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A Small Bank Failure. SPOKANE, Wash., July 27.-The First National bank suspended payment yesterday. The Spokane Savings bank, connected with the First National, closed at the same time. In a few minutes the news was known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Gloyer stated that the bank has only temporarily suspended and all depositors will be paid in full.
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SPOKANE BANKS CLOSED. Spokane, July 26-At 2 o'clock this afternoon the First National Bank closed its doors, and with it, the allied institution, the Spokane Savings Bank. Notice was posted that "owing to the continued withdrawal by depositors and inability to realize on securities, this bank has temporarily suspended pay ment." President Gliver said that all depositors would be paid in full. The news created no excitement and no run upon any of the other banks, The First National commercied business in 1892;Ifg paid up capital is $250,000. The Spo kane Savings bank was organized in 1892. and has a capital stock of $100,000. H. L. Cutter is president.
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Business Failures. SPOKANE, Wash., July 26.-At 2 o'elock this afternoon the First national bank closed its doors, and with it an allied institution, the Spokane savings bank. A notice was posted that, "Owing to continued withdrawals by depotitors, and inability to realize on securities, this bank has temporarily suspended payment." HELENA, Mont., July 26.-G. W. Cannon, real estate, assigned today. He was a large endorser on corporaNon paper and thestringency of money was the cause of the assignment. The liabilities are $240,000 and the assets $1,500,000. A. M. Holter also made a personal assignment. He, too, is a heavy enfor #5 on corporation paper. His lia-
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CONCERNING BUSINESS AND FINANCE. CINCINNATI, O., July 27.-The distillers of Cincinnati and vicinity who will by law be called upon August 5 to pay their share of about $8,000,000 of taxes OM whisky distilled in May and June, 1890, have unanimously addressed a request to Secretary Carlisle to instruct collectors to delay the collection for ninety days. They say the present financial situation is abnormal, and that to withdraw that large sum of money from banks and from circulation at this time, would heighten the present distress and would be of no advantage to the governmdnt. The local bankers have eudorsed the request, and circular letters will be sent to all interested asking them to join the petition. HELENA, MONT., July 27.-The First National and Montana National Banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants National Bank, which is paying everybody. They are confident that they will be able to stand the run, The two closed banks have ample assets, but cannot realize, S. T. Hausser is President of the First National. The capital stock is $500,000; surplus, $100,000; undivided profits, $600,000, and average deposits, $3,250,000. John T. Murphy is President of the Montana National. The capital stock is $500.000; surplus, $100,000; undivided pronts, $100,000, and average deposits, $1,500.00 WASHINGTON, C., July 27.-The director of the mint has been notified that his counter offer of $0.7020 per ounce has been accepted for 25,000 ounces of silver of yes erday's offerings. The total purchase for the month aggregates 1,932,000 ounces. PORTLAND, OREGON, July 27.-The Oregon National Bank and the Northwestern Loan and Trust Company closed their doors this morning. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,900; average deposits, $500,000. Capital stock of the Northwestern Loan and Trust Company, $250,000; surplus, $25,000. NEW YORK, July 27.-Lazard Freeres areadvised of a shipment of $1,000,000 gold from Europe. SPOKANE, WASH., July 27.-The First National Bank and Spokane Savings Bank closed this afternoon. They were uable to realize upon securities at the present time. They had a capital of $250,000 and $100,000 respectively. MIDDLESBORO, Kr., July 25.-The First National Bank of this place closed its doors this morning. The notice upon the doors reads: "This bank closed by order of directors." HARRISBURG, PA., July 27.-The Ameri can Tube and Iron Company, located at Middletown, has gone into the hands of a receiver. The company has no mortgages, judgments or bonded indebtedness against it, but could not raise funds, owing to the stringenep of the money market. It is one of the largest concerns of the kind in the country.
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TEN MORE BANKS CLOSED. SIX OF THEM ARE IN STATES OF THE FAR NORTHWEST. INABILITY TO REALIZE ON ASSETS THE CAUSE OF THE SUSPENSION OF ALMOST ALL -THE PANK FAILURES FROM MAY 1 TO JULY 22. Seattle, Wash., July 27.-A dispatch from Spokane says: "The First National Bank suspended payment* yesterday afternoon. Its doors closed at 2 o'clock, and the following notice was posted: "Owing to continued withdrawals by the depositors, and inability to realize on securities, this bank has temporarily suspended payment.' "The Spokane Savings Bank, which is connected with the First National, was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover says that the suspension is only temporary, and that all depositors will be paid in full." Portland. Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company of this city, suspended this morning. Both institntions were started about live years ago. The rapid withdrawal of depesits and inability to realize on securities are given as the cause of the suspension. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000: average deposits, $500,000. Capital stock of the Northwest Loan and Trust Company. $250,000; surplus, $25,000. Helena, Mont., July 27.-The First National and Montana National banks failed to open this morning. Runs were started on the other banks of the city, the most extensive being that on the Merchants' National Bank, which paid everybody. The 1WO closed banks have ample assets, but cannot realize. S. T. Hauser Is president of the First National. The capital stock Is $500,000; surplus, $100,000; the undivided profits are $600,000. and the average deposits $3,250,000. John T. Murphy is president of the Montapa National: its capital stock is $500,000: surplus, $100,000: Its undivided profits are $100,000, and its average deposits $1,500,000. Portage, Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market. Middlesberoigh. Ky., July 27.-The First National Bank of this place closed its doors this morning. The officers of the bank refuse to talk, and it is impossible to get either assets or liabilities. Most of the merchants here were depositors. Washington, July 27.-The First National Bank of Middlesborough, Ky., which closed its doors this morning, had a capital of $50,000, and 1ts individual deposits aggregated usually about $50,000. Mount Sterling. Ky., July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by an inability to realize on its paper. The deposits are about $200 000. The bank holds first-class paper to the amount of $000,000. The depositors will be paid in full and the officers of thes bank hope to be able to resume business in a short time. The capital stock is $250,000. Exeter, N. H., July 27 The National Granite State Bank temporarily suspended payment this morning. The institution 18 declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed mit tances from Boston. An immediate resumption of business is expected. Baltimore. July 27.-A summary of the bank fallures from May 1 to July 22, inclusive, shows that 301 banking institutions. with # total capital of $38,951 033, suspended. The Manufacturers' Record" publishes a complete list of closed banks by States, also a table which shows that five-sixths of these fullures and four fifths of the capital involved were in Western and Pacific States, while only 10 per cent of the failures and 11 per cent of the capital involved were in the South. The number of failures In Southern States was thirty-seven. involving $4.392,100: in the Western and Pacific States the number was 251, involving $31,258,933: and in the Eastern and Northern States, thirteen, with $2,600,000 capital.
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BANK EXAMINERS. WASHINGTON, July 28. - Comptroller Eckles has placed the national banks that failed yesterday in the hands of bank examiners 68 follows: Examiner Weightman in charge of the Oregon National at Portland, Oregon; Flynn, Ellensburg National, of Ellensburg, Wash.; Wilson, First National of Helena, Montana; Lyman, Montana National, at Helena; Jennings, First National of Spokane, Wash. DENVER, July 28th.-The Denver Hardware Company has failed for 24 large amount. No statement. MT. STERLING, Ky,, July 28.-The Traders' Deposit bank has failed as a result of a run. The liabilities are $150,000; assets $890,000
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ELEVEN MORE BANKS FAIL. Seven in the West. Three in Kentucky, and One In New England, HELENA. Mon.. July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants' National Bank. which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets. but cannot realize. S. T. Hauser 1s President of the First National. The capital stock is $500,000. surplus $100,000. undivided profits $600.000. and average deposits $3,250.000. John T. Murphy is President of the Montana National. The capital stock is $500.000. surplus $100,000. undivided profits $100,000. and average deposits $1,500,000. SPOKANE. Wash.. July 27.-The First National Bank suspended payment yesterday afternoon. Its doors closed at 2 o'clock. and a'notice was posted announcing that. "owing to continued withdrawal by depositors and inability to realize on securities. this bank will temporarily suspend payment." The Spokane Savings Bank. which is connected with the First National. was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover said that the bank has only temporarily suspended. and all depositors will be paid in full. The bank commenced business in December. 1882. Its paid-up capital is $200,000. PORTLAND. Or., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company. kindred institutions, failed to open their doors this forenoon. Notice on doors says: Owing to withdrawal of deposits and inability to realize on securities this bank is forced to suspend." George B. Markle is President of both institutions. Capital stock of the Oregon National $200,000: surplus. $40,000: average deposits. $500.000. Capital stock of the Northwest Loan and Trust Company. $250,000: surplus. $25,000. MIDDLESBOROUGH, Ky.. July 27.-The First National Bank of this place closed its doors this morning. The notice on the door reads: This bank closed by order of directors." The officers of the bank refuse to talk. and it is impossible to get either assets or liabilities. The effect on business here will be serious, as most of the merchants were depositors. The Coal and Iron. the other bank here. will not be affected. The suspended bank had a capital of $50,000. and its individual deposits aggregated usually about $80,000. MOUNT STERLING. Ky.. July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by inability to realize on its paper. The deposits are about $300,000. The bank holds firstclass paper to the amount of $600.000. The depositors will be paid in full. and the omcers of the bank hope to be able to resume in a short time. The capital stock is $250,000. This afternoon the Breeders' Bank also closed its doors. EXETER. N. H.. July 27.-The National Granite State Bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound. the present embarrassment having been caused by a drainageof the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE. Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market.
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paralytic stroke. Nicaraguan insurgents have captured the city of Managua and declared General Seelaya dictator. The Florida Central railway system has been sold to the Plant Investment company for $13,000,000. Benjamin H. Ticknor, of Boston, doing business as Ticknor & Co., publishers, has made an assignment. General George W. Morgan, of Mt. Vernon, Ohio, the only surviving general of the Mexican war, has died at Fortress Monroe. The increase in national bank circulation during July SO far has been $5,868,750. Charles McGinnis, of Princeville, III., was killed by a freight train at Peoria Alexander Blessing of Wesley City, 111., was killed by a runaway horse at Peoria. Canadian speculators have lost $5,00,000 by the re t decline in the values of stocks. A dozen buildings in the vicinity of Concord, N. H., ere demolished by & wind storm. John A. Porter, a switchman, fell nd had his head cut off by an engine at Terre Haute. The Bates mills at Lewiston, Me., withh be closed on August 5, and 1,500 nen will be made idle. Bunco men secured $3,600 from Robert Elliott, a rich farmer living near Fayette City, Pa. The First National bank and the Spokane Savings bank at Spokane, Wash., have suspended. Robert Morrison, a stockman, was tatally injured at Crawfordsville, Ind., by his horse falling on him. The Pittsburg wire works at Braddock, Pa., have been closed, and 500 men are out of employment. The 12-year-old daughter of James La. Pennington, of Hillsboro, III., was latally burned while cooking dinner. H. B. Nemitz, who stole $24,000 from the Swiss commission at the world's fair, was arrested in Toronto, Ont. Twenty-seven persons were poisoned -y impure milk at Louisville. Three of the sufferers are in a serious conLition. Four hundred houses were wrecked and many persons killed and injured by an explosion of a powder magazine at Canton, China. The government surveying corps in the Cherokee strip has located and staked off nine sites for county seats, and also located two land offices. The Obermann Brewing company, Milwaukee, involved in the suspension of "Mitchell's bank," made an assignment to protect creditors. Four kinds of ice-cream made in one day by the Naber Brothers, conrectioners of Brooklyn, N. Y., poisoned between twenty and thirty people, some of them seriously. A mob of unemployed workmen at Denver took Dan Arata, the murderer of B. C. Lightfoot, from jail and anged him to a tree. A Cheyenne, Wyoming, dispatch says It is understood that Senator Beckwith has resigned and that A. L. New, recently appointed internal revenue collector for Colorado and Wyoming, will be his successor. Howard Mutchler (dem.) has been elected to congress from the eighth Pennsylvania district to fill the vacancy caused by the death of his father. Dr. R. L. Watkins, of New York, has had himself inoculated with the bacciltus of consumption in order to test nis theory that consumption is not contagious. George N. Carman, principal of the St. Paul high school, has been chosen associate professor and dean of the preparatory department of the university of Chicago. Governor Altgeld has offered a reward of $200 each for the apprehension and conviction of the members of the mob that lynched Bradshaw at Kingston on July 19. It is reported that United States Senator A. C. Beckwith, of Wyoming, 18 about to resign in consequence of a quarrel with Governor Osborne regardng federal appointments. So far this year 1,749 retail liquor licenses have been issued in the northern district of Iowa, an increase of 400 over 1892. A war in rates is in progress in Indianapolis. Round trip world's fair tickets are offered at $3, a reduction of $1.50. Sheriff M. M. Smith, of Cleveland aountry claima,
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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.
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Fortress Monroe. The increase in national bank circulation during July SO far has been $5,868,750. Charles McGinnis, of Princeville, III., was killed by a freight train at Peoria Alexander Blessing of Wesley City, ill, was killed by a runaway horse at Peoria. Canadian speculators have lost $5.00,000 by the recent decline in the values of stocks. A dozen buildings in the vicinity of Concord, N. H., were demolished by 6 wind storm. John A. Porter, a switchman, feil nd had his head cut off by an engine at Terre Haute. The Bates mills at Lewiston, Me., withh be closed on August 5, and 1,500 nen will be made idle. Bunco men secured $3,600 from Robert Elliott, a rich farmer living near Fayette City, Pa. The First National bank and the Spokane Savings bank at Spokane, Wash., have suspended. Robert Morrison, a stockman, was tatally injured at Crawfordsville, Ind., by his horse falling on him. The Pittsburg wire works at Braddock, Pa., have been closed, and 500 men are out of employment. The 12-year-old daughter of James Ld. Pennington, of Hillsboro, III., was atally burned while cooking dinner. H. B. Nemitz, who stole $24,000 from the Swiss commission at the world's tair, was arrested in Toronto, Ont. Twenty-seven persons were poisoned y impure milk at Louisville. Three of the sufferers are in a serious conMtion Four hundred houses were wrecked and many persons killed and injured by an explosion of a powder magazine at Canton, China. The government surveying corps in me Cherokee strip has located and staked off nine sites for county seats, and also located two land offices. The Obermann Brewing company, Milwaukee, involved in the suspension of "Mitchell's bank," made an assignment to protect creditors. Four kinds of ice-cream made in one day by the Nuber Brothers, conrectioners of Brooklyn, N. Y., poisoned between twenty and thirty people, some of them seriously. A mob of unemployed workmen at Denver took Dan Arata, the murderer of B. C. Lightfoot, from jail and anged him to a tree. A Cheyenne, Wyoming, dispatch says It is understood that Senator Beckwith has resigned and that A. L. New, recently appointed internal revenue collector for Colorado and Wyoming, will be his successor. Howard Mutchler (dem.) has been elected to congress from the eighth Pennsylvania district to fill the vacaney caused by the death of his father. Dr. R. L. Watkins, of New York, has had himself inoculated with the baceiltus of consumption in order to test nis theory that consumption is not contagious. George N. Carman, principal of the St. Paul high school, has been chosen associate professor and dean of the preparatory department of the university of Chicago. Governor Altgeld has offered a re"yard of $200 each for the apprehension and conviction of the members of the mob that lynched Bradshaw at Kingston on July 19. It is reported that United States Senator A. C. Beckwith, of Wyoming, is about to resign in consequence of at quarrel with Governor Osborne regardng federal anpointments
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F. L. CLARK FOR RECEIVER. He Is Requested to Assume Control of the First National. SPOKANE, Aug. 1.-A movement is on foot to induce F. Lewis Clark to accept the position of receiver of the First National bank, recently suspended. A petition to that effect was circulated yesterday and received numerous signatures of parties interested in the bank's welfare. The bank officials themselves are said to favor Mr. Clark's appointment. Several other names have been suggested for the place. The determination will rely largely upon the recommendation made by the stockholders, together with that of the bank examiner designated to take charge of the bank's affairs.
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All Republicans. SPOKANE. Wash.. Nov. 29.-The appointment of F. Lewis Clark as receiver of the First National bank of this city makes five Republican receivers of national banks in this state, and there are no Democratic receivers.
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Three and a half million feet of sawlogs belonging to Day Bros., of Snohomish, were sent over Snoqualmie falls last week without being injured in the least, and, 2,000,000 feet more, now caught in a jam just above the falls, will be sent over as soon as it can be broken up. Henry Marshall, the first settler on the Stillaguamish, and a tar on the frigate Constitution, was in Snohomish the other day on his way to the old soldiers' home. Mr. Marshall is 72 years old, and has seen some hard experience as a pioneer of Washington and a defender of his country. The Whatcom Reveille is out with a 16 page eight-column edition, which is a credit to its enterprising publishers and will be of immense value to Whatcom county. It gives a history of Whatcom and a description of its principal industries, with illustrations of some of the principal buildings. A heavy snow fell here last Thursday, says the Elberton, Whitman county, Wheat Belt, and sleigh bells are making merry music to the separator's hum and the power-driver's shrill whistle on the frosty air, as they thresh out the golden wheat on the thousand-acre ranches in the neighborhood. That was a narrow escape from death Ernest Weiss, a Bellingham Bay railroad brakeman made at Sumas. He was knocked off the top of a moving freight-car in the yards and had the presence of mind to lie flat on the ties until that section passed over him. He was bruised some, but thankful to be alive. Lewis Clark, has been appointed receiver of the First National bank of Spokane. He has qualified in a $50,000 bond, and his commission has arrived from Washington. Bank commissioner Stagge will stay the week out and then return to Portland. The bank people talk as hopefully as they can about the prospect for reopening. Returns are still coming in slowly from the Danish, Swedish, Norwegian, Danish-American, Swedish-American, Scandinavian and ScandinavianAmerican societies of the Northwest, denouncing Councilman Davis for his bad break. All the unmeasured teams known to civilization have been used in referring to him. Mr. and Mrs. William Newell, who recently arrived in Spokane from Manague, Nicaragua, where Mr. Newell was United States Consul, brought with them a native girl so they could keep up their Spanish. Being reared in the warm climate of Nicaragua the girl contracted a violent cold on the way to Spokane and is now laid up. The first snow she ever saw was in New York State. She gathered several handfuls and pressed it into a ball, and when asked what she meant to do with it innocently replied that she was going to send it to her sister in Nicaragua. A special from New Westminister, B. C., says: Princess Louise, of Tabiti, who has been a prominent figure among the demi-monde of that place for 18 months, left for Victoria lately, en route to San Prancisco and her home. Something over two years ago the princess, a niece of the reigning king and granddaughter of Pomare II, took passage on a ship at Papieto, Tahiti, for the neighboring island of Macia to visit friends. The captain became enamored of the girl, then 19 and handsomely formed, and instead of leaving her at the island carried her to Port Townsend, where she escaped from the vessel and finally drifted to Whatcom, where she met a country. woman who kept a house of ill-fame. Compelled by circumstances, she adopted the same life, and 18 months ago went to Seattle. Last December the police raided every fast house in the city, and Louise was among those arrested and fined. She told her tale to Sergeant Carty, who put himself in communication with the consul-general at Tahiti, the result being that all her statements as to royal ancestry were proven, and the Kingsent money to a large shipping firm in San Francisco to pay her passage back, and plenty to meet all wants in the way of dress, etc. A few days, ago a good, round sum was received by Sergeant Carty from the shipping firm for her expenses to San Francisco, and she left nearly wild with delight at the idea of seeing home again.
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criminal record in this instance is one the has stood high in the community. and who who is a national bank examiner. When began to be whispered about that Lionel Stagge was a forger and an ex-convict, those who knew him would not for a moment believe it. However, an investigation showed that there was much foundation for the report, and eventually the following facts were discovered: Dec. 8, 1889, a young man much given to dress, who gave the name of A. L. Waterhouse, was arrested in this city for passing fraudulent checks, both here and in California. The First National Bank of San Francisco was his victim in California. The check, on the bank was for $300, and was given to the United States hotel in Marysville, Cal. The check, however, which caused his immediate arrest was drawn on the First National Bank of Chicago and was hypothecated to S. Bailey, proprietor of the Gilman house in this city, in liquidation of a board bill. The check called for $35. Waterhouse represented himself to be the authorized agent and traveling correspondent of a Chicago newspaper. This caused the police to believe he was Harry A. Royce, whom the paper had recently exposed. This Waterhouse denied, but admitted he was acquainted with Royce, having met him in the east. Among the prisoner's effects were found number of cards bearing the name of & Waterhouse, but there was nothing to identify him with Royce. Waterhouse, however, claimed he had done some work for the Chicago paper. He also said he had written a great deal for other papers while traveling in Europe, Mexico and the south. Two days after his arrest, Dec. 10, he was arraigned in the police court charged with larceny by Bailey. He waived examination and was held in the sum of $500 to answer before the grand jury. The next day another check came to sight signed by Waterhouse. This was uttered in Salem, Ore., and when produced for payment here was declared fraudulent. On Dec. 16 Waterhouse pleaded guilty to the charge of obtaining money under false pretenses, and the following day, Dec. 17, was sentenced to one year in the state penitentiary at Salem. Before the sentence was passed the prisonerasked that he might serve his term in the county jail, saying his professional career. that of a journalist. would be jeopardized by a penitentiary term. During the trial many other checks came to light, his victims being principally hotelkeepers in California. After serving his term, Waterhouse disappeared. and for a year afterward his doings are unknown. In the summer of 1891, a young man of pleasing appearance and agreeable manners arrived in Portland. giving the name of Lionel Stagge, and soon secured the position of advertising solicitor for the Oregonian. In the latter part of 1892 he married into one of the nicest families here. His father-in-law assisted Stagge in establishing in February, 1893. the Pacific Banker and Investor. a financial journal. Through this magazine Stagge obtained a reputation for financial ability among the bankers in the northwest. Last summer he sought and obtained the position of national bank examiner. His work was affective, and gave entire satisfaction to all concerned. He first examined theaffairs of the Dallas bank in this state, which was speedily reopened. He was soon afterwards sent to Spokane, Wash., to investigate the failure of the First National bank there, which was soon reopened. When the Oregon National bank, of this city, the depository of the county funds, on Dec. 9. was closed the second time by the indictment of its officials. Mr. Stagge was called to Washington and was appointed receiver for the bank. He was making good ress toward the settlement of its affairs, and then began ominous whisperings. When Stagge was first informed of these rumors he was visibly affected. His manner showed that there was truth in the charges, and he said:
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SPOKANE APPEALS. Suit to Recover Funds From a Broken Bank. The county of Spokane, Washington, has appealed to the United States Circuit Court of Appeals from a decision of Judge Hanford. The county had $11,400 in the First National Bank of Spokane at the time that institution became insolvent, and its attorney petitioned the court for an injunction to restrain the receiver of the bank from distributing the county's deposit pro rata among the creditors. The petitioner claimed that the money was placed in the bank unlawfully, and that it was a trust fund. Judge Hanford decided in the bank's favor, and the appeal filed yesterday is the result.
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The many friends of Willis E. Goodspeed, eldest son of Judge Goodspeed of Randolph, who went to Spokane, Wash., a few years ago, to seek his fortune, will be pleased to learn that he is prospering in his new home and was recently married to Miss Genevieve A. Bancroft, a highly educated and prominent young lady of Auburnrora, Whitman county, in that state. Will is now the private secretary of F. Lewis Clark, the receiver of the First National Bank of Spokane.
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A BRIEF HISTORY OF THE CASE One of the Most Noted Mining Contests in the History of the Country. The case went before the supreme court on a writ of certiorari issued by the supreme court against the United States circuit court of appeals at San Francisco, John R. McBride of Spokane appeared for the Tyler, and assoelated with him were Senator Dolph of Oregon and Arthur Brown of Salt Lake. Counsel for the Last Chance are United States Attorney-General Olney, Charles S. Voorhees, attorney for the receiver of the First National bank, and W. B. Heyburn, attorney for the mining company, Mr. Olney comes in by reason of the First National bank being one of the principal creditors of the Last Chance mine, the bank, by reason of insolvency, being in charge of the comptroller of currency. This is one of the most noted mining cases in the history of the country. The ground in dispute is worth $500,000; there is also involved over $200,000 worth of ore taken out of the disputed area by the Last Chance and claimed by the Tyler. The mines are at Wardner and the litigation has been one of the exciting features of the Idaho courts for several years. The case was carried up to the United States circuit court of appeals, where the Tyler people won Then the Last Chance people went before the supreme court and asked for a writ of certiorari, and the petition was granted. an action seldom taken by the supreme court. EFFECT ON THE BANKS "It will be impossible to tell the exact extent of the victory," said Receiver F. Lewis Clarke of the First National bank. "until the full text is received of the supreme court's decision. We only know now that the court at Washington has reversed the judgments of both lower courts, and ordered a new trial. Considering the law points that were involved in this decision, I feel confident that this new trial will result in a permanent victory for the Last Chance." The decision means a great deal to the depositors of the First National bank and the Spokane Savings bank. The mine and its owners owed a great deal to these banks, not far from a quarter of a million. A favorable decision would give the banks a big asset, and if things should brighten up a little that asset would probably enable them to pay their depositors in full. In one sense, every person in Spokane is financially interested in the decision, because the First National owed the city and county of Spokane about $50.000. At Wardner, where the sympathies of the people have always been largely in favor of the Last Chance, the news was received last evening with many manifestations of pleasure.
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court of appeals has announced decisions in the cases of the city and county of Spokane against the First National bank, reversing the decision in the former case and affirming the decision in the latter. These suits were brought on the claim that the city's and the county's deposits in the bank at the time it failed should be recognized by the receiver as preferred claims. The city had $40,000 in the bank and the county about $20,000. The lower court gave judgment in both cases in favor of the back.
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# ASSESSMENT SUED FOR. The Defunct First National Bank of Spokane After Its Shareholders. A peculiar suit was filed in the United States Circuit Court yesterday, when the receiver of the National Bank of Spokane sought to recover an assessment levied the day before the bank failed. A stockholder refused to pay, so the law has been invoked. The suit is entitled F. Louis Clarke, receiver of the First National Bank of Spokane, vs. I. Kohn. The bank was declared
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A Comparison That Tells the Story. A comparison has been made, compiled from reliable statistics which no one can question, between the operation of the Wilson law during its first sixty days and the Dingley law for the same period. The period in 1893 marked the beginning of the Democratic attack upon protection and in 1897 its restoration. SIXTY DAYS UNDER THE WILSON LAW. The following data, gathered largely from official reports, presents a picture of the sixty-day period of the year 1893 with which the two months just ended correspond both as to the portion of the year and the period of the presidential administration, and also proximity to the tariff legislation. WEEK ENDING JULY 24, 1893. Failure of Bozeman, Mont., National Bank. Four Denver banks closed their doors. Bank suspensions in other western cities. Two other bank failures in Milwaukee and runs on numerous other banks. Commercial bank of Denver fails, capital $250,000. Bank failures at Vernon, Texas, and Knoxville, Tenn., capital $200,000. Failure of Tacoma, Wash., National Bank. capital $200,000. Failures of banks at Great Falls, Mont., and Orlando, Fla., capital $200,000. Suspension of work in manufactories reported from all sections. WEEK ENDING AUG. 1, 1893. National banks at Manchester, N. H., and Indianapolis, fail, capital $500,000. Failure of First National Bank at Spokane, Wash., capital $250,000. Ten banks suspend in one day (July 27), capital $2,000,000. Bank failures in South Dakota, Montana, Illinois. Kansas, Texas, Washington. New Hampshire, and correspondingly large numbers of business suspensions. WEEK ENDING AUG. 8, 1893. Collapse of Chicago provision deal and many failures of commission houses. Failure of National Bank of El Paso, Texas. Failure of National Bank, of San Antonio. Texas. Failure of National Bank of Muncie, Ind. Fifty-third Congress meets in special session to begin its destruction of the McKinley law. WEEK ENDING AUG. 28, 1893. Encounter between anarchists and soclalists averted by New York police. Meeting of anarchists broken up by New York police. Failure of National Bank of Hindman, Pa. Failure of National Bank of Tacoma, Wash. Suspension of manufacturing establishments in numerous states. Announcement by the comptroller of the currency that 155 national banks and 560 private banks had failed during the year ending Aug. 28. Railroad receivers appointed during August for Northern Pacific, Philadelphia and Reading, New England and Pittsburg, Akron and Western railways. SEPTEMBER. Railroad receivers appointed for Wisconsin Central. Chicago, Peoria and St. Louis, Cleveland, Canton and Southern and Evansville and Terre Haute Railroads. The mileage of roads placed in the hands of receivers during the year 1893 was 25,375, nearly one-seventh of all the lines in the United States, and their indebtedness $1,212,217,033. During the year there were 16,115 mercantile suspensions, involving liabilities amounting to $346,779,889. During the bank suspensions of July loans were made on call at the New York Stock Exchange as high as 72 per cent. The number of minor business failures owing to bank suspensions and to inability to make collections has not been tabulated, but reaches into the hundreds. SIXTY DAYS UNDER THE DINGLEY LAW. WEEK ENDING JULY 24, 1897. From Bradstreet's Financial Journal: Twenty thousand workmen resume work in the iron and steel industries.
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Washington, D.C., Oct. 2.-The reports of business improvement and activity in masufacturing and commercial lines which have come to the front since the enactment of the Dingley law has suggested to somebody with a good memory a comparison of present conditions with those ot the corresponding dates in the first year of the Cleveland administration. It is a curious fact that the enactment of the Wilson law came at just about a corresponding period with the meeting of the free-trade Congress in the first year of Ceveland's second term, [and that it is therefore possible to contrast business conditions under the shadow of approaching free trade with the business condition in the sunshine of returning protection. This comparison is startling. This period covered in the comparison of the two months since the final action upon the Dingley bill compared with the corresponding two months in the Cleveland term. or from July 24 to Seteraber 24, 1893, contrasted with July 24 to Setember 24, 1897. Here is the contrast; it is well worth laying for reference: Week ending July 24, 1893-Failure of Bozeman. Montana, national bank. Four Denver banks closed their doors. Bank suspensions in other Western cities. Two bank failures in Milwaukee, and runs on numerous other banks. Commercial Bank of Denver fails; capital, $250,000. Bank failures At Vernon, Tex., and Knoxville, Tenn.; capital. $200,000. Failure of Tacoma (Wash.) National Bank; capital, $200,000; also failures of banks at Great Falls. Mont., and Orladno, Fla. ; capital, $200,000. Suspension of work in manufactories reported from all sections. Week ending August 1, 1893,-National banks at Manchester, N.H., and Indianapolis, Ind fail; capital $500,000. Failure of First National Bank at Spokane, Wash. ; capital, 2500,000. Ten banks sus pended in one dav (July 27) capital, $2,000,000. Bank failures in South Dakota. Montana, Illinois, Kansas, Texas, Washington, New Hampshire, and correspendingly large number of business suspensions. Week ending August 8, 1893-Collapse of Chicago provision deal and many failures of commision houses. Failure of National Bank of El Paso, Texas. Failure of National Bank of San Antono, Texas. Failure of National Bank of Mounce, Ind. LIIId Congress meets in special session to begin its destruction of the McKinley law. Week ending August 28, 1893-Encounter between the Anarchists and Soeialists averted by New York police. Failure of National Bank at Hindman, Pa. Failure of National Bank at Tacoma, Wash. Suspension of manufacturing establishments in numerous states. Announcement by controller of the currency that 155 national banks and 560 private banks had failed during the year ending August 28. Railroad receivers appointed during August for Northern Pacific, Pt itadelphia & Reading, New England and Pittsburg, Akron & Western. September-Railroad receivers appointed for Wisconsin Central. Chicogo, Peoria & St. Louis, Cleveland, Canton & Southern. Evansville & Terre Haute railroads. The mileage of roads placed in the hands of receivers during the year 1893 was 25,375, nearly one-seventh of all the lines in the United States, and their indebtedness $1,212,217,033. During the year there were 16,115 mercantile suspensions, involving liabilities amounting to $346 779,889. During the bank suspensions of July loans were made on call at the New York Stock Exchange as high as 72 per cent. The following statements of revival of manufacturing industries during the sixty days following the enactment of the Dingley law. the period corresponding with the similar dates in the first year of Cleveland's second term, show the contrast between present conditions and those of the corresponding months of the preceding adminisration. The statements which follow are from "Brad street's:' Week ending July 24, 1897-Twenty thousand workmen resumed work in iron and steel industries. Bigelow Carpet Company, at Clinton, Mass. resumes
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yond the shadow of a doubt that McKinley tariff law had something to do with the inauguration of the great financial panic beginning in 1893. The fact that the Chicago Times-Herald is the staunchest advocate of a high protective tariff, and the added fact that the relations between its editor, Mr. Kohlsaat, and President McKinley are such that the Times-Herald is looked upon as the president's personal organ, makes this showing all the more unexpected and remarkable. The mere fact that the was mixed in its dates, charging the Wilson law with being the cause of things that transpired before the Wilson law was introduced in congress. does not break the force of that organ's arraignment of the McKinley law. The Times-Herald has apologized for its blunder. but the awful record of business failure and industrial depression under the McKinley law still stands. B Jepun '17 IO enss) S11 us Washington date line, the Times-Herald undertook to prove that the Dingley law is productive of prosperity The matter occupies a four column square on the first page, under a flaring head line, and contrasts two periods. One period covers the time from July 24 to September 24, 1893; the other a similar time in 1897. The two periods are printed in parallel columns. That of 1897 is under the sub-heading of "Sixty Days Under the Dingley Law. -qns Jepun SI 3683 JO that heading, 'Sixty Days Under the Wilson Law The latter is here reproDays Under the Wilson MET Week Ending July 24. 1893.-Failure of Bozeman (Mont.) National bank. Four Denver banks closed their doors Bank suspensions in other western cities. Two other bank failures in Milwaukee and runs on numerous other banks. Commercial bank of Denver fails, capital $250,000. Bank failures at Vernon. Tex. and Knoxville, Tenn. capital $200,000. Failure of Tacoma (Wash.) National bank, capital $200,000. Failures of banks at Great Falls. Mont. and Orlanda, Fla., capital $200,000. Suspension of work in manufactories reported from all sections. Week Ending Aug. 1. 1893.-National -UI pue "H N 18 dianapolis, Ind., fail, capital $500,000 Failure of First National bank at Spokane, Wash., capital $250,000. Ten banks suspend in one day (July 27), capital $2,000,000. Bank failures in South Dakota, Montana, Illinois, Kansas, Texas, Washington. New Hampshire and correspondingly large number of business suspensions. Week Ending Aug. 8. 1893.-Collapse of Chicago provision deal and many failures of commission houses. Failure of National bank of El Paso, Tex. Failure of National bank of San Antonio, Tex. Failure of National bank of Muncie, Ind. Fifty-third congress meets in special session to begin Its destruction of the McKinley law. Week Ending Aug. 28. 1893. -Encounter between anarchists and socialists averted by New York police. Meeting MIOX MAN sq dn broken JO police. Failure of national bank of Hindman. Pa. Failure of national bank of Tacoma, Wash. Suspension of manufacturing establishments in numerous states Announcement by the comptroller of the currency that 155 national banks and 560 private banks had falled during the year ending Aug 28 Railroad receivers appointed during August for Northern Pacific, Philadelphia & Reading. New England & Pittsburg, Akron & Western railways September.-Rallroad receivers ap pointed for Wisconsin Central, Chicago, Peoria & St. Louis, Cleveland. Canton & Southern and Evansville & Terre Haute. The mileage of roads placed in the hands of receivers during the year He TO seventh euo '948'97 SBM 2681 the lines in the United States, and their indebtedness 212,217 033. During the year there were 16,115 mercantile suspensions, involving liabilities amount ing to $346,779,889. During the bank suspensions of July loans were made on call at the New York Stock Exchange TO requinu ene ask 21 SE SB minor business failures owing to bank suspensions and to inability to make collections has not been tabulated, but reaches into the hundreds. This is a bad record for the tariff law under which all these calamities occurred. but. unfortunately for the Times-Herald, the Wilson law was not then in operation. In fact, at that time the Wilson law had not been introduced in congress. The congress which passed the Wilson law met in Decem ber, 1893-two months after the ending of the period set forth in the TimesHerald. The Wilson law passed the house on Feb. 1. 1894 four months after the ending of the period set forth by the Times Herald. It passed the sen1994 E Ainr uo u! air nine months after the ending of the period set forth by the Times Herald. After repeated conferences and disagreements the house adopted the sen ate bill entire on Aug. 13, 1894-ten months and 13 days after the expira tion of the period set forth by the Times-Herald. The Wilson law went into effect just 11 months after the ending of the period set forth by the Times Herald. Briefly, every business failure attributed by the Chicago Times-Herald in the above ex S tract to the Wilson law took place un der the McKinley law before the Wilson bill had been introduced in con. gress. In Its efforts to prove that the 941 JOJ SEM ME WITHON business depression in 1893 the Times Herald succeeeds only in proving that the McKinley law was responsible. A correspondent of the Chicago protection organ was quick to discover the hole which engulfed it, and wrote as follows: Editor of the Times-Herald: Did you not make a blunder in your supposedly 4 deadly parallel on Monday morning when you contrasted the workings of S the Wilson and the Dingley acts ano the business failures under them? The period dating from July 24 to Septem ber, 1833, which you say was "sixty days under the Wilson law." was more than 2. year before the Wilson law went into operation, and some months in 01 persented SEM 11 before house. The McKinley law was then in full force. Ought you not as a fair an & great newspaper to retract this mis statement? B. A. M'CONNELL The Times-Herald admitted that a made a grave mistake by publishing one
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JUST FOR COMPARISON. SOMETHING IN RELATION TO THE CONDITIONS WHICH EXISTED IN 1892. And Then Look Upon the Fair Picture Presented in 1897-Then the Banks Were Failing and Everything Was Tumbling-Now Everything is on the Mend and Mills Are Opening. Washington, D. C., Oct. 11.-(Special Correspondence.)-The reports of business improvement and activity in manu. facturing and commercial lines which have come to the front since the enact. ment of the Dingley law has suggested to somebody with a good memory a comparison of present conditions with those of the corresponding dates in the first year of the Cleveland administration. It is a curious fact that the enactment of the Wilson law came at just about a corresponding period with the meeting of the free-trade congress in the first year of Cleveland's second term, and that it is therefore possible to contrast business conditions under the shadow of approaching free trade with the busid ness conditions in the sunshine of re1 turning protection. This comparison is e startling. The period covered in the comparison is the two months since the final action upon the Dingley bill compared with the corresponding two it months in the Cleveland term, or from July 24 to September 24, 1893, contrasted with July 24 to September 24, 1897. Here is the contrast; it is well worth e laying aside for reference: Week ending July 24, 1893-Failure of e Bozeman, Montana, national bank. Four Denver banks closed their doors. Bank a suspensions in other western cities. Two e banks failed in Milwaukee, and runs.on d numerous other banks. Commercial bank of Denver falls; capital $250,000. h Bank failures at Vernon, Tex., and Knoxville, Tenn., capital, $200,000. Faily ure of Takoma, Wash., National bank; capital, $200,0000; also failure of banks d at Great Falls, Mont., and Orlando, Fla.; capital, $200,000. Suspension of work in y S manufactories reported from all seca tions. Week ending August 1, 1893-National banks at Manchester, N. H., and g Indianapolis, Ind., fail; capital $500,000. e Failure of First National bank at Spo. kane, Wash.,; capital $250,000. Ten 0 banks suspended in one day (July 27); n capital $2,000,000. Bank failures in South Dakota, Montana, Illinois, Kand sas, Texas, Washington, New Hampat shire, and correspondingly large num9 bers of business suspensions. 6 Week ending August 8, 1893-Collapse r of Chicago provision deal, and many failures of commercial houses. Failure at of national bank of El Paso, Texas. FailS ure of national bank of San Antonio, 1 Texas. Failure of national bank of it Muncie, Ind. Fifty-third congress meets 1 in special session to begin its destruction d of the McKinley law. d Week ending August 28, 1893-Ener counter between the anarchists and 80y clalists averted by New York police; * meeting of New York anarchists broken d up by New York police. Failure of na. tional bank at Hindman, Pa. Failure of ะค national bank at Tacoma, Wash. SusR pension of manufacturing establishments in numerous states. Announcement by 8 6 comptroller of currency that 155 national banks and 560 private banks had falled d during the year ending August 28. Railat road receivers appointed during August for Northern Pacific, Philadelphia and s Reading, New England, and Pittsburg, Akron and Western. is September-Railroad receivers ap0 pointed for Wisconsin Central, Chicago, 0 Peoria and St. Louis, Cleveland, Canton e and Southern, and Evansville and Terre Haute railroads. The mileage of roads 19 placed in the hands of receivers during g the year 1893 was 25,375, nearly oneseventh of all the lines in the United a States, and their indebtedness, $1,212,10 217,033. During the year there were 16,115 mercantile suspenions, Involve ing liabilities amounting to $346,779,889. 8 During the bank suspensions of July loans were made on call at the New York stock exchange as high as 72 per cent.
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SOME COMPARISONS OFFICIAL REPORTS SHOW THE DIFFERENCE IN THE TIMES. Under the First 60 Days of the Cleve. land-Wilson Low Tariff the Country Was in a Panic-Under the McKinleyDingley Tariff the Country Confident. E. F. PARSONS, Special Correspondent. Washington, D. C.-The close of the first sixty days of the operations of the new tariff law and the business improvements which are visible in every direction during that time have suggested a comparison of the conditions during the two months in question with those of the corresponding date in the first year of the Cleveland administration, during which time the free trade congress, elected with President Cleveland, was just beginning its attack upon the protective system which the Dingley law sixty days ago re-established. The two periods from July 24 to September 24 in the years 1893 and 1897, respectively, present a marked contrast -Bod St 1! pus conditions business 01 SE sible to obtain from government records some data bearing upon this subject and now especially interesting. The following data gathered from official reports presents a picture of the sixty-day period of the year 1893 with which the two months just ended correspond both as to the portion of the year and the period of the presidential administration and also proximity to tariff legislation: Week ending July 24, 1893-Failure of Bozeman, Mont., National Bank; four Denver banks closed their doors; bank suspensions in other western cities; two bank failures in Milwankee and runs on numerous other banks; Commercial Bank of Denver fails, capital $250,000; bank failures at Vernon, Texas, and Knoxville, Tenn., capital $200,000; failure of Tacoma, Wash., National Bank, capital $200,000; also failures of banks at Great Falls, Mont., and Orlando, Fla., capital $200,000; suspension of work in manufactories reported from all sections. Week ending August 1,1893-Nation-uI pus "H N Manohester 18 queq 18 dianapolis, Ind., fail, epaital $500,000; failure of First National Bank at Spokane, Wash., capital $250,000; ten banks suspend in one day (July 27), capital $2,000,000; bank failures in South Dakota, Montana, Illinois, Kansas, Texas, Washington, New Hampshire, and correspondingly large number of business suspensions. Week ending August 8, 1893-Collapse of Chicago Provision Deal and many failures of commission houses; failure of National bank of El Paso, Texas; failure of National bank of San Antonio, Texas; failure of National bank of Muncie, Ind; fifty-third congress meets in special session to begin its destruction of the McKinley law. Week ending August 28, 1893-Encounter between the anarchists and socialists averted by New York police; meeting of anarchists broken up by New York police; failure of National bank at Hindman, Pa.; failure of National bank at Tacoma, Wash., suspension of manufacturing establishments in numerous states; announcement by comptroller of the currency that 155 National banks and 560 private banks had failed during the year tnding August 28; railroad receivers apppointed during August for Northern Pacific, Philadelphia & Reading, New England and Pittsburg, Akron & West"ure September-Railroad receivers
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Pioneer Talks As Told to Robert Owen By HARRY GOETZ The courage and faith of the citizens of Spokane Falls met its first test in the fire of Au gust 1889 that practically wiped out the town. much improved and prosperous city of brick appear ed from the ruins, and under the impetus of mining lopment in the Coeur Alenes, set tlement and of the farm ing lands the Inland Empire and the the lumber busi as an important the city enjoyed rapid and splendid prosperity for several years But the courage of the citizens and the resources of Spokane soon to be tested in the panic of 1893. There was little indication of impending events to people of the financial situation that was 80 near Trade and industry prospered in this prosperity being reflected in large increase in railway freight tonnage Spokane forward to big year in business The Great North ern completed, and the public still hoped for lower rates. Mining had been resumed in the Coeur Alenes an extensive scale, and territory to the north in the neighborhood the Old Dominion mine booming Heavy falls promised good crops and irrigation now being used effectively varlous points in the Inland Empire More than million dollars had in new building in Spokane in including the new the Marble Bank building erected by M Cannon But Cannon had unfortunately himself to come interested in too many distant and doubtful enterprises Under the leadership of Paul Mohr. W. Durham tells us, "He had been lured into heavy invest ments in coal mines in the Cascade portage railroad scheme around the rapids in the Columbia river above The Dalles. Mohr went east desperate ef. fort to these elephants on New York and Mr. Cannon, realizing critical condition. eagerly scanned his agent's ports. Mohr falled get aid in the and Cannon was forced to ask for help from the Spokane banks. After examination of his affairs on the morning June 3. 1893, the Bank of Spokane Falls failed open its doors for business. This news created sensation and no blame attached to Mr. Cannon by the general public, the popular reaction being one deep sym pathy for the kind hearted pioneer had done much to make Spokane the lively little city which had become Twenty hours the Bank Spokane Falls closed. the Wash ington National and the Washing ton Savings bank suspended pay ment, and hard run on the CitiNational forced to close its doors one hour closing time. On July the Washington National business in quar ters previously occupied by the broken Spokane National Riverbeen side and Howard property that had vacant years banks disasters subjected the remaining These to July 26 the First National and after on steady run of 50 days, became in solvent