Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1897-01-23
BANK DOORS CLOSED.
Institutions st Newport and Louisvills
KY, and st. Paul, Mimi, suspend,


ky., and st. Paul, Mimi, suspend.
Newport, Ky. Jan. 1D.-The First
national bank OF Newpsrt has closed
its doors. The bank will be reorganized.
The deposits are about $370,000 and de-
posltors will be paid in full. Director
Charles Spinks says the bank closed be-
cause of the recklessness of Cashier
Ynutsey and Director McCracken.
A late and rather startling develop
ment is that MIR. John Trapp, ex-sher-
If of the county, who was elected pres
ident of the bank week ago 10 succeed
DIR. Gunkel, who precipitately resigned.
refused to accept the Office unless tho
banks affairs were thoroughly investi-
gated. 1t seems that C. w. Nagel, who
was elected to succeed Youtsey as
cashier, had made sufficient investiga-
tion himself to warrant him in warn
ing his friend Trapp that all was not
as it should be. Therefore the bank
had been without n president for near
ly week.
Every bank in Covington had to meet
run Monday as best it could on short
notice. Citizens rushed to their places
of deposit by the hundreds as soon us
they heard the news that the First ma
tional had not opened its doors in the
morning and drew their savings. Many
heavy depositors were among these.
Louisville, KY, Jan. 19.-The German
national bank ut First and Market
streets did not open it's doors for busi-
ness, and the announcement was made
that the institution was in the hands of
popk Exoro;nnr InpaS lTc,ott
capital stock is $251 500, with surplus
of $31, 900. j. NJ. Mcknight is president.
The bank las been in a shaky condi-
tion for three years owing to the fail
ure of the Louisville deposit bank, by
which it lost $4,000 and there are also
between $250,000 and 100000 worth of
law suits pending, growing out of the
banks connection with the failure
| Since the first of the year $4,000 in de-
| posts have been withdrawn and several
| days ago Bank Examiner Escott began
| an investigation. Saturday he wired
the result to the comptroller of the cur
| rency and the order came for the bank
| to be closed Mt once.
The banks last statement, made De-
ccmber IL showed loans of SAP 1885,. .62,
anu uSJoSllS VI POOO,oiO.~O lie TC-
serve was per cent. below the 25 per
cent. One suspicious item was ''se-
curities, stocks, etc." $1l3,025.29. The
etc" causing much comment. President
Mcknight says depositors will be paid
in full. The bank has on hand $4,000
in cash. The deposits subject to check
are about $2O5,OO0. There are also
certificates of deposits for 100000. Mr.
Mcknight hopes to have the bank re-
organized and ready for business in IS
days.
Monday night the directors decided TO
organize the Southern national bank to
take the business of the German ma
tional, and the comptroller of the cur
rency was telegraphed for the neces-
sary papers. Sixty thousand dollars
were pledged as subscription to the
capital stock.
st. Paul, Minn., Jan. 19.-The Mime
sofa state savings bank closed it's doors
and filed a deed of assignment, naming
William Bickell as assignee.
An affidavit was filed stating that the
assets would amount to about $3.50, 900,
while the liabilities are in the neighbor-
hood of $23O.OO0. The officers of the
bank deemed this step the best under
the circumstances to protect the depos-
itors. The recent furry in banking
affairs caused Withdrawals of deposits
to such an extent that, although the
bank required the 60-days' notice, it was
unable to raise enough ready money
to meet demands.
The bank has on deposit $4,000 OF
the st. Paul city funds and $4,000 be-
longing to Ramsey county. 1t never
had any state deposits. The bank was
incorporated in 1868 as the Union say.
iugs bank of Rochester, Mimi, by Sen
ator Daniels. of that city, and his
friends, who operated it as an adjunct
of the Union national bank of Roches
ter. When the legislature passed law
in 1889 which allowed the transfer o.
such charters to other cities than wher,
) organized the Union bank was pur
chased by w. T. Bickel and associate.
and it's name and location changed. Th,
assignee was the first president afte
the banks removal to this city. ans
since his retirement from it's activ,
management he has been familiar will
it's affairs. Depositors had confidene'
in the institution on account Of hi
|