The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-05-13
MANY BANK FAILURES.
Panic Stricken Bankers in In
diana Country Towns.
DRAGGED DOWN By THE COLUMBIA.

Tho Panic Spreads to Michigan and Ohio
Banks, and Several Suspensions Are
Added to the List In These states-Pe-
culiar Methods of tho Columbia Bank.
CHICAGO, May 13.-The failure of the
Columbia National bank has disclosed q
system of shysteriug without parallel In
American banking. The president and
manager of the Columbia is shown to
have organized about fifty small concerns
at insignificant points in Indiana and
Ohio, all of which were correspondents of
the broken bank, and it is scarcely likely
that any Of them will survive. But as the
banks were at places where there was lit
tie business the moral effect is likely to be
more serious than the actual losses. The
Columbia had very little business in
Chicago, and such as it had was chiefly
with customers who, like the bank, were
without commercial standing Hence the
failure was not felt in reputable business
circles, and had it occurred at any other
time it would have been forgotten in half
an hour.
PORTLAND, Ind, May 13.-A courier
from Dunkirk announces the failure of the
Dunkirk bank, which Is owned and con-
trolled by Dwiggins, Starbuck s. Co, of
Chicago. Attachments were at once filed
and deputy sheriff left Immediately to
levy on all the available property. The
bank has failed for at least $75 900, and the
amount may reach 100000 The firm con-
trolling this bank owns a number Of
others, and these are reported to have gone
to the wall. The Geneva bank of their en-
terprise also has failed.
INDIANAPOLIS, Ind. May Estate Audi
tor Henderson was notified that the Com
mercial State bank, of Russiaville, could
ntr oat ttu 1ar,a ~
bank is one of about twenty banks in
Indiana that are thought to be connected
with the Columbia National. Perhaps as
many private banks are also related to the
Chicago concern to some extent Reports
from other small places in the state show
that panic has seized the smaller banks.
The bank at Brookston, White county
suspended yesterday afternoon. No state
ment of its condition has been made. It
was controlled by the Columbia National
The banks of the Columbia National string
at Moreystown and Greenwood are said to
have also failed, the latter with liabilities
amounting to 100000 The Moreystown
bank is of considerable Importance, having
a capital of s75,000
In addition to the above the following
suspensions are reported: Citizens bank,
Hebron, Ind; Bank of Spiceland, Spice
land, Ind; Monroeville bank, Monroeville,
Ind; Commercial bank, Norristown, Ind,
and Citizens bank, Knox, Ind. All these
were branches of the Columbia National of
Chicago
INpIANAPoLTs, May 13-The directors
OF the Capital National bank claim that
there has been no loss on discounts, and
that not department has lost dollar
The bank, they say, is more than solvent.
They will ask the examiner to permit
resumption after an examination.
FORT WAYNE, Ind, May 13,-News of
the suspension of the Farmers and Mer-
chants bank at Geneva, Ind, has reach led
here. 1t was the oldest institution Of the
kind in the town.
CINcINNATI, O., May 13.-The private
banking firm Of Dwiggins, Starbuck s.
Co., at Williamsburgh, o., has failed.
The failure is due to the failure of the
Columbia bank of Chicago, of which Mr..
Dwiggins was cashier About $1,000 is
due the Williamsburg bank from the
Columbia, all of which, it is thought, will
be lost. The postmaster at Williams
burgh, ordered the arrest, for alleged
embezzlement, of Lawrence G. Good,
expert accountant. He was taken in Gus
tody.
CONVOY, O., May 13.-The Farmers
bank of this place, has closed its doors,
caused by its relations with the Columbia
National.
JOHANNESBURG, Mich, May 13.-The Cit
izens' bank, OF this place, has closed its
doors. About 81, 900 of local deposits, to-
gether with township and school funds.
are affected. 1t was branch of the Chi
cago Columbia.
RIcHLASD, Mich, May 13-The Union
bank, n branch of the Columbia National
bank, of Chicago, has closed its doors
Cashier Watts says that the depositors
will be paid in full and the bank running
again in two or three days
CHARLEvoIx, Mich, May 13.-w. P.
Brown g. Co., bankers, doing business un-
der the name of the Bank of Charlevoix,
have made an assignment to r. w. Kane,
PAW PAW, Mich, May 1s.-Great excite
ment prevails at Lawton The managers
of local bank there did not open the in
stitution yesterday, having left town
Thursday night. Citizens have about SIS
600 deposited in the bank.
LAwToN, Mich, May 13-The American
bank of this city has closed its doors. Ii
Is controlled by the Columbia National
bank of Chicago. Nearly every business
man in the city is involved, besides many
farmers and others who were depositors.
The deposits amount to about $50, 600.
SAN JOSE, CAL, May 13-The liabilities
of the Santa Clara bank are now stated to
be 100000. Assurances had been given by
the officers of the bank that the depositors
would be paid in full