253a4df6Full suspension, Books examined
Other: Committee of creditors examined books and proposed payment schedule; new management contemplated for reopening.
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Bank Failure. Montgomery, Ala.. Jan. 26.-The Josiah Morris Bank, one of the oldest private banking institutions in the state, closed its doors this morning. Assets and liabilities are not known. The capital stock was $100,000. The deposits are believed to be heavy. Inability to make quick realization on cash and shrinkage of assets were reasons assigned by the bank officials for closing their doors. Large crowds assembled around the bank and much excitement prevailed.
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THE JOSIAH MORRIS INSTITUTION AT MONTGOM ERY EXPLAINS WHY ITS DOORS ARE CLOSED. Montgomery, Ala., Jan. 26.-The Josiah Morris Bank, one of the oldest private banking institutions in Alabama, failed to open its doors for bustness to-day. The capital stock of the bank is $100,000. Deposits are believed to be heavy. The assets and liabilities are not yet known. At the hour of opening the following announcement was posted on the door: Yesterday some of our checks in New-York, for which we had made provision, were temporarily refused by our correspondents, though they were afterward paid. This information came to us late after the close of banking hours. Since then a number of inquiries have been made, and the apprehension created convinces us that, in justice to creditors, we ought to suspend payment. This condition of affairs has arisen from inability to make quick realization on cash and the shrinkage of assets. It is hoped that the assets prudently arranged will pay creditors in full. Large crowds assembled around the bank, and much excitement prevailed. No. legal steps have yet been taken. Montgomery County has about $200,000 deposited in the bank. and the city of Montgomery also was a large depositor. The county is partially secured by the bond of the County Treasurer, made with a Maryland company for $120,000. The bank itself was surety on the Treasurer's bond. The bank was a depository for many of the railroads enterina Montgomery
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BANK SUSPENDS. It Is Hoped the Assets Will Pay the Creditors in Full, (By Associated Press.) MONTGOMERY, ALA., Jan. 26.-The Josiah Morris Bank failed to open its doors for business to-day. The capital stock of the bank is $300,000. Deposits are believed to be heavy. The assets and liabilities are not yet known. At the hour of opening the following announcement was posted on the door: "Yesterday some of our checks in New York, for which we had provision, were temporarily refused by our correspondents; they were afterwards paid. The information came to us late after the close of banking hours. Since then a number of inquiries have been made, and the apprehension created convinces us that in justice to creditors we ought to
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THE BANK MAY NOW REOPIN. And Continue Business Under a New Maragement, it is Believed. (By the Associated Press.) Montgomery, Ala., Jan. 28.-At a meeting today of the depositors of the Josiah Morris Bank which suspended Saturday, a committee was appointed to examine into the condition of the bank and report tomorrow. The opinion seems to prevail that the bank will be allowed to open and continue business under it new management. It is ow believed the assets are about 2.000.000 with liabilities between $800,000 and $900,000.
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BANK MAY RE-OPEN. Assets Believed to Exceed the Liabilities. (By Associated Press.) MONTGOMERY, ALA., Jan. 28.-At a meeting to-day of depositors of the Josiah Morris Bank, which suspended Saturday, a committee was appointed to examine into the condition of the bank and report to-morrow. The opinion seems to prevail that the bank will be allowed to open up under a new management. It is now believed the assets are about $2,000,000, with liabilities between $800,000 and $900,000.
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Labor, Business and Industrial. At a meeting of the shareholders of the Deutsche Greunschuld Bank, at Berlin, yesterday it was voted that the institution go into liquidation. Dispatches from London stating that the Russian government has arranged for a $50,000,000 loan with American insurance companies is positively denied in authoritative circles at New 1ork. A general strike of the employes of the Paris Underground Railroad has been declared. The stations are occupied by troops. There is a general congestion of passenger traffic, especially among shoppers and people traveling to and from business. The committee of creditors of the Josiah Morris Bank, of Montgomery, Ala., which suspended last Saturday, reported yesterday that an investigation of the bank's affairs showed the total assets to be $1,506,841 and liabilities $1,325,233. The bank has $23,000 cash on hand, with cash out from other banks amounting to $19,521. The New York Herald says that a transfer of large blocks of stock has placed Edward H. Harriman in control of the Chicago Terminal Transfer Railroad Company and its connecting lines. According to the Herald the largest indivdual stockholder in Chicago Terminal and Transfer securities had been for some time the Deutscher Bank of Berlin. The national executive board of the Iron Molders' Union of North America will meet Cincinnati next Monday to arrange a conference with a committee from the National Founders' Association looking to a settlement of the Cleveland strike, which has been on since July 2. The conference will be held either in Cincinnati or Cleveland in February. James J. Hill left New York last night for St. Paul. The New York Press, commenting upon Mr. Hill's departure, says: "The completion of the railroad deal, whereby the Chicago, Milwaukee & St. Paul would pass to the control of the Great Northern and Northern Pacific has been abandoned, but the interests were so many that time is required to carry the negotiations to a successful conclusion." The Minneapolis Times says the financial heads of the big railroads of the United States have caused to be addressed to every railroad president throughout the country a circular letter calling for a conference in New York on Feb. 15. The circular bears the Vanderbilt, Gould, Morgan, Harriman signatures. It is believed national legislation bearing directly upon the railroad interests of the country will be one of the main topics discussed. Application has been made before Vice Chancellor Emery, at Newark, N J., for the appointment of a receiver for the Rogers locomotive works. William Pennington, as counsel for Jacob S Rogers, the principal owner, made the application. The receiver will be appointed next Saturday. Last Saturday the concern ceased to exist as the Rogers locomotive works, and the directors became trustees. The works will now be sold to the highest bidder, as the law provides. The directors of the American Steel and Wire Company issued a statement to the stockholders yesterday that action on the dividend question on the preferred and common stocks of the company had been postponed until the next meeting of the board in March. It was also announced that the amendment to the by-laws makes it obligatory on the directors to take action on the dividends quarterly, commencing March 1 next. The board voted to advance prices on standard goods $2 a ton, effective at once. The statement to the stockholders for the year ending Dec. 31, 1900, shows net earnings of $8,002,129, of which $1,000,000 is marked off for depreciation.
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MAY PAY UP IN FULL. Creditors' Committee on Morris Bank So Reports. Montgomery. Ala., Jan. 29.-The Committee of Creditors of the Josiah Morris Bank, which suspended last Saturday, reported to-day that an invest.gation of the bank's affairs showed the total assets to be $1,506,841, and liabilities $1,325,233. The bank has $23,000 cash on hand, with ash due from other banks, amounting to $19,521. Most of the securities are in New York banks. The committee urges creditors to agree to accept pay in the followng manner: 12½ per cent. July 1; 12½ per cent., Dec. 1 of this year; 25 per cent., July 1, 1902; 25 per cent., Jan. 1, 1903, and 25 per cent., July 1, 1903. The report was referred to the Committee of Creditors for further consideration.
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Bank May Reopen. Montgomery, Ala.. Special.-At & meeting ofdepositorsof the Josiah Morris Bank which suspended Saturday, a committee was appointed to examine into the condition of the bank and renont. The opinion seems to prevail that the bank will be allowed to open and continue business under a new management. It is now believed the assets are about $2,000,000 with liabilities, between $800,000 and $900,000.
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TO EXAMINE THE BANK'S CONDITION. Montgomery, Ala., January 28.-At a meeting to-day of dep sitors of the Josiah Morris Bank. which suspended Saturday, a committee was appointed to examine into the condition of the bank and report to-morrow. The opinion seems to prevail that the.bank will be allowed to open and continue business under a new management. It is now believed the assets are about $2,000,000 with liabilities between $800,000 and $900,000.