5550. Farmers & Merchants Bank (Covington, IN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
July 28, 1893
Location
Covington, Indiana (40.142, -87.395)

Metadata

Model
gpt-5-mini
Short Digest
ded404d1

Response Measures

Full suspension

Other: Bank later paid depositors in full after suspension (October 1893).

Description

Multiple contemporaneous articles (late July 1893) report heavy withdrawals/closed doors due to inability to realize on securities amid the general financial stringency (panic). The bank suspended at end of July 1893 and by October 13, 1893 was paying depositors in full, indicating recovery/reopening. Bank is listed among state banks in the Indiana auditor's report as having closed during the panic, supporting classification as a state bank.

Events (3)

1. July 28, 1893 Run
Cause
Macro News
Cause Details
Heavy withdrawals driven by the general financial stringency/panic of summer 1893 (nationwide money demand).
Measures
Posted notice of closure; officers cited inability to realize on securities and general stringency.
Newspaper Excerpt
closed to-day owing to the heavy demand for money and an inability to realize on securities.
Source
newspapers
2. July 28, 1893 Suspension
Cause
Macro News
Cause Details
Bank suspended (closed) because of heavy demand for money and inability to realize on securities amid the financial panic/credit stringency of July 1893; a large depositor (local building & loan) withdrew funds earlier that day, exacerbating the drain on resources (per local report).
Newspaper Excerpt
The Farmers' and Merchants' Bank of this city closed to-day. Ex-United States Treasurer Nebeker is its president.
Source
newspapers
3. October 13, 1893 Reopening
Newspaper Excerpt
The Farmers' and Merchants' Bank ... which suspended in the latter part of July ... is now and has been for several days paying all depositors, in full or part, as they call for their money.
Source
newspapers

Newspaper Articles (11)

Article from Alexandria Gazette, July 29, 1893

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TELEGRAPHIC BREVITIES. Lewis & Dryden, the largest publishing house in Oregon, has gone into the hands of a receiver. George T. Carpenter, chancellor of Drake Univerity, at Des Moines, Iowa, died at 11 o'clock this morning. The loan committee of the New York clearing house issued $50,000 certificates making total outstanding to date $25,450,000. A registered mail pouch containing $50,000 in securities left the Salt Lake postoffice, eastbound, July 8, and has not since been heard from. At the pienic of the hop growers association at Sylvan Beach near Rome, N.Y., to-day, Senator David B. Hill made an eloquent address, his subject being "Personal Liberty." The building occupied in Chicago by the Chicago Oil Refining Co., a large lumber shed, and four dwelling houses were destroyed by fire last evening. Loss $65,000, insurance about the same. In Mobile, Alabama, yesterday, Bolivar Hudson, a man 69 years old, was convicted of a homicide committed 24 years ago and sentenced to five years i nprisonment in the penitentiary. Gov. Boies, of Iowa, says he is through with politics. Under no circumstances will he accept another nomination for Governor, and says he would not accept the senatorship as a gift. A cable dispatch from London says the yacht Britannia has been selected to protect the gold cup challenged for by the American yacht Navahoe in September. The race will take place off the Isle of Wight. George C. Perkins, the newly appointed U. S. Senator from California yesterday said "I am in favor of bimetallism to a certain extent and will do everything that I consider will benefit the middle classes of the country on which I consider our prosperity mainly depends." The Pennsylvania Railroad Company is preparing to run a series of excursions to Chicago for its emplyees. Transportation will be free and the employces will be given a week's holiday. The transportation agreement provides that the wives, daughters and brothers of the employees may accompany them. The first train will leave New York to-day. At Pittsburg this afternoon a seven story brick and iron building at the corner of Spring alley and Ninth street, owned by the Second National Bank collapsed and crumbled to the ground. About forty workmen were seated inside the building eating their dinners. The men all rushed for the street and escaped, save two, who are yet missing and are supposed to be covered under the many tons of debris. Chambersburg, Pa., was crowded yesterday with people from all along the Cumberland Valley from Harrisburg to Winchester, Va., to witness the dedication of the monument erected by popular subscription. This monument commemorates the burning of Chambersburg by Confederate forces under General McCausland on July 30, 1864 The exercises consisted of a parade, participated in by civic and military organizations from a radius of fifty miles, the singing of national airs by a choir of one hundred voices, and an oration by W. I. Cook, of Baltimore. The monument was presented to and accepted by the City Council. No. 2 Corning Mill of the American Powder Company at South Acton, Mass., blew up at 8:20 o'clock this morning. One man was instantly killed. The explosion was very severe and broke most of the glass in the buildmgs near the mills. There were 2,500 pounds of powder in the mill at the time. Last year the company had two mills blown up. An amputation of the hip joint, one of the most dangerous of operations and the thirteenth of its kind in the annals of surgery in this country, has been successfully performed upon Mrs. Josephine Jaherg, of Rahway, N. J., by Dr. Victor Marvlag. The form of operation was that known as Diffenbach's operation. The following failures are reported to-day Farmers and Merchants' Bank of Covington, Ind.; the C. W. Chapin & Co.'s private bank at Stanton, Mich the Pineville Banking Company at Pineville, Ky; the Citizens' Savings and Loan Association's Bank of Akron, Ohio; and the First Natiodal Bank of Kankakee, Ills. NEW YORK APPOINTMENTS.-President Cleveland's private Secretary, Mr.


Article from The Morning Call, July 29, 1893

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pany aggiegates about $20,000, and it has a paid up capital stock of $85,000. DENVER. July 28.-The Denver Hardware Company has failed for a large amount. There is no statement. MOUNT STERLING. Ky., July 28.-The Traders' Deposit Bank has failed, as the result of a run; liabilities, $150,000. MILWAUKEE, July 28.-Specials report the failure of the German-American Bank at Port Washington, and Seymour's Bank at Chippewa Falls. DENVER, July 28. - The Confidence mines, in the Mogoilen Mountains. have been attached by Silver City (N. Mex.) banks and the First National Bank of this city. The attachments aggregate $45,000. The mines are owned by George Crawford of New York. PITTSBURG, July 28.-The Bessemer steel department of Jones & Laughlin's plant closed down to-day, throwing 500 men out of employment. A condition of uncertainty exists also at the works of the Oliver Iron and Steel Company and the employes are apprehensive of a protracted shutdown. COVINGTON, Ind., July 28. - The Farmers' and Merchants' Bank of this city closed to-day owing to the heavy demand for money and an inability to realize on securities. There is no statement as yet. Ex-United States Treasurer Nebeker is its president. NEW YORK, July 28.-It is learned tonight that an important meeting of the presidents of savings institutions in New York and Brooklyn was h-ld to-day, at which it was decided to recommend to the trustees and directors of the various banks to enforce the sixty days' notice clause on savings banks. CONCORD. N. H., July 28-The Derryfield Savings Bank and Trust Company of Manchester, with deposits of $150.000, which has been under temporary suspension since the closing of the National Bank of the Commonwealth, was enjoined to-night from transacting any further business by Bank Commissioner Lyford.


Article from The Sun, July 29, 1893

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$250,000. and the deposits amount to about $650,000. HELENA, Mon., July 28. - The situation in Helena to-day is very quiet. the banks doing an ordinary business. The Comptroller has directed Bank Examiner Wilson and Special Examiner A. W. Lyman to take charge of the First National and Montana National banks, which closed yesterday. PORTLAND. Or., July 28.-The Union Banking Company has suspended. ELLENSBURG. Wash. July 28.-The Ellensburg National Bank suspended yesterday. George B. Markle. President of the two banks which failed in Portland yesterday. is also President of the Ellensburg Bank. MOUNT STERLING. Ky., July 28.-Last evening the officers of the Traders' Deposit Bank decided to supend payment owing to a heavy run on the bank yesterday. caused by the suspension of the Farmers' Bank. The bank owes $160,000. and has $390.000 of good assets. and the officers hope to resume business at an early day. MARTINSVILLE, Ind., July 28-The S. M. Mitchell Bank. established thirty years ago and backed by $500.000 went into voluntary liquidation yesterday. There is $100,000 in Its vaults and deposited by it in Indianapolis banks. The cause of the action. it is said. is the division of the estate. INDIANAPOLIS, July 28.-The Farmers' and Merchants' Bank of Covington. Ind., closed today. Ex-United States Treasurer Nebeker is President. The officials say that the assets are sufficient to meet the liabilities.


Article from Evening Star, July 29, 1893

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WESTERN BANKS CLOSE. Ex-Treasurer Nebeker's Institution Goes to the Wall. AKRON, Ohio, July 29.-The Citizens' Savings and Loan Association of Akron closed its doors at 10:30 this morning. The cause given was constant drain upon resources by drawing out of deposits. The bank is regarded as in a perfectly sound condition, and will pay dollar for dollar. The capital stock is $100,000, with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no surprise in Akron. COVINGTON, Ind., July 29.-The Farmers and Merchants' Bank of this city, closed up at 1 o'clock vesterday. At noon the cashier said the reason was the present financial stringency, and inability to realize on its security. Ex-United States Treasurer Nebeker is the president. LOUISVILLE, Ky., July 29.-The Pineville Banking Co. at Pineville, closed its doors yesterday. It was considered the best bank in Southeastern Kentucky. The president will surrender all his individual property to help the bank out. KANKAKEE, Ill., July 29.-The First National Bank of this city falled to open its doors this morning. A notice posted on the doors states that the assets are ample to meet all claims. The bank has a paid-up capital of $50,000 and a large surplus. It was organized in 1871. The bank carried a large line of customers and has been and still is considered all right. E. "Cobb, the president of the bank, is the heaviest stockholder and is a very wealthy man. It is probable that the bank will resume in a short time. The Merchants' National of Chicago and American Exchange National of New York are its principal correspondents.


Article from New-York Tribune, July 30, 1893

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STILL THE BANKS GO DOWN MANY SUSPENSIONS IN THE WEST. THREE IN PORTLAND, ORE-OTHERS IN WIS CONSIN, MICHIGAN, ILLINOIS, OHIO AND KENTUCKY. Portland, Ore., July 29.-The Commercial Nation: Bank, Portland Savings Bank and the Ainswort National Bank failed to open their doors this mor: ing. With the exception of a slight run on th First National. the largest bank in the city, ther Is no excitement. The Commercial National an the Portland Savings Bank are under the same mai agement. A notice posted on each of the suspende banks says: "This bank is forced to temporarily suspend owih to the heavy withdrawal of deposits during the la sixty days and inability to realize on securities. De positors will be paid in full." The Commercial National Bank has a paid-up capita stock of $250,000. The Ainsworth National has capital stock of $100,000. The statement of th Commercial National and the Ainsworth National pul fished July 12 shows resources as follows: Con mercial, $1,950,000 : Ainsworth, $687,000; deposit Commercial. $1,455,000: Ainsworth, $447,000. The Ainsworth National is a United States de pository. No statement has yet been made of th condition of the Portland Saving Bank. It has capital stock of $260,000, with a surplus of #202 900. Milwaukee, July 29.-The Commercial Bank o Eau Claire Wis., did not open its doors this mort ing. Notices were posted that the bank was in th hands of Byron A. Buffington, as receiver. Th closing is due to the continuance of heavy withdrawal and the inability to realize on securities. The Com mercial is a popular savings bank throughout th Chippewa Valley. It has a capital of $50,000. Run were started on the National Bank of Eau Claire, th Bank of Ean Claire and the Chippewa Valley Bank but were counteracted by heavy deposits by man leading business men. These banks are remainin open after hours. Grand Rapids, Mich., July 29.-Local creditors yes terday were advised of the closing of the C. " Chapin & Co. private bank at Stanton, Montcali County, owing to a rush of depositors for their cast No statement of the assets and liabilities has bee given out. Kankakee. III.. July 29.-The First National Bank € this city failed to open Its doors this morning. notice posted on the doors states that the assets ar ample to meet all claims. The bank has a' paid " capital of $50,000 and a large surplus. It wa organized in 1871. The bank carried a large lin of customers and has been, and is still, considered 1 be all right. E. Cobb. the president of the bank, I the heaviest stockholder and is a wealthy man. It i probable that the bank will resume in a short time The Merchants' National of Chicago and the Amer can Exchange National of New-York are its goi respondents. Chicago, July 29.-Stevens & Ross, who did bus ness in a small way at No. 204 Fifty-hfth-st., unde the name of the South Park Bank, failed to-day When the depositors called at the bank this mornin they found a card on the door which announced This bank is closed by order of the court." Th failure is a small one and will cut no figure i financial circles. Covington. Ind., July 29.-The Farmers and Met chants' Bank of this city closed my yesterday. Ex United States Treasurer Nebeker is the president.


Article from The Indiana State Sentinel, August 2, 1893

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NEBEKER'S BANK FAILS. The Farmers and Merchants' of Covington Closes Its Doors. COVINGTON, July 28.-Special.-The Farmers and Merchants' bank of this city closed at 1 o'clock this afternoon. A notice was posted on the door which stated the cause to be the present general financial stringency and an inability to realize on its securities. Ex-U. S. Treasurer E. H. Nebeker, who holds $3,000 of its capital stock, is president. The treasurer of the local building and loan association, who was a depositor, withdrew its funds this morning. This will enable the association to go on redeeming the stock of a series which matured this week. In an interview with the bank officials they stated to The Sentinel correspondent that the assets are more than sufficient to pay dollar for dollar of the bank's indebtedness. The capital stock of the suspended institution is $30,000.


Article from Delaware Gazette and State Journal, August 3, 1893

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THE BUSINESS DEPRESSION Many Banks and Commercial Institutions Involved. THE SITUATION IS ALARMING The Tumble Thought to be Only Temporary. Many of the Banks Prove to be of the "Wild Cat" Type, and Their Downfall is of Little Consequence--Some Are Recovering From the Crash. DULUTH, MINN., July 28.-Word was received from the headquarters of the Minnesota Iron Company, in Chicago, to close all mining operations at the hard ore mines of the company until further notice. About 300 men will be kept at the several mines to ship the ore now in stock piles. The towns of Tower and Ely are almost entirely dependent on the work of the mines. 200 MORE MEN TO BE DROPPED. ISHPEMING, MICH. July 28.-The Lake Superior Iron Company, which laid off 250 men ten days ago, will close down Section 16 mine, throwing 200 men out, Saturday night. REFUSED TO HAUL FREIGHT WITHOUT PAY. NEGAUNEE, MICH., July 28.-The North Buffalo mine of the Buffalo Mining Company closed down Wednesday night. The railroads refused to haul away paid. the ore until the freight bills were WILL CONTINUE IN OPERATION YOUNGSTOWN, O., July 28. - The American Tube and Iron Company failure caused a sensation here. The works will continue in operation. ELLENSBURG, WASH., July 28.-The Ellensburg National Bank suspended payment yesterday. No statement. George B. Markle, president of the two banks which failed in Portland, yesterday is also president of the Ellensburg bank. FAILED WITH $100,000 CASH. MARTINSVILLE, IND., July 28.-The S. M. Mitchell Bank, established 30 years ago and backed by $500,000, went into voluntary liquidation yesterday. There is $100,000 in its vaults and deposited by It in the Indianapolis banks. The cause of the action, it is said, is the division of the estate. TWO BANKS FAIL AT SPARTA. SPARTA, WIS., July 28.-Two banks closed their doors here yesterday-the M. Sparta. A. Thayer Bank and the Bank of The cashiers of both institutions claim the action was taken to protect depositors and that the banks will resume. The liabilities of the M. A. Thayer Bank are placed at about $175,000, and the assets at $225,000, while the liabilities of the Bank of Sparta are said to be $210,000, with assets of $500,000. HOPE TO SOON RESUME BUSINESS. MT. STERLING, Kr., July 28.- Last evening the officers of the Traders Deposit Bank decided to suspend payment, owing to a heavy run on the bank, yesterday, caused by the suspension of the Farmers Bank. The bank owes $150,000 and has $890,000 of good assets, and the officers hope to resume business at an early day. THREE FAILURES IN SALT LAKE. SALT LAKE, UTAH, July 28.-The heaviest failure of the depression OCcurred here yesterday, it being S. C. Ewing of the Cullen Hotel, with liabilities $37,229; assets placed at about double. Hard collections and light travel are given as the cause. The Exposition dry goods and notion store also failed. Liabilities, $8,411; no statement of assets. CLEVELAND, OHHo, July 29.-A special from Youngstown, Ohio, says: The failure of the American Tube and Iron Company is not looked upon as serious by the local manufacturers con versant a with the facts. They believe that it is only temporary embarrassment and that everything will out right soon. The em usual. ployes will receive their pay to-day, as Walter Kaufman, the local manager says that in his opinion the mills would resume inside of two weeks, as there are many orders on hand. AN OLD SAFE COMPANY ASSIGNS. HAMILTON, O., July 29.-The McNeal & Urban Safe and Lock Company, one of the eldest safe firms in the country have as signed to Howard Douglass of Cincinnat Assets, $160,000; liabilities unknown. The firm has been unfortunate in several large contracts, but claimed that it is solvent IN A RECEIVER'S HANDS. PORTLAND, ORE., July 29.-Lewis & Dry den, the largest publishing house in thi section of the country. has gone into th hands of receiver. The object is to pre vent an attachment, so that the concer may continue its business under receive Assets, fully $100,000, and debts not mor than $20,000. DEPOSITORS RUSH FOR THEIR CASH. GRAND RAPIDS, MICH., July 29.-Loca creditors yesterday were advised of th closing of the C. W Chapin & Co., privat bank at Stanton, Montcalm county owin to a rush of depositors for their cash. N statement of assets and liabilities has beer given out. THE PRESIDENT WILL STAND BY HIS BANK LOUISVILLE, KY. July 29.-The Pine ville Banking Company, at Pineville closed its doors yesterday. It was con sidered the best bank in Southeaster Kentucky The president will surrende all his individual property to help th bank out. COULD NOT REALIZE ON SECURITIES. COVINGTON, IND., July 29 The Farme and Merchants Bank of this city closed yesterday. The cashier said the reaso was the present financial stringency inability to realize on its securities. president. United States Treasurer Nebeker is th MAY REALIZE TEN PER CENT. LINCOLN, NEB., July 29.-Receiver Ha den of the defunct Capital National Ban! is authority for the statement, made ye terday, in answer to inquiries of the positors, that they might realize 10 P cent on their claims. Mr. Hayden bases his claim upon tl very poor outlook for securing muc money from the stockholders, who. suspicious land transfers and a condition of affairs which the stringency in financi circles has brought about, claim that th cannot borrow money on their person property or dispose of it at any price. WILL SHUT DOWN INDEFINITELY. KNOXVILLE, TENN., July 29. --The tann acid factory of this city will be shut dov next week indefinitely. This plant erected several months since by the Sta dard Tannery Company of Chicago, a represents an outlay of over $100.00 Over ployment. 200 men will be thrown out of er TO EXAMINE FOSTER'S BANK BOOK. FOSTORIA, O., July The creditors Foster & Company and Charles Fos have held a largely attended secret meeti and raised fund to employ an expert make examination of the books of bank. This will be done in order to


Article from The Progressive Farmer, August 8, 1893

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CONTINUED PROSPERITY(P) The Banks and Mercantile Concerns Still Close Their Doors, Though "Confidence Has Been Restored"--Gold is Coming Back Before the Sherman Lawi Repealed and that Gives the Lie to Chicago Platform. ELLENSBURG, Wash July 28-The Ellensburg National Bank suspended payment yesterday. No statement is made. George B. Markle, president of the two banks which failed in Portland yesterday, is also president of the Ellensburg bank. CHICAGO, July 28-A special to the Record from Martinsville, Ind., says: The S. M. Mitchell bank, established thirty years ago, backed by $500,000, went into voluntary liquidation yesterday. There is $100,000 in its vaults and deposited by it in Indianapolis banks The cause of this action, it is said, is for a division of the estate. SPARTA, Wis., July 28.-Two banks closed their doors here yesterday, the M. A. Thayer bank and the Bank of Sparta. The cashiers of both institutions claim the action was taken to protect the depositors, and that the banks will resume. The liabilities of the M. A. Thayer bank are placed at about $175,000 and assets at $225,000; while the liabilities of the Bank of Sparta are said to be $210,000, with as sets of $500,000. MOUNT STERLING, Ky., July 28 -Last evening the officers of the Traders' Deposit bank decided to suspend payment, owing to the heavy run on the bank yesterday, caused by the suspen sion of the Farmers' Bank. The bank owes $150 and has $390,000 of good assets. The officers hope to resume business at an early day. NEW YORK, July 28. The failure of Horatio D. Averill was announced at the Consolidated Exchange this morning. His liabilities are small. NEW YORK, July 28.-Adolph Goldsmith and Sigmund A. Goldsmith, composing the firm of Adolph Goldsmith & Son, jewelers and diamond dealers, No. 38 Maiden Lane, to day assigned to Jones H. Monsheimer, with preferences for $38,043 to numerous creditors SAN ANTONIO, Texas, July 28 -The extensive coal mines of the Minerva Colliery company in Webb county, have closed down, throwing a large number of men outof work. As there is no prospect of resumption at the mines at present, many of the miners are leaving the county PROVIDENCE, R I., July 28 -The following cotton mills in Burrillville have closed: A. L Sales & Sons, Arnold & Perkins. Job E Fiske, Jr, W. A. In man, William Finkham & Co., J. J Nicholas & Sons CHIPPEWA FALLS, Wis., July 28 -G. W. Seymour's private bank closed its doors here this morning. There are runs on all the other banks in town. PORTLAND Oregon, July 28 -The Union Banking Company has suspended. GREAT FALL, Mont, July 28 -The First National Bank of this city sus pended payment this morning. KANKAKEE, Ills., 29.-The First Na tional Bank of this city failed to open its doors this morning. The notice posted on the doors states that the assets are ample to meet all claims. LOUISVILLE, Ky., July 29 The Pineville Banking Company, at Pineville, closed its doors yesterday. It was con sidered the best bank in Southeastern Kentucky. The President will surrender all his individual property to help the bank out. COVINGTON, Ind., July 29 -The Farmers' and Merchants' bank, of this city, closed yesterday. The cashier said the reason was the present finan cial stringency and inability to realize on its securities. Ex United States Treasurer Nebeker is its president. KNOXVILLE, Tenn July 29.-The Tannic acid factory of this city will be shut down next week indefinitely. This plant was erected several months since by the Standard Tannery Company, of Chicago, and represents an outlay of over $100,000. AKRON, 0, July 29.-The Citizens' Savings and Loan Association, of Akron, closed doors this morning. The cause given is the constant-drain upon the resources by drawing out deposits. The bank is regarded as in a perfectly sound condition and will pay dollar for dollar. The capital stock is $100,000, with $80,000 surplus. The company was organized and incorporated in 1872. The suspension created no sur prise in Akron. TRENTON, N. J., July 29.-A run was commenced this morning on the Tren ton Savings Bank. By noon about $30,000 had been paid out. The bank is one of the strongest in the State, having a clean surplus of $260,000. The money paid out this morning was in new silver dollars just received from the Philadelphia mint. All the Tren ton banks are in excellent shape and no suspensions will occur. MILWAUKEE, Wis., July 29 .-The Commercial Bank, of Eau Claire, Wis., did not open its doors this morning.


Article from The Indianapolis Journal, October 14, 1893

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Paying Depositors in Full, Special to the Indianapolis Journal. COVINGTON, Ind., Oct. 13.-The Farmers' and Merchants' Bank, of this city, which suspended in the latter part of July, and of which Hon. E. H. Nebeker, exUnited States Treasurer, was president, is now and has been for several days paying all depositors, in full or part, as they call for thelr money. This is the first bank in the United States, that suspended during the panic, to pay all its depositors in full.


Article from The Indiana State Sentinel, October 25, 1893

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a fire-bug. Horse stealing seems to be a reigning fad near Muncie Nearly all the county fairs suffer financial loss this year. The first ice of the season formed in southern Indiana Sunday night. Crawfordsville has already begun preparing for a rousing Hallowe'en. Over three hundred people from Posey county left for Chicago yesterday mornIng. The Ohio Falls car works company has ordered a reduction in wages of 10 per cent. # Henry Hogan of Nulltown was thrown from a buggy in a runaway. His thigh was broken. Jerry Collier of Morgan county has gathered and hulled 100 bushels of walnuts this season. Charles Rominger of Hope has lost two children by diphtheria very recently and two others are sick of it. Thousands of bushels of tomatoes lie rotting in the fields around Whiteland, due to the heavy frosts of this week. A Howard county farmer has been arrested for pouring water on. his hay when he went to sell it, SO It would weigh more. If the Wabash river does not rise soon the nimrods expect a glorious season catching bass in the tributaries and lake near that stream. Five hundred inmates of the Indiana soldiers and sallors' home at Knightstown were admitted free to the John Robinson circus last week. The late small-pox case will have cost Connersville $330.56 when everything is paid, and would have cost $700 if all were paid who wanted to be. William Strong, while working on a new barn near Fairview Thursday, fell from a beam twenty-five feet and received internal injuries that will result fatally. Grand Juror Tafflinger, while going home from Jeffersonville Wednesday night over the Ohio & Mississippt road to Nabb, was relieved of $500 by a pickpocket. A Valparaiso woman recently lost her husband, his life being insured for $2,000. The broken-hearted woman at once telegraphed her relatives in Ohio: "Jim died this week; loss fully covered by insurance." Anthony Navarre died in Washington on Sunday. aged sixty-two years. He was the son of Peter Navarre, who was the first white settler of South Bend, and his mother was a full-blooded Pottawattomie Indian. Ben Jenks, who was sentenced to pay a fine of $1 and the costs for maintaining a nuisance in the shape of pet skunks in the window of his saloon in New Albany, has appealed the case to the supreme court. Frank Martin, a young man who lives two miles southwest of Osceola, was out hunting Sunday and shot two fingers off his. left hand, beside badly lacerating his hand. by the accidental discharge of his gun. Mr. Henry Sherlock of this city who, as has been stated. recently received a good paying appointment in the United States marine service, has selected Mr. Charles E. Pfau of Indianapolis as his private -secretary.-Madison Courier. Warsaw has an epidemic of diphtheria and the disease is prevailing in numerous places in the state to an alarming exent. All necessary precaution should be taken by our board of health to prevent it getting a foothold in the city. The Farmers and Merchants' (Nebeker's) bank of Covington, this state, which suspended during the panic, completed its payment in full to depositors Saturday. It is the first bank in the fallen list, either state or national, to pay up in full. The long delayed free gas line for factories will soon be a roaring reality All arrangements have been made for the shipment of the gas pipe, and the work of trench digging will begin in a few days as we are reliably informed.Kokome Tribune. D. Knapp, who teaches at the Carter school house, about four miles west of Frankfort, had his foot badly injured Sunday by a horse stepping upon it. It will lay him up for some time, and being unable to get a teacher in his place, the school was dismissed. Gatton & Hastings shipped their famous trotter, Gamer, to Memphis, Tenn. Sunday, where he will be in training for one year. Gamer is one of the coming wonders of the turf and one year of good training will put him to the front in good shape.-Vincennes Sun. R. H. Ashmore of Center Point has the boss pear tree, planted five years ago, which has now borne three crops, that of this numbering 356 matured pears, besides the windfalls. It is the Kieffer variety We may challenge any other tree this side of California to equal it. An organization to be known as the Social science club has been formed at Richmond and the following officers elected President, J. T Joyce; vicepresident, Malcolm Ritchie; secretary, James Bond; treasurer, C. Patterson; sergeant-at-arms, Joseph Brunner. The contest of the will of the late John Hilt, the wealthy ice man, will be commenced at the November term of the Laporte circuit court. The estate is valued at $500,000 and the litigation is said to be the result of his failure to adequately provide for all the heirs. The residence of A. S. Reed, in Johnson township. was entered by a burglar while the family was at the fair last week. The thief left the contents of drawers and wardrobes scattered all over the rooms, but carried away nothing except a cake which had been left in the pantry. Lewis Winship, a farmer living near Rushville, claims to have the best crop of corn in the state of the same acreage. The seed planted is known as the Dent corn, each kernel being dented and sixteen rows to the ear. Six ears strung out measured six feet and six inches in length. Leo F. Tomaszewski, the hustling real estate man of this city, has been named by Governor Matthews as a delegate to the world's real estate congress to be held Oct. 23 at the world's fair grounds under the auspices of the National real estate association.-Madison Democrat. Adam C. Humbarger, an aged resident of this county, was found dead in an open field near Tampico Monday evening He is well known in this city, where he has made his home with his children, Mr. M. Humbarger, corner of Markland and Courtland-aves, and Mrs. Will Scott.-Kokomo Tribune. George W. Burnham, formerly a resident of Mt. Vernon and a brakeman on the Air line, tried to suicide in the Princeton jail on the 14th, where he for


Article from The Indiana State Sentinel, February 14, 1894

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REPORT ON STATE BANKS IS MADE BY THE BANK DEPARTMENT OF THE AUDITOR'S OFFICE. It Shows the Number of State Banks Organized During the Year, the Number of Failures-Two Trust Companies, Both of This City, Have Been Incorporated. The annual report of the bank department of the state auditor's office has been printed. It is for the fiscal year ending Oct. 31, 1893, and shows that during the year the following state banks have been incorporated, making a total of eighty-seven in the state: Monroe county state bank of Bloomington, Citizens' bank of Clinton, Garrett banking company of Garrett, State bank of Indiana at Indianapolis, Citizens' state bank of Knox, Logansport state bank, State bank of Lowell, Union loan and trust company of Richmond, Parke bank of Rockville, State bank of Veedersburg, Williamsport *state bank of Williamsport. The financial panic of last spring compelled the following banks to close their doors and their affairs are being wound up: State bank of Churubusco, Clay county bank of Clay City, Farmers' and Merchants' bank of Covington, Farmers' and Merchants' bank of Fairmount, Farmers' and Merchants' bank of Geneva, Farmers' bank of Otterbein, Commercial bank of Oxford, Bank of Russiaville, Bank of Spiceland. The Delaware county bank at Muncie reorganized as a national bank and the Citizens' bank at Knox sold its business to a private bank. These changes have left eighty-seven banks operating under state law at the date of this report. These failures are the first that have occurred since the enactment of the present state bank law in 1873, and were largely owing to alliances with financial schemes, the practicability of which were always doubted by this department, and which has made all the effort that it could to prevent them. The law, however, does not give the auditor of state sufficient authority to stop practices by banks which seem to him unsafe. The failure of these banks. with two or three exceptions, will not cause loss to depositors. The report shows that the savings banks, of which there were five at the close of the year, are in a. perfectly solvent condition, but suffered, like all other banks. in the withdrawal of deposits during the spring and summer. Whenever necessary, the provisions of the law under which they are operating and their by-laws, requiring notice of withdrawals, were taken advantage of, thus preventing a sacrifice of their securities. Two trust companies have been organized under the law passed by the last general assembly providing for their incorporation. They are the Indiana trust company and the Union trust company, both of Indianapolis. Statements of their condition are submitted. showing their exact assets and liabilities at the close of the fiscal year.