New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-17
EX-SENATOR WALLACE FAILS.
HIS BANK IN CLEARFIELD. PENN. OBLIGED
TO CLOSE ITS DOORS.
AND THE DEPOSITORS ARE SAFE
ASSETS AND LIABILITIES.

Clcsrfcd. Penn. Dec. 16.-The Clcarneld Cou' ~
Bank closed its door, this morning. The dcpostors
made safe by mortgage on real estate FOR thrre
times the amounts Of deposits. The Of the bank,
senator William \. Wallace. has appointed j. =. y.
NcCarroll, Of Harrisburg: W. F.. Wallace and a. q.
smith. Of ClcaTield assfnces. David l.. Krcbs.
President Judge OF Clearicld County and sonn-law
Of ex senator Wallace. has also made assignment.
lie IL indebted TO various persons for borrowed money
TO The extent Of abou, $4,000. Mr.. Wallace has in
dorscd his notes and when the latter made an assign
mcnt Judge Krahs forced 10 do likewise.
The reason hvcn by Mr. Wallace for the assignment
is the excessive tiehnees In the money market and in
ability 10 obtain money TO meet his obligations.
The Cleartield County Bank was u private concern.
Mr. Wallace being tho president and John W. Adams
cashier. The bank WAS several years ago state
institution. but had been directed 10 wind mp the old
business and did nothing but collecting and exchange
business. The dcpus!tDrH have been secured by a
Judgment bond and mortgage on valuable col lands in
this county to rhOma, IL. Murray. Asbury ". Lee.
". ". BcttS aud John NJ Troxcll a. trustees. \
certified list Of the dcro,ors made out last night
and the sums aggIy gated $4,000. The security IS
double the indebtedness. The assets Of this concern
20 into the personal assigned estate OF Mir WalM,e.
judgments were entered this morning IN favor Of
Fletcher Coleman for $4,000 Ia secure himself and
certain other indor~crS ~ Mr. Wallace 10 Thomas l..
Wallace for s33.Ooo for a like purpose, and To Harry
j. Wallace Tor S3OoOo in trust Tor MT wallace Il"
that part Of her separate estate trusted 70 her
husband
The entire Indebtedness OF ex-senator wallace j.
PIT down al near 100000 and his assets at 1900 900
The two other banks 80 this plnc". tho County VA
tonal and First National. have no fear 81 run on
them bat nevertheless, have fortified themselves with
cash from Eastern banks
Philadelphia. Dec. l6.Th" news ~ senator Wal
laccs failure caused surprise 90 this city although
number Of well known runpccrs aid mat tho have
been expecting IL Tor some time. Tho senator was
heavily interested u coal and timber lands ~ Clear
field County. bat u generally supposed That he
wa, Not la,d ptc>-.f for money. 40 information
about hi> losses ,out bo obtained ths Afternoon. II
is believed lc had ltlc - any Interest ia this civ and
that the failure will oiu-r trouble here =; ha been
known hove Tor som" tm" HAT IN" tlc2 tcd ia rk was
on weak position and HAT II failure Wa immin' nj
IN lpuiu- CIRCLE. - was said 20 day mat 'ufsefNl
tive people have been avoiding tho bank. believing II
not 1fc tD hal" hu-lucs- transactions VIII n. ~
senator NIla," had Io connection with the -i7
pended hauhluc finn ~ J.. *. lam,s0u a. Co., ana a
ruor hnt h> failure directly du" t. -" eusucLsiol
~ That firm va, dcn',d DIS member ~ I'D" firm ~
laWl~'u Il co. Nowhere did "a" failure cause =" m. y
surprise and r-rt lu ppli. al circle. where VT
Wallace j. 80 "cli known and highly respected