Rensselaer Republican, Volume 25, Number 49, Rensselaer, Jasper County, 3 August 1893 — THE FINANCIAL FLURRY. [ARTICLE]

THE FINANCIAL FLURRY.

“One Woe Upon Another’s Heel* So Fast Do Follow.” Failure* and Assignments the Order of tfce Day—A Geaer*! UqaidaMwa . - - . - “IRON BANK” FAILURE. Bradford A. Church, conducting a savings institution at Dearborn street, Chicago, on what. is known as the “iron bank” plan, closed np, Monday. The de-. posits amouht to *25,000 or *30,0C0, collected from poor people and children by means of small iron saving’s banks. The proprietors esn not bo found.

BIG CHICAGO FAILURE. Parklmrst <fe Wilkinson, iron merchant* of Chicago, confessed judgment, Monday afternoon, for 187,175. The firm’s assets are estimated at *1,500,000. They were among the best-known firms in their line to the Exited States, having been established for twenty years, and had done business with the Continental National for ten years, but the bank refused to extend the time on the notes which had been from time to time renewed. FAILURE OF d. N. HUBTON. The Citizens Bank, of Connersvillc. owned by ex-Treasnrer James N. Huston, Closed its doors, Monday morning. All depositors will be paid In full. In an interview Mr. Huston said: “It is my misfortune. None of the depositors or creditors will lose a cent The bank is my own individual property and every dollar that lam worth will stand good for my liabilities, I havo been building np a business for twenty years here, and always took pride in my honesty. Now I have the opportunity to show the people that lam honest. I want no one to lose anything, not even those who have been instrumental in bringing my misfortune about.”

HAUGHEY'B INDIANAPOLIS NATIONAL. Collapse of an Old Time Institution. The Indianapolis National, T. P. Hanghey, President, posted the following notice on its doors, Tuesday morning: “Owing to tho general financial stringency, the steady withdrawal of deposits and the difficulty of converting securities into cash, this bank is obliged to suspend. “Indianapolis National Bank.” This failure occasioned great surprise, both at Indianapolis and Washington. The bank was a United States depository. The postoffice and pension funds were deposited there. Mr. Hanghey is also Treasurer of the Grand Lodge L O. O. F. and the funds of the Order were deposited in the Indianapolis National. The bank was organized in 1864 with Mr. Hanghey, as president, and he has held the position ever since. For nearly forty years Mr. Hanghey has held the posttiou of treasurer of the Grand Lodge, I. O. O. F., and has been prominent in all good works. No suspicion of bad management attaches to him. The assets of the bank are largely In excess of and depositors will be paid in fnil, butthcre may be aggravating delays. Controller Eckem has designated Hugh Young, of Pittsburg, to take cuargc of the affairs of the institution. The capital stock was »300.0C0. with *IOO,OOO of a surplus fund, and deposits at the last official report of <1,714,567.75.

" BANK OF COMMERCE, Another of the Old Indianapolis Institutions Gives Up. The Bank of Commerce, jnst across the street from the Haughey bank, atlndianaDolis, failed to open its doors, Tuesday morning, and shortly after 9 o’clock the following notice was posted on the door: “Owing to tbe general stringency of the money market, and the consequent difficulty of immediately realizing upon its securities, this bank has suspended.” The real cause of the failure is said to have been the failure of the Premier Steel Works. The bank was also Involved to some extent in the failure of C. W. DePanw. The Individual deposits will not amount to more than <141,000. N. T. DePanw, of New Albany, was President, J. W. Ray, Vice-President, and Wm. Bosson Cashier of the Institution and the DePauw family held abont 3,550 of the 4,000 shares. Cashier Bosson states that depositors and stock holders will be paid dollar for dollar, and that the bank may resume business.

NEBEKER’B BANK FAILG. * ' Tha Farmers and Merchants’ of Covington Closes Its Doors. The Farmers and Merchants' bank of Covington, Ind., closed at 1 o.clock, Friday afternoon. A notice was pasted on the door whieh stated the cause to be the present general financial stringency and an inability to realize on its securities. Ex-U. S. Treasurer E. H. Nebeker, who holds 83,000 of the capital stock. Is president. In an interview with the bank officials they stated that the assets are more than sufficient to p%y dollar for dollar of the bank’s indebtedness. The capital stock of the suspended institution is 830,003. OTHER FAILUREB. The Wisconsin Fire and Marine Insur ance Bank, at Milwaukee, closed its doors, Tuesday. Three banks suspended at Louisville, Tu««4ay. Three large business firms of Nashville. Tenn., failed, Wednesday. H.J. Nicholas 3b Co., of the Npw York Stock Exchange, suspended payment on the 26th. Eight comparatively small business firms In different parts of the United States were reported as having suspended payment, Wednesday.