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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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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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Why the Bank Was Closed. WASHINGTON, June 20.-The comptroller of the currency says he closed the Park National bank of Chicago on the report of the bank examiner that it had large loans on doubtful security, and that a receiver will be appointed unless, the management is changed and additional money put in.
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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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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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Bank Suspends. CHICAGO, June 24.—The Park National bank, organized five years ago with a capital of $50,000, suspended this morning.
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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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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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Won't Resume Business. CHICAGO, July 5.-It was definitely announced at the Park National bank today 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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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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A Burst Bank. CHICAGO, July 6.-It was definitely announced at the Park National Bank yesterday that the Directors have decided not to resume business. No receiver has yet been appointed and no further orders were received from the Comptroller of the Currency.
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BANK RECEIVER APPOINTED.-The - controller of the currency has appointed Gilbert B. Shaw receiver of the Park National Bank of Chicago. The appointment was delayed several days in order to allow the directors a chance to restore the bank to a business basis. They were unable to do this, however, and it was thought best to wind up the bank's affairs.
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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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1/2 Receiver Appointed. WASHINGTON, D. C., July 21.-The Comptroller of the Currency has appointed Gilbert R. Shaw receiver of the Park National Bank of Chicago, Ill. The appointment was delayed several days in order to allow the directors a chance to restore the bank to a business basis. They were unable to do this, however, and it WSS thought best to wind up the bank's affairs.
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A Bank in a Receiver's Hands. WASHINGTON, July 21. - -The controller of the currency has appointed Gilbert B. Shaw receiver of the Park National Bank of Chicago. The appointment was delayed several days in order to allow the directors a chance to restore the bank to a business basis. They were unable to do this, and it was thought better to wind up the bank's affairs.
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Receiver for a Chicago Bank. WASHINGTON CITY, July 22.-Gilbert B. Shaw has been appointed receiver of the Park National bank of Chicago.
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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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Park National Receiver. The comptroller of currency has appointed Gilbert R. Shaw receiver of the Park National bank of Chicago.
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AN EVENTFUL YEAR. Many Things That Happened During 1890. RECORD OF NOTABLE OCCURRENCES. Disastrous Business Failures—Fatal Casualties and Startling Crimes—Leading Political and Social Events—Necrology—Disastrous Fires, Etc. BUSINESS FAILURES. [INVOLVING $300,000 AND OVER, ON BANKS GENERALLY.] Jan. 6—R. Deimel & Co., Chicago furniture dealers; $300,000. Jan. 14—Smith Middlings Purifier Co., Jackson, Mich.; $484,000. Jan. 16—Bank of H. R. Pierson & Son, Albany, N. Y. Jan. 21—State Bank of Irwin, Kan. Jan. 27—John B. Lollande, New Orleans, cotton merchant; $600,000. Feb. 4—Joseph P. Murphy, Philadelphia, manufacturer of cotton and woolen goods; $500,000. Feb. 11—Franklin Woodruff & Co., dealers in fish and salt, New York City; $400,000. Mar. 13—Harrison & Loder, wholesale dry goods, New York City; $350,000. Mar. 19—John F. Plummer & Co., wholesale dry goods, New York City; $1,000,000. Apr. 7—George K. Sistare's Sons, bankers, New York City; $500,000. Apr. 8—Manhattan Bank, Manhattan, Kan.; $561,000. Apr. 17—Louis Franke & Co., silk merchants, New York City; $900,000. Apr. 30—Bank of America and twelve branches, Philadelphia; $700,000. May 1—Fechheimer, Rau & Co., shirt manufacturers, New York City; $400,000. May 13—Plattsburg Bank, Plattsburg, Mo. May 14—J. F. Reynolds, broker, New York City; $300,000. May 19—Public Grain and Stock Exchange, New York City; largest bucket-shop in United States. May 22—Bank of Middle Tennessee, Lebanon, Tenn. May 23—Owego (N. Y.) National Bank. Jun. 20—Park National Bank, Chicago. Jun. 24—Bank of Hartford, Hartford, Wis. Jul. 29—J. E. Tygert & Co., fertilizer manufacturers, Philadelphia, Pa.; $317,000. Aug. 6—State National Bank, Wellington, Kan. Aug. 27—Potter, Lovell & Co., bankers, Boston; $5,000,000. Aug. 29—City National Bank, Hastings, Neb. Sep. 3—Hoxie & Mellor, Wisconsin lumber dealers, $500,000. Sep. 4—Sawyer, Wallace & Co., New York, Louisville and London, commission merchants and brokers; $2,000,000. Sep. 6—National bank at Kingman, Kan. Sep. 17—Gardner, Chase & Co., bankers and brokers, Boston; $2,000,000. Sep. 27—Bank of Madison, Jackson, Tenn.; $200,000. Oct. 4—Fleming Bros., patent medicine firm, Pittsburgh, Pa.; $500,000. Oct. 10—Indianapolis (Ind.) Car Manufacturing Company; $600,000. Oct. 13—Wallace, Waggoner & Co., wholesale grocers, Houston, Tex.; $300,000 .... J. H. Hagerty & Co.'s bank, Aberdeen, S. D.; $230,000. Oct. 16—R. G. Peters' Salt and Lumber Co., Manistee, Mich.; $3,000,000. Oct. 31—Leopold Bros., wholesale clothiers, Chicago, $300,000. Nov. 11—Panic in Wall st., N. Y., caused the failure of brokers Decker, Howell & Co. ($10,000,000); C. M. Whitney & Co. ($300,000), and Daniel Richmond ($200,000) .... John T. Walker & Co., silk importers, of New York City, $900,000. Nov. 14—Kansas City Packing Co., Armourdale, Kan.; $500,000. Nov. 15—Kansas City Packing & Refrigerating Co., Boston; $1,000,000 .... Mills, Robeson & Smith, brokers, New York City; $350,000. Nov. 18—P. W. Gallaudet & Co., New York City, brokers; $1,000,000. Nov. 20—Barker Brothers & Co., bankers, Philadelphia; $3,000,000. Nov. 21—Banking firm of Ragsdale & Co., Oklahoma City, O. T. Nov. 22—First National Bank of Alma, Kan. ... Bank of Waverly, Waverly, Kan. Nov. 24—Edward Brandon, New York broker; $1,500,000 .... Thomas Fawcett & Co., extensive coal dealers, Pittsburgh, Pa.; $400,000. Nov. 25—Thomas H. Allen & Co., cotton commission firm, Memphis, Tenn.; $750,000. Nov. 27—H. H. Bell, banker, Duluth, Minn.; $750,000. Nov. 28—B. K. Jamison & Co., bankers and brokers, Philadelphia; $1,000,000. Dec. 3—Rittenhouse Manufacturing Co., Passaic, N. J.; $800,000. Dec. 5—V. & A. Meyer, cotton dealers, New Orleans; $2,500,000 .... Delameter & Co., Meadville, Pa., bankers; $400,000 .... Chicago Safe & Lock Co.; $700,000. Dec. 8—Roberts, Cushman & Co., dealers in bolters' materials, of New York City, $500,000. Dec. 9—American National Bank, Arkansas City, Kan. .... Nightingale Bros. & Knight, silk manufacturers, Paterson, N. J.; $400,000 .... Whitten, Burdett & Young, Boston, wholesale clothiers; $700,000. Dec. 11—Kendrick, Pettus & Co., Clarksville, Tenn., tobacco dealers; $400,000. Dec. 11—Franklin Bank, Clarksville, Tenn.; $200,000, assets $250,000. Dec. 12—Venable & Heyman, wholesale liquor dealers, New York; $400,000 .... Henry Seibert, tobacco dealer, New York; $250,000. Dec. 13—Druid Mills Manufacturing Co., Baltimore, Md.; $600,000 .... Collier, Robertson & Hambleton, wholesale grocers, Keokuk, Ia.; $175,000 .... Bell Miller & Co., dry-goods dealers, Cincinnati; $400,000. Dec. 16—Maris & Smith, bankers and brokers, Philadelphia; $300,000. Dec. 17—Huron National Bank, Huron, S. D. .... Clearfield County Bank, Clearfield, Pa., $350,000. Dec. 18—Spokane Falls (Wash.) National Bank .... S. A. Kean & Co., bankers, Chicago. Dec. 19—Owens Bros., Providence, R. I.; $1,000,000. Dec. 23—Bateman Bros., wholesale grocers, Fort Worth, Texas; $500,000. Dec. 24—The firm of Eiseman & Co., dry-goods merchants, Council Bluffs, Ia.; $300,000. Dec. 25—Sanborn County Bank, Woonsocket, S. D. .... Marerick Bank, San Antonio, Tex. Dec. 27—City National Bank, Hastings, Neb.
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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.