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NATIONAL BANK FAILURE. WASHINGTON, Oct. 15.-The Comptroller of the Currency today announced the failure of the First National Bank at Dresden, O., which was caused by loans to local woolen manufacturers, who, it is said, had failed. Robert Lyon, bank examiner, has been appointed temporary receiver.
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BANK FAILS First National ats Dresden, O., Goes to the Wall Because of Loans to Manufacturers. [By Associated Press.] WASHINGTON, D. C., Oct. 15The Comptroller. of the Currency today announced the failure of the First National Bank at Dresden. O., which was caused by loans to local woolen manufacturers, who had failed. Robert Lyon, bank examiner, was appointed temporary receiver. The resources and liabilities of the bank as reported to the Comptroller of the Currency August 22, 1907, were $394,969.
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NATIONAL BANK FAILS AT DRESDEN, O. Washington, Oct. 15.-The comptroller of the currency today announced the failure of the First National bank at Dresden, O., which was caused by loans to local woolen manufacturers, who it is said, had failed. Robert Lyon, bank examiner, has been appointed temporary receiver.
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OHIO BANK CLOSES ITS DOORS. Institution at Dresden Had Been Embarrassed for Some Time. DRESDEN, Ohio, October 16.-The Dresden National Bank has closed its doors. The bank has been in trouble for some time because of the failure of the hosdery mill here. with branches at Zanesville and Frazersburg, this county. The mill employed 200 persons. but had been running with a half force for some time and finally was compelled to close down. The bank was capitalized for $70,000 and carried considerable deposits, but most of these had been withdrawn. Some time ago the bank. with its branches at Pittsburg and Zanesville, mortgaged its property for $118,000. but this falled to stave off the trouble. The officers of the bank are: 1 resident, J. G. Stump: cashier, C. S. Littlek; vice president, J. S. Prettyman; assistant cashlers, A. L. Stump and Charles Littick: directors, George B. King. Horatio Bland, H. J. Shore, F. P. Prior and John Robinson. The First National Bank of Dresden, Ohio. was closed by direction of the controller of the currency, upon the report of National Bank Examiner Robert Lyons, showing it to be insolvent. Robert Lyons has been appointed receiver. Resources-Loans and discounts, $300,105.30: United States bonds to secure circulation. $50,000.00; bonds securities, etc., $12,930.00; banking house and other real estate, $4,016.51; due from banks and bankers, $12,625.21; cash and cash items, $12,792.68 redemption fund, $2,500.00. Total, $394,969.70 Liabilitles-Capital stock. $50,000.00; surplus and undivided profits, $6,581.10; circulating notes, $50,000.00; due to banks, $1,800.41: dividends unpaid, $99.00; deposits, $272,489.19; notes and bills rediscounted $14,000.00 Total, $394,969.70
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CONDENSED DISPATCHES. Thomas J. O'Brien, the American ambassador, who succeeds Luke E. Wright, presented his credentials to the Japanese Emperor at an audience in the palace Tuesday. At the same time Mrs. O'Brien was received by the Empress. The comptroller of the currency Tuesday announced the failure of the First National Bank at Dresden, Ohio. which was caused by loans to local woolen marufacturers who, it is said, had failed. Robert Lyon, bank examiner, has been appointed temporary receiver.
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Bank Failure Announced. Washington, Oct. 16.-The comptroller of the currency announces the faïure of the First National bank of Dresden, O., caused by loans to local woolen manufacturers who failed. Robert Lyon, bank éxaminer, has been appointed temporary receiver.
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Company Makes Excuse. New York, Oct. 16.-The reason for the passing of the dividend on the stock of the Detroit United Railway is that the company is making large expenditures for improvements but cannot borrow funds for the purpose, they being forced to pay for such improvements out of the earnings. The Detroit United Railway has a capital stock of $12,500,000 and a funded debt of $23,387,000. According to its statement for 1906 its surplus for that year was $1,160,000. Dresden, (0.) Bank Goes to Wall. Washington, D. C., Oct. 16.-The comptroller of the currency Tuesday announced the failure of the First National bank at Dresden, 0., which was caused by loans to local woolen manufacturers, who it is said, had failed. Robert Lyons, bank examiner, has been appointed temporary receiver.
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Bank in Ohio Is Closed. The Comptroller of the Currency has announced the failure of the First National Bank at Dresden. Ohio, which was caused by loans to local woolen manufacturers, who it is said had failed. Robert Lyon. bank examiner. has been appointed temporary receiver.
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Ohio National Bank Fails. The Controller of tha Currency announced the failure of the First National Bank at Dresden, Ohio, which was caused by loans to local woolen manufacturers who failed. Robert Lyons, bank examiner, has been appointed temporary receiver.
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FINANCIAL to Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 4-First National bank of Scotland, S. D., close by bank examiner. 8-F. D. Gilman, Indiana banker. sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 2-First National bank of Hicksville, O., closed by comptroller of currency. 5-Fort Dallas National bank of Miami, Fla., closed. 20--Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. it-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 10-H. D. Reynolds' bank of Valdez, Alaska, closed doors. 15-First National bank of Dresden, O., failed. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors. Union Trust Co., of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 6-Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 18-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of in'debtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.