure of creditors and slow collec'
tions caused the suspension.
INsOLvENT JEWELLERS.
CINCINNATI, Dec. petition was
fled last evening by members of the
we'll known firm of Duhme & Co.,
jewellers, for a dissolution and a re
ceiver for the firm. They say the
company is insolvent and unable tc
meet maturing debts.
TOO MUCH LUMBER.
SEATTLE. Wash, Dec. 29.-The b.
E. Stetson and Post Saw Mill compa
ny closed down its plant yesterday
throwing 70 men out of employment
The over production of lumber, to
gether with the recent failures of cas-
tern banks affecting number of ives
tern lumber firms, caused the suspen
sion.
| Will Confer With Foreign Bimetallists,
WASHINGTON, Dec. 31.-Senatol
Wolcott of Colorado, the chairman o
the special Senate committee to ar
range for bimetallic conference O
the nations of the world, is going
abroad to confer with European bi
metallists on the subject. The pur
poses of his visit are known and ap
proved by President.elect Mckinley