Hudson Savings Bank (Hudson, WI)

Episode Information

Episode UID
4028984591122
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
402898459 hash
Start Date
June 7, 1893
Location
Hudson, Wisconsin (44.975, -92.757)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d488c09eff60c944

Response Measures

None

Events (3)

1. June 7, 1893 Run
Cause
Macro News
Cause Details
Run driven by stringency of the money market and broader monetary tightness/nervousness.
Newspaper Excerpt
After a Three Days' Run. HUDSON, Wis., June 9.-The - Hudson Savings bank, having stood a run for three days, closed its doors today.
Source
newspapers
2. June 9, 1893 Suspension
Cause
Macro News
Cause Details
Bank posted notice suspending payments citing stringency of the money market; closed doors June 9, 1893.
Newspaper Excerpt
Closed-Owing to the stringency of the money market we deem It best in justice to our depositors to suspend for the present.
Source
newspapers
3. June 14, 1893 Receivership
Newspaper Excerpt
HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank ... liabilities, $644,493. With careful handling by the assignee the loss will be comparatively small.
Source
newspapers

Newspaper Articles (15)

Article from Evening Capital Journal, June 9, 1893

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Bank Failures. HUDSON, Wis., June 9.-The Hudson Savings bank closed Its doors today. The bank had nearly $700,000 on deposit. Farmers and laboring men will suffer severely. The city funds are deposited in the bank. There is a general belief that the bank will find it difficult to resume. CHICAGO, June 9.-Joseph Higgins, a private banker with branch banks in Illinois, failed this morning. Assets, $50,00. Liabilities not given. ELLENSBURG, Wn., June 9.-The banking house of Ben E. Snipes & Co., temporarily suspended this morning. Trouble is caused by a run on the Roslyn branch yesterday. Suspension is due to heavy withdrawal of deposits and inability to realize on securities.


Article from New-York Tribune, June 10, 1893

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A WISCONSIN SAVINGS BANK CLOSES. Hudson, Wis., June 9.-The Hudson Savings Bank closed its doors to-day with the following notice : "Closed-Owing to the stringency of the money market we deem It best in justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion among business men. Nearly $700,000 was on deposit. Farmers and laboring men as well as business houses are interested to amounts aggregating a large sum. The general bellef is that the bank will find it dif ficult to renew business. The city funds were deposited in the bank. Alfred Goss Is president of the bank and A. J. Goss cashier.


Article from St. Paul Daily Globe, June 10, 1893

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After a Three Days' Run. Special to the Globe. HUDSON, Wis., June 9.-The - Hudson Savings bank, having stood a run for three days. closed its doors today. The liabilities are large, but it is believed they will be fully met.


Article from The Daily Morning Astorian, June 10, 1893

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THE BANK FAILURES. Hudson, Wis., June 9.-The Hudson Savings Bank closed its doors today. The bank had nearly $700,000 on deposit. Farmers and laboring men will suffer severely. The city funds were deposited in the bank. The general belief is that the bank will find it difficult to resume. Ellensburg, Wash., June 9.-The banking house of Ben. E. Snipa & Co., temporarily suspended this morning. The trouble was caused by a run on the Roslyn branch yesterday. The susponsion is due to a heavy withdrawal of deposits and inability to realize on securities. Chicago, June 9.-Joseph Higgins, private banker, with branch banks In Illinois, failed this morning. Assets, $50,000; liabilities not given.


Article from The Madison Daily Leader, June 10, 1893

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WITHOUT WARNING. The Hudson, Wis., Savings Bank Closes Its Doors. HUDSON. Wis., June 10.--There was great commotion among business men and depositors generally during the morning when the Hadson Savings bank failed to open its doors. The following notice was posted: "Owing to the stringency of the money market we have deemed it best in justice. 10 our depositors to suspend for the present. The bank has assets enough to cover all deposits." No FOR or warning of any kind was given. The city funds were deposited there. There are doubts of the bank renewing business. Light Runs. KEWAUNEE. Wis., June 10. -Both the State Bank of Kewaunee and the Bank of Kewaunee have experienced light runs.


Article from The Seattle Post-Intelligencer, June 10, 1893

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BUSINESS TROUBLES, The Hudson, Wix. Savings bank closed its doors ou June 9. owing to the minutary stripgeney. The bank bad $700,000 on deposit, including the city funds, Farmers and laboring men will suffer severely. Alfred Goss is president and A. J. Goss cashier. J. N. Hagins, a private banker of Chicago, failed on June 3. He had branch banks at Maxcoutah, Gillespie, Sereps and Star Jeruberg, Griffin & Co., private bankers of ChiCaga failed June 2 Liabilities, $31,000 assets, $24,000 Jernberg, as real estate dea or. has also failed, with assets of $200,000 and liabilities of $35,200. The Louisiana Cypress Lumber Company is in the hands of & receiver at New Orleans, due to a suit by William S. Hopetra, of Muskegon, Mich. to recover $11,000 due on notes, The assets of the company are nominally $200,000 and the indebted aces $230,000.


Article from The Morning News, June 10, 1893

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BANK DOORS CLOSED. A Claim That It Has Assets Enough to Pay All Depositors. Hudson, Wis., June 9.-The - Hudson Savings Bank closed its doors to-day with the following notice: "Closed. Owing to the stringency of the money market we deem it best in justice to our depositors to suspend for the present. The bank has assets to cover all deposits." Nearly $700,000 was on deposit and the general belief is that the bank will find it difficult to renew business. The city funds were deposited in the bank.


Article from The Wheeling Daily Intelligencer, June 10, 1893

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WILL PAY DEPOSITORS Failure of the Hudson, Wis., Savings Bank. HUDSON, WIH., June 9.-The Hudson savings bank closed its doors today with the following notice: "Closed owing to the stringency of the money market. We dee m it in the best justice to our depositors to suspend for the present. The bank has assets enough to cover all deposits." The suspension caused much commotion. Nearly $700,000 were on deposit. Farmers and laboring men are interested to amounts aggregating a large sum. The general belief is that the bank will find it. difficult to renew business. The city funds were deposited in the bank.


Article from The Herald, June 15, 1893

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EASTERN BANK TROUBLES. A Run on the Irving Savings Institution of New York. NEW YORK, June 14.-A run was started on the Irving Savings institution this morning as soon as the doors were opened. Twenty minutes after the bank had opened the paying teller had paid out $7500. A speculator was on hand offering to buy up all the books he could get for 10 per cent commission. Treasurer Latimer said the bank had on hand $1,000,000 and could get as much more at a moment's notice if necessary. This is the bank in which Superintendent Preston found 8 deficiency of $70,000 genterday. This afternoon Superintendent of State Banks Preston made the following statement: "The directors of the institution were averse to making the condition of affairs public, fearing a run would hurt the bank's standing, but I advised them to take the public into consideration. The run will probably be over by tomorrow, when the solvency of the bank becomes generally known. The shortage may be larger than already announced, as the channels through which the money disappeared are not all discovered. There may be other dishoneet officials than the three mentioned last night." No arrests have been made. BANK SUSPENSIONS IN OHIO. PAINESVILLE, O., June 14.-A run which began on the Lake county bank of Taron, Wilcox & Co. yesterday culminated in its doors being closed this morning. A notice was posted stating the bank had suspended temporarily, and that all depositors would be paid in full. The general impression is the bank will be able to resume. The personal estates of the stockholders are liable for the bank's indebtedness, in all amounting to several hundred thousand dollars. It was considered a sound institution. TOLEDO, O., June 14.-The Exchange Banking company of Weston, O., a concern capitalized at $50,000, closed its doore this morning. AN INDIANA BANK FAILURE. INDIANAPOLIS, June 14.-The Citizens' bank of Fairmount, Ind., has sugpended operations, owing to the stringency of the money market. Capital stock, $50,000; assets, $191,000; liabilities, $130,000 to $150,000. THE HUDSON SAVINGS BANK. HUDSON, Wis., June 14.-The statement of the committee on the affairs of the Hudson Savings bank will show that the assets, according to the bank statement, are $736,127; assets, according to the committee's appraisement, $596,296 liabilities. $644,493. With careful handling by the assignee the loss will be comparatively small. OMAHA BANK RUNS SUBSIDED. OMAHA, June 14.-The runs on the Omaha savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent that the rush was over the anxious ones left without taking their money. There are no new developments regarding the suspended banks. A KANSAS BANK WEECKRR. TOPEKA, Kan., June 14.-State Bank Commissioner Breidenthal, who made an examination of the affairs of the bank of Burr Oak, which failed Saturday, declares Manager Hurlbut conducted the 1 affairs in such a manner as to send him to e the penitentiary. Hurlbut disappeared after the failure and cannot be found. c The bank's deposits amount to $45,000. a Its assets are worthless. 8


Article from The Morning Call, June 15, 1893

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sand dollars. It was considered a sound institution. INDIANAPOLIS, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to the stringency in the money market. The capital stock is $50,000, assets $191,000, liabilities $130,000 to $150,000. HUDSON, Wis., June 14.-A statement of the committee on the affairs of the Hudson Savings Bank will show the asssets, according to the bank statement, are $736,127; the assets, according to the committee's appraisement, are $596,276 and liabilities $844,493. With careful handling by the assignee the loss will be comparatively small. CLEVELAND, Ohio. June 14. - The Baackes Wire Nail Company, one of the largest concerns of the kind in the country. has assigned. The inability to raise money to meet maturing paper is the sole cause of failure. The liabilities are only $225,000, while the assets will reach $900,000. The company is one of the largest manufacturers of wire nails in the United States and is backed by capitalists of Cleveland worth millions of dollars. Baackes, the vice-president and founder of the concern, is one of the pioneers of the wire-nail business in the country. President Lock wood of the concern said: "We simply got under cover to keep our creditors from slaughtering us with attachments. We can pay $3 for every $1 we owe. The assignment is not because of insolvency. On ordinary occasions we would have paid with 2 per cent off, but the tightness of the money market caught us. The principal creditor is Nailor & Co. of New York and Philadelphia, from whom we have bought millions of dollars, worth of steel and always paid them up. They refused to grant us an extension and insisted on the individual security of the stockholders." The Baackes Company has a capital of $543,000. OMAHA, June 14. - The runs on the Omaba savings banks subsided this morning almost as quickly as they began yesterday. A few depositors appeared early, but as soon as it became apparent the rush was over the anxious ones left without drawing their monew. There are no new developments regarding the suspended banks. TOLEDO, Ohio, June 14.-The Exchange Banking Company of Weston County, a concern capitalized at $50,000, closed its doors this morning. TORONTO, June 14.-J. F. McLaughlin, an extensive commission merchant, has assigned. The assets exceed the liabilities.


Article from Echo De L'ouest, June 15, 1893

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Faillites de Banques et autres La "Citizens National Bank" de Hilsbora, o, vient de suspendre ses paiements. L3 "Frank A. Lappen Company" de West Superior a fait faillite. La "Hudson Savings Bank" d'Hudson, Wis., a fermé se3 portes. La banque de Jos Higins 84 Wa hington Street Chicago, a déposé son bilan. W. L Sherwood de Chicago à suspendu SPB paiemente. Hobbs et Tacker, banquiers de Savanaugh, Ga. ont fait faillite. La "Bank of Buir Oak," Kan., a fait faillite La "Peoples Guarantee Savings Bank" de Kansas City Mo., a déson bilan. La "Union Stock Yard Bank" de Sioux City S. D. a suspendu ses paiements. Il en est de même de la "Brule County Bank" de Chamberlain S. D. "L'American National Bank" d'Omaha Neb., a ferme S S portes. On dit que le "G'obe Laon & Trust Co" la "Dime Savings Baik" la 'G rmania Savings Bank" et la "Nebraska Savings Bink" sont en danger. Fermée également la "Trust National Bank" de Lakota S. .D. E. S. Howard vient d'etre nommé syndic de la faillite de la Firet National BaLk" de Cedar Falls, Iowa. La banque d'Everett, à Snoho mish, Wash., vient de fermer ses portes. Enfin, la "People Savings Bank"


Article from Idaho County Free Press, June 16, 1893

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MORE FAILURES. Another Private Bank Suspends-A Failure In Wisconsin. CHICAGO, June 9.--Joseph Higgins, A private banker, with branch banks in Illinois, failed this morning. Assets, $50,000, liabilities not given. A Wisconsin Sayings Bank. HUDSON. Wis.. June 9.-The Hudson savings bank closed its doors today. The bank had nearly $70,000 on deposit. Farmers and laboring men will suffer severely. The city funds were deposited in the bank. The general belief is that the bank will find it difficult to resume. Snipes' Bank ut Ellensburg. ELLENSBURG, Wash., June 6.-The banking house of Ben E. Snipes & Co. temporarily suspended this morning. The trouble was caused by a run on the Roslyn branch yesterday. The suspension is due to heavy withdrawal of deposits and inability to realize on securities.


Article from Iowa County Democrat, September 8, 1893

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Hudson. Wis., Sept. 4.-The preliminary examination of Alfred J. Goss, cashier of the Hudson Savings bank. with a view to setting aside the assignment occupied Court Commissioner Anderson's time for some time. This forenoon the attorneys adjourned to St. Paul to argue before Judge Kelly the petition of Emmet Rice for the appointment of a receiver for the Minneapolis property valued at $100,000. An adjournment was taken in this to permit the lawyers to prepare printed briefs. Judge Humphrey, the assignee, was examined briefly last evening and Mr. Goss has held the stand the remainder of the time in the preliminary investigation. No new developments have been made thus far and an adjournment was taken until Sept. 20. The evidence thus far shows the Hudson Savings bank to have been a mere shadow, of which Mr. Goss was the sole substance. There never was such a thing as a stock company. The president for the past twenty years was the cashier. It was developed that Goss carried debit and credit accounts upon the books of the bank with his deceased father and mother up to the day the doors of the institution were closed. Other like singular freaks were brought out. The attorney for the plaintiff sought to make much of the fact that Goss had loaned $47,000 to his son to conduct the milling business at River Falls. This business was run for many years by John Putman & Co., Mr. Goss being the "Co." The concern became stranded and Mr. Goss took the property to prevent a run upon his own bank. The mill was deeded to his son, who operated it for two years under the style of "J. B. Goss & Co.," when it went down shortly after the bank closed its doors. The principal point the plaintiff's attorneys appear to be seeking is to establish that there was a discrepancy of $80,000 or $90,000 between an official statement of the bank's condition made to the secretary of state Jan. 1. 1893, and that made to the depositors five months after, when Mr. Goss failed and filed his list of assets. This established as a fact, they think. will be conclusive evidence of fraud and enable them to set side the assignmnt and permit their clients to realize on their attachments.


Article from Eagle River Review, February 17, 1898

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H. C. Renke has been appointed postmaster at Wells, vice R. C. Renke, resigned. John Lauermann, a resident of Fox Lake, has fallen heir to $2,500 left to him in Germany. In a runaway at Bloomington Mr. was cut head Lyness severely about the and shoulders. While working in a sawmill at WoneWOC Charles Eaton of Marion fell on the saw and was killed. The W. W. Cargill company of La Crosse has closed a contract to build a 20,000-bushel elevator at Seymour. Joseph Rondeau, a brakeman on the St. Paul road, whose home was in Marinette, was run over by the cars at St. Paul and killed. August Marunde, a brakeman on the Northwestern road, fell under a train near Appleton and was probably fatally injured. The salaries of city officials of Superior have not been paid for the months, been fund for that purpose having exhausted. The La Crosse Carriage Company has filed articles to succeed the La Crosse Wallis Carriage Company. The capital stock is $25,000. The Seventh Day Advent Society of Baraboo have withdrawn all their children from the public schools and started an institution of their own. a farmer, was Edward Paten, Claire assault- and ed while returning from Eau knocked insensible. He was then robbed of $25 and left in the road. Malchow, aged 3, of Menasha, over a pot of on tipped Minna boiling coffee that there her head and was so badly scalded is little hope of her recovery. William McGee of Antigo captured a in a rabbit trap. The bird about twenty black weighs eagle pounds, from and meas- tip LTCS seven feet three inches to tip of its wings. Frederick Thompson, aged 9, attempted board a freight train at Racine JuneHe fell under the left was crushed below the to tion. leg wheels knee. and Am- his putation was necessary. Michael Bohamn, a Marinette milkman, his through the glass front of in an attempt to stop run- the milk was jerked wagon his by away team. He was badly cut glass on the head and shoulders. The mother of Miss Naomi Melville, the school teacher who was killed by the Chi- cars Bangor, will bring suit against the at Milwaukee and St. Paul Company for cago, damages for her daughter's death. M. Kernan, formerly a of Plainfield and a sister of Racine, was burned to Utah, by an fire. at line she was trying to a Kernan resident Mrs. Ogden, while Frank explosion light of of death J. gaso- noti- H. Janesville storekeepers have been that the law against selling cigarettes future fied minors will be enforced in the to violators will be promptly prosecuted. The and churches are backing the movement. the Assignee Humphrey has paid Savings off assessment for the Hudson amount final which failed in 1893. The The Bank, about $41,000. or nearly 7 per cent. is 57 is total amount paid to the creditors per cent. Wisconsin Butter and Cheese burned ComThe creamery at East Troy was butter and pany's the ground. Considerable was deto and all the machinery $2,500 supplies stroyed. The loss is $5,000, with insurance. John Lyden, a farmer, who was brought neck, Chippewa Falls with a broken week. His to after living more than a physidied vitality surprised the could not wonderful cians, who predicted that he survive twenty-four hours. M. Blackwood of Appleton has mining reD. three gold bricks from his There ceived in the Seine river country. bricks and property $10,000 worth of gold in the weeks' is represent the product mills. of three running they of the stamping Edward Schwartz, a Marinette butcher, of meat attempting to hang a piece the point while impaled his hand on until on a unable to release and was hook, himself penetrated by others. The hook injury. helped the hand and inflicted a severe E. Sherwocd of Duluth has tran- been R. at Eau Claire of being and a must convicted dealer without a license costs sient $25 for a State license and books of in pay Mr. Sherwood sold Eau the trial. Claire, claiming that he represented a local firm. Lawrence A. Hoffmier, for who illegal was Dr. fined at Grantsburg guilty recently liquor, was not personally in a sale of offense. He was partner of the at which the liquor was practic- purdrug chased. store The doctor is a regular ing physician. iron railway bridge, three-quarters built over An mile in length, will be Neenah by of a Butte des Mortes near Railroad Lake Chicago and Northwestern piece the It will be an immense for of Company. engineering and will not be finished more than a year. t works of the West Superior Iron for f The Steel Company have been Murray sold of S and to George Welwood Rocke$60,000 York, representing John when D. erectNew The property sold cost, sale feller. ed five years ago, $2,000,000. indamont The


Article from Vernon County Censor, February 23, 1898

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Frederick Thompson, aged 9 attempted to board a freight train at Racine Junetion. He fell under the wheels and his left leg was crushed below the knee. Amputation was necessary. Michael Bohamn, a Marinette milkman, was jerked through the glass front of his milk wagon in an attempt to stop his runaway team. He was badly cut by the glass on the head and shoulders. The mother of Miss Naomi Melville, the school teacher who was killed by the cars at Bangor, will bring suit against the Chicago, Milwaukee and St. Paul Company for damages for her daughter's death. a Mrs. Frank M. Kernan, formerly resident of Plainfield and sister of J. H. Kernan of Racine, was burned to death at Ogden, Utah, by an explosion of gasoline while she was try ying to light a fire. Janesville storekeepers have been notified that the law against selling cigarettes to minors will be enforced in the future and violators will be promptly prosecuted. The churches are backing the movement. Assignee Humphrey has paid off the final assessment for the Hudson Savings Bank, which failed in 1893. The amount about $41,000, or nearly per cent. The 57 total amount paid to the creditors is per cent. The Wisconsin Butter and Cheese Company's creamery at East Troy was burned to the ground. Considerable butter and supplies and all the machinery was destroyed. The loss is $5,000, with $2,500 insurance. John Lyden, a farmer, who was brought to Rippewa Falls with a broken neck, His died after living more than a week. wonderful vitality surprised the physicians, who predicted that he could not survive twenty-four hours. D. M. Blackwood of Appleton has received three gold bricks from his mining property in the Seine river country. There is $10,000 worth of gold in the bricks and they represent the product of three weeks' running of the stamping mills. Edward Schwartz, a Marinette butcher, while attempting to hang piece of meat on a hook, impaled his hand on the point and was unable to release himself until helped by others. The hook penetrated the hand and inflicted a severe injury. R. E. Sherwood of Duluth has been convicted at Eau Claire of being a trandealer without a license and must $25 for a State license Mr. Sherwood sold pay sient the trial. and represented books costs of in Eau Claire, claiming that he local firm. Dr. Lawrence A. Hoffmier, who was recently fined at Grantsburg for illegal sale of liquor, was not personally guilty a of the offense. He was partner in drug store at which the liquor was purchased. The doctor is a regular practicing physician. An iron railway bridge, three-quarters of a mile in length, will be built over Lake Butte des Mortes near Neenah by the Chicago and Northwestern Railroad Company. It will be an immense piece of engineering and will not be finished for more than a year. The works of the West Superior Iron for and Steel Company have been sold of $60,000 to George Welwood Murray New York, representing John D. Rockefeller. The property sold cost, when erect. sale ed five years ago, $2,000,000. The was made under a foreclosure judgment granted by a local court to the plaintiff in the action, the Central Trust Company of New York, which controlled the bonds, amounting to $1,630,000. Emil Traschler had a horrible experiat Ableman. He was engaged in reence moving short pieces of wood as they were cut off by a swiftly revolving saw. While engaged in this work his coat sleeve was caught by the teeth and the clothing was all torn from his arm. leaving the flesh lacerated. He was force against the balance great badly skull hurled wheel and with in- of the machine, fracturing his flicting injuries from which he died some hours later. Christian Schimmelpfennig, an unmar- with man 35 years of age, residing his ried parents at Manitowoe, was taken his father violently insane and brutally beat and mother, who were alone with him at the time. He has been taken to the Northern hospital at Oshkosh. The alumni association of the State offiuniversity has elected the following Blue cers: President, Christian Ruste, McConnell, Mounds; vice-president, William T. Wilson, S. MadiRipon; treasurer, secretary, H. I. Shockley, Darling- the son; ton. The association decided to hold next annual meeting at Madison. Fire at Spence destroyed the residence the conof August Martin, with most of The Rev. J. H. McManus, pastor life M. E. Church, nearly lost He assisting in removing and of while nts. the goods. head his was badly burned about the face. St. Paul paper claims that the Lake body A murdered woman, found at remains of Lambert, a Minn., recently, is the in the Miss Puliette Pulver, a teacher of schools at Superior, who disappeared public very mysteriously about clothing a year and It is said that the found, ago. hands of the dead woman recently of Miss have been identified by friends Paul. Pulve who was last seen in St. The case of Jerome I. Case concluded, against Fish at Racine has been Titus being seventeen years in the courts, The by after the discharge has of been the receiver. the third sucpresent to receiver that office. The claims against of cessor the company had been paid at the rate 37 per cent. The largest lumber deal or the recently. season the Menominee was made on Perley Lowe & Co. of Chicago purchased Witbeck the entire season cut of the H. feet. during 1898, over 35.000.000 $350.mill consideration is not less than the 000. This lumber will be shipped to Chicago and Buffalo yards of the company. alarm of fire from the residence Grantsburg of An J. Nylander called out the fire N. department. O.J. Nylander set in his room. -ome smoke for his lungs. to fire he some needed paper claiming he that The fire got beyond his trol and gave tue alarm. At Darlington, Richard Walkey, Cal Lovelace and young man by the brought name were arrested and the justice for hearing, the lock OD poultry before with and of Torkelson stealing breaking several chickens Company. belonging charged house guilty and was in prison at hard one Walkey to to one the year Darlington pleaded Lumber labor, sentence day to be spent in solitary confinement.