Daily globe., 1883-08-17
UNDER A CLOUD.
A Bank at Richmond, Ind. Closes Its
Doors-The Stedman Failure in New
York-The CIement-Shaw Failure-Sal-
mi MOrse's Assignment.


Doors-The Stedman Failure in New
York-The CIement-Shaw FaiIure-Sal-
mi MOrse's Assignment.
BANK SUSPENSION.
RICHMOND, Ind, Aug. 16-Itwas reported
yesterday afternoon that the Farmers bank,
a private institution of this city, was en-
barrassed, but all demands were promptly
paid up to the regular hour of closing. It
was understood that the bank would not
open its doors to-day, and it had not done
so up to noon. The directors are now
holding meeting and 1t is believed they
will wind up the affairs of the bank. They
are composed principally of farmers, and
depositors will be paid in full. The bank
was established in 1877 by Stanley & Co.,
and managed by James E. Thomas, cash
ier. Its depositors are principally farm
ers. Deposits amount to between $4,000
and $50,Oe0. The depositors mostly hold
certificates, on which the bank paid inter
est. The bank has been regarded as shaky
for long time, and its suspension at any
other time would have caused no comment.
The suspension is supposed to have been
caused by bad management. None of the
other banks are affected by it.
THE sTEDMAN FAILURE.
New YORK, Aug. 16.-In the story of
'The Street," in one of the newspapers,
was this paragraph: Edmund G. Sted-
man visited Cecil, Ward & Co., Monday,
and assured them they would lsse nothing
by the dealings of his son." 1t was for
this reason they did not reveal the opera
tions the young man. With this for text,
Mr.. Stedman writes: ''Of all assertions
made by one of the firm named, this is the
most objectionable. 1t is true, went TO
their Office on Monday afternoon to make
an investigation, taking friend with me-.
The whole of the rest of the statement is
absolutely false. assured them
that no matter whom exposure
might hurt, the whole affair
should be probed to the bottom.
My son, at the request of his counsel,
has made full and frank statement of his
transactions with Cecil, Ward & Go. 1
have just received it. It bears the impress
of truth upon its face, and will be given to
the public"
On inquiry at Stedman's Office it was
ascertained the statement prepared by his
son would be submitted to the governing
committee of the stock exchange to-mor-
row morning, and would not be made wub
lie until afterward. Stedman said he had
obtained from Cecil, Ward & Co. SCI, 900
of securities which had been deposited
with them by his son, but he had been
unable to trace other securities amounting
to $4,000, which were missing from his
Office.
THE CLEMENT SHOE FAILURE.
Boston, Aug. 16.-At meeting of the
creditors of Charles w. Clement, that gen
Der 1881, with Fayette Shaw as special
partner. His business has been prosper
Gus, and but for peculiar relations with
the Shaw Brothers, she would have a strong
and solvent house to-day. The financial
statement presented shows liabilities of
| $559, 400. There is also an item against
Clement on the books of Shaw Brothers
| for money and merchandise advanced on
notes amounting te $215,480. The assets
are 1902, ,290, the stock being rated at its
| salable value. An investigating and ad-
vlsory committee was appointed.
sALMI MORSE ASSIGNS.
| New YORK, Aug. 16.-Salmi Morse
made an assignment to George D. Roberts
and Albert G. Eaves of the lease of the
theater built by him for the production of
the Passion play. The lease is for five
years at $4,000 year, with the privilege
of renewal.
| REoRGANIzED WITH H. ENGLISH AS PRESIDENT
INDIANAPOLIS. Aug. 16.--The reorgan-
ization of the Frst National bank of this
city was completed this evening. The stock
has been increased from 100000 to $780,
600 paid in capital. The following is a list
of Officers and directors: WI IH. English
president; E. F. Olaypool, vice president,
Jno. @. McCutheon, cashier. Directors
W. h. English, E. F. Claypool, Jno. G
Wright, A. B. Conduit, w. W. Johnston
W. G. Depew, of New Albany; Jno. Rey
nolds, of Terre Haute; Simon Candies, j
P. Shipp, Robt. Browning, and W. A. Jar
vies. w. II. English in letter to the pub
lie says at the time of the recent trouble il
the First National Bank of Ildianapoli
had neither stock or deposits in that
bank and no pecuniary interest in it, what
ever. I did what lcould to arrest wha
might have been fearful widespread Ca
lamity and did it entirely from disinter
ested motives. I am urged in every dlrec
tion to accept the presidency of the bank
and am told that my acceptance is an i'm
perative necessity. 1 doubt thi
necessity and accept with extreme re
luctance knowing the great care, worry
and strain of that position. In closing ht
says: 1 shall do my best to protect the in
terest confded to my care and promot'
correct principles of banking and tht
prosperity of the community. It vii
take j little time to get the bank fairl,
under way and forbearance as we'll as ait
on the part of the depositors and the pub
lie is needed and will be appreciated.
| .