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About The daily morning Astorian. (Astoria, Or.) 1883-1899 | View Entire Issue (Aug. 1, 1893)
RTftff BTTfl-TTBMBV ISMfTSTTAil 0 , EXCLUSIVE TELEGRAPHIC PRESS REPORT. x7 NO. 174. ASTORIA. OREGON. TUESDAY MORNING. AUGUST 1, 1803. PRICE, FIVE CENTS, JS l.'l (Pi li AVVV W 4jT x 4 :T3 II A. ji II LLaJUULJ J as Struck the Town. Big B etsy of the "Monterey," Fired into Cooper's And Knocked ottom out of Store The B Is fly y A It The financial flurry In the nation is about over, and it la greatly to be regnetted that the last of It saw the temporary suspension of an Astoria in stitution, even though It was only a privatei bonking concern. Of course there was some little ex citement on the street when It was announced that I. W. Cosei's bank had closed Its doors;' but It was not deep enough "or extensive enough to pre cipltate even mild nuns on the other banks. The temper of the business men was such, as to allay. any feelings of apprehension on the pant of smaller depositors, and the tone of the business community is confident and undls-' turbed. SECURITIES BUT NO COIN "It can be readily understood that Mr. Cose, having advanced a great deal of money on drafts and bills of exchange, drawn against large shipments of canned salmon, and being unable, be cause of the unsettled condition of busl ness in the East, to command ready cashi either by telegraphic transfers or ; through ordinary channels, was obliged to announce that until he had realized on paper alneady out, he could not continue advances. The assurance in the notice posted on the door that all . deposltol would be paid in full with as Utitle delay as possible, was not needed. That goes without saying. I. W. Case can pay every 'dollar he owes and be a rich man still. The wnly reason that can be assigned for his suspension Is that he Bimply took precautions against being crowded to the wall, and the precaution was as much for the protection of the bank's creditors as his own. The posted notice of temporary sus pension of Mr. Case's bank fully ex plains the situation. He says; , Owing ta my inability to get coin on New York exchange, and to make col lections, and the constant withdrawal of deposits, I have concluded to sus pend for the present. Depositors will be paid in .full as soon as collections can be made. I. W. CASE. AT THE OTHER BANKS There was no Interruption of ordinary' dally business. Men came in with checks and had them cashed ; customers baine in with cash, drafts and checks, and had them credited to account cur rent. And that Is all there was of it. The Astorlon nepresentatlves circu lated among bonk" and bankers, busi ness men, and folks standing around, and found the same expression of con fidence pervading all classes. THE FIRST NATIONAL BANK. Cashier) Gordon, with evident satis faction said to the Astordan representa tive: "As far at the First National is concerned, there Is no change to bo noted in the situation and there have been no with 1'iiWils cf de posits. Our business," con tinued he, "is almost entirely com mercial; we pay no Interest, and have no savings depositors such as ore likely to be alarmed In regard to their money, Our own stockholders are creditors for fully one third of our deposits, and the balance of our liabil ities we can pay on demand If re quired" THE ASTORIA SAVINGS BANK. "Mr. Caste's 'temporalny suspension; has not hod tha slightest effect on our bank nor will It have, even remotely," sold Mr. Potton, cashier of the Astoria Savings Bank. "Everyone with a knowledge of business matte" is aware that Mr. Case's action has been Influnced by circumstances over which he could not by any possible means, hove had control. " Few of our depos itory have shown, any disposition to withdraw their money, and If they wont it they can have It, subject, of course, to the usual notice of with drawal. "Today we have taken in several thousand dollar more than we have paid out- 'In. fact, we have paid out very little, and do not anticipate with drawal except, pow.'o. on the i.it ot a few small depositors who are likely, at any time, to be subject to alarm at shadows. However, their withdrawals will be their lots ard not ours." THE ASTORIA NATIONAL. P"" - suspension of Mr- Case did not ml. X -"Hr. 4- A n4Min f - ; X stockholders, represented by J. lit? XJUtLUlilg IfJLt?! UllttllU Ul ilDlUllfli., First Class Goods aughtered The Greatest Reduction Sale Ever Known in Astoria. Positively, You Will Get Bargains. No Humbug. At the Midsummer Sale now in Progress j u u u n 0 FINANCIAL INT . Fill Astoria's National Eanh Arc Solid as Granite. CASE'S TEMPORARY SUSPENSION The Astoria Savlutji Has all the Money It Wants-IntarvUwi With , Leading GHUeiii. jf Director were all emi nently satisfied with the solvent con dition of the bank; so that no change, up or down, was noted 1" the day's .business! Everything proceedW lnj the accustomed routine; the only action being taken was the issuance of a circular letter to customers as fol lows; Astoria, Onegon, July 31st, 1893 Dear Sir; In view of the present critical condition of the money market, and of the fact that you are a depositor with the Astoria National Dank, we deem It but Just that we should give you such assurance as we can of the healthy condition of the bank and the perfect secuility of your deposits there with. The bank has never been in a better condition, financially. Bince the day It opened; and its resources are two to one for its liabilities. We realize, of course, that should every depositor immediately withdraw his funds, the bank would be temporarily emr harassed, and what is more serious, the business of thl community and vicinity greatly unsettled a"d injured. Desiring, therefore, to preserve con fidence and to prevent any movement 41iat will be circulated to create a more serious flnonoUil stringency than now txlts, we hereby, not only person ally assure you of tho absolute sound ness of the bjmk, but, personally and Individually, guarantee to you tho payment ot eveiiy dollar you have de posited with said bank. Very Truly. H. C. THOMPSON. D- K. WAIIHEN, THEO- BRACKER. C. S. WRIGHT. JOHN HOBSON. in the nfternoon, Mr. Case was seen by an Astorlan representative; and, in declining an extended interview, simply said: "The only thing I can say is that I have ample assets, which are well se cured, and as soon as collections can be made I shall resume business." Miv John Devlin said: "I am per fectly satisfied it will not take Mr. Case many days to get his affairs In shape for a resumption of business. His integrity is beyond question, and his moans ane ample. I believe the crisis has come and gone, and now that gold is returning from Europe the af fairs of the nation will quickly resume their wonted condition." Mr. S. Elmore said: "No one who has known Mr. Cose during his long residence in Astoria doubts that his suspension Is more .than temporary. Ills financial standing, his busl'icss ability and hio Bterllng Intregity are too well known to permit of the least alarm among thinking people. Mr. Case has done mono for this city, per haps, than any other one man In town; and has always been most liberal in all enterprise for the public good. In his temporary embarrassment he has the sympathy of every business man in town, as well as their unbounded -con fidence." Mayor M. C Crosby Bald; "Mr. Case has always been recognized as a shrewd and very conservative business man, and under the circumstances I believe ho acted wisely. Like all who know him I have every conlljence thnt his embarrassment will be but tempo rary, and that after paying every dnl lan he owes depositors, he will have a handsome fortune left." Mr. G. H. George said: "I have the mont unlimited confidence in Mr. Case, both as negards his ability to pay de positors and his Integrity He has been one of the best men Astoria has ever had, and has always been foremost in advancing public enterprises. No one need feel the slightest alarm." Mr. Ben Young gave his opinion that "Mr. Case's assets are so exten sive that there Is not even the most remote danger of any depositor losing a dollar. When he makes his collec tions he will be all right and in a po sition to Immediately resume busi ness. He ha carried many of the can- i nerles in making advances o" bills of lading, and now, ' In his temporary trouble, has the sympathy and unlim ited confidence of every business man." The disastrous part the grain and money brokers of Chicago and New York have played lit the present finan cial flurry is one which should teach the nation a lesson. Those Jugglers with national prosperity, who manip ulate Wall street and the La Salle street Board of Trade are deadlier ene mies ta the commercial and Industrial Interests of the country than the mot rabid anarchlts, or wild-eyed, hair brained political lunatics. Tho publication of a raid on money In the stock exchange, or on wheat In the corn exchange, Is a greater menace j to the general welfare than a univer sal circulation of Bellamy's chimeras, on Fourier's phalansterlan dreams, bath of which have had their ettect in turn ing peoples' heads. The world of thought is being expanded a"l man kind Is moving upward on well de fined lines. The "fesiina lenta" (make haste slowly) of the aniients. Is a safeguard which should not be neglect ed. Take It coolly. Preservo your equal mind. Don't slop over. Rushing to ex tremes of either political theory or financial action is personally and com munllly suicidal. What mensures of reform ore advocated let thm strike at .the root of national evils, and be gin with Wall street and the Com Fx change. There Is neither necessity nor apology for thein rule and they should be legislated out of existence. In home monetary affairs, calmness, " local pride, and an effort to benefit ones-self by fortifying local banking Interests against tho possibility of be ing affected by the machinations of greedy brokers in New York and Chi cago, and the crushing money power of England are the needed qualities. Let them be exercised. A QUARTER OF A MILLION CAME. A Portland Associated press dispatch cf yesterday afternoon says that a quieter feeling prevails In that city. Confidence In the banks la beginning to be restored, and it Is generally felt that the crisis 1b over. A consignment of a quarter of a million dollars was received this morning from San Fran cisco to be used in the emergency. A TREMENDOUS SHAKING UP. ' This Is what every system afflicted with chills and fever, WUous remittent, or any other form of malarial disease, undeiigoe" perUxlieally. Not only Is malaria terrible In itself it is the breeder of an Infinity of bodily all ments. Speclncs used for Its preven tion and removal prove, in the- vast majority of cases, useless for every other purpose than to mitigate tho dl sease and stave off It attacks. They are sure, with the average treatment, to return after a while. The sufferer may change his location to a healthier one, but the complaint, which is In his blood, is not thus lightly got rid of, and returns aften the wonted In tervnl. Organic affections of the nerves, heait trouble, general debility, of the eyntem. are the offspring of ma lurim Cure the cwlgl'iating cause and avert future physical injury with Hos tetter's Stomach Bitters, efficacious also In liver complaint, inactivity of the kidneys, rheumatism and lndlges tlon. FOR SALE BY AUCTION. Improved machinery for the whole sale manufacture of mineral water will be sold at public auction. Particulars as to date of sale, etc., can be had by applying to Martin Olsen, auction eer, Secondstreet. THE FORCED MORTGAGE SALE. Of Herman Wise's stock Is now In full blast. Everything sacrificed. M. WISE, Mortgagee. P. S. All persons Indebted to Her man Wise will please settle at once. For an $W Lot By becoming a member of Hill's Lot Clubs you call get a first-class lot in Hill's First Addition to Astoria. Lots will bo delivered weekly. Now is the time to procure a lot to build a J home, for 2B C35-C CD Buys the latest improved White Sewing Machine at FOARD & STOKES'. r