Telegram-herald. ([Grand Rapids, Mich.) 18??-1892, 1891-05-10
down GOES ANOTHER
A Philadslphis BeLk Collapses on
short Notice.
Why ITS DOORS WERE QUIE1LYSHUT
Too MANY Uneasy Deposi,ors Withdraw
Their FuDds-A Bss Tea Company
Compsiied to Assign-Other
Bustness fAiluTes

Garden national bank which closed its
doors Friday has been taken charge of
by Bank Examiner Drew. The
failure OF the bank was due
TO its connection with the Key
stone national bank. which closed
its doors about two months ago. The
Spring Garden attempted to carry some
OF the Keystone's paper. but other de-
mands upon its resources forced IL To
the wall The principal depositors
were small tradesmen and laboring
people. II is impossible to obtain
any information as to the condi-
ton Of the banks affairs, although
1t is currently reported that the assets
will pretty nearly equal its liabilities.
The bank had a capital stock of $780,
600 and surplus of $4,000. The bank
is . large depository for the city's
money. According to the statement of
City Treasurer Bardsley he had sl44,-
600 on deposit in the institution.
According to the statement of the
bank made to the clearing house on
Monday last it's assets exceeded its liza
bilities by s1,s75, 600. Among the items
credited to its resources was 81, i27 900
worth of loans aud discounts. That
these loans and discounts are not Of a
gilt-edge character is practically ad-
mitted by President Kennedy in a
written statement to the reporters in
which he cited some of the reasons for
the closing of the bank.
The Penn Trust Company, an adjunct
of the bank, also made an assignment.
The bank failure is not heavy one
but will be far-reaching in its charac-
ter owing to the fact that so many
small traders kept accounts there.
The primary cause Of the failure of
the bank lay in the fact that so many
depositors drew out their money to join
the Earnest Workers and other short
term societies This took at least
500, 900 out of the bank that it had for
use at all times.
President Kennedy was interested in
the glass jar trade at East Liverpool,
o. 1t is believed there will be some
crashes in that line. There are rumors
of reckless speculation, but no large
institution viii be hurt by the collapse.
The outlook at this time is that the de-
positors will finally be paid 75 per cent
FAILURE IN soCTH DAKOTA.
ABERDEEN. S. D., May 9.-The West
ern Farm Mortgage Company, one of
the oldest loaning companies in this
vicinity, assigned Friday. The au-
thorized capital was $3.50, 900,
over $3.50, 900 of which was paid
in. The stockholders reside largely
in New York and Michigan. j. G.
Wilson. Flint, Mich, is president,
and James A. Blanchard, New York,
counselor. President Wilson says the
assets exceed the liabilities, and every
dollar will be paid if the country comes
out right.
THOUSANDS UyAcCoUNTED FOR.
NASHUA, N. H., May 1.-The Bay
State Shoe Fastening Company has
been wrecked. The treasury Of the
company is depleted and STAT 900 is un-
accounted for. For three years past
the company has been paying a 10 per
cent dividend, but investigation shows
that every cent Of it came cut of the
capital stock.
THE WEEKS FAILURE RECORD.
NEW YORK, May 9.-The business
failures occurring throughout the coun-
try during the last seven days number
242, as compared with total OF 255 last
week. For the corresponding week of
last year the figures were 300.
A TEA COMPANY FAILS.
New YORK. May 9.-The Union Pa.
cific Tea Company. of this city. with
ninety-five branches in this and many
other cities has assigned without
preferences. The assignee. George
Macy. attributes the assignment TO the
inadequacy of the firms capital The
firm has been doing business OF about
81, 800, 900 q year. 1t has been in ex-
istencc more than ten years. At the
office of the company on Water street
one of the four brothers who compose
the firm said the company was solvent
and only wanted an extension. IL
would. he said, pay 100 cents on the
dollar. The business was too compli-
Gated for him TO give definite state
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