The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-11

publicly invited all depositors who felt 80 in.
clined, to come in and get their money, but APP.
parently there were none.
THE INDIANA BANKING COMPANY.
Public attention was thus in a measure d.
verified from the First National and turned to-
wards the Indiana Banking Company.
There was, however, no change in the
affairs of the latter during the day.
At 8 O'Clock in the evening, when a Journal re-
porter called, Mr.. George C. Duy, who was in
charge, stated that they were awaiting the 40
ton Of the First National, and their fate de-
pended greatly upon what was done across the
street. He said: "The First National owes us a
large amount of money, and we have about
100000 of their stock. They have been greatly
dependent upon us and not we upon them, as is
generally supposed. l can't tell what we willie do
yet. There was absolutely no reason for the
run upon this bank, as we have more than
enough assets TO meet our liabilities" When
asked whether they had agreed to sell their
First National stock, he said that they had
not, and did not know that they should.
Mr.. DAVIS stated that the bank had something
over 100000 in deposits for which 1t could
show cash and gilt-edged paper. 1t was also
stated that during the day the bank had received
several large special deposits, and had made lis
collections as usual.
The belief was quite general among business
men that some arrangement would probably be
effected by which the banking company would
be enabled to resume business and carry it on as
usual one OF the currents umOrs WAS that Mr..
DePanw had determined to buy a controlling
interest mt in it and consolidate is
which he owns, but this could not be traced to a
definite source.
A MUCH-DIsCUssED MATTER.
The widest rulnors prevailed during the dav,
and it was intimated that Mr.. English, aud
possibly others, had in various ways deprecated
the value of the stock of the First National
Bank, SO that they might be abba to purchase a
controlling interest at a low figure. 1t was
limited, in this connection, that State Treasurer
Cooper was a party in the transactions. So far
as could be ascertained by diligent inquiry, these
rnmOrs are altogether unworthy of credencc. and
they are Indignantly denied by those mos in
terested. When the scheme to reoreanize the
bank was made public yesterday, the cry of
"freeze-out" was common in certain circles, and
Messrs. English and DePauw were credited
with having acted as they did only through
personal motives. 1t Is possible that this is the
case, and it is equally probable that they will
make considerable IN .ney by the transaction,
but it is not altogether clear why they should
be blamed for 1t. One thing is certain, and that
is, that if il had not been for these g%enilemen.
there would have been disastrous consequences
resulting IN the banks temporary suspension.
and the loss would have been general Instead
OF being confined to a comparatively few. 1t is
also not clear why stockholders who are cont
PEELED 70 sell out az so cents On the dollar
should kick for If the syndicate arrangement
is not made, their stock will not probably bs
worth half that much. So far as Is known nobody
suspects Mr.. English or Mr.. DePauw, of posing
before the community as great phllanthropistS
in this matter, and nobody who is acquliuiei
with these gentlemen will think that they ars
going to engage in any large business undertake
ing unless there is a reasonable probability that
they Will lose nothing by it.
WHAT Mr.. DE PAUw SAYS.
Last night, until a late hour, Messrs. DePauw,
English and the officers of the bank were in con-
sultation, the purport of which was not made
public, Later a Journal reporter called upon
Mr.. GePauw, and asked him what there was in
the report that he contemplated purchasing the
Indiana Banking Company for the purpose of
consolidating it with the Bank of Commerce..
He said that he had no idea of doing such "A thing.
and any reports to The contrary were unfounded.
When asked regarding the probabilities OF
the syndicate arrangement being c-onsummated
at the First National, Mr.. DePauw said that he
thought 1t would be, and in fact did not then
know Of any ching to prevent 1t. On the con-
trary, out of the 1000 shares of stock in tho
bank already the owners of 1924 mad pledged
themselves to the arrangement, and not one
thus far approached had declined. This he re-
CARDS as altogether encouraging, and he was
satisfied with the outlook in this direction.
Further than this he had no statements TO make,
| IN BUSINESS CIRCLES.
The effect of the bank trouble was apparent in
Dublnebb ClTCloS III Inc Guy yesterday. 1Dtr0
was comparatively little trading during the day.
and there was h general disposition to be very
cautious. The anxiety over the result of the
difficulty was intense. Several of the Wholesale
firms refused to accept checks on the embar.
raised banks only on the condition., Subject to
payment" There is nothing in the nature of an
embarrassment in any OF the business houses,
so far as can be learned, but in the anxiety over
the result of the trouble, there was a kind OF
temporary suspension of business, no one being
disposed TO put out money. The only effect, 1t
was claimed by business men generally. will he
TO tighten the money market, and it may cause
some inconvenience to some of the merchants,
but It is not likely to precipItate any failures, or
anything OF that kind.
NOTES.
If iG was 'freeze-out," it was a pretty sta
game.
All the other banks of the city beside the two
directly affected had no more than the usual
business Yesterday, and no heavy demands were
made upon them. The bank officials are feel
ing very confident over the outlook.
The last official statement of the First National
showed deposits, certified checks and indebted
ness to other banks, 1859 84: and loans and
discounts amounting to 81 $50, 316, besides the
cash on hand and assets Immediately available,
Checks drawn by the First National Bank Of
Shelby vile on the Indiana Banking Company,
and checks drawn by the First National Bank
of Columbus on the First National Bank of this
city, will be paid by s. A. Fletcher & Co.'s bank.
The Evening News stated that the l., B. & W.
employees whre all paid yesterday in checks on
the Indiana Banking Company. This is a mis-
take. They were paid in drafts on Corbin's
bank in New York, which passed current at all
the banks here.
A dispatch from Washington last night an
nOunced that the Acting Comptroller of the Cur
rency had directed the State Examiner to look
into the condition of the First National Bank of
Indianapolis. The reporters on the city papers
can give Mr.. Hay some valuable points If he
will call around.
Evening News: "Jack Landers remarked LAST
evening that during the Chicago margin excite
ment a press paragraph that one of the Indian
apOlls firms had been called on for $40, 000, waa
interpreted to mean Frank Landers and himself.
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