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BIG MOBILE BANK FORCED TO SUSPEND (By Associated Press.) Mobile, Ala., March 20.-Inability to realize on rediscounts was given as the cause for the suspension of the Leinkauf Banking Company, one of the oldest banking institutions in Mobile. in a notice published this morning. Harry B. Pake was named assignee. The stagnation in lumber and timber trade was given as the reason by President Leinkauf for the inability of the bank to realize on bills receivable.
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MOBILE BANK IS SUSPENDED LEINKAUF BANKING COMPANY, ONE OF THE OLDEST INSTITUTIONS OF CITY, CLOSES AND NAMES ASSIGNEE. By Associated Press. Mobile, March 20.-Inability to realize on rediscounts was given as the cause for suspension of the' Leinkauf Banking Company, one of the oldest banking institutions of Mobile, in a notice posted on the door of the bank this morning. Harry B. Pake was nained as assignee. President W. H. Leinkauf, of the bank, in a statement, said that stagnation in the lumber and timber trade, which had heretofore been a large part of their business, made it impossible to realize on some of their bills receivable, and deeming it advisable to protect depositors and creditors the steps were taken as indicated above. The institution was operated under the state banking laws, hence depositors having deposits not drawing interest would be first met in settling. All liabilities will be met. The suspension was not unexpected. The clearing house said the bank had not asked for assistance, which would have been given if asked for.
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LEINKAUF BANK HAS SUSPENDED Mobile, March 21.-Inability to realize on rediscounts was given as the cause for suspension of the Lienkauf Banking company, one of the oldest banking institutions of Mobile, in notice posted on the door of the bank this morning. Harry B. Packe was named as assignee. President W. H. Leinkauf, of the bank, in statement, said that stagnation in the lumber and timber trade which had heretofore been a large part of their business, made it impossible to realize on some of the bills receivable, and deeming it advisable to protect depositors and creditors the steps were taken as indicated above. The institution was operated under the state banking laws, hence depositors having deposits not drawing interest would be first met in settling. All liabilities will be met. The suspension was not unexpected. The clearing house said that if the bank had asked for assistance it would have been readily given, but that the bank had not asked for assistance.
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BANKING COMPANY OF MOBILE SUSPENDS Mobile, Ala., March 21.-Inability to realize on rediscounts was given as the cause for snspension of the Leinkauf Banking Company, one of the oldest banking institutions of Mobile, in a notice posted on the door of the bank this morning. Harry B. Pake was named as assignee. President W. H. Leinkauf, of the bank, said that stagnation in the lumber and timber trade, which heretofore had been a large part of their business made it impossible to realize on somof their bills.
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THE MOT1 N FOR RECEIVER DENIED Mobile, March 23.-(Special.)-Judge Berney in the law and equity court today denied the motion made by Attorney General Brickell for the appointment of a receiver for the Leinkauf Banking company and ordered the assignee, H. B. Pake, to file bond in the sum of $75,000. At a meeting of the creditors of the institution held at noon the action of the officers of the bank in appointing Mr. Pake was unanimously confirmed. It is understood that the attorney general will appeal the case to the state supreme court on the ground that the bank has violated the state banking laws, notice to that effect having been tentatively given at the hearing on the motion Wednesday.