The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-15
FLORIDA HAS THREE FAILURES.
BANKS CLOSE AT OCALA, ORANGE
CITY AND BROOKsVILLE.

The Merchants National the one
Involved at OcaIa and Its Liza
biIities 1854, 4,OOO-The Orange City
Bank "a Private Concern Run by
the StiIIman BrOthers-The Fail
ure at BrOOksviIIe Brought on by
the Assignment at OcaIa.
Ocaia, Fla, Jan. 14.-The Merchants
National Bank closed it's doors this morn
ing. To many it was not a surprise, but
to the public at large it was, as it was
thought it had passed through its worst
trials. President Mcconnell was absent
in New York, trying to arrange with its
correspondent there to get help.
From statements made to the Morning
News correspondent by persons, who
ought to know what they are talking
about, the story runs about in this way;
For several weeks there has been a steaiy
withdrawal Of deposits, amounting to
about $4,000. Yesterday the climax was
reached about $4,000 being withdrawn,
carrying the cash on hand down to S,5OO
The directors held meeting last night,
and knowing big demands would be made
this morning, decided to close the banks
doors.
Long before o'clock this morning
crowd began to gather, many in the hope
that the bank would open, ready to de-
mand their deposits. By o'clock several
hundred people were around the corner,
and when the notice was posted CLOSED
by order of the directors" the excitement
became intense. Men wept in disappoint-
meut, others gesticulated wildly, and the
air was Inrid with hot speech,
It is a sad and sore blow to Ocaia. The
people were just beginning to recover from
the effects of the freeze, and the failure
of the First National Bank, when this
new calamity sends them reeling
On Monday of last week the bank ex-
aminer was here, went through the banks
accounts and pronounced it all right, at
least so the public print expressed. dl-
rector said this morning the deposits ran
down for the month from $4,000 to $4,000
at it's close.
It is also learned that a deed executed
last August for $4,000 on the bank build
ing to J. NJ c. Stockton, Jacksonville
banker, was filed for record this morning
before o'clock
1t is also stated that President McCon-
nelrs property is mortgaged.
Business men say it has been next to
impossible for the past six months to get
any accommodation.
The failure hits the Ocala newspaper
men for a $1,000, notably F. e. Harris for
nearly $780,
A winter visitor placed 800 in the bank
several weeks ago for his use and others
who came to enjoy the climate small
sums.
While some of the Ocala people are hope
full others are the reverse. Many are find
ing fault at President McConnelrs S absence
and others that the directors were not bet
ter advised regarding the condition of the
bank.
Washington, Jan. 1.-THE controller of
the currency was advised this morning
by the directors of the Merchants Ma
tional Bank of Ocala, Fla. that the bank
had closed it's doors The bank had a
capital of 100000. Its liabilities are $154,-
900, as follows:
Due depositors .......................$10S 5000
Borrowed money .....................- $1,000
Due to banks .................-..... SUUO
Bank Examiner Shubrick has been
placed in charge of the bank.
Jacksonville, Fla, Jan. 1.-THE Orange
City Bank, private institution of which
John E. Stillman. chairman of the repub-
lican executive committee of this state, is
president, has closed it's doors, and r. S.
Leavitt of Orange City, the assignee, is
now in charge. The cashier of the bank
was Arthur Stillman, a brother of tile
president. The Stillman brothers were the
principal owners of the bank and they
have assigned all of their property to r.
S. Leavitt for the benefit of their creditors.
There was no warning OF the failure,
and within the past few weeks several
northern people, who have winter homes
in the vicinity Of Orange City, have de-
posted various sums In the bank. No
statement of the assets or liabilities of the
bank has yet been announced.
Brooksville, Fla. Jan. 1.-THE Brooks
willie State Bank has closed its doors tenn
porarily on account of the suspension f
the Merchants National Bank of Ocala
this morning. The losses are pretty gen
eral Confidence, however, remains in the
honesty of the officials of this bank.