The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-08-15
PULLING THnOUGH.
The Bank Troubles Being satisfactorily
Adjusted.
Reorganization of thu FIRST Ma
tione1 Bank-HOw the Matter
Was Arranged
TIE Situation on the Streef-How the
Public Took the Ma5ter-NOtes
and Incidents.

Barking Company suspended Thurs
day evening. As early as O'Clock Friday
morning the street between the FIRST
National Bank ard the Indiana Bang
ing Company was filed with citizens. The
street in front of the First National Bank
was also very well filled with citizens. These
were not all depositOrs however, the maj Ori-
iy of them being persons who were drawn
ont by curiosity more than anything else.
The statement that Hon. w. H. English
and Hon. w. c. De Pauw were consider
ing the matter and the probability
of their taking charge of the bank affairs had
= very good effect on the crowd The doors
OF tie two banks we're kept closed, and at an
early hour after business was commenced a
card was posted OH the door of the First
National Bank TO the effect that the Board OF
Directors we're in consultation, considering
what wss best to be done
The Board of Directors of the bank
sdopted q resolution at their meeting
10 double the stock Of the bank
(Daking $500, Geo of stock instead ef $400.0OO)
provided the syndicate headed BY Mr.. De
PauW and Mr. English ives formed to take
the management and controlling amount
Of the stock. A paper was drawn up TO this
effect which was signed by ali the Directors
nittee was appointed to get the consent
ST the stockholders not present.
AT the meeting of the Indianapolis Clear
ing House Association it was resolved 70 FUR
nisb ample cash for the use OF the FIRST Ma
tional Bank, provided the De PAW English
syndicate took possession of its affairs The
money VIII be hclming and will be adj
vaDcec until returns from he East can BE-
had by the new syndicate. Mr. Davis OF the
Indiana BANKING Company stated to the AS
soclation that If the syndict.e Voali pur
chase the etOcS ia the First Ma iO11i held b7
hinise II it would enable the Ind ana Bank NJ
Company 10 resume Business He ard Their
were in bis bank 5000 00n in dep sits for
every dollar of which Re could show cash or
good paper. The Association took IA actis
relative 10 the Indiana Company. but the
private opinion III several BANKERS fOlloTing
adjournment, was that III Davis you'd be
able TO tide over the difficulty riih the help
OF such assistance As he uld obtain.
1HE cfEyIxe OF -HE Bank.
At go Friday afterrO. tn Minutes BE-.
fore the usual time f,r closing the bink NJ
Eueiish appeared at the frons Go0f To-
viied depOsit0rs and holder IT checks 10
enter ami get their money O1ise crowd
hs6 Colitc'ed, ara each individual was esger
20 be the bIst 10 reach the pairing Feler.
The police Kept the crowd back admitting
fs6iEs tir<t, and IN a shOrt time all Derso-=
holding checks or drawing on their deposits
were raid OF. At O'Clock one hour later
than he ususl time for clos sig English
again appeared ar the entrances On Wellington
street and announced T. the as embed crowd
that If there were any present wanting to
withdraw any money or transact business
With the bank 10 come IN, a il was desired
10 close IN order to p1st the books end be in
readiness for openiDg at the regular hour To-
dey. There was 40 response and the d30rs
. closed.
Efforts were made by number OF the re-
porteTs OF the various papers TO see Mr.. Da-
Wis, but he was hard to catchs Att late hour
he was accosted in The street and asked to
give a statement, but this he declined to do
Hon. George G. Day was seen, however,
who stated that the affairs of this iusti-
tutien were practically unchanged from
the condition OF the previous Gay.
He said shet he did not know
whether the bank would be open today or
not, and added thar the funds of the ins,itu-
ton tOa great extent we're in the First
&stC nal Bank, aud that il public confidence
could be restored and no ran made on the
oens- 1t wiz undoubtedly continue in blsi-
less.
Tie following official statement has been
furnished for publication:
Two important steps were taken yesterday In
the matter Of the II O'salizati0n OF the First Ma
tonal Bank. The first .wss tIement OF ell diff
telences oetFeen that bank I'd the Ia llama Bank
ing Company, ana the entire I'd absolute separa-
lion OF the two institutions. The Banking Con-
paIy sflesd 10 surrender al stock held By them
N the FIRST National Bank and did surrender one
half Of It yesterday, ana the balance Is to be
surrendered as soon as certain paym snts
are made 10 relieve the stock when IS
now held in pledge for certain debts
The other step in the line OF eorganiz lOa was an
important meeting Of the Board of DirsctOsO Of the
FiIst National Bsnk, a. which tn formal rescla
ton Was ADOPTED increasing the capital stock from
SsCoCeO to s. CC0 hic 81 carried sIt vii ma =
II one OF the strongest banks in the couatry. The
new stO Is 70 be all0 Ted pro rata amongst the
stcckboloerf, end this effsetually gives the lie
out Of tie CID stockholders in the trausaetlon.
All stockholders stand exactly equal aud they are
% ees1as Ni.nig three days ON no sation
sfccz OF not Win the exception ~ the Indiana
BANKING Con psny stock-saf sl50.31-all the
Stockholders cen thus far have elected 70 double
their stock, thus showing their entire cDadde CO
IA the contemplated reorganization Over three
sOCfihs OF ne SNckEoiCeiS h7Ve o3el seen.
OF e5ulse it can not b said with
aesaiute certsirsy that the reo-zsniz ,tion
tenpialsd, uut the neces arr prelimi1srs s.eps
are beiIg lax and the result VIII o. definitely
known ven scon- Many tel grams were received
rese4cay from leading banks al over the country
czrTrssiDe the hoe that the organization would
tale place rs contemplated and of ring unl.n.
day"
as was expected the First National Bank
resumed business as usual yesterday, and de-
positors were paid as fast as they appeared
at the bank The number hoEever, was
Teroephbly decreased, for the people realize
that The trouble is ended here, aud that the
busin6ss IS N the best Of possible shape.
There has been some talk by few pretentious
peIsons, which was eviienilv mesnt to re-
fleet on tie motives of the men who came to
the front and rescued the First National; but
those who sre c0nversant with its affairs are
loud in their expressions of commentator
for the seton Of the syndicate
As VAS announced IN the papers yesterday
ard Sunday the Indiana Banking Company
would take some decisive action yesterday,
the following st1tement was made by the
management yesterday:
TO the Public.
In February, 1873 an opportunity was offered ID
this bank to purchase controlling interest In the
FIRST National Bank upon what at that time
seemed favorable terms; the price given for the
stock fl65 as the assets turned out was largely In
of It's real value. by the recent settlement
this hank IVES compelled - surrender one half OF
its stock. or &c under the imputaiion of prevent
ing an adjustment that would enable the First ID
resume-a resp 1nsibility IL unwilling to
scme. The purchase of that stock proved disas-
lT0us. Tesnltng In net loss OF over e3c0011.01.
The real estate and other property that the bznk
las been compelled from time 10 time to take has
not In may Instances proved convertible fnto
Al a q { a han 4Q foI