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5c19dfb7045951ffAccommodated withdrawals, Public signal of financial health
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GRAND RAPIDS, Mich , Oct. 17 - -The R G. Peters big failure attracts much attention here. Exciting zumora of the solvency of the Fifth National bank caused a a big run on that institution this morning. The money is paid out as fast as it is called for and the directors assure everyone that all the money in the bank is safe.
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THE BIC MICHICAN FAILURE. Widespread Effects of the Disaster. Lumber Yards Attached. CHICAGO, October 17.-Private advices received here today from Manister are to the effect that the Manister Bank and Butlers & Peters' Salt Company will pull out of the failure of Peters & Co. all right. It is predicted in financial circles in this city that at least two hundred concerns. mostly in Michgan and Wisconsin will be seriously affected by the Peters failure. The Wisconsin Fire and Marine Insurance Company began attachment proceedings against the Peters company this afternoon for the sum of $5000. This afternoon the sheriff levied on the stock in their lumber yard. Higbee, Peters & Co. of this city had their property attached. It consists of $90,000 worth of lumber and $10,000 other assets. GRAND RAPIDS, Mich., October 17.-R. G. Peters' big failure attracts much attention here. Exciting rumors in regard to the solvency of the Fifth National bank caused a big run on that institution this morning. Money was paid out as fast as it was called far. The directors assured every one that all who had money in the bank were safe. GRAND RAPIDS, Mich., October 17.-Arthur Meigs & Co., in which R. G. Peters holds a half interest, went under last night, as a result of the Peters failure. Mortgages have been filed aggr gating $276,600, covering everything the firm owns. MANISTEE, Mich., October 17.-Oberlin College, Olivet College, and the Congregational Church Theological Seminary of Chicago suffer from the failure of R. G. Peters.
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THE BIG MICHIGAN FAILURE. Assignee Henry Says the Assets Exceed the Liabilities. (By telegraph to the Dispatch.] SAGINAW, MICH., October 17.-Albert M. Henry, assignee of the R. G. Peters Company, of Manistee, says that though no schedule has been prepared, he does not think the liabilities will exceed two millions and that the assets, though largely scattered, will exceed that amount. He attributes the failure to over-expansion and the close money market. The friends of Peters say the company's assets will care for the liabilities. Peters's individual liabilities are probably $2,500,000, and his nominal assets are considerably larger. The Peters Salt and Lumber Company expect to continue business under the receiver. Peters, besides vast quantities of timber land in Michigan and Wisconsin and a silver-mine in Canada, has a large plant at Brewton, Ala, and another at Cypress, N. C. ATTACHMENT PROCEEDINGS. CHICAGO, October 17.-Attachment proceedings have been begun by several corporations against the property of R. G. Peters or the concerns with which he is connected. Several of the banks now hold his paper, but all assert that they are secured, although they did bring attachment suits. It is said at least two hundred concerns, large or small, mostly in Michigan and Wisconsin, are affected by the failure. Peters has sold his interest in the Higbee and Peters Lumber Company to Pardee, Cook & Co. A RUN ON A BANK. The failure caused a big run on the Fifth National Bank of Grand Rapids, Mich., to-day. The bank paid depositors and assured every one that it was all right. THE BANKRUPT CONCERN IN THE SOUTH. MONTGOMERY, ÁLA., October 17.-The Peters Lumber Company was the largest lumber-manufacturing company in Alabama, if not in the yellow-pine territory.
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ABBREVIATED TELEGRAMS. Dom Pedro, ex-emperor of Brazil, has taken up his residence at Versailles, France. Ciyde Pauly, a boy of 15, who has stolen fifty horses, is being hunted by the police of Chicago. The Republican county convention for Dubuque, Ia., has renominated Miss Virginia Lewis for county recorder. The treasury department Friday re ceived offers of 424,000ounces of silver and purchased 143,000 ounces at $1,0040. The British authorities find it very difficult to break up sheep stealing in Cyprus. The people do not regard it as a crime. There was a run on the Fifth National bank of Grand Rapids, Mich., Friday, caused by Peters' failure. The bank paid all demands promptly. The coroner's jury which investigated the powder explosion at Dupont's works rendered a verdict that the explosion was accidental and blaming no one. Herr Baumgarten, a delegate to the Socialist congress at Halle, Germany, dropped dead in the chamber while speaking to the delegates Friday, It is said that the state ot Alabama will evade paying the reward offered for the capture of Burrows, the outlaw, because the terms were not technically complied with. It is stated that the great Sheridan tunnel near Telluride, Colo., has developed a body of silver ore and that over $15,000,000 is in sight. The town is "wild with excitement." A contest over the will of Josiah Durham, which has been carried on for thirty years, was settled Friday at New York. The case cost one of the heirs alone $16,000 in lawyer's fees. At Ann Arbor, Mich., Friday Fred Frank, a discharged employe of Albert Pierce, shot and fatally wounded August Pierce, the 16 year-old son of his fornter employer. He escaped. Primus Jones, a negro, was killed by religious fanatics, also negroes, last Sunday at Sumter, S. C., because he had doubted the supernatural power of a negro pastor, who was one of his slayers The town marshal of Falmonth, Ky., was assassinated Thursday night just as he was entering his own gate. "He had occasion recently to shoot several persons," says the dispatch, and one of these is the supposed assassin. Private Frank O'Neil, of Battery C, Fourth United States. artillery, died of hydrophobia at Fort McPherson, Atlan1a, Ga., Thursday. It took eight men to hold him while an injection of morphine was made in his arm, which quieted him until he died. Engineer Martin, of a train on the Jacksonville Southwestern railway, felt a bridge giving away as his train was crossing it near Jacksonville, Ills., Wednesday night. He put on full steam and pulled the train safely over, the bridge going down just as the last car left it. The assassination of Hennessy, chief of police of New Orleans, was the work of the Italian assassination society known as the Mafia. He knew too much about the society. Forty arrests have been made. Friday Antonio S. Coffidi, one of the suspects arrested, was shot and mortally wounded in jail by an Irishman named Duffy, who called and sked to see the Italian.
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THE PETERS FAILURE. FAR-REACHING EFFECTS ON BUSINESS IN THREE STATES. Over 300 Concerns, Large and Small, Said to be Affected by the Catastrophe-It Starts a Run on a Solid Grand Rapids BankAlready in the Courts. CHICAGO, October 17.-The Union National Bank begun an attachment suit today against the Peters Salt and Lumber Company, of Manistee, Mich., which failed yesterday. Attachments were levied on several surplus securities held by the Commercial and American Exchange National Banks in this city. The Commercial and American Exchange both hold considerable amounts of Peters' paper, but their officers say that they are secured by collateral good for the amounts several times over. The Continental National Bank holds $25,000 of the failed firm's paper. Its officers say it. is perfectly secured by indorsements by solvent firms. In addition to this are large quantities of Peters' paper afloat in private hands in this city. It is announced that Mr. Peters has sold his interest in the Higbee & Peters Lumber Company, to Pardee, Cook & Co. Private advices received here to-day from Manistee are to the effect that the Manistee Bank and the Butters & Peters Salt Company will pull out all right. There are rumors in regard to the effect of the Peters' failure on one or two firms in this city, but thus far no failure here has been announced. It is predicted in financial circles in this city that at least 200 concerns, large and small, mostly in Michigan and Wisconsin, will be affected by the Peters failure. A dispatch from Grand Rapids, Mich., says: R. G. Peters' big failure continues to be the principal topic on the streets. The exciting rumors of the insolvency of the Fifth National Bank caused a big run on that institution this morning, and a large crowd of anxious and worried depositors collected at the windows. Money was paid out as fast as called for, and the directors assured everyone that all their money in the bank was sale. A dispatch from Montgomery, Ala., says: Information 18 received here of the assignment of the Peters Lumber Company at Alco, below Brewton. The failure, it is stated, was caused by the failure of R. G. Peters, of Manistee, Mich. The Peters Lumber Company was the largest lumber manufacturing company in Alabama, if not in the vellow pine territory. A suit was brought at Chicago this afternoon by S. M. Millard against Peters and Kinley Morrison, of Menominee, Mich. The claim is for $10,000, based on two promissory notes.
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PETERS IS A PAUPER. His Failure Leaves Him Without a Cent. DETROIT, Mich., Oct. 18.-A. M. Henry, assignee of R. G. Peters, who just returned from Manistee, where he partly completed his inventory of the stock, says it is impossible to tell the exact amount of liabilities. He thinks they will exceed $2,500,000. He says the Alico, Ala., concern will be forced to the wall, but thinks that the Chicago banks and large creditors generally are well protected. He expresses the opinion that the failure is complete, and that it will leave Peters without a cent. It was caused by Peters having more irons in the fire than he could attend to. - GRAND RAPIDS, Mich., Oct. 18.-The run on the Fifth National bank, following the Peters failure, subsided to-day Thomas R. Lyon, of Ludington, is in the city, and says he has $400,000 of Peters' paper in various firms, but IS well secured.
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PETERS ENTIRELY BANKRUPT. His Failure Will Leave Him Without a Cent-Its Cause. DETROIT, Mich., Oct. 20.-A. M. Henry, assignee of R. C. Peters, who has returned from Manistee, where he partly completed his inventory of the stock, says it is impossible to tell the exact amount of liabilities. He thinks they will exceed $2,500,000. He thinks that the Chicago banks and large creditors generally are well protected, and expresses th e opinion that the failure is complete and that it will leave Peters without & cent. It was caused by Peters having more irons in the fire than he could attend to. That Grand Rapids Bank. I GRAND RAPIDS, Mich., Oct. 20.-Therun on the Fifth National bank. following the Peters failure, subsided Saturday. Thos. R. Lyon, of Ludington, IS in the city, and says that he has $400,000 of Peters' paper in various firms, but is well secured.
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A run has been made on the Fifth National bank of Grand Rapids, Mich., on account of the Peters lumber failure.
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A Run on a Bank. A run has been made on the Fifth National bank of Grand Rapids, Mich., on account of the Peters lumber failure.
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A Run on a Bank, A run has been made on the Fifth No. tional bank of Grand Rapids, Mich., on account of the Peters lumber failure. -