The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1883-08-11
EMBARRASSED.
Susi ension of a Couple of Indianap.
oils Banks-.English and Others
to the Rescue.

INDIANAPOLIS, Ind, Aug. 10. The excite
ment over the rumors affecting the First Ma
tional bank and the indiana Banking COM
pany, of this city has been intense In tha
morning neither of them opened their doors
and both are beseiged by a compact mass of
excited lepo,itors, who will yell neither to
persuasion nor the police The excitement
centres ON the First National, as there is
feeling that the Indiana Banking company is
good deal of a tender to the First National,
and that the disposition of the former settles
the fuTure OF the latter.
Hon w H. English, who was the first
president Of the First National and under
whom its remarkable successful career was
achieved; Hon w c. DePauw, the New AL
bany millionaire; John Reynolds, of Terre
Haute, aud Others are in consultation over
the formation syndicate to buy the First
National English holds none of the stock at
all now, but DePauw holds 10000, and Rey-
nolds S2i 900, and they are, with the eXccp-
ton of the Indiana Banking company, which
holds SlOl, 600 the largest stockholders
1t is stated on the authority of
stakeholder that this DePauw English syn
dictate has made proposition to
the stockholders that each one of them Mt
once double his stock or sell out at so cents
on the dollar, aud that majority of the
Stockholders have signed an agreement to
sell The syndicate will thus Guhble the
major part of the stock at half Its par value,
and will at onCt proceed to double the capt.
tai, which is now Sl00 900 making it $500
900 They have the ready money to satisfy
the demands, and will carry on the business
legitimatcly. As soon as people lind
they can get their money they won't
want it, aud it is predicted
that on Monday moTning the bust
ness will be running as usual This, Of course,
depends entirely upon the syndicate buying.
If they refuse, both banks will probably have
TO remain shut, and 20 into liquidation The
opinion is that tho First National is ;,bund-
antly able to pay out dollar for dollar and
have a surplus, but rs to the Indiana Banking
company, more doubt is expressed, II IT hfls
to cut loose and save itself If II ,nn 20
along in company with thc First National. 1t,
too, will come out all right.
Little crrdonce is placed in the story TINT
the withdrawal Of tho funds sc Stat Trcas-
urer Cooper had anything TO do with Grating
the present state OF affairs Business nIcn
three or four month";, as the result ut Ind
management, nmi that neither the with
drawal 1T the State funds nor the Chicago
margins are chargeahle, though both Inay
have FASTENED matters. The First Ma
tional was the financial citadel of this
community. 1t had a splendid rep
utation, nearly s., GOO 00d of deposits, aud u
fine line of custom, much OF it solid country
deposits. which comd bo depended np0u to
lie the yrar round, good deal of bank
ing, tits alleged. haS hreu done on this rrpu-
tatiOn, and the result IS that loans cannot he
called in, and ihnre isa demand with plenty
of paper but no money But in tho ordinary
course Of loans, the hank Is ,,ll right, and
with Time TO call them in, can pay out ard
Ieavo handsome surplus
Whom MIR English sold ont TO Hon John
C. New, hc got l65 for his stock, and New
sold ont at the same price. 1t IL the belief Of
business men that there is a handsome mar
giH for any one who will take it at par that
can command ready money enough 10 satisfy
the present demands This they say English
will now do, and go in aud make another for
tune at tho old stand The present feeling Is
that the future is safe
LATER The board of directors of the
First National bank adopted u resolution at
their meeting III the morning To double tho
stock Of the bank, making it $500 900 Of
stock instead Of S4O0, 600 provided the Syndi-
cate headed by Mr.. DePauw and Mr. English
was formed TO take the management and
controlling amount u the stock A
paper was drawn up to this
effect which was signed by
all the directors and stockholders present
and committc was appointed to get the con
sent ct the stockholders not present As soou
as this consent is completed, 1t is understood
that pew and strong parties will COME int
the concern, that will make it one Of the
strongest financial institutions in the coum
try it may take few days 10 do this and
gather in the required amount OF currency
hut it may he done in few hours.
The LATEST 1t can he said that the First
National will open recognized What th,
terms are is not public. But il effect tbe
DePanw- English syndicate have made &
proposition to the stockholders for then
10 put up certain margin or sell cut "a
n certain rate The difference between The
result OF this and the sum of $500, 900 will bt
made up 10y the syndicate and Mr. EuglisI
will probably come to the front as the heac
Of the bank This will make it one of tn,
strongest banks in the city, The other bank
propose 10 afford all needed assistance Tn
crowd that assembled in front Of the liaul
has dispersed. The Indiana Banking com
pany will also probably he placed en-
stronger footing and resume business
WASHINGTON Aug. I0.-The acting camp
trolIer Of the currency has instructed tb,
state examiner lQ look into the condition o
| the First National bank. Of indianapolis. au,
| report.