The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-20
HAS SETTLED In FULL
II. B. +. Peirce Has Cleared Up
His Liabilities to the Bank.
1t Required the Neat Sum of $4,000 to
Do It-Had the Utmost Conf
dence in Haughey.

1t has become known that Mr.. r. B.. F.
Peirce. one Of the directors in the defunct
Indianapolis National Bank, has, within a
short time, paid into the hands Of Receiver
Hawkins $6S. 600 in full of all liabilities to
the bank. Several weeks ago ii was an
nounced that Mr.. Peirce was making GER
tain arrangements to release himself from
all claims that the receiver might have
against him, and his friends. whose number
is very large. were confident that Mr.. Feirce
would meet every obligation. The payment
of this sum has increased largely the as
sets Of the bank.
Mr.. Peirce held $40, 900 of the stock of the
bank and three months before the crash
came he was offered $2s.0 900 for his
holding. He refused this offer, hav-
ing implicit faith in the integ-
rity and business judgment of Mr..
Haughey. This holding of $4,000 in stock
made him liable for $40. 900 when it became
known that an assessment on the stockhold-
ers would be demanded by the Controller.
The balance of $4,000 is supposed to offset
certain paper of Mr.. Peirce's which the
bank held.
When Mr.. PIERCE came to this city from
Charlottesville he knew Mr.. Haughey. He
had money to invest, and, upon the repre-
sensations of the bank president as to the
condition of the bank, he invested his mon
ey in stock. He was elected a director, but
it is generally known about town that Mr..
Peirce had but little knowledge of practical
banking. Yesterday an intimate friend of
Mr.. Peirce's confirmed the story of Mr..
Peirce's payment to the bank, and said
further:
Three months before the suspension of
the Haughey bank Mr.. Peirce was offered
$4,000 for his stock in the bank, the par
value of which was $4,000. He had so much
confidence in the institution that he did not
sell the stock, although such a ngure would
have been a very good return on his invest
ment. Up to the time of the failure he had
so much confidence in the integrity OF Mr..
Haugbey that he would have trusted him
with all he had, even to the garment he
had on his back. a friend asked him a rev
days ago If he did not regret having re-
fused the offer of $3.50 900 for his stock before
the failure. He told him he did not regret
it. If ne had sold the stock the purchaser
and the public would have thought that he
knew OF the bad condition of the bank and
tried TO slide out. No man went into a
bank with more honest intentions than he
did, and no man knew less of the facts de-
veloped afterwards than he did.
when he came to Indianapolis from
Charlottesville he knew Mr.. Haughey and
believed him to be the very soul of honor
and integrity. He had some loose money
and was looking for an investment. Mr.:
Haughey suggested that ne buy some OF
the stock In the Indianapolis National Bank.
He presented the condition of the bank in
a very favorable light, and showed that
the investment was a very good one. He
bought the stock and thought he was MAX
ing a wise investment. Mr.. Peirce did not
know a great deal about the banking busi-
ness, but his extreme confidence in Mr..
Haughey made him trust him without a
doubt as to his integrity and business judy
ment."