The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-22
.S2.4s6.O66.11


ternoon to take measures for sustaining all
banks, similar to the action taken in New York.
VIM E. Schmertz president of the Third Ma
tional, said he had seen the balance sheets of the
Penn Bank, and thought they would be
able to pay all debts; that the bank was solvent.
The other banks he regarded as strong enough to
stand crisis They would stand by each other
as they did in New York Mr.. Schmertz re-
fleets the views of large number of the most
prominent bankers in regard to the solvency Of
the suspended institution
STATEMENT BY PRESIDENT RIDDLE.
President Riddle, tonight, made the follow
ing official statement to an Associated Press
reporter
''The board of directors met this afternoon
and began an examination into the affairs of the
bank. Their examination justifes them and
myself in the statement that the bank can, as
matters now stand, pay dollar for dollar on its
deposits and stock, We have received offers of
assistance from many sources, our largest de-
positors show most gratifying faith in the
bank and its resources and ability to meet its
debts, and they evnce no disposition to cause us
any trouble by hasty action On the
contrary, many have offered to double
the deposits now held by the bank. Other aid
has been offered, in order that we may resume.
AS to acceptance of this, the board will decide
later. AS to myself, personally, [ have no fear
for my own deposits and stock, and as l am the
largest depositor and stakeholder, | am willing
not only to let both stand where they are, but
also willing and ready to add more to the
amount and to do this | am willing to use any
collateral | have"
Mr.. Riddle refused to give any state
ment of liabilities or assets but
from outside sources it was learned that
the liabilities will not exceed ST, 800, 900,
and the assets more than cover this. The only
question is, is there time to realize9 The bank
is credited with heavy oil speculation. but this
IS denied The directors say the trouble is to be
attributed to rumors growing out of the clear
ances of the Petroleum Exchange being taken
away from the Penn Bank. which, up TO a few
days since, was the clearing house of the ex
change The change was made several days
ago, and the business was transferred to the
Farmers Deposit National. This gave rise to
rumors that the bank was in trouble, likely
to be, and run has been going on quietly for
several days. The suspended bank
was depository for the Orphans
Court, but at the present time these deposits
amount to but a few dollars The bank was at
one time personal liability bank, but is not
now, as it has awaited itself of the very liberal
State charter by the terms of which tbs author
lied to carry on banking insurance, real estate
improvements and other business.
The feeling to-n night is uneasy and it is feared
that runs will be made on several banks tomor-
row. President Harper says he does not think
the banks of Pittsburg in unstable condition
At the last showing all were in excellent condi-
ton; he has not the least feeling of insecurity in
regard to them.
A meeting of bankers was held this evening
at which the Penn Bank submitted statement
of its condition which was carefully examined
and convinced all present that the bank was en-
trely solvent 1t was, therefore, agreed to sup
ply sufficient money to pay off its liabilities. 1t
was deemed unadvisable to resume tomorrow
morning, but it is expected tho necessary for
malites can be completed during the day, and the
band will be enabled to resume business on Fri
day