New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-11
INDIANAPOLIS TROUBLED.
TWO BANKS EMBARRASSED.
FINANCIAL DIFFICULTIES OF THE FIRST NATIONAL
AND THE INDIANA BANKING COMPANY.

fiNANtiAL OF THE FIRST NATIONAL
| AND THE INDIANA BANKING COMPANY.
INDIANAPOLIS, Aug. 10.-Yesterday after
noon there was a large demand by depositors on
the First National Bank ana the Indiana Banking Com
pany and large amounts from both Of these
institutions The president OF the National Bank said
last night; " All demands were promptly met up to
closing Tho bank Is sound In good assets, but like all
such institutions, must have time in which TO realize"
AmeetDg OF the directors Of the First National was held
continuing In session until late hour Another meet
ing was held this morning O'clock with several Of
the largest capitalists Of the State. when 1t deter
mined what action will be taken. IL is known that
state Treasurer Cooper recently drew 600 from the
First National. Which, he says. deposited temporar
| y Al the other banks only the ordinary amount Of
| business was transacted during the day.
Ever since the a.e failure the Chicago Board Of
Trade and the subsequent breaks in prices feeling OF
uneasness has pervaded business circles Indiana polls
Tnis together with the fact that large of money
Withdrawn from the banks TO satisfy the demands
brokers for margins caused strngency n the money
market that eliminated In quiet two Of
the banks Negotiations have been in progress Tor
era days for the purchase OF controlling interest In the
First National which the Indiana Banking Company is
said to hold by syndicate composed of some OF the
wealthest meu in the State. including W. G. Depauw, OF
New.Albany; JoIn Reynolds OF Lafayette; w. II. Eng
lish and Il. f. Clay ypool OF this city, and others II
these negotiations successful and the money these
present troubles can be surmOunted without difficulty,
and II deposOrs will forbear making run, the stress
may be weathered anyhow, but as no definite con-
cuson has BEEN reached. The banks have sufficient
assets to meet all Liabilities The First National, which
s the oldest and heretofore considered one OF the
strongest In tae city. capital stock Of 100000, and
deposits OF S200O,0O0. The Indiana Banking Company
has about S10O0O00 of deposits President Lynch OF
the First National says the immediate occasion OF
embarrassment OF his bank tho withdrawal OF
S5OO0OO OF the States by Treasurer Cooper
report says money be used handling the pork
product but this Mr. Cooper vehenentY denies aud says
that not OF tue states Is in private hands
Large crowds gathered the First National and
the InIiaus Banking Co npany hour before opening
time this morning At 945 the doors OF botn banks
were sill closed fhc announcement was then made
tbat hey wOul1 not open for 20 three hours The
following notice posted subsequently door OF
tie First National Bank: Inc Board OF Officers In
session consdehg VIVA best 10 be done but nave not
yet arrived at a concusOn."
1ne Board OF Directors aIterward adopted resolution
10 double the STOCK OF the DanE, making 1t esOOOOO
STOCK, ins.ead Of 100000 provided syndicate headed
10y hT. DepauS anu dr. Eaglisn wOuld be- formed 10
take the management and controlling amount OF stock
paper was drwd W. To tnis effect, which was signed
By all the directors and stockholders present AID
COMMITTEE" was appOinted 10 gct the consent OF The
stockno der- uOt present A as this consent Is
pletrJ. u "a aud strong persons
Will utO the colcern WIZ make II or the
strongest nnanclat Institutions IN the country.
II may take days 10 do tnis ana gather
In tue required amount OF currency but may be done
In iew nOurs Tue other banks also had a meeting
t'ls mofhlug, and
shUsld formed tuey afford all assistance
10 the First National oanE that might be required IL
may be sJ therefore, tnat wal rt Is unfortunate tnat
tue trouble occurred tncc really reason Tor ALARM
and hat ultimate good may Result from t IN giving the
bans Increased -trcug II.
Very lttlc ormh,iOn has been obtained TO what
the indaIa B"nSng company may do but ia probable
tncy Will De resume business also IN very short
time
CHECKS oF SMALL DEPosIroRs cAsHED.
The elrnue the directors OF tue Fret Ma
tona Bank aud the English Depauw syndleate
between and o'clock this afternoon. AT ten
minutes before 3 o'clock doors of the bank were
thrown open aud W. II. English appeared and invited
tie depostor. ~ draw their money The crowd outside
sned ~. but were checked by policemen, and ladies'
w.rp given preference The bauk remained open for
a. mOlo a.tct lne closing hour shd all checks
presented promptly ca,Icd. Hut few OF tae large
depositors crew thcir money. Tho Indiana Banking
-. Ia.