The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-08-13
The Lawrenceba-g Failure.

Word reached this city on satur-
day that the City National Benk, of
Lawrenceburg, had temporarily suspended
payment. But little information conld
be obtained, however. United States Bank Ex-
aminer Hays, went to Lawrenceburg at once on
receipt of a telegram and is expected to make a
complete and thorough examlna-
iiur of the concerns affairs as soon
possible. The stockholders of the band
are. d. W. G. Fitch, S7s700; Henry Fitch. So
900; Walter Fitch, $1,000: B. R. Gaines, Boone
county, KY, S., 900; George W. squibb. So 900;
George B. Fitch, 81 1000; Ardrie shs W, $1,000;
Thee. Gazlay, Cincinnati, $1,000; Harry Fitc b,
$4,000. Since then it is understood that Mrs.
Sunmau has purchased $4,000 OF stOc k and
Mrs. d. W. c. Fitch $4,000, and both OF these
ladies own individually 100000 worth Of real
estate.
The cashier. Mr.. Walter Fitch, announced that
the depOsitors would certainly lose nothing, but
would be paid dollar for dollar III very few
days. and in this he was corroborated by Presi-
dent ID. W. G. Fitch. The city full of rumors,
OF course, and much speculation was INDUCED
in as to the probable cause and effect of the
Lawrenceburg failure, following, as it did, so
close on the heels of the Indianapolis suspen-
sions. gentleman from Lawrenceburg stated
that one rumor was prevalent at that city
that the failure had been precipitated by the
money of the bank being employed in the mills
of o. Z. Cobb & Co. President Fitch is reported
to have said. when interviewed concerning the
suspension, that the bank was compelled to
close It's doors on account OF an unexpected run
being made upon them, but" said he, "l have,
as the records will disclose, ample means, indi-
vldually, to pay every dollar of the bank depos
its and Indebtedness. My son Henry's expend-
lures in the saw-mll and lumber business,
reaching many thousands of dollars, has tempo
rarily cramped me, but L swear not
living person shall lose single
cent in any manner. Every depositor shall
speedily be paid dollar for dollar, and every
debt be fully liquidated. Every individual stock
holder has more than double the amount o. their
stock in real estate and property readily con-
vertible, which Will insure against loss; so there
exists no possibility OF any one losing cent"
The bank has done business for years under
the charter Of the First National Bank, but on
the 24th Of last February had reOrganiZed and
begun business under its present name OF the
Lawrenceburg City National Bank.
Cincinnati paper of yesterday says:
The cause of the banks trouble may be
cribed to Henry Fitch, who engaged extensively
in the saw-mill and lumber business, and who
was heavy loser during the late flood, his losses
amounting to near $4,000. Instead of curtail-
ing, he has continued TO enlarge and increase
his business WI ich gives all the assurance of
proving paying and profitable Investment in
the future, but bringing in no immediate reve-
nue. to equal or Offset the continued outlay or
money. The bank, IN its effort to relieve his
troubles, brought on it's own embarrassmenIs.
The established character of President Fitch for
honesty and fair dealing, together with his
financial ability to pay all demands, leaves but
little doubt in the minds of the public but that
the present hank troubles will in a few days be
satisfactorily settled. 3s