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OTHER BUSINESS TROUBLES, The Defiance (0.) Savings Bank and Its Cashier Forced to Assign. DEFIANCE. O., June - The doors of the Defiance Savings Bank closed late yesterday afternoon. Rolla H. Gleason was appointed assignee. Many of the stockholders did not know that such a step was in contemplation. The bank 18 the youngest in the to wn and has a paid-up capital of $27,000. The assets will reach not less than $150,000 and the liabilities are stated at $100,000. The failure is attributed to large loans made by the bank. which ties up some $127,000, leaving it too narrow a working capital. Andrew Sauer, the cashier, assigned his entire real and personal property, amounting to $100,000, Frank S. Smith being his assignee. The enterprises in which Mr. Sauer is interested, and all of which are included in his assignment, are the Defiance electric street railway. electric light plant and gas works, the Citizens' Opera House, valued at $50,000, besides considerable real estate. The Golden Rule Dry Goods Company. in which he was interested. with a stock valued st $20,000, was turned over to Henry Smith and Henry Foes. two of his heaviest creditors. The failure of the Defiance Savings Bank caused a heavy run all day on the First National and the Merchants' banks, The banks expected the crash, and had prepared for the emergency. All demands were promptly paid.
