The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-03
CARRIED A HEAVY LOAD
FIRST NATIONAL. OF GREENSBURG,
FORCED TO THE WALL.
Another Good Strike in the Peru Oil
FieId-COI. II. w. Thompson at
Work on a school History.
epecial 10 the 1ndianapolis journal.

Special to the indianapolis Journal
GREENSBURG, Ind, Sept. Zone of the
oldest national banks in the State, the
Greensburg First National, which has been
considered solid as a rock for years, closed
its doors this morning, posting simple no
tice in the window, reading: This bank is
closed w. NJ. Hamilton, President"
There was no explanation given except a
general report that run on the bank yes
terday, produced by the rumor that Cashier
E. r. Forsyth, the principal stakeholder,
was heavily involved financially, had weak
ened the banks resources. AS a matter of
fact, there was only a slight withdrawal of
deposits yesterday, late in the day, by a
few persons who seemed to have gained
private information of the banks condition.
and who had trust funds deposited. The
run" if it could be so called, was entirely
unobserved here, and was not known out
side of few. Bank Examiner o. NJ. Pack
ard, of Plymouth. Ind, was here and ex-
amined the books Tuesday, but it is not
known what he discovered or what he re-
ported to the controller at Washington. 1t
is supposed, however, that his visit had
something to do with the failure. 1t is a
coincidence that Cashier Forsyth resigned
his position on Tuesday. Whether his resig-
nation was voluntary or was called for has
also not been given out. Mr.. Forsyth HIM
self announces. that he found his invest
ments were not yielding the returns he ex-
pected, and, finding himself unable to look
after all his business, he resigned
The Forsyth interest in the bank has al
ways been in control from the time of its
organization by A. r. Forsyth, father of
the present ex-cashier, shortly after the ma
tional banking law went into effect. A. r.
Forsyth died several years ago, leaving an
estate valued at $4,000, with $4,000 incum-
brance, consisting of obligations for money
sent him from Eastern relatives to invest.
The investments were made in iron mills
near lockwood, Tenn, which are said to
have paid big dividends until ruined by the
hard times E. r. Forsyth, who has re-
signed as cashier, found himself unable to
carry the load, and, as he was the princi-
pal stakeholder, the failure followed. The
other stockholders are among the wealth.
lest men in the county. The capital stock,
all paid in, is 100000, and it is understood
that assessments against this stock will
have to be made 1t is not known whether
even this will be enough to pay depositors,
although there is report that the bank
will pay dollar for dollar. E. r. Forsyth s
present liabilities are placed at sos, 900 and
his assets at $4,000. This is only estimate.
The deposits are given as $4,000; loans
and discounts, $13S,OOO; surplus, $1,000, and
unpaid profits as $3.50.
In an interview Cashier Forsyth is report
ed as saying: Il do not know anything
about the condition of the bank, but do
not believe the depositors will lose any
thing"
The officers are: President, w. NJ. Ham
ilton; vice president, H. H. Woolley; cash
Ter. E. r. Forsyth; assistant cashier, Geo.
z. Shoemaker.
The excitement caused by the failure of
the bank has not injured the business of
the other banks, adj of which are now con-
sdered sound