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national
8d3948ea7d5bf0dbCapital injected, Full suspension, Books examined
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Why It Was Shut Down. WASHINGTON, June 20.-The comptroller of the currency says he closed the Park Na. tional bank at Chicago on the report of the bank examiner that it had large loans of doubtful security and that a receiver be appointed unless the management was changed and additional money was put in.
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FIVE CENTS. Another Bank Closed. CHICAGO, June 20.-By order of the comptroller of currency, National Bank Examiner Sturgis this morning took possession of the Park National Bank. This created no surprise in financial circles, as President Packard was not a trained financial man, and it was understood that its loans were of a poor character. The bank was capitalized at $200,000. Its statement, May 17th, showed: Loans and discounts, $630,000; due depositors and banks, $628,800; surplus fund, $21,000; undivided profits, $18,400. President Packard insists that the bank is solvent, and will be reopened. The government examiner refuses to talk. WASHINGTON, June 20.-The comptroller of the currency says he closed the Park National Bank of Chicago on reports of the bank examiner that it had large loans on doubtful security; that a receiver will be appointed unless the management is changed and additional money put up.
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The Chicago Bank Failure. WASHINGTON, D. C., June 20.-The Comptroller of the Currency anid this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the Bank Examiner, who has been investigating its affairs for the past two weeks, and who is not altogether satisfied with the character of its assets. It is impossible, the Comptroller says, to tell now the extent of the bank's failure, because of the questionable value of some of the collaterals and securities. The Comptroller says that a receiver will certainly be appointed, unless there is a change of management and a liberal contribution of new capital to. put the bank on a sound fluancial basis.
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In the Hands of the Bank Examiner. CHICAGO, June 20.-By order of the comptroller of the currency National Bank Examiner Sturgis this morning took possession of the Park National bank. It created no surprise in financial circles as President Packard is not a trained financial man and it is understood that its loans are of a poor character. The bank 18 capitalized a' $200,000. Its statement May 17 showed loans and dis counts, $630,000; depositors and banks, $628.000; surplus fund,$21,000; undivided profits $18.400 WASHINGTON, June 20.-The comp troller of the curreney says he closed the Park National bank of Chicago on the report of the bank examiner that it had large loans on doubtful security; that a receiver would be appointed unless the management was changed and additional money put in.
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CLOSED ITS DOORS. THE PARK NATIONAL BANK OF CHICAGO COLLAPSES. A Crowd of Depositors Surround Its Place of Business-The Cause of Drop Attributed to the Ignorance of the President in Banking Affairs. CHICAGO, June 20.-The Park National Bank of this city, closed its doors this morning, and a crowd of depositors now surrounds its place of business. The causes of the failure are not yet known. A notice posted on the door says that it isin charge of J. D. Sturgis, National Bank Examiner. Charles P. Packard is its president. It has been organized only a few years. Its stock sold at par yesterday. Ne statement of the assets or liabilities are attainable at this time. The bank is not an important one, its capital stock being only $200,000. The failure was not unexpected in banking circles. Its president made considerable money in the hat business, and took CHARGE OF THE BANK without it is said, sufficient knowledge of banking. The result was that its loan department was understood to be conducted less strictly than conservative bankers consider necessary, with the result of getting a rather poor line of paper. The Comptroller of the Currency said this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the bank examiner, who has been investigating its affairs for the past two weeks, and who is not altogether satisfied with the character of its assets. It is impossible, the Comptroller says, to tell now the extent of the bank's failure, because of the questionable value of some of the collaterals and securities. The Comptroller says that'a receiver will certainly be appointed, unless there is a change of management and a liberal contribution of new capital to put the bank on a sound financial basis. The Comptroller says that it is not likely that the failure will affect any other institution. President Paceer maintains that the bank is perfectly solvent, and that it will be reopened for business in'a few days. It is stated that the Park National was the victim of several large business failures, which have operated to deplete its resources.
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A CHICAGO NATIONAL BANK IN TROUBLE. REASONS ASSIGNED FOIR THE FAILURE-THE PRESIDENT SAYS THE BANK IS SOLVENT. Chicago, June 20.-The Park National Bank of this city closed its doors this morning. A notice posted on the door stated that it is in charge of J. D. Sturgis, National bank examiner. Charles P. Packard is its president. It has been organized only a few years. Its stock was sold at par yesterday. The bank is not an important one, its capital stock being only $200.000. Its last statement, made on May 17, showed: Loans and discounts, $630,000; cash and cash items, $206,938; surplus fund, $210,000: undivided profits, $18,440; individual deposits, $397,000; demand eer. tificates of deposit, $91,164 certified checks, $11,281 due other National banks, $26,230; due State banks and bankers, $101,773; notes and bills rediscounted. $37,250; bills payable, $50,000. The failure was not unexpected. Its president made considerable money in the hat business, and took charge of the bank without, it is sald, sufficient knowledge of banking. The bank is not a member of the Clearing House, and its clearings have been made through the Commercial National. Its New-York correspondent. according to "The Bankers' Almanac," is the National Park Bank President Packard maintains that his bank is perfectly solvent and that it will be reopened for business in a few days. Many reasons for the failure are assigned by bankers who assert that they have a knowledge of the Park National and its affairs. One of the principal causes is said to be the Fort Sheridan contract which the Park National assumed about a year ago, and which has caused the outlay of considerable money upon which no returns have been received. It is also stated that the Park National has lost money heavily by several large business failures. The first creditor to take action against the bank after the doors were clesed was Alfred Peats, who sued out an attachment for $1,400, but as the bank was in the hands of a United States official. the attachment was not served. Washington, June 20.-The Controller of the Currency said this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the bank examiner who has been investigating its affairs for the last two weeks, and who is not altogether satisfied with the character of its assets. It appears, the Controller adds, that the bank has made large loans on doubtful security, and that some of the officers of the bank have been heavy borrowers on its account.
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ABBREVIATED TELEGRAMS. The striking switchmen at Cleveland have returned to work at an increase in wages. It is proposed to run Gen Daniel E. Sickles for mayor of New York on a citizens' ticket. The safe of Lewis Biller, a Kansas City bookmaker, was robbed Thursday night of over $4,000. It turns out that the sole donor of the cottage at Cape May to Mrs. Harrison is George W. Childs. The glass workers not eligible for membership in the old union of glass workers are going to organize a union of their own. At Elko, Nev., Friday, Josiah Potts and his wife Elizabeth were hanged for the murder of Miles Fawcett in January, 1888. Failures during the past seven days for the United States, 178. For the corresponding week of last year the figures were 195. Alderman McAbee and Michael J. Corcoran, of Chicago, accused of election frauds in that city, were acquitted by the jury Friday. Over 1,000 of the business men and bankers of Nebraska have issued an address against a prohibition constitutional amendment. The town of Milaca, on the Eastern Minnesota railway, seventy-five miles north of St. Paul, was nearly destryed by fire Friday night. Six Italian and twenty-six Hungarian immigrants were detained at New York Friday on suspicion of being imported contract laborers. It is reported in New York that the Germ an government is buying gold by millions in that city. Within the past week $2,254.000 has been shipped to Germany. In his annual address before the Michigan State Medical society, Dr. Frothingham. the president, declared homeopathic physicians to be charlatans and quacks. The Park National bank, of Chicago, suspended payment Friday on orders from the comptroller of the currency at Washington. No statement of its affairs has been made. The case of Robert Osborne vs. William Lockhart, involving the title to some valuable iron land in the Duluth land district, was decided Friday by Secretary Noble in favor of Lockhart. Incited thereto by the destruction of grain by rats the farmers in the vicinity of Golconda, Ills., went into the rat-killing business and have destroyed up to latest advices nearly 1,000 of the rodents. A party of mask ed men in Glascock county, Ga., nearly whipped to death a Mormon who had been preaching the doctrine of the saints in that county. He was then tarred and feathered and ordered to leave.
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FAILURE OF A CHICAGO BANK. The Park National Closed by the Comptroller of the Currency. CHICAGO, June 20.-The Park National Bank of this city closed its doors this morning and is now in charge of J. D. Sturgis. national bank examiner. Charles P. Packard is the bank's President. The bank was organized only a few years ago, and was not an important one. its capital stock being only $200.000. The stock sold at par yesterday. The failure was not unexpected in banking circles. President Packard made considerable money in the hat business. and took charge of the bank. it is said, without sufficient knowledge of the business. It is said that the loan department was conducted less strictly than conservative bankers consider necessary. The Park National is not a member of the Clearing House. and its clearings have been made through the Commercial National. Its New York correspondent, according to the Bankers' Almanac. IS the National Park Bank. A great many reasons for the failure are assigned by bankers. One of the principal causes is said to be the Fort Sheridan contract. which the Park National assumed about a year ago, and which has caused the outlay of considerable money upon which no returns have been received. It is also said that the Park National's resources were depleted by large business failures. The first creditor to take action against the bank after the doors were closed was Alfred Peats, who sued out an attachment for $1.400. but as the bank was in the hands of a United States official the attachment was not served. WASHINGTON, June 20.-The Comptroller of the Currency said this afternoon that his action in closing the Park National Bank of Chicago was based on the report of the bank examiner. who has been investigating its affairs for the past two weeks. and who is not altogether satisfied with thecharacter of its assets. It is impossible. the Comptroller says, to tell now the extent of the bank's failure. because of the questionable value of some of the collaterals and securities. It appears. the Comptroller says. that the bank has made large loans on doubtful securi1y, and that some of the officers of the bank have been heavy borrowers on its account. The bank's deposits amount to $500,000. A lawyer representing the directors had an interview with the Comptroller to-day and requested all proper indulgence in their efforts to put the bank on its feet again. The Comptroller says that a receiver will certainly be appointed unless there is a change of management and a liberal contribution of new capital to put the bank on a sound financial basis. He does not think the failure will injure any other bank.
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CLOSED ITS DOORS. THE CONTROLLER OF CURRENCY ORDERS THE PARK NATIONAL Of Chicago to Cease Operations-The Causes Which Led to This Action Said to be Lack of Proper Securities-A Receiver to be Appointed. CHICAGO, June 20.-The Park National Bank, of this city, closed its doors this morning, and a crowd of depositors now surround its place of business. Charles P. Packard is its president. It has been organized only a few years. Its stock sold at par yesterday. The failure was not unexpected in banking circles. Its President made considerable money in the hat business, and took charge of, the bank, without, it is said, sufficient knowledge of banking. The result was that its loan department was understood tc be conducted less strictly than conservative bankers consider necessary, with the result of getting a rather poor line of paper. President Packer maintains that his bank is perfectly solvent and that it will be reopened for business in a few days. A great many reasons for the failure are assigned by bankers, who claim to have a knowledge of the Park National and its affairs. One of the principal causes is said to be the Fort Sheridan contract, which the Park National assumed about a year ago, and which has caused the outlay of considerable money upon which no money returns have been received. It is also stated that the Park National was the victim of several large business failures which have operated to deplete its resources. The first creditor to take action against the bank after the doors were closed was Alfred Peats, who sued out an attachment for $4,100, but, as the bank was in the hands of a United States official, the attachment was not served. A telegram from Washington says: The "Controller of the Currency said that his action in closing the Park National Bank of Chicago was based on the report of the Bank Examiner, who has been investigating its affairs for the past two weeks and who is not altogether 8 itisfied with the character of its assets. It is impossible, the Controller says. to tell now the extent of the bank's failure because of the questionable value of some of the collaterais and securities. The papers are of other cities, and not being properly listed their value cannot be estimated with any reliability. It appears the Controller says that the bank has made large loans on doubtful securities, and that some of the officers of the bank have been heavy borrowers on its account. The bank has a capital of $200,000, and its deposits amount to $500,000. A lawyer representing the directors had an interview with the Controller to-day, and requested all proper indulgence in their efforts to put the bank on its feet again. The Controller says that a receiver will certainly be appointed, unless there is a change of management, and a liberal contribution of new capital to put the bank on a sound financial basis.
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Not an Important Concern. CHICAGO, ILL., June 20.-The Park national bank of this ctiy, which closed doors to-day, is not an important one, the capital stock being only $200,000. The failure was not unexpected in banking circles. The president made considerable money in the hat business and took charge of the bank without-it is said-sufficient knowledge of the banking business. The result was that its loan department was understood to be conducted less strictly than conservative bankers considered necessary with the result of getting a rather poor line of paper. President Parker maintains that his bank is perfectly solvent, nnd that it will be opened in a few days. One of the reasons assigned for the failure is that it was a vietim of several large ailures, which depleted its resources.
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A Run on a Chicago Bank, CHICAGO, June 21.-As a result of the closing up of the Park National bank yesterday, there was a run to-day on the Thirty-first street bank. This was due to the fact that its president, Melville T. Roberts, was also vice president of the Park bank. All drafts were promptly cashed, and some depositors increased their deposits. The officers claim to be able to meet all demands,
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Anxious to Resume Business. WASHINGTON, D.C., June 26.-The comptroller of the currency said this afternoon that the officers of the Park National Bank of Chicago, which suspended a few days ago, are trying to rehabilitate its finances so as to resume business, and he is disposed to give them an opportunity to do so. The bank will not be placed in the hands of a receiver unless it is found to be necessary.
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ganization will be the Glass House Employes' Association. Yesterday the contest bet ween Speaker Reed and the house over the matter of the record of Wednesday came to an end, the record as amended by Mr. Mills being approved by a vote of 132 to 130, eight Republicans voting with the Democrats. The house then determined to consider the conference (silver) bill. The Park National bank, Chicago, suspended payment yesterday on orders from the comptroller of the currency at Washington. No statement of the bank's affairs has been made, which is in the hands of Bank Examiner J. D. Sturges. McCabe and Corcoran, tried this week on charge of election frauds, were yesterday equitted. This is a victory for Senator Duncan, late of this city, who was Corcoran's counsel. The miners imprisoned in the Dunbar mine are still hemmed in behind a heavy wall of slate. It was thought they could be reached at midnight last night. The World's Fair committee on buildings and grounds have reported to the whole committee in favor of the Lake Front as the site for the great fair. Six Italian and twenty-six Hungarian immigrants were detained at New York to-day on suspicion of being imported contract laborers. The striking switchmen at Cleveland and Pittsburgh have returned to work, with slight advantages gained. The Louisiana legislature (house) has passed the lottery bill to its third reading, by a vote of 62 to 34.
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Chicago's Broken Bank, WASHINGTON, June 26.-The comptroller of the currency said this afternoon that the officers of the Park National bank of Chicago, which suspended a few days ago, are trying to put it on a sound basis, so as to resume .business, and he was disposed to given them an opportunity to do so. The bank will not be placed in the hands of a receiver unless it is found necessary.
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THE WEST. THE Park National Bank, of Chicago, has suspended. JOSIAH POTTS and Elizabeth Potts, man and wife, were both hanged together at Elko, Nev., for the murder of Miles Fawcett in January, 1888. Both died protesting their innocence. AN awful tornado visited Illinois on the afternoon of the 20th. In the vicinity of Earlville twenty-five lives were lost. Four were killed at the village of Sublette, south of Dixon. At Cornell much damage wasdone and four persons were fatally injured. THE golden jubilee of St. Navier's Jesuit College at Cincinnati closed on the 22d. At mass all the officiating clergy were graduates of this college. In the evening Archbishop Elder, assisted by visiting priests and bishops, celebrated pontificial mass. THE National Farmers' Alliance and Industrial Union will hold its next annual meeting in St. Louis in December. THE employes in the Union Pacific machine shops along the line from Pocotelo, Idaho, to Portland, Ore., have struck on account of a reduction in their wages. THE town marshal of Haughville, near Indianapolis, Ind., was recently fatally wounded by a turbulent negro. THE indictments against J. M. Means and J. R. De Camp, former officers of the Metropolitan National Bank, of Cincinnati, have been nolled in the United States Court upon motion of the United States district attorney. This ends all criminal proceedings against them growing out of the bank failure. MILLIE ALLMET, aged sixteen, was burned to death near Jeffersonville, Ind., while lighting a fire with coal oil. IT is stated on apparently good authority that thecensus returns show a population for Minneapolis of 210,000 and for St. Paul of 159,000 in round figures. THE entire business part of Cerrillos, N. M., fifty miles north of Albuquerque, was destroyed by fire. Loss, $100,000. FOREST fires are raging near Ward, in Boulder County, Col. Immense damage to forest and ranchmen has been done. The fire is beyond control and several mining properties are threatened with destruction. THE workmen in the stone quarries at Joliet, Ill., have renewed their strike. Four of them were arrested for refusing to disperse when ordered to do so by the sheriff. THE Bank of Hartford, Wis., has suspended. DES MOINES. Iowa, claims a population of 53,000; Dubuque, 40,000; Sioux City, 35,000; Cedar Rapids, 28,600; Davenport and Burlington, 30,000 each, and Marshalltown, 10,000. DETROIT is estimated at 197,000. MILWAUKEE'S population is 235,000. CLEVELAND, o., has 248,000 people. INDIANAPOLIS computes its population at 125,000. Two small boys were drowned in St. Louis bay, West Superior, Wis., while playing recently. THERE were six cases of sunstroke in Chicago on the 24th.
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Will Not Reopen. CHICAGO, July 5.-It was definitely announced at the Park National Bank to-day that the directors have decided not to resume business. No receiver has yet been appointed and no further order has been received from the controller.
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Will Not Resume Business. CHICAGO, July 5.-lt was definitely announced at the Park National bank to-day that the directors have decided not to resume business. No receiver has yet been appointed, and no further order has been received from the comptroller.
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The Park National Bank WASHINGTON, July 21.-The comptroller of the currency has appointed Gilbert R. Shaw receiver of the Park National bank of Chicago, which has been in the hands of the bank examiner.
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Park National Bank Receiver. WASHINGTON, July 21.-The comptroller of currency has appointed Gilbert B. Shaw receiver of the Park National bank, Chicago, which has been in the hands of the bank examiner.
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SPARKS FROM THE WIRES. THE Atlanta Constitution urges a boycott on northern industries if the federal election bill becomes a law. THE Irish police reports show that 125 agrarian outrages were committed in Ireland during the last quarter. THE controller of the currency has appointed Gilbert B. Shaw receiver of the Park National bank of Chicago. JASON SPRINGER & Co.'s saw mill and sash and door factory at Brush Creek, Cal., were destroyed by fire. Loss, $100,000. W. K. WHITING, a census enumerator of Baltimore, has been arrested for doing only half of his work, and then making complete returns. ALANSON SEE, a wealthy old gentleman and business man of New York, was buncoed out of $5,000 at Asbury Park, by two men, who escaped. Miss MARY WILSON has been arrested in Boston for stealing a trunk tull of miscellaneous valuables worth $3,000 from a family at Rochester, N. Y. DR. PETERS will leave Zanzibar for Germany, hopeful of organizing a new expedition. He declares that Uganda is entirely secured to German interests. MR. SMITH has announced in the British house of commons that the government would introduce the tither and Irish land purchase bills early in the next session. THE proprietors of three newspapers on the Island of Malta have been excommunicated for printing articles abusing the pope and the bishop of Malta. THE negotiations relative to Zanzibar are said to have been concluded. The ministerialists consider that the French minister of foreign affairs has scored a diplomatic triumph. JOHN HARRIS, the largest man in Illinois, died at his home near Tuscola. He was 70 years of age, and his weight for many years past has been between 600 and 700 pounds. GEORGE OLSON, aged 25, a farm hand at Granville, Wis., was stabbed and killed by Michael Haas, another farm hand of the same age. The murder was the outcome of a Sunday's drunk. AT a meeting of the residents of the island of Heligoland, whose cession to Germany is provided for by the AngloGerman agreement, a grateful farewell address to the queen of England was adopted.
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Park National Receiver. The comptroller of currency has appointed Gilbert R. Shaw receiver of the Park National bank of Chicago.
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CONCERNING BUSINESS AND FINANCE. CHICAGO, June 5.-E. A. Armstrong & Co., dealers in uniforms, made a voluntary assignment this morning. Assets are stated to be $275,000, liabilities, $105,000. CHICAGO, June 5.-Meadowcroft Brothers & Co., private bankers, doing a commercial paper business similar to that of Hermann Schaffner & Co., the banking firm which made assignment Saturday, closed their doors this morning. The concern was one of the oldest in the city. Their as-ets and liabilities were not stated. An application for a receiver for the firm has been filed in court. The bank occupies the quarters formerly occupied by the Park National Bank, which failed some time ago. Norman E. Crandall has been appointed receiver. The bill for a receiver filed by Charles Meadowcroft, a member of the firm, gives as a cause of the inability to reorganize the bank a death of his father, Robert Mea which occurred the 13th of F The failure of Herman S on Saturday also had an upon the fail in of the
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A Banker Charged With Perjury. Chicago, Nov. 22.-Melville P. Roberts, a banker, who was president of the Thirty-first Street Bank, which failed during the panic, was arrested this afternoon charged with perjury in a case tried November 1st. wherein Roberts was sued by the Commercial National Bank for $20,000. A warrant alleging perjury was also issued for the arrest of C. P. Parker. who was president of the Park National Bank. which also went to the walls during the panic.
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PERJURY Is ALLEGED. Warrants for the Arrest of Two Presi. dents of Defunct Banks. CHICAGO, ILL., Nov. 23.-Melville P. Roberts, a banker, who was president of the Thirty-first-street Bank, which failed during the panic, was arrested this afternoon on a bench warrant issued by Judge Hutchinson charging perjury in a case tried November 1 wherein Roberts was sued by the Commercial National Bank for $20,000. A warrant alleging perjury was also issued for the arre stof C. P. Packer, who was president of the Park National Bank which also went to the wall during the panic. CANDIDATES FOR READING CLERK Two Californians Said to Be Aspirants for the Place. WASHINGTON, D. C., Nov. 23.-J. C.