The sun., 1893-07-26
FAILURES IN INDIANAPOLIs.
The Indianapolis National and the Bank OF
Commerce Shut Down.


INDIANAPOLIS. July %. - The indianapolis
National and the Bank OF Commerce suspend
ed payment to-day. Tho notice posted on the
doors OF the Indianapolis National read as fol-
lows:
Owing to the general financial strngency the steady
withdrawal OF deposits and the difficulty converting
securities into cash. this bank is obliged to suspend
woman. crying bitterly rushed from car
riage standing at the curb. As she reached
the entrance clerk informed her that the
bank had suspended payment. and slmultane-
ously she was shut out. With her bank book
In one hand and a handkerchief In the other
she leaned against the stone pillar alongside
the door and sobbed piteousy.
There were many similar scenes and soon
the widest confusion prevailed. Business
men. many OF whom viewed the suspension in
more philosophical light, appeared ut the
bS0nr ana 70 nnn m8 thelr morning
rumors. whirled about with laugh. and went
away satisfied that as the Institution had
really as DESPERATE as reported.
For the last week almost every kind OF talk
local banks. and many deposits have been
TthdIrhhTn ,IthTna by nervous depositors. On Monday
took on the proportions Of q run.
The Indianapolis National was a United
up Pension Agent EnsIey said that he Would ,tid
Gd.d o. S9nFSs Nan sSase to draw CHECKS on the
and the ofiice will pay out nearly SsU0o.uUoo.' uo''
s2o9M 70 2o9 from tho INDIANAPOLIS Rational" said
Cashier lsexford said the bank statement
pnblished at the close Of business July IL
status Of debts and credits that could be given
until the Goyernment officer who would take
charge should make his report.
The statement issued July II was as follows:
RssourcssmLoans aud discount. $I545sh4. III; over
Dnuk king
h.sse .n nSrntI.s anu nxturss SO 0oo other
az !ss r ssnl: :ss
snssss asa oa.s G.; GsiS 81
bank: ban s:4:5s frasona paper surrsney EieGeis.
s.. ssa igSf!. & '
a:ssS ss ststsi 4a TI:n:1f e per cent or
Gas g. sSC :1ps
aGsss snS stcG S..Sl
ssG,ss"s"s s,a q n,i.i
S.sSa,'ss s.s ss,SSssi s % drs
bills payable s5s.ooo Total. 50 3i3 i5ss,i ''''''
HsarbsS are sSms the hefvsst
900; ssStt Butler. $500 Citizens Stale aeVb bank,
GsTey GaSnS'ifs So9 Stephens $1,000 Ada
Pnspsaw: nM: sasSS; SSG n i. D DeTau~, $500: {.
6do 6Sd6affnSs Frst Saiongs SSSiii%gf
BANK. concord. n. H.. Sl0.OOU: NJ n IIpoils
SiUOO0; Cooper Insurance Company Daytop
Si2ooO; Schuyler ColfaN sl2, 300
In ITS tax returns, April |. the bank reported
sI sIsurblus OF $4,000 and real estate valued at
President I. p. Iaughey made this state
a., " was not aware until Saturday evening o,
the gravity OF the situation. The LouisSilIa
and Now Albany failures seemed TO uerraynte
the local financial situation in such a wayas
TO produce rapd.spreading and fatal rumors
j thought 1t was wise NJ that time to consuIt |
with some OF my fellow bankers. and called in |
OF tletcher's Bank the indi.
eha. Meridien. and Merchants National bank.
1t was my opinion that so. 900 would carry
our bank through. and ask ed for this am cunt
In the shape Of u loan. ~
oo The banks very generously gayo me 500
OOO Ihis sum was sufficient ~ carry me
through yesterday, but left me ut the close
worse on than on Saturday even
Ing. being unable meanwhile to realize on our
securities bnalv concluded that the tide
that had set In WAS 100 strong to stem, and il
w9nld hc best for all concerned to suspend"
!, Tho indianapolis National Bank was cstnb-
loIe 1. HauEhoy has acted as President He
y Iesnrded a. an BILE iinancier, Lut the per-
sieteht lack oi confidence on the pnrt OF bank |
BIS ths country over made 1t impossible to |
secure such aid as might readily have been |
laa IL huleter times. An appeal was made to