Daily globe., 1883-08-11
NO. 223
Virginia "a, North Carolina 20; Ohio 80,
Connecticut 81, and Wisconsin 80.
COLLAPSING.
TWO INDIANAPOLIS BANKS CLOSE
THEIR DOORS YESTERDAY.
One subsequently Resumes and Pays
Checks on Demand-It VIII Double Its
Capital and Resume Business-Other
Business Troubles.

INDIANAPOLIS, Ind, Aug. 1O.-Large
crowds gathered around the First National
bank and the Indiana Banking ompany an
hour before opening time this morning.
At 9:42 the doors of both banks were still
closed. The announcement has inst been
made that they will not open for two or
three hours. The directors of the First
National bank with several large infiuen-
tlal capitalists of the state met at 8 O'clock
this morning and are still in session. bnt
nothing has been made public as to the
result of the conference.
LATEK-Both suspended banks remained
closed. The following notice was posted
on the door of the First National:
"Ihe board of directors are in session
considering what is best to be done, but
have not arrived at conclusion"
The board of directors of the First
National bank adopted a resolution at
their meeting this morning to double the
stock of the bank, $8OO,OOO of stock in
stead of 100000, provided the syndicate.
headed by Mr.. Depau and Mr.. English.
was formed to take the management and
controlling amount of the stock. A paper
was drawn up to this effect, which was
signed by all the directors and stock
holders present, and committee was an
pointed to get the consent of the stock
holders not present. As soon as this consent
is completed, it is understood that
new and strong parties will come into the
concern that will make it one of the
strongest institutions in the country. II
may take few days to do this and gather
IN the required amount of currency, but
1t may be done in few hours. The other
banks also held a meeting this morning
and agreed that if the proposed syndicate
was formed they would afford all the as
slstance to the First National that MIGHT
be required. 1t may be said. therefore
that whilst it is unfortunate that anv
trouble occurred, there is really no reason
for alarm, and that ultimate good NAV re-
suit from it in giving the bank increased
strength.
Very little information has been OBJ
tanned as to what the Indiana Banking
company may do, but it is probable they
will be able to resume also in a very short
time, There has been no extraordinary
demand on any of the other banks for
funds to-day.
INDIANAPOLIS, Aug. 1O.-The conference
between the directors of the First Nation
al bank and the English -Depau syndicate
ended between and o'clock this after
noon. At 2:50 the doors of the bank were
opened, and w. II. English appeared. in
viting the depositors to come in and get
their money. The crowd outside
rushed in, but were checked by the police.
and ladies were given the preference.
The bank continued open for an hour or
more after the closing hour, and all the
checks presented were promptly paid: bnt
few of the larger depositors drew their
money. 1t is understood that reorgani-
zatlon of the bank, with double its former
capital, has been fully agreed upon, and
will be perfected as speedily as possible.
with Mr.. English as president. The other
banks were fully prepared, but no runs
were perceptible. The Indiana Banking
company has not resumed.
Sioux CITY, Aug. 1O.-The creditors of
Cottrell Bros, agricultural implements.
have not yet effected settlement. II is
believed the liabilities of the firm will
reach about 100000 with assets of abont
$4,000. The firm has offered fifty cents
on dollar. Ageneral meeting of cred
ltors is called to meet here the 18th inst.