First National Bank (Le Mars, IA)

Episode Information

Episode UID
272801124
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
27280 national
Charter Number
2728
Start Date
August 18, 1893
Location
Le Mars, Iowa (42.794, -96.166)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
98d266e982e16521

Response Measures

Full suspension, Books examined

Receivership Details

Date receivership started
1933-10-31
Date receivership terminated
1934-08-27
Share of assets assessed as good
100.0%

Events (7)

1. June 10, 1882 Chartered
Source
historical_nic
2. August 18, 1893 Run
Cause Details
Sustained heavy withdrawals over prior weeks leading to inability to maintain cash reserves
Measures
Directors decided not to open; notices posted explaining inability to realize on assets
Newspaper Excerpt
a run by which over $500,000 was drawn out in sixty days
Source
newspapers
3. August 19, 1893 Suspension
Cause Details
Suspension due to inability to realize on assets and meet withdrawals after continued withdrawals of deposits
Newspaper Excerpt
Four banks at this place failed to open their doors this morning ... They closed because of the impossibility of getting cash
Source
newspapers
4. September 11, 1893 Reopening
Newspaper Excerpt
The First National Bank of Le Mars, Iowa, have been permitted to reopen their doors for business
Source
newspapers
5. October 31, 1933 Receivership
Source
historical_nic
6. August 27, 1934 Restored To Solvency
Source
historical_nic
7. September 27, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (19)

Article from The Helena Independent, August 19, 1893

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LEMARS, Iowa, Aug. 8.-Four - banks at this place failed to open their doors this morning. They are the First National, capital $100,000; Lemars National, same capital; German-American Savings. $50,000, All and the German State bank, $50,000. have large surplus accounts and have been ranked among the best institutions in the state. They closed because of the impossibility of getting cash. The notion of the banks WAS R complete surprise and has caused a panio in the town. Officers of the banks say they will pay every dollar when they can liquidate advantageously.


Article from The Daily Morning Astorian, August 19, 1893

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FOUR SOLID BANKS GONE. Le Mars, Iowa, Aug. 18.-Four banks at this place failed to open their doors this morning. They are the First National, with a capital of $100,000, the Le Mars National with the same cap. ital, the German American Savings Bank, with $50,000 capital and the German State Bank, with $50,000. All have large surplus accounts and have been ranked among the best institutions in the state. They closed because of -the impossibility of getting cash. All were in good condition for ordinary times, but withdrawals of cash had been steady and collaterals could not be realized on. The action of the banks was a complete surprise and has caused a panic in town. The officers of the banks say that they will pay every dollar when they can liquidate advantageously.


Article from The Seattle Post-Intelligencer, August 19, 1893

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BUSINESS TROUBLES. The effort to oust Sheriff McDade from the receivership of the Pacific bank, San Francisco, has failed. The First National, Lemars National, German Savings and German State banks, at Lemars, Ia., have suspended payment. T. J. Davis & Co., wholesale dry goods, New York and Chicago, have assigned. Assets and liabilities about $200,00) each. A proposition has been made to the creditors of John Cudahy which will yield $1,300,000 instead of $800,000. John's brothers, Michael, Edward and Patrick, have signed a contract to pay the creditors $500,000 in yearly installments of $100,000, in addition to the securities which John has heretofore furnished. First Regiment band Madison park every Sunday. Chairman Magoun, of the Santa Fe railway board, announces the extension of guarantee fund notes to November to the amount of $0,000,000.


Article from Rock Island Daily Argus, August 19, 1893

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BOTH BANKS ARE CLOSED, Although the Assets Will More Than Pay Liabilities. LE MARS, Ia., Aug. 19.-Le Mars was surprised by the suspension of all the banks in the city. They were the First National and Le Mars National, with a capital of $100,000 each. Notices were posted on the doors that the suspensions are due to inability to realize on assets, but that all the depositors will be paid. At a meeting of the bankers of the city it was decided not to open. During the past three months over $500,000 have been withdrawn from the banks by depositors and the banks decided that they could not stand the strain any longer. The Le Mars National bank, the oldest bank in the city, notified the other bank that they could not open and as a means of self-protection the other bank dediced to close. The Le Mars National has paid out over $200,000 on deposits during the past three mouths. The assets of the banks are far in excess of the liabilities.


Article from The Madison Daily Leader, August 21, 1893

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Le Mars Banks Suspend. LE MARS, Ia., Aug. 21.-Le Mars was surprised during the morning by the suspension of all the banks in the city. They were the First National and the Le Mars National, with a capital of $100,000 each, and the Le Mars Strte and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all depositors would be paid.


Article from Reporter and Farmer, August 24, 1893

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FOUR BANKS CLOSE. Le Mars, Iowa, Aug. 19.-Le Mars was surprised this morning by the suspension of all the banks in the city. They were the First National and the Le Mars National, with a capital of $100,000 each, and the Le Mars State and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all the depositors would be paid. At a meeting of the directors of all the banks yesterday the step was decided upon because of a run by which over $500,000 was drown out in sixty days.


Article from Wood County Reporter, August 24, 1893

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FOUR BANKS SUSPEND. Lemars Institutions Crippled by Unwise Depositors. Lemars, Iowa, Aug. 18.-Four banks of this city did not open for business this morning owing to continued withdrawals of deposits. They were the Lemars National, First National, German-American Savings, and German State banks.


Article from Courier Democrat, August 24, 1893

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FOUR BANKS CLOSE. Le Mars, Iowa, Aug. 19.-Le Mars was surprised this morning by the suspension of all the banks in the city. They were the First National and the Le Mars National. with a capital of $100,000 each. and the Le Mars State and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all the depositors would be paid. At it meeting of the directors of all the banks yesterday the step was decided upon because of a run by which over $500,000 was drown out in sixty days.


Article from Iowa County Democrat, August 25, 1893

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FOUR BANKS SUSPEND. Lemars Institutions Crippled by Unwise Depositors. Lemars, Iowa, Aug. 18.-Four banks of this city did not open for business this morning owing to continued withdrawals of deposits. They were the Lemars National, First National, German-American Savings, and German State banks.


Article from The Irish Standard, August 26, 1893

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lowa Banks Suspend. LE MARS, Ia., Aug. 19.-All the banks in this city suspended yesterday. They were the First national and Le Mars national with a capital of $100,000 each, and the Le Mars state and German savings banks. The private bank of J. T. Knapp & Co. at Cedar Falls, also closed its doors.


Article from Evening Star, September 11, 1893

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Banks to Resume. The following national banks, which recently suspended payment, having fully complied with the conditions imposed by the controiler of the currency, and their capital stock being unimpaired, have been permitted to reopen their doors for business, viz: The First National Bank of Provo, Utah. The Western National Bank of South Pueblo, Pueblo, Col. The First National Bank of Nashville, Tenn. The First National Bank of Le Mars, Iowa.


Article from St. Paul Daily Globe, September 12, 1893

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FACTORIES ARE OPEN. LARGE NUMBERS OF IDLE MEN GIVEN EMPLOYMENT. BRIGHTER OUTLOOK VISIBLE. Manufactories Resume Business, and the Wave of Prosperity Sends Gladness to Many Persons - Banks Reopen Their Doors, and Business Regains New Life. PITTSBURG, Pa., Sept. 11.- large number of idle men were given employment today by the resumptions of numerous iron and steel plants. For the first time since June 30 every department in Jones & Laughlin's American works was in operation, giving employment to 3,500 men. Sixteen additional furnaces were put in operation at the Nationol Tube works, and the sheet mill of Moorhead, McLean & Co. was started, The Carbon Steel works went on "double turn," and the bar mill, two heating furnaces, two puddling furnaces and four sheet mills of the United States Iron and Tin Plate works started up with full forces. Zug & Co.'s plant also resumed on single turn, and other plants are preparing to start. WASHINGTON, Sept. 11. - National banks reopened today as follows: The First National Bank of Provo, Utah; the First National Bank of Nashville, Tenn.; the First National Bank of Lemars, Io. Of the 154 failed banks up to date 61 have reopened. 58 are in the hands of receivers, 34 in the hands of examiners. and 1 has gone into voluntary liquidation. ERIE, Pa., Sept. -The wave of returning prosperity has struck Erie, and many of the shops that had reduced the hours of their employes will soon be working on full time. The immense plant of the H. F. Watson Paper company started today with its full force of 900 men. The Erie Forge works also started this morning with a full complement of men. ERIE, Pa., Sept. 11. - The H.F.Watson Paper company, which has been running on half time, started this morning on full time with a full force of 900 employes. The Erie Forgo works, which has been shut down completely, also started this morning with a full complement of men. GALLIPOLIS, O., Sept. 11. -The Gallipolis and the Fuller-Hustonpiller furniture about 300 men, resumed factories, operations employing this morning. PROVIDENCE, R. 1., Sept. 11.-The mills of the Crompton company at Crompton, which have been closed since Aug. 7, started this morning. SOUTHINGTON, Conn., Sept. 11.-All the factories of the Peek, Stowe & Wilcox company at Plantsville, East Berlin and this place, started up this worning on full time.


Article from The Guthrie Daily Leader, September 13, 1893

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National Banks to Reopen. WASHINGTON, Sept. i2.-The following banks which recently suspended, have been permitted to reapen: The First National, Provo, Ore.; First National, Nashville, Tenn, and the First National, Lemars, Iowa.


Article from The State Republican, September 14, 1893

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LATER NEWS. IN the senate, on the 11th, Mr. Stewart offered a resolution for an inquiry into the fact of senators being stockholders in national banks, which went over. The repeal bill was taken up, and Mr. Pugh (Ala.) and Mr. Teller (Col.) occupied the remainder of the session with speeches on the subject. 'n the house the colored representative from South Carolina, Mr. Murray. attempted to get consideration for a joint resolution appropriating $200,000 for the relief of the cyclone sufferers in the south, but Mr. Kilgore (Tex.) objecting, the resolution was referred. THE World's first parliament of religions opened at the World's fair on the 11th. THE new cruiser Detroit is to be prepared for sea at once and sent to Greytown, Nicaragua, to reinforce the Alliance. MR. ELLIS MILLS, the new Hawaiian consul, took the oath of office, on the 11th, his nomination having been confirmed by the senate. THE president, on the 11th, sent to the senate the nomination of Charles H. J. Taylor, of Kansas, as United States minister to Bolivia. THE receiver of the Akron (0.) savings bank has been discharged. The bank is reported in better condition than ever before. TWENTY-THREE delegates from the Polish socialists of Germany met in Berlin, on the 11th, to organize a Polish social democratic party. THE First national bank of Provo, Utah: the Western national bank of South Pueblo, Col.; the First national bank of Nashville, Tenn., and the First national bank of Le Mars, Ia., have resumed. MR. ALBERT S. WILLIS, the new minister to Hawaii, received his instructions from Secretary Gresham, on the 11th, and left for his home in Louis ville, Ky., to make his preparations for going to Honolulu. THE Spokane (Wash.) exposition building, an immense frame structure, erected in 1890 at a cost of $100,000, was destroyed by fire on the night of the 10th. No insurance. Tramps had fox some time been sleeping in the building, and it is supposed that they care lessly set it on fire. THE four robbers who recently held up a Frisco train at Mound Valley, Kan., robbed the passengers and killed Express Messenger Chapman, were arrested, on the 11th, and placed in jail at Arkansas City, Kas. They all confessed their guilt, one admitting that he shot and killed Chapman.


Article from Abilene Weekly Reflector, September 14, 1893

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National Banks To Reopen. WASHINGTON, Sept. 12.-The following national banks which recently suspended payment have been permitted to reopen: First national bank of Provo, Utah: Western national of South Pueblo, Col: First national of Nashville, Tenn., and the First national of Lemars, Ia.


Article from Washington Standard, September 15, 1893

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has started up its immense plant again. The Sawyer Woolen Mills, of Dover, N.H., has resumed operations on half time. The Carbon steel works at Pittsburg has put on a double crew of operatives. The Hamilton Mills, at Amesbury, Mass., have resumed after a week's suspension. The iron sheet mill of Morehead, McCleane & Co., Pittsburg, has resumed work. Five thousand men have been re employed at the coke ovens of Connellsville, Pa. The car-shops at Reading, Pa., have increased its labor days to six instead of five a week. The Whitely mallable iron works, with 200 men, started up at Springfield, III., this week. The Tamaqua Knitting Mills at Tamaqua, Pa., have resumed operations, with a full force. At Fall river, Massachusetts, 23 of the 67 mills have resumed, but at a reduced scale of wages. The Curtis collar manufactory at Troy, N. Y.. has resumed, giving employment to 400 operators. Sixteen additional furnaces were put in operation at the National Tube Works, Pittsburg, this week. The Carnegie steel works, at Duquesne, have resumed work, giving employment to 2,000 workmen. The Gonic Woolen Mills, at West Rochester, N. H., started up Monday after a few weeks' shut down. The Cocheco Manufacturing Co., of West Rochester, has resumed business, with a slight reduction of wages. The boot and shoe factory at Fairbault., Minn., has resumed with a full force and a big list of orders to fill. The Fashion Knitting Mill, of Cohoes, N. Y., employing 100 persons, has resumed work after a shut-down. The canning works at Fairbault, Minnesota, have resumed and are now putting up 20,000 cans of sweet corn a day. The Watson Paper Co., at Erie, Pa., which has been running half time, started up this week full time and with full force. Holmes & Ide, of Troy, N. Y., one of the largest firms in the collar business, have set their factory running on full time. Wallace & Sons' brass factory, of Ansonia, Mass., has resumed with twothirds its complement of men at reduced wages. The Adelaide Silk Mill at Allentown, Pa., which has been running on half time, now runs on full time, with 50 employes. The Iowa Barbed Wire Works, of Allentown, Pa., which has been idle four weeks, has resumed work with 140 operatives. The Orkney and the Hames knitting mills, of Cohoes, N. Y., employing 100 and 200 hands respectively have resumed work. The Diamond knitting mill, at Waterford, N. Y., and the collar factory of the same city, have resumed operations with a full force. The Pawtuxet Print Works, of Pawtuxet Valley, R. I., have put on a full force, and there is not an idle operative in Clyde, Phenix or Nantic. The Goodcharles Nail Works and the City Nail Works, both of Milton, Pa., employing 380 men, have resumed, the former on full and the latter on two-thirds time. For the first time since January, every department of Jones & Laughlin's American iron works, at Pitts. burgh, is in full operation, giving employment to 3,500 men. Of the 154 suspended National banks up to date 61 have resumed, 58 are in the hands of receivers, 34 in the hands of examiners, and one has gone into voluntary liquidation. The New York and Pennsylvania Paper Co., of Lock Haven, Pa., employing 180 men, after & month's suspension, has resumed work with a full force and without reduction of wages. The following national banks resumed business last Monday: The First National bank, of Provo, Utah; the Western National bank, of South Pueblo, Col.; the First National bank, of Nashville, Tenn.; the First National bank, of Lemars, Ia. The Schenectady branch of the Edison General Electrical Company, which also includes the ThompsonHouston Co., of Lynn, Mass., which has been for several months running a reduced force, has increased its number of operatives to the maximum number. Rays of sunshine may be seen through a rift in the cloud that over. hangs a large portion of Europe. Secretary Morton's dispatches confirm a shortage of crops, which guarantees a


Article from Huntsville Gazette, September 16, 1893

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MISCELLANEOUS. THE wheat crop of Kansas this year is officially estimated at 19,000,000 bushels, against 70,000,000 last year. ON the 11th the Cambria Iron Co.'s mill at Johnstown, Pa., resumed work, giving employment to over 3,000 nen. SPINNERS at New Bedford. Mass., have accepted a reduction in wages. IMPORTS of specio at the port of New York for the week ended on the 9th were $2,525,830, of which $2,356,565 was gold and $169,273 silver. The imports exclusive of specie were $5,679,605, of which $1,948,174 were dry goods and $3,731,431 general merchandise. ON the 11th twenty-three delegates from the Polish socialists of Germany met in Berlin to organize a Polish social democratic party. THE receiver of the Akron (0.) savings bank has been discharged, and the bank is reported in better condition than ever before. ON the 11th the world's first parliament of religions opened in Chicago. THE Western national bank of South Pueblo, Col.; the First national bank of Provo, Utah; the First national bank of Nashville, Tenn., and the First national bank of Le Mars, Ia., have resumed. THE new cruiser Detroit has been ordered to proceed to sea at once. Her destination will be Greytown, Nicara. gua, to reinforce the Alliance.


Article from Washington Standard, September 22, 1893

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# Rifts in the Clouds. The First National Bank of Lemars, Iowa, has resumed business. The Commercial Bank of Stevens Point, has resumed business. The Oregon National Bank, of Portland, resumed business last week. The Crompton Co., of Crompton, R. I., closed since Aug. 7th, has resumed work. The Illinois Glass Works, at Alton, Ill., are getting ready for a resumption of business. The Buck Stone and Range Co., of St. Louis, Mo., employing 300 men, has resumed business. The First National Bank, of Nashville, Tenn., has resumed business, after a months' suspension. The Cumberland Steel and Tin-plate Mill, which has been closed three months, has resumed with 150 hands. The Erie, N. Y., Forge Works has begun work, after a suspension of several weeks, with a full complement of men. The Watson Paper Co., of Erie, an immense plant employing 900 men, has resumed operations with a full force. The Western National of Pueblo, and Bank of Florence, Florence, both in Colorado, have re-opened their doors. The Collins mills, of Collinsville, Massachusetts have started up with all hands at work, after a suspension of four weeks. All the factories of Peck, Stowe & Wilcox, at Plainsville, East Berlin and Southington, Conn., have started up on full time. The Pittsburg and Lake Angeline Mine, in Michigan, which has been running on two-thirds time, has gone back to full time. Bay City Industrial Works, at Bay City, Mich., will start up next week, after six weeks suspension. The works employ 300 persons. It is reported by the officers of the suspended Tacoma Merchant's National Bank, that it will be enabled to pay dollar for dollar. The shoe-factory of J. F. Budd, at Burlington, N. J., resumed operations, a few days ago, with a payroll aggregating $3,000 per week. The East Chicago foundry, at Hammond, Ind., employing a large force of men, which had been closed for some time, resumed work last week. Brown & Co.'s Wagon iron works of Pittsburg resumed operations Monday, employing 600 men. The old employees reported for duty to a man, waving the firm's refusal to sign the amalgamated schedule. At Wheeling, Va., an effort was made by about 20 Hungarians to prevent the big Riverside mill, from employing Americans. A fight ensued and stones and clubs were freely used, but the effort was not successful. J. W. Case's bank, at Astoria, Oregon, will pay 100 cents on the dollar, on the same terms as the Commercial bank of Portland. Five per cent. interest is paid on all debts, and the plan is to make gradual payments to depositors. The New York banks and trust companies are looking for customers to take money on time at 6 per cent. on prime dividend-paying stocks. Thus the position of borrower and lender has been reversed completely in the past few days. The Sharon Estate Company is the name of an organization which will begin business this month with a capital of $8,000,000, $4,000,000 of which is paid up. The directors are: D. O. Mills, Henry B. Laidlaw, and other prominent New York capitalists. Its object is to foster all sorts of industrial enterprises, all over the Union. New York Sun of Wednesday said that the banks of that and other cities have practically resumed the payment of cash on demand. Up to that date, within the past five or six weeks, it is estimated that the available money in the country has been increased fully $70,000,000 by importatious of gold, and by the issue of national bank notes. An Elwood, Ind., dispatch of the 20th states that the business situation is growing brighter, and that among the works now running are McBert's mill, 750 hands; Radiator factory, full capacity; tin-plate mill, full force; behind in orders; bottle works of Nevison & Waiskopf, 200 hands; McCoy's chimney-glass factory, 500 hands. The plate-glass factory will start October 1 with 500 hands. The Akron steam forge works is nearing completion and the construction of the Raub locomotive works will begin in the next 80 days. CLOUDLETS. The Henry Snowden Lumber Co. of Philadelphia has assigned owing $30,000, with ample assets. The Port Townsend National bank, of Port Townsend, has suspended temporarily, with ten times the amount of assets as liabilities. The directors expect to resume within 30 days. Mast, Bufford & Burwell, one of the largest firms in wagons and carriages


Article from People's Voice, September 22, 1893

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GENERAL NEWS Carefully Selected News of Current Events. A. Armsbury, of North Platte, Neb., shot and killed himself accidentally Sunday afternoon while riding in a Union Pacific cabcose. Local papers say speculators are out all over Oklahoma buying hay for export, and it is evident that there is big money in their enterprise. Hungarian miners engaged in a drunken riot at Cliff Mines, Pa., Sunday, and several of them were shot and cut, but none fatally. Hoo Sue, a Chinese druggist of San Francisco, who located there in 1849, leaves for China on the next steamer with his son and daughter. 3 Justin McCarthy, the leader of the Irish parliamentary party, has had a sharp attack of bronchitis and has days. been confined to his room for several The Catholic congress which was to open at Buda Pesth Monday, has been prohibited by the Hungarian minister of the interior owing to the prevalence of cholera. All the remaining cases of cholera under observance at the Moabit hospital, Be lin, have been discharged and the cholera section of that hospital has been closed. B. Wolf & Co., wholesale notion dealers being business at 704 and 706 Lucas avenue, St. Louis, made an assignment Saturday to Charles J. Blake trustee for creditor. The following national banks which recently suspended, have been permitted to reopen: The First National, Nashville, Tenn., and the First National, Lemars, Ia. There were sharp shocks of earthquake Sunday morning at Jassey and at Bucharest. People rushed into the streets in alarm, though not much actual damage was done. The Secretary of the treasury has asked for the resignation of Phillip M. Hildebrand, surveyor of customs at Indianapolis, and Michael E. Smith, assayer of the mint at Denver, Col. Two more Colorado banks opened their doors for business Monday, after several weeks' suspension. They are the Western National, a Pueblo, and the Bank of Florence, at Florence. The Rockford passenger train the Burlington and Chicago jumped on the track at Hinckley Saturday, owing to a brakeman's blunder. Engineer Andy Farr. of Rockford, jumped out and was killed. Detectives have recovered $5,000 of the money stolen from the safe of the Adams expres, at Akron, O., Friday night. It was found buried in a cornfield in the suburbs. The burglars have been arrested. The miners in the Barinage district, in the province of Halnaut, Belgiam, have voted to go out on a strike immediately unless their wages are raised. Vast numbers of people are involved in the proposed strike. It is announced that Senator Hill will make three speeches in Ohio to help out Lawrence T. Neal, the Democratic candidate for governor against McKinley. Cleveland, Columbus and Cincinnati are the cities selected. The Fairabault school at Stillwater, Minn., has been abandoned after a trial of one year. There was continued friction between the Catholics and Protestants and the board of edplan. ucation decided not to continue the The governor general of Bohemia has forbidden all meetings or parades in the streets, and has also notified the police to prevent all ostentatious wearing of badges or carrying of flags. The troops are still confined to the barracks. The 250th anniversary of the foundation of the Scotch church was celebrated at St. Sebastian's chapel, Rotterdam, the ancient place of worship of the Covenanters, Friday. The anniversary was also celebrated at the new Scotch church. For the past two days a strong southeast wind, almost a gale, has been driving a destructive prairie fire toward Rugby, N. D. In the country the estimated loss is upward of $5,000, including small outbuildings and stored hay, with no insurance. In Sumner and Cowley counties the district court had to be adjourned on account of the lack of witnesses and jurors. all available timber having gone to the Cherokee strip. As between the strip and the world's fair Kansas is very much from home for the moment. The absence will be but brief, tho'. The news from Tucuman is far from satisfactory to the government. There has been more fighting in the streets of the city. The rebels are in possession of the railroad and have received reinforcements from the surrounding country. The position of the government is said to be critical. The governor has asked for reinforcements, as his troops are far outnumbered by the rebel forces. When the Cherokee outlet is added, Oklahoma will have a territory of about 20,000 square miles. The territory of five nations is, in round numbers, 31 000 square miles. Adding these large areas of country, a state large would as be thestate formed almost two-thirds as