Herman Schaffner & Company (Chicago, IL)

Episode Information

Episode UID
2422241791122
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
242224179 hash
Start Date
June 3, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3dc1016e0b352471

Response Measures

None

Description

Assignment made to American Trust and Savings Bank; press reports link failure to partner's disappearance and heavy commercial-paper exposure.

Events (2)
1. June 3, 1893 Receivership
Newspaper Excerpt
The assignment of the bank was made to the American Trust and Savings Bank.
Source
newspapers
2. June 3, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Disappearance of senior partner Herman Schaffner and excessive exposure to commercial paper leading to insolvency.
Newspaper Excerpt
Herman Schaffner & Co., private bankers, made a complete assignment today.
Source
newspapers

Newspaper Articles (17)
1. June 3, 1893 Evening Star Washington, DC
Article from Evening Star, June 3, 1893

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Article Text

SENSATIONAL FAILURE IN CHICAGO. Schaffner s Co. Assign-Ramored Suicide of the Head of the House. CHICAGO. May 3.-Herman Schaffner & Co., private bankers, made a complete assignment today. Schaffner & Co. have been the largest private concern in this city, or in the northwest, dealing exclusively in commercial paper. The firm was also one of the oldest of its kind in Chicag o. No statement of the affairs of the bank was filed in court on the application for a receiver. The assignment of the bank was made to the American Trust and Savings Bank. Early today the cashier of that institution visited the bank at the Title and Trust building only to find a large and demonstrative crowd assembled and the doors closed. To add to the excitement it was reported that Schaffner had committed suicide. It is stated that the creditors of the bank will lose nothing. Attorney Levy Mayer, representing the assignee. stated that, even in the event of a forced liquidation, there will be enough money to meet all liabilities. The firm was considered one of the most solid private banks in the country. It did a small deposit and brokerage business, and its greatest busine38 was a commercial brokerage business with banks all over the country. In the regular course of its business the bank sold commercial paper without indorsing it and also without any liability. Most of the paper was bought on the strength of mercantile houses by which it was in dorsed. DISAPPEARANCE OF SCHAFFNER. The assignment was undoubtedly caused by the disappearance of Hermann Schaffner, the senior member of the firm. of which the other member is A.T. Becker. Yesterday noon Schaffner left his coat in the office and stated to his partner that he was going out on an errand. Since then nothing has been seen or heard of him. He has not been at his home at 3217 Wabash avenue, and the police have made vain efforts to discover his whereabouts. This fact started a rumor on the board of trade this morning that he had committed suicide. The worst is feared by his friends and business associates. Mr. Schaffner's partner was so much moved over the disappearance of his associate that last night he became ill, and today he is at home suffering from the depression and so ill that he is confined to his bed. The bank had been in trouble for several days and the impending disaster appeared to have a most distreesing effect upon Mr. Schaffner. No statement of the assets and liabilities has been made or is possible until the assignee goes over the books. A meeting of those interested in the bank will be held Monday or Tuesday next to see about resuming business.

2. June 4, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 4, 1893

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ANOTHER CHICAGO BANK FAILS. Herman Schaffner Disappears and His Big Institution Goes to the Wall. CHICAGO, June 3.-Herman Shaffner & Co., private bankers, assigned to-day to the American Trust and Savings Bank. Schaffner & Co., were the largest dealers in commercial paper in the Northweat and one of the oldest banks of the kind in the city. Herman Schafiner, the senior member of the firm. has disappeared. J. R. Chapman, cashier of the American Trust and Savings Bank. the assignee, said this morning: "I cannot tell you what the assets and liabilities are until I get a statement from the books. The cause of the failure was too much commercial the paper. Schaftner & Co. were biggest dealers in commercial paper the in country. handled They $35,000,000 of it last year. There was no sale to speak of in commercial Dader this year, and that is the cause of the failure." Some months ago, it is said. Schaffner & Co. got caught in the Dennel Brothers' failure for over $100,000, in the D. Daizell newspaper failure for $25,000 and in the M. E. Page failure for a large amount. The assignment was undoubtedly caused by the disappearance of Herman Schaffner, the senior member of the firm, of which the other member is A. G. Becker. For several days the bank, it 18 said, has been in trouble, and the impending disaster apDeared to have a most distressing effect upon Mr. Schaffner. Yesterday afternoon w left the bank, and since that time he

3. June 4, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, June 4, 1893

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PRIVATE BANK FAILS. / Expected to Resume in a Few Days and Pay in Full. CHICAGO, June 3.-Herman Schaffner & Co,, private bankers, made an assignment. The firm is the largest private concern in Chicago or the no:thwest, dealing exclusively in commercial paper. The firm is also about the oldest of its kind in Chicago. An investigation developed the fact that the assignment was the direct result of the disappearance of Herman Schaffner, the senior member of the firm. It is said that the bank had been in straits for some days, and that its difficulties preyed very heavily on Schaffner's mind. He left the bank yesterday afternoon and has not been seen since, though a diligent search was made for him. The Attorney for the bank made a statement in which he says it is expected that the suspension will be only temporary and was made only because Schaffner's disappearance was likely to cause distrust. The firm dealt in mortgages which it sold on their merits without endorsement and is therefore not liable. No bank in the country will lose anything, and he feels sure the firm will pay in full. CHICAGO, June 3. - -The great Grant locomotive works, which were moved here from New Jersey a couple of years ago. being pressed by some of its creditors and in order to provide ready oash, has called a meeting of its stockholders. The recent strike prevented the filling of contracts, which is the cause of the trouble. The company is molvent, with assets greatly exceeding the liabilities. KOKOMO, Ind., Juno 3.-The grand jury investigating the Greentown bank failure will not report before Tuesday morning, but the evening papers here announce with much positiveness that indictments have been found against Ex-Gov. Chase, John W. Paris and Cashier Walden. It is also said an indictment was found against Zimri Duggins, of Columbia National bank famo.

4. June 4, 1893 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, June 4, 1893

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HERMAN SCHAFFNER & CO. CLOSED. A General Assignment-It Was the Largest Private Concern in the Northwest and Handled $35,000,000 of Commercial Paper Last Year. CHICAGO, June 3.-Herman Schaffner & Co., private bankers, made a complete assignment to-day. Schaffner & Co., have been the largest private concern in this city, or in the Northwest, dealing exclusively in commercial paper. The firm was also about the largeast one of its kind in Chicago. No statement of the affairs of the bank was filed in court on the application for a receiver. The assignment of the bank was made to the American Trust and Savings Bank. Early to-day the cashier of that institution visited the bank at the Title and Trust building only to find a large and demonstrative crowd assembled and the doors closed. To add to the excitement, it was reported that Mr. Schaffner had committed suicide. The assignment was undoubtedly caused by the disappearance of Herman Schaffner, the senior member of the firm, who has been missing since yesterday. The police were notified this morning to keep a sharp look out for Mr. Schaftner. J.R. Chapman, cashier of the American Trust and Savings Bank, the assignee, put up the following notice: "This bank is in the possession of the American Trust and Savings Bank." Mr. Chapman, to inquirers, said: "I cannot tell you what the assets and liabilities are until I get a statement from the books. That statement will probably be issued to-day. The cause of the failure-too much commercial paper -they were the biggest dealers in commercial paper in this country. They handled $35,000,000 of it last year, and that is the cause of the failure. I can say nothing further until a statement has been prepared of the bank's condition, and men are at work on that now af fast as they can." In the absence of a statement by the assignee it is given out, but not authoritatively, that the liabilities of the concern will not exceed $500,000, and the assets more than cover the amount.

5. June 4, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 4, 1893

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ANOTHER BANK FAILURE, Chicago, June 3. - Herman Schaffner & Co., private bankers, have made an assignment. The firm was the largest private concern in Chicago or the northwest, dealing exclusively in commercial paner. The firm was also about the oldest of its kind in Chicago, No statement of the bank's affairs was filed with the application for a re ceiver. The assignment was made to the American Trust and Savings Bank. To add to the excitement, it was rumored that Schaffner had committed suicide. Investigation has developed the fact that the assignment directly resulted in the disappearance of Hermann Schaffner, the senior member of the firm. It is said that the bank had been in sore straits for several days, and that its difficulties weighed very heavily on Schaffner's mind. He left the bank yesterday afternoon and has not been seen since, though diligent search has been made for him. His friends fear mental aberration. The cause of the failure was too much commercial paper.

6. June 4, 1893 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 4, 1893

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HEAVY FAILURE IN CHICAGO. Disappearance of the Senior Partner and the Junior Partner Sick. CHICAGO, III., June 3.-Herman Schaffner & Co., private bankers, have made an assignment. The firm is the largest private concern in Chicago or the northwest dealing exclusively in commercial paper. The firm is also about the oldest of its kind in Chicago. No statement of the bank's failure was filed with the application for a receiver. The assignment was made to the American Trust and Savings bank. The cashier of that institution, on visiting the suspended institution's quarters this morning, found a large, demonstrative crowd around the closed doors. To add to the excitement it was rumored that Schaffner had committed suicide. Investigation developed the fact that the assignment was the direct result of the disappearance of Herman Schaffner, the junior member of the firm. it is said the bank has been in straits for some days and that its difficulties have preyed very heavily on Schaffner's mind. He left the bank vesterday afternoon and has not been seen since, though diligent search has been made for him. His friends say mental aberration is not known in his family and they fear his distress has unbalanced his mind and that some mishap has befallen him. The police have been notified to keep a sharp lookout for him. His partner, A. G. Becker, is so overcome by the train of ills that he has taken sick and is now confined to his bed. A representative of the assignee says the cause of the failure was too much commercial paper. In this line the firm was the largest in the country, handling $35,000,000 worth last year. There has been little market for it since tight money came. It will take some time to make up a statement of assets and liabilities. Caught by Recent Failures. It is said the firm was caught by several recent failures for sums ranging from $100,000 down. It is further said the bank, when in need of money, pledged commercial notes as collateral for advances from other banks. There is also a theory that Schaffner was caught in the recent great slump in values on the local stock exchanges. The attorney for the bank has made a statement in which he says it is expected the suspension will be only temporary, and it was made only because of Schaffner's disappearance, which was likely to cause distrust. The firm dealt in mortgages, which it sold on their merits without endorsement, and 18 therefore not liable on it. No bank in the country will lose anything, and he feels sure the firm will pay in tull. NEW YORK, June The correspondent in New York of Herman Schaeffer was the American Exchange National bank. The Chicago bank formerly kept an average balance of $20,000 at the bank. and it had been recently reduced. An overdraft from them for $900 was thrown out today.

7. June 4, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, June 4, 1893

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A CHICAGO BANK FAILS Chicago, III., June 3. - Herman Schaff nor & Co., private bankers, made a complete assignment today. Schaffner & Co. has been the largest private concern in this city or in the northwest. dealing exclusively in commercial paper. The firm was also about the oldest one of its kind in Chicago. No statement of the offairs of the bank was filed in court on application for a receiver. The assignment of the bank was made to the American Trust and Savings bank early today. The cashier of that institution visited the bank at the Title and Trust building only to find a large and demonstrative crowd assembled and the doors closed. To add to the excitement it was reported that Schaffner had committed suicide. The assignment was caused by the disappearance of Florman Schaffer, the senior member of the firm. of which the other member is A. G. Breeker. Schaf. for yesterday afternoon left the bank and since then has not been seen. Grave fears are entertained by Schaffer's friends for his safety. It is said acute mental abberation is not unknown in his family. It is feared that the troubles that threatened, and the shadow of coming business collapse have made him temporarily irresponsible The cause of failure was too much financial speculation and lack of business transactions in a commercial way. It is expected the assignment will be but temporary and meanwhile a complete inventory of the firm's assets will be made. Brecker and representatives no or even of of dation. doubt In the fears absence a forced statement entertain liquiby the assignees, it is said that the liabilities of the concern will not exceed $500,000. and assets will more than cover that amount.

8. June 5, 1893 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, June 5, 1893

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Chicago's Disastrous Bank Failure. CHICAGO, June 5.-Herman Schaffner & Co., private bankers, at 100 Washington street, have failed, a notice being posted on their doors saying the American Trust and Savings bank had been made assignees. The reason given was the disappearance of Herman Schaffner, who has not been seen since Friday, but the state of things disclosed shows that the suspension could not have been put off much longer. The deposits amount to about $850,000 and the depositors will get little or nothing, and in addition to this the liabilities will foot up nearly $1,200,000 more. It is believed that Schaffner has committed suicide.

9. June 5, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 5, 1893

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No Statement Made. CHICAGO, June 5.-Herman - Schaffner & Co., private bankers at 100 Washington street, made an assignment in the county court. No statement of the af. fairs of the bank was filed in the application for a receiver.

10. June 5, 1893 Evening Capital Journal Salem, OR
Article from Evening Capital Journal, June 5, 1893

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Private Bank Fails. CHICAGO. Ills., June 3.-Herman Schaffner & Co., private bankers, have made an assignment. The firm is the largest private concern, in Chicago or the Northwest, dealing exclusively in Commercial paper. The firm is also about the oldest of its kind in Chicago. No statement of the bank's affairs was filed with the application for a receiver. The assignment was made to the American Trust and Savings bank. To add to excitement,it was rumored that Schaffner had committed suicide. Investigation developed the fact that the assignment was the direct result of the disappearance of Herman Schaffner, senior member of the firm. It is said that the bank has been in straits for some days and that it its d'fficulties preyed very heavily ou Schaffner's mind. He left the bank yesterday afternoon and has not been seen since, though diligent search has been made for him. Friends fear mental aberration. The cause of the failure was too much commercial paper.

11. June 6, 1893 The Evening Herald Shenandoah, PA
Article from The Evening Herald, June 6, 1893

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Schaffner Drowned Himself. CHICAGO, June 6. - -Yesterday's developments in the search for Herman Schaffner, head of the suspended banking firm of Herman Schaffner & Co., who has been missing since Friday afternoon, tend to prove that be is the man who drowned himself in the lake off Diversey street The police are dragging for his body.

12. June 6, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, June 6, 1893

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AFRAID OF BANKS. Poor People Draw Out Their Savings. MONEY READY ON DEMAND. Chicago Savings Institutions May Be Shaky, but They Certainly Show No Sign of It. Special to THE MORNING CALL June 5.-The failure of HerrCHICAGO, bank, which mann, Schaffner & Co.'s OCcurred bore fruit to-day in welldefined which were ou almost if not one of last runs week, every precipitated the savings banks of The first effect excitement was of the Chicago. the to Bank feel Jewish the of Commerce, where a great many class acThe Schaffner very counts. citizens of the poorer failure keep bore had their down much alarmed them, and they Bank of Commerce at openupon hour. the The doubled the ing tellers were up and fast as presented throughout the officials of the exno alarm pressing the paid day, checks whatever, and demands. bank saying that they were able to meet any The Illinois Trust and Savings Bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid every one as rapidly as possible. At 3 o'clock this afternoon they posted a notice on the the bank until 10 o'clock night so as the present front open door long that to-night would excitement and remain every continued. The Hibernian Bank which, as its name implies, is the depository for a large number of Irish-Americans of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal, and paid only a percentage of deposits to-day, and the Globe Savings Bank applied the thirty-day rule also. The Milwaukee-avenue Savings Bank sustained a moderate run throughout the day, and it, too. kept open house until 9 o'clock to-night. Equally spirited checking was noted the Price State State as well as upon upon Savings, National and the Savings Pacific Union Trust Company and the Avenue Bank, but ia no case was any alarm felt by well-informed people. In fact, at many of these institutions large depositors came in during the afternoun and made heavy deposits. situation was greatly aggravated a number of To-day's by Board of Trade defor reasons of their own, voted to the sensational in which they brokers, themselves rumors, who, circulation involved of at or another every in and a large o erators as stockyard the one city time number nearly well. of Notwith- leading bank standing these malicious efforts no fear is felt as to the safety of any of the leading banking institutions of the city, and the failure of Meadowcroft Bros, a minor institution with total deposits of perhaps $200,000, aroused little or no interest. Attorneys for the bank place the liabilities at $250,000, assets at $470,000. The latter consist chiefly of commercial paper which is not now readily convertible into cash. in court a was for the bank, on a appointed On application receiver petition of member of the firm. The bill gives as a cause of failure inability to reorganize the bank after the death of one of the brothers last February. The bank was established in 1860 by the father of the members of the present firm. Schaffner of lief To-day's that Herman developments confirm the the failed bebank of Herman Schaffner & Co. drowned himself in the lake. The police are dragging for the body. CHICAGO, June 6.-At midnight the Illinois Trust and Savings Bank was still off, and the crowd of depositors to draw their money was as ever. The were large paying anxious as otherwise bank officials to still out rather than pay as it meanta big to money, in pleased saving the profit institution interest. So-far the net is about At this anthe bank would not so nounced $35,000. that hour cared it was to close draw long as a single depositor out a dollar. The paying of money is being continued at seven windows. "We wills stay right here for three months and not close our doors night or day if such a proceeding should become necessary. We are good for any run, no matter how long it keeps up." At 1:30 A. M. the Illinois Trust and Savings Bank was still open, the force of tellers at the seven windows having by fresh men, were still been paving people relieved waiting for hours and money enough more. to the bank open two Mitchell said there was on hand and plenty men keep President money of plenty to pay of it out.

13. June 6, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 6, 1893

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Schaffner Drowned Himself. CHICAGO, June 6.-Yesterday's developments in the search for Herman Schaffner, head of the suspended banking firm of Herman Schaffner & Co., who has been missing since Friday afternoon, tend to prove that he is the man who drowned himself in the lake off Diversey street. The police are dragging for his body.

14. June 7, 1893 Watertown Republican Watertown, WI
Article from Watertown Republican, June 7, 1893

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BANK FAILS IN CHICAGO. Meadowcroft Bros. & Co. Unable to Meet Their Liabilities. CHICAGO, Ill., June 5.-Meadowcroft Bros. & Co., private bankers, doing a commercial paper business similar to that of Herman Schaffner & Co., the banking firm which made an assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities were not stated. An application for a receiver for the firm has been filed in court. A crowd quickly collected on the street and anxious inquiries as to the cause of the closed doors went around. No sign was posted on the doors. in response to calls a clerk came to the door. "The bank will not open to-day," he said, and withdrew. The bank is a private one, the firm being composed of Robert, Charles J. and Frank R. Meadowcroft. The business was establinhed in 1860 by the father of the president. The bank occupies the quarters formerly used by the Park National Bank, which failed some time ago. Lyman E. Crandall has been appointed receiver. A run on the Prairie Street Savings Bank, which started on Saturday, was resumed this morning. The officers are confident, however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the West Side. The property of C.A. Weisenbach, a shoe merchant, was seized by the sheriff this morning. Execution was made on judgments aggregating $26,000. The liabilities are about $75,000; assets, $50,000. His liabilities are, with the exception of about $15,000, for goods and for borrowed money. The failure is said to have been precipitated by the assignment of Banker Herman Schaffner, who is mysteriously missing. There was a remarkable scramble by the creditors to see who would get in first on the assets. Judge McConnell was awakened at midnight to receive the entry of judgments, but the alert lawyer who did this found himself after a wild ride in a cab forestalled by a competitor who had obtained quicker possession of one of Weisenbach's shorts on a bill of sale. E. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. The assets are stated to be $275,000; liabilities, $105,000.

15. June 10, 1893 The Superior Times Superior, WI
Article from The Superior Times, June 10, 1893

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BANK FAILS IN CHICAGO. Meadowcroft Bros. & Co. Unable to Meet Their Liabilities. CHICAGO, Ill., June 5.-Meadowcroft Bros. & Co., private bankers, doing a commercial paper business similar to that of Herman Schaffner & Co., the banking firm which made an assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their assets and liabilities were not stated. An application for a receiver for the firm has been filed in court. A crowd quickly collected on the street and anxious inquiries as to the cause of the closed doors went around. No sign was posted on the doors. In response to calls a clerk came to the door. "The bank will not open to-day," he said, and withdrew. The bank is a private one, the firm being composed of Robert, Charles J. and Frank R. Meadowcroft. The business was establinhed in 1860 by the father of the president. The bank occupies the quarters formerly used by the Park National Bank, which failed some time ago. Lyman E. Crandall has been appointed receiver. A run on the Prairie Street Savings Bank, which started on Saturday, was resumed this morning. The officers are confident, however, that they have ample means available to meet all demands from depositors. The bank's business is practically confined to the West Side. The property of C. A. Weisenbach, a shoe merchant, was seized by the sheriff this morning. Execution was made on judgments aggregating $26,000. The liabilities are about $75,000; assets, $50,000. His liabilities are, with the exception of about $15,000, for goods and for borrowed money. The failure is said to have been precipitated by the assignment of Banker Herman Schaffner, who is mysteriously missing. There was a remarkable scramble by the creditors to see who would get in first on the assets. Judge McConnell was awakened at midnight to receive the entry of judgments, aut www. this found himself after a wild ride in a cab forestalled by a competitor who had obtained quicker possession of one of Weisenbach's shorts on a bill of sale. E. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. The assets are stated to be $275,000; liabilities, $105,000.

16. June 10, 1893 Custer Weekly Chronicle Custer, SD
Article from Custer Weekly Chronicle, June 10, 1893

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SENSATIONAL FAILURE. The Private Bank of Schaffner & Boker Closes- Schaffner Is Missing. CHICAGO, June .-Herman Schaffner & Co., private bankers at 100 Washington street, made an assignment in the county court Saturday. No statement of the affairs of the bank was filed in the application for a receiver. In the absence of a statement by the assignee it is given out but not authoritatively by those concerned that the liabilities of the concern will not ex ceed a half million dollars, and that the assets more than cover the amount. It is stated that the creditors of the bank will lose nothing. Attorney Levy Mayer, representing the assignee, stated this morning that even in the event of a forced liquidation there will be enough money to meet all debts. The firm was considered one of the most solid private banks in the country. The assignmentwas undoubtedly caused by the disappearance of Hermann Schaffner, the senior member of the firm, of which the other member is A. D. Bocker, Friday noon. Mr. Schaffner left his coat in the office and stated to his partner that he was going out on an errand, since when nothing has been seen or heard of him. He has not been at his home at 3217 Wabash avenue and the police have made vain efforts to discover His whereabouts. This fact started a rumor on the board of trade this morning that he had committed suicide. The worst is feared by his friends and business associates. A meeting of those interested in the bank will be held today or tomorrow to see about resuming business.

17. June 16, 1893 Fisherman & Farmer Elizabeth City, Edenton, NC
Article from Fisherman & Farmer, June 16, 1893

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South and West. THE Old Kentucky Home at the Chicago Fair Grounds was dedicated. It is the Blue Grass State Building and one of the most attractive in the grounds. Miss Enid Yandel's statue of Daniel Boone was unveiled. AT the Sisseton Agency, South Dakota, Miss Cynthia Rockwell, an Illinois teacher at Coodwill Mission. has married Richard King, an Indian, studying for the Presbyterian ministry. THE Plankinton Bank in Milwaukee, Wis., closed its doors. The bank had loaned $200,000 to F. A. Lappen & Co. and the Lappen Furniture Company, and this was the principal cause of its suspension. THE Victoria Cordage Company, Cincinnati, Ohio, members of the Cordage Trust, has assigned. Assets, $500,000 liabilities, $400,000. TORNADOES did great damage to property in Mississippi, Tennessee, Arkarcas and Kentucky. At Rosedale, Miss., W. L. Bawdre and wife were killed. IOWA Prohibitionists nominated a full State ticket. THE members of the graduating class at Annapolis (Md.) Naval Academy, forty-four in number, received their diplomas at the hands of Secretary Herbert. W. V. N. Powelson, of New York, received the honors of his class graduating No. 1. A RECEIVER was appointed at Charleston, W. Va., for the Norfolk and Western Railroad. DURING a heavy rain storm fire was discovered in a block on Farnumstreet, Omaha, Neb. The entire city Fire Department was called to the scene. A high wind was blowing. One of the walls fell on seven firemen. Five of them were instantly killed. WHILE a primary election was held in Bell County, Kentucky, by the Democratic party, excitement ran high, and in a fight at Pineville, the county seat, John Jones and Levi Hoskins were killed and two others were fatally injured. OWING to a storm less than 60,000 persons visited the World's Fair on the second Sunday opening. TWENTY-FIVE men walked into Decatur, Ill., a city of 22,000 people, and lynched Samuel Bush on the principal street without opposition. Bush was a colored man accused of assaulting two white women. AT Chicago, Ill., Herman Schaffner & Co., private bankers, made an assignment. Schaffner & Co. have been the largest private bankers in the Northwest, dealing exclusively in commercial paper. JOHN C. MINING, Town Treasurer of Fort Jennings, Ohio, has disappeared with $5000 cash. and an additional shortage of $10,000 has been discovered. WILD and unfounded rumors of impending financial disaster caused a senseless run on many of the banks in Chicago. Those chiefly affected were the Prairie State National Bank, the State Bank of Commerce, the Hibernian Savings Bank, the Dime Savings Bank, the Union Trust Company's Bank and the Illinois Trust and Savings Bank. Meadowcroft Brothers, private bankers of Chicago, failed with liabilities estimated at $450000. THE Bank of Spokane, Washington, has failed. It is a private institution, owned by A. M. Cannon, who is reported to be worth $3,000,000. The Sandusky (Ohio) Savings Bank assigned, The Merchants' National Bank, of Fort Worth, Texas, capital $250,000, has failed.