, 1875-09-26
THE FOURTH NATIONAL.


The closing Of the Fourth National Bank
in this city will not surprise those who are
0tt couTuat in local finances The bank has
been in weak condition ever since the panic
Of 1873. It was seriously crippled at that
time, when Mr. r. E. GooDE11, q wealthy
resident of Springfield, H., came here and
took hold Of it, with The hope and intention
OF restoring it to soundness and OF building up
its business The times have not been favor
able for such al undertaking; many of its
bills receivable We're made for money loaned
to land spectators, and are secured BY
outside lots," which have ah-unken in
value, and are Of slow sale Banks
doing this kind of business are apt to find
themselves short Of funds when they nre
needed. Last January the Fourth Nationals
credit: WINS damaged, and rumors Of its insta-
blllty came near forcing it to close at that
time. This was avoided, but the temporary
embarrassment proved another obstacle in
the way Of reviving the business Of the bank.
Since then tho policy of the bark has been
to contract its business with view to wind
ing up and final retirement The standing
OF the bank can be we'll understood from the
feet that its circulating notes have been re-
duced to $4,000, which will not only
be redeemed in full, but leave a
surplus for the bank out of the
bonds. The deposit account probably does
not exceed $50, ,o30. It ia usual, Of course,
whenever bank fails to announce that the
depositors will be paid in full, and it is quite
common this proves not to be true; but there |
is certainly good reason to believe that, with !
an honest liquidation, the Fourth National |
will be an exception to the rule, and pay of |
every dollar it owes. Probably 1args part
Of its essets will prove to be bad, but the in
Av1daal fortunes Of many Of the stock
holders ought to guarantee full payment.
s1r. GooDE11 has always enjoyed the reputa-
ion Ct honesty and fairness, and We have no
1oubt that he will insist upon full settle
nent Of Ill claims against the bank The
losing of the bank will have no perceptible
'fect on general business
- Since writing the above we have con-
'ersed with two Of the officers Of the defuact |
who inform us that the claims of
epositors amount to about $157 1000, against
7hich are offsets enough to reduce the
mount to perhaps $4,000 The available
ssets Of the bank, which can be converted
ito money in q short time, will pay of |
10 depoEtors and leave about $220, 900
'sslow papor," secured by insolvent real !,
state, to be divided among the stockholders s
here are only seventeen depositors whose {
aims exceed $1,000 each, while there are
10 depo6itors to whom less than 800 each I
due. The report that the bank owes City 6
OHARA anything is untrue, he hav- I
g checked out all the city account some t
me- ago Nor is it truo that any | {
'unty money is in the concern. 8
be Town Collector, Al1kE EVANS, kept s
NE of his collections there 1ast winter. but n
withdrew all the money long ago. Il thus c
pears that no creditor Of the bank has lost s
will lose anything, unless it be the stock u
lders. The story that the bank owed the q
iicago i Southern Railroad is not true. At h
9 time it closed its doors it had no connec- r.
n or dealing with that road, as we are as-
red by one Of the officers Of the bank. h