The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-26
SENSELESS RUMORS
+ CAUSE A MILD "RUN'
Number of Depositors Withdraw
Money from Indiana Trust
Company.
INSTITUTION IS SOLID

The Indiana Trust Company kept it's
doors open until 100 O'Clock last night pay
ing depositors who had become nervous
over an incpient run" which started yes
terday Just how the Indiana Trust, which
Is one OF the strongest financial institu-
lions In the West. should have been chosen
as the temporary victim OF the rumor mon
ger. IL Is difficult 20 discover, but the best
Information obtainable indicates that the
trouble was the result OF the silly
gossip OF several telephone girls. who
spread reports OF telephone con-
versation I'm which the name OF
the Indiana Trust was confused with
that OF the Commercial Trust Company.
small institution which recently went
Into the hands of a receiver. As result
a stream of depositors filed past the pay
Ing teicrs' windows yesterday and last
night Withdrawing deposits. The com-
pany's officials refused 20 take advantage OF
the sixty-day clause and promptly paid
every cepositOr who made application. in
order TO accommodate the depositors Pres
ident John Il. Frenzel ordered the institu-
ton kept open until 1879 last night. and an
bounced that all depositors desiring 10
Draw their money would be paid when
The office opened at the usual hour to-day.
Business men OF the city familiar with the
financial strength of the Indiana Trust
were hearty In their condemnation OF the
irresponsible persons who make such occa-
sions possible by senseless gossip. a num-
Der OF merchants announced that they
would gladly receive Indiana Trust deposit
certificates as cash in the payment OF
goods, among them being l.. Strauss * Co.
the VIM. III. Block Company, l.. s. Ayres
q Co and the New York store. n number
or brokers also advertised for deposit
books, among them being Meyer * kiser,
"A. w. Thomson, Newton Todd. Joseph L.
Elliott * Son and Clifford Arrick.
The strength and safety of the company
Is clearly shown In a report made by Aud
itor OF State Sherrick.
To the Public:
AS auditor OF state the Indiana Trust
Company comes by law under my super
vision have recently made n thorough
examination OF its financial condition. This
company is solvent as the United States
government. II can absolutely meet every
dollar OF its Indebtedness and not feel the
slightest embarrassment: besides, its stock
or 100000 Is behind it's assets, and its
stockholders are of the richest and most
conservative OF our business men.
1 want TO assure the people that the run
OF yesterday Is without cause, and that no
money can possibly be lost to a single de-
position. For the name of our city and the
honor OF this great Indiana financial insti-
tuition trust that this unwarranted run
will cease.
write this from a personal standpoint
reinforced by my knowledge from the ex-
animation recently made.
Respectfully,
ID. +. SHERRICK,
Auditor of State.
concur in the above statement, based on
my examinations made during my term of
four years as auditor of state
w. II. HART,
Ex-Auditor of State.
The statement issued by the Indiana Trust
Company March 81 shows:
Resources
Municipal and other bonds. ....... 1,eOl. 992. 81