The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-25
His Liabilities, All Told. Will Come Within
$l5O.OOO, for Which He Has Property More
than Ample to Liquidate.
City National Bank of Louisville Fails
and Others in Trouble.
Judgment for $S7,175 Forces the 81, 600, 600
Concern of Parkhurst & Wilkinson to the
Wall at ChicagO-0ther Failures
FAILURE AT CONNERsYILLE.

The Citizens Bank, Owned by Hon. James
N. Huston, Suspends Payment.
Special TO the Indianapolis Journsi.
CONNERsvILLE, Ind, July 24.-People
passing the front of the Citizens Bank at
o'clock this IN orning saw this notice post
ed on the door:
CoNNERsyILLE, Ind, July "a, 1898.
To DepositOrs: Finding it utterly impossible
to make collections. to realize upon my
sets, owing TO the general monetary strlngency
OF all concerned, to suspend business.
statement Is being prepared which will set
forth the assets and liabilities OF The bank.
against the bank will be paid in
full and with the least possible delay.
In addition to the banks assets my entire estate,
both real and personal, shall be held inviolate
for the payment OF every claim against the
bank in full. j. n. HUSTON.
To many persons the suspension was q
surprise. but the more observant saw III 1t
the natural result of the prevailing strln-
gency in the money market. To q reporter
Mr.. Huston said:
The greatest liability of this bank could
not possibly exceed Sl50,O00. My personal
property, cattle, horses, bills receivable,
etc. are worth much more than
shs shs snsfs nsafs aa the mot hank sa
Further, | hold mandatory stock. bust
ness blocks, town lots and real estate In
Fayette county. Marion county. Clinton
county, Ohio. and tracts of land in ILL.,
noIs and Pennsylvania absolutely un-
sary,. would 90 toward paying
my liabilities. You can assure depos-
itors that dollar for dollar will be paid
at the soonest possible time. As for
settlement Is effected / would not say at
present"
Mr. Huston had nothing to say as to the
future Of the bank. In the twenty years
of It's existence it had grown to be one of
the biggest concerns in the city. The bank
was incorporated by MIR Huston's father In
1870 passed into j. N. Huston's hands on
the death of the former in 1875. and hus
since been under his control.
The Connersville Times of this afternoon
says: MIR. huston was very careful In the
management of the bank. and even this
morning did not neglect the oppor-
tunity of doing good. Before OPEN
ing hours he sent for the cashiers of
two prominent factories in this city, and
dlsbursed their regular pay rolls. that the
workmen might not be in want This act
was considerate and one that will be re-
membered.
Another deed of vastly more impor-
tance was executed. Had Mr. Huston prt
mont of the banks condition.
run would have undoubtedly i'm.
mediately been instituted upon
the other banks-the First Ns-
tional and the Fayette Savings-and the
result could hardly De imagined. A lack
of confidence would have ensued that
might have demoralIzsd the entire busi-
ness intrests of the city.
Reports. utterly false. which usually
follow in the wake OF such circumstances
were circulated that the farmers would
cause q crisis when the affair was learned,
but facts show that il cannot re-
suit. Indeed the suspension itself was
due to the malicious falsebOods that have
been uttered against Mr.. Huston. 1t has
been told that he had transferred all his
property into other hands; that be had lost
through speculation; that he had been
giving mortgages on real estate, and
More slanderous things could not
have been imagined. The records at
the courthouse are open to all, and
1t is ventured that nowhere will one
actions of Mr.. Huston. He says that had
he known how extensively the report had
been circulated that his credit was i'm
paired he would have suspended month
of money matters, MI ade the step inevitable,
but. although greatly to be deplored. it
Depositors in the Citizens Bank
feel that their money is as, Sc
cure as it would be in their own pockets,
and have the trustful assurance that every.
thing he controls will go TO meet his obli.
gatiObs.
business in the city is good. this after.
noon. and the small excltement de-
veloped this morning has died away.
MIR. Huston's other interests will
not be affected any manner
and our citizens will be sincerely glad to
see Mr.. Huston. who, in past years. has
worked invaluable good for Connersville,
again resume control of affairs circum.
stances have. unfortunately, suspended"