The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-05-30
THE FAMILY BANK.
Mears as a Shrewd
Worker.
ECKELS SPOILED THE JOB.
There Was a Man in North Dakota
Whose Financiering Was SIM
ply Marvellous.
Shrewd.
as q
Worker.
Mears
EcKELs SPOILED THE JOB.
Special to THE MORNING CALL

WASHINGTON, May 29.-The National
Bank of North Dakota. at Fargo. n. D.,
and the First National Bank of Lakota at
Lakota. n. d.. were closed to-day on
orders issued by the Comptroller Of the
Currency. Both were organized by (. A.
ashley Mears, who was also the organizer
Of other national banks and of many
state banks and other institutions. His
Dlan, says the Comptroller, appears to have
ueen to make loans to various institutions
subscribing 10 the stock of tae two ma
tnnal banks in amounts which. i'll some
cases, exceeded the amount of stock sub
scribed to by them. The management of
the Fargo bank was ostensibiy conducted
by a board Of five directors, consisting
most of the time of E. Ashley Mears, Mrs.
NJ 3. Mears, Mrs. d. C. Mears and Miss
l.. D. Mears. respectively the wife, mother
and sister of the president, and one other
director who was not member of the
Mears family.
This bank owes the Treasured of the
United States about $4,000 for moneys
expended by the Treasurer in the redemp-
ton OF circulating notes of the bank COM
ing into the treasury for redemption, and
Tor which the bank has failed TO reimburse
he treasurer. The Comptroller says that
he ordered Examiners Brush and Dimond
tn close these banks because OF repeated
violations of the law on the part of the
management and their refusal to pay as
easements, thereby producing condition
rendering them Insolvent and danger Gus
as banks of deposit.
FARGO, n. OAK, May 29.-The National
Bank of North Dakota, of which Z. A.
MearS was president. was closed to-day
ny the National Bank examiners, under
orders from the Comptroller of the Cur
Iency. The First National Bank of
Dakota also closed. The examiner will
i've out no statement of assets or labii-
ties, but Cashier Mears announces that the
total indebtedness does not exceed $50. COO,
with assets of five times that amount.
The bank officers state that the cause OF
the trouble was large loan business and
the fact that it was impossible at present
to realize upon securities. The Individual
deposits at the time of The last statement
on May 4, were only S3243; demand certi-
ficates. S4452: time certificates, S14 229
National Bank notes outstanding. S45 900
notes and bills rediscOunted, so. ia; bills
payable. $4,000.
At that time the bank only had as cash
on hand $40 in legal tender notes and 81.
in fractional currency. The statement
was not published in anv of the daily
papers, but in the weekly Republican. SO
that few people saw it. Among the re-
sources given were. Loans and discounts,
S1S4, 1873, UEited States bonds, $4,000;
stock ana securities, $40. 1853; banking
house and furniture. S545I; real estate
MORTGAGES owned. S34, 999.
fff'he eIosingof the bank will have no eff
feAt upon the business of the city or
county.
Il was merely clearinghouse for sys-
tenn Of loan agencies, and it had no de-
posi- ors to spsak of in this city or State
and what little money was there will un
doubleday be paid in fun.