Article Text
COULDN'T REALIZE. Banks Forced to Suspend Owing to Inability to Sell Their Securities. MUNCIE, Ind., Aug. 4.-The Citizens National Bank, one of the oldest and soundest banks in this city, suspended business at 9 o'clock this morning. Withdrawals of deposits and inability to realize on paper are the cause. President Kerwood claims that the assets are as 2 to 1. Three other banks in this city are preparing for the worst, as the people are greatly excited over the fallure. LEBANON, Pa., Aug. 4.-The Lebanon Trust and Safe Deposit Bank failed to open its doors this morning. The announcement made was: "This bank closed by order of the directors." The bank is a state institution with a capital of $50,000. The inability to collect outstanding accounts, the general tightness of the money market and personal litigation of the president, Mr. Robert H. Coleman, locking up its securities and enjoining it from disposing of them, have compelled this step. ST. PAUL, Minn., Aug. 4.-The People's Savings Bank, one of the small concerns of the city, closed its doors at noon today. ST. PAUL, Minn., Aug. .-The National German American Bank failed to open its doors this morning and announced a temporary suspension consequent upon a steady drain of withdrawals for the past month. The bank officials announce that every liability will be made good, dollar for dollar, but they require time to realize on their securities. State, county and city funds are secured by bonds given by various wealthy business men outside of the bank. No statement of liabilities and assets is yet obtainable. By way of comparison with the last puby lished statement of the bank made July 12 the present footings of individual deposits show a total of over $631,000, as compared with $1,258,230. There is no excitement at the other banks and although some depositors are drawing out their money from some of the other institutions, there is no general action of that kind noticeable. ST. PAUL, Minn., Aug. 4.-The West Side Bank, a small bank on the west side of the river, closed its doors at 1 o'clock this afternoon.