The morning call., 1893-07-26
HEAVY BANK FAILURES.
The Trouble Getting Farther East
Every Dav


The Trouble Getting Farther East
Every Day.
indianapolis, Jvly 25.-Ihe Bank OF
Commerce did not open its doOrs this
morning.
The indianapolis National Bank also
failed to open its doors.
The indianapolis National was consid-
cred one of the strongest banks in the city,
and was designated as depository Of the
United States. Pre- sident Theodore
Haughey consulted with other bankers
last night, having previously secured
$4,000 to tide him over yesterday. He,
said the failures at Louisville and New
Albany had aggravated the local situation,
and 1t was thought best to suspend, The
Bank Of Commerce has not been one of
large deposits, and the failure will not
have much effect locally. The indebted
ness is said to be s15oOOO. At II o'clock
heavy run was being made on the Indiana
National.
The statement of the Indianapolis Ma
tional Bank. July u. showed resources
of S2,313 154; liabilities due depositors,
81, 1914 $50: United States deposits, S193. 100;
deposits of United States disbursing Off
GERS, S1O0.S00; due other national banks.
S14O 403; due State banks. S73.570; notes
and bills rediscounted. S51.137 bills pay
able. SIS. .06O; capital stock. $780, sur
plus. 100000; undivided profits. S44. .44S.
While the Indian apOiis National Bank
was United States depository but S3439
was tied up.
Cashier Rexford was asked If the with
drawal of funds by country banks was not
largely responsible for the suspension.
"The stringency of the times" he re-
piled, ''has greatly reduced those BAL
ances. At this time of the year they have
heretofore been large"
The real trouble of the Bank OF Com
merce began ut the failure of the Premier
Steel Company. There have been drafts
on the bank ever since then. The publica-
ton of Depauw's failure hurried things
along. The failure Of the Indianapolis
National shut off their chances of getting
help and the bank had to close.
FINDLAY, Ohio. July 25.-The Farmers
National Bank. one of the popular fnan-
cia institutions of the city, closed to-day
because of the inability to realize upon its
assets. The officers assert that they will
be able to pay the depositors dollar for
dollar and have a surplus when the affairs
of the bank are settled up.
Ever since the failure Of ex-Secretary
Charles Foster the bank has been drawn
upon heavily, and was unable at the pres
| ent time to meet the constant drain. There
! was no run on the other banks in the city.
LOUISVILLE, KY. July 25.-The Louis
willie Deposit Bank failed to open its doors
| to-day.
The Merchants National Bank has sus-
pended.
The Fourth National Bank has sus-
| pended.
There were runs on several other banks,
| mostly small. but all stood the straip.
The failure OF the Merchants National
was caused by the Withdrawals OF couu-
try banks. The Deposit Bank was not a
member of the Clearing. house, and none
of the other banks would assist it, The
Fourth National failed as a result of the
panic caused by the failure of others.
None of the failures are considered bad.
banks will be paid in full. The Mer-
chants National has capital Of S500.0OO.
the Fourth National a capital Of $500. 600
and surplus of $4,000. The Deposit Bank
has capital OF 100000. surplus $4,000.
The last statement of the Fourth Ma
tional showed paid in capital stock of
100000, surplus fund of S37 900 and undi-
vided profits of $27.956 The Merchant
had paid in capital Of $780, 600. surplus
of $100, 600 and undivided profits OF S21.-
3S4. The Deposit Bank statement showed
a capital stock of 100000 and undivided
profits Of $19.155. All the bank officials
express confidence that NO one will lose
cent if they get time to realize on the
assets.
Shortly after the assignment Of the
Louisville Deposit Bank President
Schwartz filed an individual assignment
Of all his personal property 10 the same
assignee. The Sweetwood Distillery Com
pany also made an assignment, Mr.
Schwartz being president Of that company
also. No statement has yet been prepared.