Fidelity National Bank (Cincinnati, OH)

Article Text

SUSPENDED!

Fidelity National Bank Closed.

Speculation in Wheat Ruins a Great Institution.

Assets, $8,000,000; Liabilities Fully $9,000,000.

Immediate Cause of Failure.

Various causes have been assigned for the suspension at this time. Upon excellent authority it is learned that E. Powell, a government examiner, was making the rounds of the local national banks last week and by accident or prompted by the rumors and universal uneasiness felt in relation to the Fidelity, began an examination of the affairs of that concern last Friday evening. Last night the examination had reached such a point that the examiner, for reasons which he discovered in the transactions of the concern, it is said, reflecting upon certain bank officials in their connection with the great Chicago wheat deal, notified these concerned that after last night the vice president, E. L. Harper, and the two cashiers, Ammi Baldwin and Ben E. Hopkins, must resign their official positions. The order from the Examiner, being peremptory, backed as he is by governmental authority in securing the government money in the institution, was obeyed, and Messrs. Harper, Baldwin and Hopkins did not take their usual stations behind the gilded railings in the bank room this morning. Therefore the doors did not swing upon their hinges in obedience to the anxious creditors at the hour of 9.

Article Text

CINCINNATI'S WRECKED BANK

Harper's Connection with the Wheat Deal Concealed-No Cash on Hand. CINCINNATI, June - The morning papers are full of matter connected with the Fidelity National Bank's closing. Among other things is the statement that Bank Examiner Powell on Monday afternoon demanded a statement from the bank and received one, showing a balance on hand of $1,100,000 of cash. Thencalling for aview of this money he was amazed to be shown a lead pencil memo. randa reading: Wilshire, Eckett & Co., $900,000; J. W. Wilshire $46,000, and so through a long list, There was no collateral, no security whatever. Mr. Baldwin and Mr. Hopkins were unable to make any explanation and Mr. Harper could offer none. Even after this, it is said, the offer to permit the bank to continue was made If these three men were expelled and new capital brought in. But when the inquiry was made as to how much would be required, the answer was a $1,000,000 at least. That staggered the directors, and although they still hoped to form a reorganization it is most probable that the fear that a further examination would reveal a further deficit deterred them. The fact is, that Harper concealed from the directors his connection with the wheat deal. He is said to have admitted that he did not go into the wheat deal himself, buthe honored an overdraft for Wiltshire for $46,000, and then put in the rest to save that. He charges the whole break to the action of the Chicago board of trade making all wheat regular. Mr. E. Powell, the bank examiner, is credited with saying that the condition of the bank is woeful. He said it was singular how Harper had deceived every body about the matter. In this connection it may be recalled that when the wheat pante occurred in Chicago rumors were out of a run on the Fidelity National Bank. Mr. Harper stated repeatedly to parties asking for information that he did not know who was in the wheat deal, and he went so far as to say that he did not believe that it was managed at all in Cincinnati, but was conducted from California and Cleveland. More attachments on Harper's property have been made and everything he has is now tied up.

Article Text

Erie Texas Pacific 396 324 East Tennessee 1314 l'enn Coal & Iron. 3814 Lake Shore Union Pacific 981/2 60% Louisville & Nash. 671/8 New Jersey Cen 804 Memphis & Char... 58 Missouri Pacific. 107 Mobile & Ohio 1396 Western nion. 7734 Cotton Seed Oil Tr.. 50 *Asked. +Bid. The renewal of panicky feeling in the Chicago market was supplemented to-day by closing the doors of the Fidelity Bank of Cincinnati. With these influences in their favor and the market lacking stimulus of moderate buy ing orders from London, usual of late, the bearish room traders hammered prices all around the room throughout almost the entire day Trading, which was dull and feverish. was more purely local than has been seen for some time. Late in the day advices were received that the Fidelity Bank would resume business shortly, and coal stocks, aided by the advance in price of coal in Philadelphia, led to a general recovery, buying of Reading being especially heavy in the last hour. Pacific Mail was special object of attack in the early morning, and did not recover the loss. Trading in the last hour was the heaviest of the day. and all the active stocks shared in the improvement, most of them being carried to the heaviest figures of the day. Specialties were unusually quiet and featureless. The opening was weak at declines from yes. terday final figures, ading to one-half per cent, and under the lead of Pacific Mail, which dropped 14 in the first fifteen minutes, further fractional declines were made in the general list. After the first half hour the market relapsed into extreme dullness, although a heavy tone continued until noon. After that time there was a change for the better in tone and speculation, although no feature was developed until the last hour, when decided strength was shown by the entire list, and Reading vanced 11/4 per cent. Total sales were 196,000 shares. Net result of the day's business is that prices are irregularly changed, although the differences are for fractional amounts only, except for Reading, which is up 11/2 per cent. Cotton. NEW YORK. June Greene & Co's report on cotton futures says "It has beena feverish market all day, and while cost on the old erop ranged to 10 points at times the advance was not maintained, and the early gain was due in great measure to manipulation on the part of the "bull" combination, through which local scalpers on the "short" side were induced to cover, but during the afternoon buy ers became scarce and there was a reactionary feeling. There was failure of a Cincinnati bank and the break here in wheat and coffee, coupled with the indifferent demand for spots, all appeared to earry more or less reflected influence. The erop was firm in the morning. but afterward eased somewhat under better weather reports. Afternoon report Cotton Net and gross reeipts, 3,035. Futuresclosed steadp; sales, 11 Jnue, 10 76@10 78 July 10 78 August, 10 83 @ 10 84; September, 10 45@10 46 October, 10 02 @10 03 November. 9 85@9 86 December, 9 84@9 85; January, 9 89@9 90 February, 9 96 @997; March, 1003@ 10 04; April 10 11@10 Cotton quiet; sales today 163 Middling Uplands, 11; Orleans 11 3-16; net receipts, 324; exports to Great Britain 669; to the Continent, 1,117; stock, 297,581. GALVESTON, June 21. Cotton nominal: middling, 10 9-16; net receipts, gross, -; sales, 67: stock, 5,739; exports coastwise, NORFOLK, June 31. Cotton quiet: middling. 11: net receipts, 3 gross receipts, 3: sales, stock, 3,048; exports coastwise, 38. BALTIMORE, June 21. Cotton firm mid dling, 11% net receipts, gross, sales, stock, 3,254; exports to Creat Britain, coastwise, BOSTON, June 21. Cotton quiet middling, 11½; net receipts, 86; gross receipts, 340 sales, none; stock, exports to Great Britain, WILMINGTON, June 21. Cotton firm middling, 11 net receipts, 2: gross receipts, : sales, none; stock, 1,603; exports coastwise PHILADELPHIA, June 21. Cotton quiet: middling, 11%; net receipts, gross receipts, stock, 13,875; exports to Great Britain, SAVANNAH, June 21. Cotton firm middling, 10% net receipts, 28; gross, 28 sales, : stock, 3,229; exports coastwise, NEW ORLEANS, June 21. Cotton dull middling, 10 11-16; net receipts 181; gross receipts, 181: sales, 750; stock, 89,030; exports to Great Britain, to the Continent, coastwise, none. MOBILE, June 21.- Cotton easy; middling, 1034: net receipts, 2: gross receipts, = sales, i stock, 382: exports coastwise, MEMPHIS, June 21. Cotton quiet middling, 104 net receipts, 63; gross receipts, 64; shipments, 125; stock,"8,190. AUGUSTA, June 21. Cotton quiet; middling, 10 15 16; net receipts, 10; gross receipts, sales, CHARLESTON. June 21. Cotton quiet but firm middling, 10%; net receipts, = gross receipts, 2: sales. stock, 724; exports coastwise, General Markets. CHICAGO, June 31.-An oppressively weak feeling prevailed in wheat at the opening, and traders were feeling decidedly blue July opened 3/4e lower at 69%, but some little effort was made to sustain the market, and a few minutes later July was selling at 69%c. The support was only temporary, however, and bank wheat being put on the market, July soon reacted to 69%, around which figure it held steady during the first hour of the session. At the end of that time "tailers" found they had sold themselves short, and began to cover, and July went up to 70% under this influence. Marketing bank wheat again caused July to ease back to 60% There was no let up in sales of wheat for account of banks to-day, and realizing continued straight up to the close of the session. The effect of the general selling was to break wheat from 6916 to 6834 for July, the latter figure being reacted about noon at bottom price. There were many good buying orders, and the reaction sent the price of July up to 69%, at which the morning session closed. Heavy exports from seaboard and covering by short interest made the afternoon market stronger. July sold up to 70% and closed at 20. Fluctuations in June were not very marked. It opened at 68% and 69. and closed at Corn was moderately active, with feeling somewhat unsettled. Prices were generally weak and lower. Trading was largely local and offerings were quite free, but the demand was very light. The weaker feeling which prevailed in the wheat market during the earlier hours of the session also had a depressing effect on corn. July opened at 36 and sold down to 351/4, but in ympathy with wheat during the afternoon session reactted, closing at 364 Oats were dull and weak. There was little speculative interest centered in the market; July opened 1/20 lower at 251/4, sold down to 25. and closed at the opening figure. Quite an active speculative business was transacted in the provision market, but the feeling was greatly unsettled. and prices ruled weak and lower. Offerings were quite liberal, while the demand was only fair and mainly from parties who covered outstanding contracts at a profit. Receipts of hogs were light, and prices ruled higher, but nervous feeling in grain markets had considerable effect on prov isions. July lard opened at $6 25, sold up to $6.30 and down to $6.25, closing at the opening figure. July spare ribs opened at $7.3216, sold up to $7.35 and down to 10, closing at $7.27% Cash quotations wereas follows: Flour ruled quiet, with prices steady at former quotations. No. 2 Spring W heat, 683/4e No. 3 Spring Wheat, No. 2 red. 74. No. 2 Corn. 35360 No. Oats, 24½. Mess Pork, $2. Lard, $6.200 $6.25 Short rib sides, loose, $7.20. Dry salted shoulders, boxed, $5.60@5.70. Short clear sides, boxed, $7,55@7.60. Whisky, $1.10. Leading futures closed as follows: Wheat June, 69 July, 70: August. 74%: Corn June, 35½; July, 361/4 August, 37% Oats, June, 2434; July, 44; August, 25% Mess Pork June, $150 Lard June, $6.25 : July $6.25; August, $6.35. Short Ribs June, $7.27%: July. $7.2736; August, $7.3714. NEW YORK, June 21.- Southern Flour dull and heavy common to fair extra. $3.40 good to choice do. $4 10@5. 10. Wheat No. : red, 88@924: June, 87@94; July, August, 3@85. Corn 1/4e lower No. = 4614; June, nominal: July, 4616@40%. Oats a shade lower No. = 33½: No. June, 33@33%: July 3440 32% Hops quiet and steady Coffee fair Rio nominal at 1814: No. Rio July, $16 75: Angust, $16.25@16.95; September, $16.50617.05. Sugar steady and quiet Molasses steady -one cargo 50 test, 1916. Rice firm. CottonSeed Oil, 240 for refined; crude nominal. Rosin dull at $1.234@1.274. Turpentine dull and weak at 34½. Hides quiet and steady wet salted New Orleans selected, 45 and 60 pounds, 9½ 10 Texas selected, and 60 pounds, 10. Wool

Article Text

CONDITION OF THE MARKETS A Decidedly Weak Feeling in Wheat, with the Price Below Seventy Cents. Dorn Moderately Active, Accompanied by a Weak and Unsettled Feeling-Oats Dull and Weak-Provisions Weak and Lower. MONEY, BONDS AND STOCKS. a Combination of Circumstances Favors the "Bear" Element NEW YORK, June 21.-Money on call was asy at 4@7 per cent, closing at 6 percent. bid. Prime mercantile paper, 5a6 per cent. Sterling exchange was dull but steady at 14.83% for sixty-day bills and $4.843 for demand. The total sales of stocks to-day were 196,853 shares, including the following: Delaware, Lackawanna & Western. 9,100; Erie, 10,230; Lake Shore, 6,230; Louisville & Nashville, 3,700; Northern Pacific, 5,700: Pacific Mail, 11,975; Reading. 71.220; St. Paul, 9,410; St. Paul & Omaha, 3.580: Union Pacific, 5,650; Western Union, 9,697: Wheeling & Lake Erie, 3,750. The renewal of the panicky feeling in the Chicago grain market was supplemented to-day by the closing of the doors of the Fidelity Bank of Cincinnati. With these influences in their favor and the market lacking the stimulus of the moderate buying orders from London usual of late, the bearish room traders hammered prices all around the room throughout almost the entire day. The trading, which was duli and reverish, was more purely local than has been seen for some time. Late in the day advices were received that the Fidelity Bank would resume business shortly, and the coal stocks, aided by the advance in the price of coal in Philadelphia, led of general recovery, the buying of Reading being- especially heavy the last hour. Pacific Mail was the special object of attack in the early morning. and did not recover the loss. The trading in the last hour was the heaviest of the day, and all the active stocks shared in the improvement, most of them being carried to the beaviest figures of the day. The specialties were nusually quiet and featureless. The opening was weak. at declines from yesterday's final figures, extending to 1 per cent., and under the lead of Pacific Mail, which dropped 14 in the first fifteen minutes, further fractional declines were made in the general list. After the first half hour the market relansed into extreme dullness. although the heavy tone continued until noon. After that time there was a change for the better, although no feature was developed until the last hour. when decided strength was shown by the entire list and Reading advanced 11 per cent. the transactions for the hour exceeding the business of the remainder of the day in that stock. The net result of the day's business is that prices are irregularly changed. although differences are for fractions only, except Reading, which is up 11. Railroad bonds were insufferably dull; sales only $762,000. The tone was moderately firm and prices generally show insignificant advances. Government and State bonds were dull and steady. Closing quotations were: Three cent hands IT. V & C 651g

Article Text

ST. PAULTRUST COMPANY, Cor. Jackson and Fourth Sts. 800 boxes of convenient sizes for Safe Deposit Vaults. rent and low rates. FINANCIAL. New York. NEW YORK, June 21.-Money easy at 4@5 per cent, closed at 5 bid. Prime mercantile paper 5@6. Sterling exchange dull but steady at $4.83% for sixty day bills and $4.84 for demand. The renewal of the panicky feeling in the Chicago grain market was sup plemented to-day by the closing of the doors of the Fidelity bank, of Cincinnati. With these influences in their favor and the marked influences and the market lacking the stimulus of the moderate buying orders from London usual of late, the bearish clique hammered prices all around the room throughout almost the entire day. The trading, which was dull and feverish, was more purely local than has been seen for some time. Late in the day advices were received that the Fidelity bank would resume business shortly and the coal stocks, aided by the advance in prices of coal in Philadelphia, had a general recovery. The buying of Reading being especially heavy in the last hour. Pacific Mail was the special object of attack in the early morning and did not recover the loss. The trading in the last hour was the heaviest of the day, and all the active stocks shared in the improvement, most of them being carried to the heaviest figure of the day. The specialties were unusually quiet and featureless. The opening was weak at declines from yesterday's final figures, extending to 1/2 per cent. under the lead of Pacific Mail, which dropped 18/4 in the first fifteen minutes; further fractional declines were made in the general list, and after the first half hour the market relapsed into extreme dullness, although the healthy tone continued until noon. After that time there was a change for the better, although no feature was developed until the last hour, when decided strength was shown by the entire list, and Reading advanced 11/4 per cent. the transactions for the hour exceeding the business of the remainder of the day in that stock. The net result of the day's business is that prices are irregularly changed, although differences are for fractional amounts only, except Reading, which is up 11/2. Railroads were insufferably dull; sales only 762,000. The tone was moderately firm and prices generally show insignificant advances. Government bonds were dull and steady. State bonds were dull and steady. The total sales of stocks to-day were 169,580 shares, including Erie, 13,230; Lake Shore, 238; Louisville & Nashville, 3,700; Northern Pacific, 5,700; Pacific Mail, 1.975; Reading, 71,220; St. Paul, 9,410: St. Paul & Omaha, 3,580; Union Pacific, 5,560; Western Union, 9,670; Wheeling & Lake Erie, 3,770.

Article Text

National Bank Received One Showing a Balance on Hand of $1,160,000, WHICH was ABSOLUTELY A BARE FACED LIE. Harper Acknowledges His Connection With the Wheat Deal and the Honoring OF AN overdraff IN FAVOR OF WILSHIRE For $48,000-The Liabilities Will Reach the Stupendous Sum of $6,000,000. CINCINNATI, o., June 22.-The morning papers are full of matter connected in various ways with the Fidelity National Bank's closing. Amcng other things, is the statement that Bank Examiner Powell, on Monday afternoon, demanded a statement from the bank and received one showing a balance on hand of $1,160,000 of cash. Then calling for a view of this money, he was amezed to be shown a lead pencil memorande reading: Witshire, Eckert & Co, $930,000; J W. Wilshire, 48,000, and through a long list. There was necollaterel, no seeurity whatever. M- B.ldwin and Mr. Hopkins wereu Table to make BOV explanation and Mr. Harper could offer none. Even after this, it issaid, the offer to permit the bank to continue was made it these three men were expelled and new capital brought in. But when the inquiry was m de how much would be required, thean. swer was $1,000,000 at least. That staggered the directors, and although they still hoped to form & reorganiza ion, it is most probable that the fear that a fur her examina. tion would reveal a further deficit deterred them. The fact is that Harper concealed from the directors his connection with the whet deal. He is said to have admitted yesterday that he did not go into the wheat deal himself, but that he honored an overdraft for Wilshire for $48,000, and then put in the rest to save that. He charges the whole break to the action of the Chicago Board of Trade making all wheat regular. Mr. Eugene Powell, the bank examiner, is credited with saying that the condition of the bank is woeful. He said it was singular how Harper had deceived everybody about the matter. In this connection it may be recalled that when the wheat panic occurred in Chicago, and rumors were out of a run on the Fidelity bank, Mr. Harper stated repeatedly to parties asking for information, that he did not know who was in the wheat deal, and he wentso far as to say that he did not believe that it was managed at all in Cincinnati, but was conducted from California and Cleveland. More attachments upon Harper's property have been made and everything he has is now tied up.

Article Text

COMMERCIAL

Bullion. New YORK, June 23.-Bar ailver, 95% Money Market. NEW YORK, June 23. Money, 5 @ 6. LATER. Money on call loaned 6 @ 15; last loan, 6; closed, 12 bid. Prime mercantile paper-Unchanged. Exchange-Unchanged. Money is in demand to-day at 10 per cent., but there seems to be a great deal of hesitation by banks to replace the loans called yesterday. The weakness of the early morning has spread all through the list, but at present there are some signs supporting the orders being put in the market. To add to the depression, just as supporting orders were given, private dispatches were received from Chicago stating that one of the banks in Chicago needed assistance, but these dispatches were followed by denials from officials of the bank, and the break in stocks is generally believed to be the sequel to wheat panic in Chicago and bankers are of the belief that if rumors regarding weakness of banking firms in Boston and Chicago, resulting from the failure of the Fidelity Bank, Cincinnati, should prove unfounded, the course of prices would be upward at once.

Article Text

Too Much Hot Wheat

CINCINNATI, June 21.-The Fidelity National Bank was closed by order of the Government through its representative and a meeting of directors at once called and is now in session. There are no means of ascertaining their action. The doors are closed and police within and without guard the entrance against everybody except persone having business with the safe deposit department of the bank. The bank examiner has announced that owing to the impairment of the bank's resources the Government would take charge. John R. Decamp, Vice-President of the Metropolitan National Bank, has been appointed receiver to wind up the business of the bank. It is now stated that the clearing house settlements for the past few days have shown an unusual drain on the bank's resources. Besides this, many banks kept their checks out of the clearing house as a favor. It has been ascertained that the liabilities of the bank. exclusive of the capital stock, are about $5,500.000. Individual deposits are about $2,500,000.

Article Text

Other Failures Caused by the Fidelity. SPRINGFIELD, O., June 24.-Yesterday the extensive firm of Whitely, Fassler & Kelly, manufacturers of Champion mowers and reapers, went into the hands of William N. Whitley as receiver. It being the largest firm in the city, and next to the largest makers of reapers and mowers in the country, the news in the community was like a clap of thunder. The direct cause of the assignment is the failure of the Fidelity bank at Cincinnati. Had the Fidelity failure come at any other time the firm would not have been at all embarrassed. This and next month are the months for the delivery of the work of the year and the time when the firm has to use large amounts of money. Six weeks from now the firm would have ample funds for all obligations. The firm does an annual business of $5,000,000. and this has been a most prosperous season. The condition of affairs is not considered in very bad shape and the embarrassment is only considered temporary. The firm employs over 2,000 hands.

Article Text

RECEIVER APPOINTED.

The Catoctin Iron Company, at Frederick, Md., yesterday went into the hands of Thomas Gorsuch, who filed bond for $100,000 as receiver. The company asked for the appointment of a receiver for protection against the creditors of E. L. Harper, of the recently collapsed Fidelity National Bank of Cincinnati, who had been an extensive purchaser from the Catoctin Company, and a number of whose drafts are in the hands of the company. The suspension is only temporary.

Article Text

Senator Sherman Makes a Correction.

Special to the Indianapolis Journa!. MANSFIELD, O., June 26. -A Cincinnati paper of to-day quoted a dispatch as having appeared in the New York Tribune, Saturday, as a special from Canton, O., in which Senator Sherman is made to say that the Fidelity Bank was originally designed as a Democratic institution, which was to be benefited vastly by its selection as a United States depository, and that Mr. Sherman considers the recent business troubles in Ohio as possible forerunners of financial depression, for which he blames the inefficiency of the Cleveland administration. To-night, after having been shown the dispatch. Mr. Sherman said that the statement in the telegram was not correct; that he did not say that the Fidelity National Bank was a Democratic institution or was organized as a Democratic institution, but he did say that, as he understood from the papers, it was made a government depository bank with a considerable amount of government deposits; he thought it was bad policy to make a new bank a government depository. He did not undertake to state the effect of the failure, but said that often from such unexpected financial events panics sprung, but that he saw nothing in the condition of the country that need create alarm. Mr. Sherman also said that the Cincinnati paper quoted is greatly mistaken in supposing that the Democratic party is not responsible for the accumulation of money in the treasury, for no power in the government could propose any mode of reducing the revenue except the House of Representatives, which, unfortunately, is Democratic.

Article Text

On Thursday last the great Reaper works of Whitely, Fass ler & Kelley went into the hands of a receiver. Following so soon as it did up on the failure of the Fidelity National Bank at Cincinnati, it was supposed that the interest of the two were somehow connected. Win. N. Whitely has been appointed receiver. This IS one of the largest Agricultural Works 1a the world, but the company claims that unexpected losses have caused temporary suspension. The firm affairs were brought to a crisis by the failure of E. L. Harper. Harper sold some of Whitely's paper, which he held, when he got hard up, and hence another crash. It looks some as if the firm f would tide over at the present, but it is hard to tell. The turning over of an old board usually shows up a good many worms.

Article Text

THE failure of the Fidelity Ban." of Cincinnati is one of the results of the wheat gambling in Chicago. The officers of the bank were speculators and deliberate falsifiers. The failure is for an immense amount, the liabilities of the bank being $6,000,000, while its vice-president who was also a manufacturer, failed for $4,000,000. Thus the failure is for $10,000,000. Depositors lose $2,500,000. The officers were arrested by order of the district attorney. It was thought for a time that the failure would create a panic throughout the country and the United States secretary was on the alert to do all in his power to avert it.

Article Text

WASHINGTON.

A COMMISSION has been appointed by the postmaster general to adjust and equalize the compensation of postoffice clerks throughout the country.

IT is rumered at Washington that Colonel Morrison will resign from the interstate commerce commission to make another race for congress in his old district.

THE State Department at Washington has been informed that deaths from cholera occured Wednesday at Palermo, the capital of the Island of Sic'ly.

IT is practically settled that the President will not visit the West at all during the present year. The proposed visit to St. Louis has resulted in wholly changing what ever plans he had made for visiting Western cities.

THE comptroller of the currency has received the report of the condition of the bursted Fidelity Bank of Cincinnati, on the date of its suspension but refuses to make it public. It is known that the books of the concern were kept so loosely that the present examination will show them to be nearly $500,000 out of he way.

MRS. CLEVELAND, or "Donna Frances" as she is now popularly called, receives daily a most voluminous mail. Strange as it may seem, many of her letters relate to public business. Such communications are at once turned over to Col. Lamong. She is importuned for money, for offices, and is asked to obtain pensions for mutilated soldiers.

THE president has authorized the allotment of land in severalty to the bands of Chippewas in Michigan, Wisconsin and Minnesota, resident upon the following reservations: L'Anse and Viex de Siet and Ontanagon, Mich.; Bad River, Lac de Flambeau, Lac Court O'Reilles, Red Cliff and Fond du Lac, Wis., and Grand Portage, Minn.

Article Text

ATTACHMENTS ON THE FIDELITY BANK

PITTSBURG, Aug. 10.-In the Common Pleas Court. No. 2, to-day A. W. Kittridge, counsel for the defunet Fidelity Bank of Cincinuati, presented a petition asking that the at tachment issued al the instance of the Daquesne Bank and Farmers and Mechanics' Bank, of this city, and the National Bank of New.Brighton, Penn., on funds in the Fidelity Bank be dissolved. The court grauted a rule on defendants to show cause why the motion should not be granted. The amount involved is said to be about $200,000. A COSTLY CITY GOVERNMENT. PHILADELPHIA, Aug. 10 (Special). - The money asked by the heads of the different city departn nts 10 run their respective offices during 1888 loots up $17,820,288 10. This 18 an excess of $7,996,488 06 over 1887. The Public Buildings Commission. have K in charge the erection of the new City Hall, ask for $714,450 more for next year than it received this year. The demand is considered exorbitant. APPOINTED APPRAISERS OF ASSETS. PHILADELPHIA, Aug. 10 (Special).-James W. Latta. Clandius B. Linn and H. H. Ellis were to-day appointed appraisers of the assets of the suspended Columbian Bank. STEALING THE FUNDS OF A SOCIETY. 10 A. Westworth

Article Text

THE FIDELITY BANK

It Was Run Mainly on Wind and Cheek. CINCINNATI, Oct. 10.-It is understood that Ammi Baldwin, late cashier of the defunct Fidelity National bank, has made a statement of affairs in the institution which gives an inside view. It begins with giving some news regarding the condition of the Third National bank, in which Baldwin was cashier. In 1881, he says, Handy, Harper and others were engaged in the big wheat deal at Chicago, and one night found the bank with only $1,600 in cash on hand. Some of the directors went to Chicago that night, and by 11 a. m. the next day had telegraph d $365,000 to the bank and saved it. The other directors never knew until now how nearly their bank was wrecked. Baldwin's brother, also in that bank, embezzled $18,000. Ammi covered it for him, he says, with the help of Harper and others. and then got into Harper's hands. When the latter founded the Fidelity he took Baldwin along with him. The Fidelity was run on wind and by the one-man power of Harper alone, who knew all the details, attended to all the business and kept all the secrets of the business, saved such as he shared with Miss Josie Holmes. the exchange clerk. Harper was bound to keep the stock of the bank up and at the premium, and bought everybody's stock who wanted to sell. Baldwin was sick and absent for a few weeks. and on his return found Harper had assumed the duties of cashier, and continued to do so on the plea of relieving Baldwin of hard work. Harper's institutions all seemed to have unlimited credit at the bank, and Harper himself had balances of $100,000 or so on hand nearly all the time. The money seems now to have come mostly from hypothecating the bank's stock and from the discounting of accommodation paper, yet so adroitly was it all done that Baldwin did not suspect the true state of affairs until the crash came. He had often heard Ben Hopkins, the assistant cashier, say that Harper must be worth at least $5,000,000.

Article Text

The Fidelity Bank Cash

CINCINNATI, October 10.-It is understood that Ammi Baldwin, late cashier of the defunct Fidelity Bank, has made a statement of affairs in the institution, which gives an inside view. It begins with giving some news regarding the condition of the Third National Bank, in which Baldwin was cashier. In 1881, he says, Handy, Harper, and others were engaged in the big wheat deal at Chicago, and one night found the bank with only $1,600 in cash on hand. Some of the directors went to Chicago that night, and by 11 a. m. the next day had telegraphed $375,000 to the bank and saved it. The other directors never knew until now how near their bank was wrecked, Baldwin's brother, also in that bank, embezzled $18,000. Ammi covered it up for him, he says, with the help of Harper and others, and then got into Harper's hands. When the latter founded the Fidelity, he took Baldwin along with him. The Fidelity was run on wind and by the one-man power of Harper alone, who knew all the details of the business and kept all the secrets of the business, save such as he shared with Miss Josie Holmes, the exchange clerk. Harper was bound to keep the stock of the bank up, and at the premium boughteverybodys stock who wanted to sell. Baldwin was sick and absent for a few weeks, and on his return found Harper had assumed the duties of cashier, and continued to do so on the plea of relieving Baldwin of his work. Harper had balances of $100,000 or so on hand nearly all the time. The money seems now to have come mostly from hypothecating the banks stock and from the discounting of accommodation paper, yet so adroitly was it all done that Baldwin did not suspect the true state of affairs until the crash came. He had often heard Ben Hopkins the assistant cashier, say that Harper must be worth at least $5,000,000.

Article Text

The Fidelity Swindle

CINCINNATI, Oct. 28.-The First National bank of Logansport, Ind., to-day brought suit in the United States court to recover from Receiver Armstrong $43,441, which, it is alleged, the late Fidelity National bank held for the plaintiffs. The petition says that the receiver has rejected the claim. The money was on deposit in the Fidelity bank, and Harper, at the request of the Logansport bank, loaned it for them, giving them notes of Matthews & Gahr, secured by Fidelity stock. When the notes became due the bank was in the hands of a receiver.

Article Text

ANOTHER VICTIM OF THE FIDELITY BANK.

CINCINNATI, Oct 28. -The First National Bank of Logansport, Indiana, to-day brought suit in the United States Court to recover from Receiver Armstrong $48,441, which it alleges the Fidelity National Bank held for the plaintiff's use. The money was on deposit in the Fidelity Bank, and Harper, at the request of the Logansport bank, lent it for them, giving them notes of Matthews and Gahr, secured by Fidelity stock. When the notes became due the bank was in the hands of a receiver.

Article Text

A Wheat Deal Relic.

CINCINNATI, November 5. —The American Exchange National Bank of Chicago, this afternoon, brought suit in the United States Court, against Receiver Armstrong, of the Fidelity National Bank, for $400,000 This is a relic of the troubles during the famous wheat deal.

Article Text

A Wheat Deal Relic.

CINCINNATI, Nov. 5.-The American Exchange National bank of Chicago this afternoon brought suit in the United States court against Receiver Armstrong, of the Fidelity National bank, for $400,000. This is a relic of the troubles during the famous wheat deal.

Article Text

HARPER, the Napoleon of finance, etc.,

who run and wrecked the Fidelity bank of Cincinnati, has received the just reward of his conduct, and is now serving a term of ten years in the penitentiary. His career was bright, brief, and terminated most ingloriously. It is the old story over and over again of the man spending some one else's money. Harper is more unfortunate but not more criminal than thousands of others, who even now are doing as he has done. Some of them may work out by good luck, others may be caught and punished, and others still may go unwhipt of justice, but they are liable at any time to be caught up with. Men who are entrusted with the money of others should always have the lesson before them, that rascality of any kind may flourish for a time, but only for a time.

Article Text

A Judgment Both Ways.

In the suit of David Armstrong, receiver for the Fidelity Bank, of Cincinnati, vs. Albert Niven, of Lafayette, in the United States Court, judgment was ordered for defendant for $1,823.32, and against defendant on attachment proceedings.