The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-18
MAKES AN ASSIGNMENT
BANK OF COMMERCE TURNS OVER
ITS PROPERTY TO A. j. M'INTOsH.
Over S1SO,O00 in Notes Included I'm the
Assets-Somc Of the Real
Estate Held.

The Bank of Commerce. one of the old
est commercial institutions of Indianapolis,
closed it's doors a week ago. Yesterday it
made an assignment for the benefit of
its creditors. At noon a meeting of the
directors was held at the office of the
bank. President y. T. DePauw, Vice Pres
ident John W. Ray. Canister William Bos-
son, Charles w. DePauw and Byron K. Ell
lott attorney for the directors, were pres
ent at the meeting. The officials discussed
the financial depression under which the
bank has labored for some time and at 8
o'clock reached a conclusion. An hour lat
the deed of assignment was tled at the
office of the county recorder. The docu-
ment was carried TO the Office by Andrew
j. Mcintosh, the assignee. The latter is
a real-estate dealer of this city and is
a brother-in-law of Newland I. and
Charles w. DePauw. Immediately after the
meeting Messrs. DePauw left for their
home at New Albany.
The deed of assignment deposited with
the county recorder is vouminous doeu
ment, carefully prepared after the usual
FORM 1t shows that the assets of the in
solvent institution are Marion county real
estate and considerable amount of money
tied up in notes and securities. All of the
real estate owned by the bank is turned
over to the assignee. The realty includes
the Bank of Commerce Building at the
intersection of Virginia avenue with
Washington and Pennsylvania streets;
twelve acres of ground in Perry township;
one lot in Lincoln Park and an equity
in the old shoe factory on Brookside ave-
nue.. The personal property embraces
chiefly the notes held by the bank. These
assets are set out in an exhibit which
n
The notes range in amounts from $50 to
$4,000. The figures aggregate $1s0,S73.
The larger amounts include the notes of
Messrs. DePauw and the Premier Steel Com
pany. The bank holds one note executed by
the latter amounting 10 SIS, Is There are
pany. one for $4,000 and the other for $3.50.
The schedule shows two notes given the
bank by the Broad Ripple Gas Company OF
aggregating S7,3O3.SS. John w. Ray and
William Bosom are each represented by
stock notes of $4,000 each. The bank also
holds the paper of w. c. DePauw d Co. N
Dictated by notes. aggregating $4,000 The
assignee could not say last night what the
liabilities Of the bank will be; He was also
unable to say how much could be realized
on the paper held by the bank, but was
confident it would yield snug sum. AL
" Indebted to the bank. Mr.. McIntosh, is
hopeful of some sort of a settlement The
real estate placed in the hands or the as
signee as assets was last week levied upon
by the sheriff to satisfy two judgments
taken in the Circuit Court by the Supreme
Lodge Of the knights and Ladies OF Honor
the order. These judgments amount to
about $4,000 The assignee says that the
$50, 500. The bank building alone is held at
$4,000. The Perry township property is val
ued at 5000, and the Lincoln Park real es-
tate at 81 900. The banks interest in the shoe
factory was appraised at 81, 500 There is
mortgage on this property Of $4,000. Assignee
Mcintosh thinks that when the property is
sol wi
held by the Knights and Ladies of Honor
This is the heaviest claim against the bank
1t is understood that the depoSltorS OF the
institution will lose nothing by the failure.
Last week when the bank closed its doors
it was announced that a SUFFICIENT sum
would be placed in the Indiana National to
settle with every deposition. and patrons
were notified OF the transfer of their de-
posits People were given to understand
that the Bank of Commerce would pay 100
cents on the dollar. The assignee says tnat
no one will lose a cent by the failure: he
asserts that there Is no occasion Tor alarm:
that the directors and officials have calmly
considered their action, and nave taken no
step until they were sure 1t was Tor the
The embarrassment of the Bank of Com
merce is directly attributable TO the heavy
Judgment which confiscated its real estate,
although the institution has never 1uiIy re,
covered from the embarrassment incident 10
the failure two years ago of the Indianapolis
National Bank. When that institution sus-
pended payment there was created a gem
eraI alarm all over the city, and heavy
runs were made on all the banking insti-
tutions The Bank of Commerce suffered
from this cause and temporarily suspended
later resuming business with view or
going into liuu!dation. Mr.. Mcintosh says
the directors and officials of the bank have
for some time contemplated the winding up
of the business; this has been generally I'M
derstood since 1898 and this intention was
precipitated by the recent decision of the
court The Bank of Commerce., 1t Is
claimed has been i'm possession of one OF
the most valuable charters in the State. 1t
is understood that the banking business
will not be revived and that the directors
have no definite plans. The assignee will
furnish a bond to-day, and expects TO COM
manca work at once on the books.