Heavy Failure

ril e usual quiet in busines and financial circle in our city was seriousl disturbed by the report on Saturday last, a nbout i o'clock p. M., that Miller & Webster Banken, had closed their doors and made an as Bignment to C. B. Grnnt, Esq., whiohwpor proved truc The firm was an old one and ha enjoyed tlie eonfideuce of the public, not be cause of the known .capital of the membwa bu on account of the popularity of the managing m;m oL the firin, S. M. Webst. liumors have been many and oontradictory ns to the criuses of the failure, the amount of the liabüities, assets, etc, but it is not to be disguised that it is bad enongh, and that a large shnre of the losses will fall upon partios illy a))le to bear them. On Monday and Tuesday Messrs. Bacli and Geo. W. Moore assisted the assignee in going through the books and papers, snd we lonrn that the liabüities to depositors will exc 1 160,000 whilo the valuable assets will fall below $10,000. To go into detail will coivfer no good upon the public so that we will not enlarge. The general opinión seems to be that the firm must have lived on their depositors for severa! years, as no losing speculations are knowu. - A committee of creditora reported yesterday in favor of throwing the firm iuto bankruptcy, and the preliminary stejw will, we presume, be immediately taken. The committee in questiou seem determined to contest the legality of payments made to certain seemingly " preferred creditoi-s," who were so fortúnate as to remove their deposito on the day of the assignment. And if half tho reporta are true they will clearly bo justifled in so doing. - We are glad to know that the failure has not shaken public confldence in the othor banka u the A iworn statement of the Ann Arbor Savings Iiank will be found in another column, showing a flnanoial condition whioh will, no doubt, couflnn that institution in the coufidence of the business public- and confldenoeiswhatiswanted in times of ptmiz lid reverse more thanwhen all isfree anJ ei The Music Store of J. II. Sage & Son has beeu removed to the Gregory Bloek, two doors East of the postoffice, where they will be pleascd to see 611 wnnting piaiioes pr other muscal instrumente, sheet music, etc. WE ARE advised by Mr. BOURS, Secreiry of the New Capítol Cornor-Stone ommittee of Arrangements, that the ailroads will run special trains and carry as8engers at half fare. The corner-stone s to bo laid on Thursday, Oetober 2d., nd the ceremonies are expeeted to be cry iinposing. The State Fair is now in progress at Grand Rapids, with au unusually large, ne, and attractive display in the sevoral epartiuents. The attendance up to yes erday had not been as large as antici)ated, because of unfavorable weathor resterday was probably the big day ïough to-day, weather peruiitting, will early equal it.