The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1876-08-11
THE ELDORADO Tragedy.
The Batter County Bank sus-
Ponds Again.

Tho ButIer County Bank Sua-
Ponds Again.
And N DepOsIGOr shoots and
Kills Ehe President.
The following from the Eldorado
Times of July 2s, gives clear account
of the bank failure and tragedy in
nat Woe, with the exception that it
-elate the particulars of the
ting:
SUSPENDED.
Tue Butler CouRty Bank, w. 2.
sard, President, and A. II. Cos
Cashier, suspended last week.
have no desire to go into any of
a. details connected with the history
of this bank, but as 1t has closed its
doors, we will give short history of
its rise and fall.
This bank commenced operations in
1871 as the Walnut Valley Bank j. G.
Fraker, President; j. S. Danford,
Cashier. Shortly after 1t was estab-
lished 1t was changed to a National
Bank, with q paid up capital stock OF
$4,000. During Danford's admins
tration 1t was rather a popular con-
Germ, and made a greut deal OF money.
A handsome building was erected at q
cost of $1,000 and all the modern ap-
pliances for banking on q large scale
was procured. During the panic it
was about the only bank in the State
that did not close its doors. Owing to
the continued local strife In our coun-
ty, Danford concluded to sell out his
interest and leave the county. He
was further induced to do this, for the
hat f1o ri - T. ~.
bank was not satisfied with his admin
istrstion, although the deposits ran up
TO SCI, 900 the fall before the change.
To give the bank credit and strong
financial standing east, some Of our
best business men became stockholders
to q considerable amount.
When Danford retired, the stock
passed into the hands of two interests
Neil Wilkie and his friends desired
to get control of the bank; while the
Gossards were opposed. After q most
bitter hight Wilkie and his friends got
control. Shortly afterward the David
sons, of Wichita, came over and pur-
chased Wilkes stock and thus assum-
ed control OF the bank in connection
with w. r. and A. II. Gossard.
We wish to say right here that no
man In this town doubted for q mo-
honest, Straightforward man. They all
knew that he had money and that he
would be strictly honest in his dealings
with the public. While on the other
hand no one seemed to have any faith
In the ability of Alvin Gossard TO car
~ on the business of banking success
fully. He was Young, inexperienced
and not capable of managing sach an
institution. Taking into connection
with this the fact that one OF the
Davidsons had failed In business under
suspicious circumstances, at Wichita,
OF course it was simply impossible for
this Institution to retain the conf
dence of the people.
Deposits and business were rapidly
withdrawn. Shortly afterward :they
were compelled to forfeit their Nation
al Bank charter. After this they
started the Butler County Bank under
the same management. Stockholders
in the old National Bank were forced
to dispose of their stock at a great
discount or lose 1t entirely. The feel
ing against this bank became bitter
and sc last 1t was forced to close its
doors.
Mr.. Gossard was notified time and
again that If he would place this insti-
tuition under the management of
good, strong, capable man, that the
people would support it. Every man
instinctively knew that there was bus
mess sufficient to handsomely support
a first class bank, provided the man
agement could inspire confidence in
the public. This they neglected to do,
and 1t Is only a wonder that it did not
close long ago.
We have no desire to cast reflections
upon any one. When we say that
this ank failed simply because it's
management did not secure the conf
dence of the general public, we state
the simple truth. This failure is I'M
fortunate to those who had money in
vested and 1t is also unfortunate for
the business interests of our town.
But few persons were depositors,
the losses will not be
great, although, two or three will suf-
fer severely. We have been unable to
ascertain the amount of assets or liza
bilities. 1t Is fair To presume, howev-
or, that there is but little left to pay
the creditors. We may have more To
say fthis matter hereafter.