The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1877-07-27
THF BUSINESS OUTLOOK.

Inc many who voted for Hayes in the hopes
Of better times must acknowledge that sales
by sheriffs or constables have not decreased.
Our own county is sad illustration of the
fact. The following extract from the Shen.
dndodh Herald, we republsh as an item of
general interest to our readers
ASHLAND, July lS.--The readers of the
Herald will no doubt be very much surprised
when they learn that the First National Bank
of Ashland is about going into liquidation.
The affairs of this institution have always
been managed with signal ability, but like
very many of its contemporaries, it must at
last succumb to the disiointed condition of the
times. For some time past it has been appa-
rent to the officers Of the bank, that unless
something unforeseen would occur they would
have to close up and acknowledge their ina
bility to do business. in the face of popular
distrust.
CONDITION OF THE BANK.
On the 22d Of June last statement of its
affairs was drawnu up, which however, showed
that at that time all things considered, the
bank was in fair condition aud if the times
would soon improve all would be we'll, but at
meeting of the directors on Saturday last
they concluded that there was no prospect of
an immediate improvement and that it was
best to go into voluntarily liquidation. The
liabilities of the bank are something like
0,000 and we are informed by an officer Of
the bank that the assets are at least double
that amount.
THE DEposIToRs.
| The depositors will be paid off as rapidly
as possible, and it is thought that in sixty
days they will have received every cent OF
their claims. 1t will take something like one
year before the stockholders can be settled
with. Pending this time the bank will keep
open and transact the business necessary tc
closing up its affairs. The assets include
bonds and mortgages, loans, and considerable
money due from approved reserve agents,
also great deal of real estate that it will take
some time to dispose of satisfactorily.
THE CAUSE.
Mr.. Robert Gorrell is President of the
bank, and to his loss of the great coal case
can be attributed to some extent at least the
public distrust in the institution and its loss
of business. The deposits have been so small
that for the past six months there has been
but little discounting done. The verdict of
$l2S, 900 against Mr.. Gorrell is what precipi
tated matters.
THE CONTINENTAL CoLLIERY.
Apropos of the big verdict it looks as if Dr.
| Provost would experience considerable diff
Guilty in getting even portion of it. Sheriff
Hoffman, of Columbia county, created a
breeze in Centrala yesterday morning by levy
ing on the Continental Colliery owned by
Robert Gorrell & Co. The miners, to whom
MIR. Gorrell owes several months wages flew
around lively and naturally we're anxious te
know what it all meant. 1t did not take long
i before they discovered that the Sheriff was di-
rected to levy on the property to the extent
Of $50, 900 in consideration of debt in favor
of John T. Audcnried of Philadelphia, 6
former partner of Mr.. Gorrell's. DIR. Provost
is much exercised over this part of the pro
gramme as are the miners, and judging from
present indications there will be no end to the
litigations arising from this levy.
THE UNION coLLIERY.
1t never rains but it pours On Monday
morning last there was an immense crowd o
people around the Union Colliery, owned by
John Anderson & Co. Constable Welsh was
going to sell the lease and effects of this col
liery, in lieu Of divers executions caused to
be issued by the employees who wanted {
couple of months wages due them. Thert
was no sale. Sheriff Hoffman got out an in
junction preve nting the constable from pro
ceeding to extremities. As soon as this wal
done the Sheriff levied on the property for {
debt of $1,000 in favor of Robert j. Ryon, &
former partner of Mr.. Andersons.
Quite a number of executions were ISSUED
against the Union colliery by the employees
but as soon as the constable got possession
of them they were bailed to court by Mr.
Anderson. Finally number of writs were
issued that were not bailed and hence the men
were sanguine Of getting their pay. While
the constable was preparing to make sale
the levy was made by the Sheriff on Ryon''
judgment. As soon as the Sheriffgot through
making his levy Squire Murphy of Central
ia hied himself to Bloomsbury and laid the
matter before Judge Elwell. His Honor de
cided t hat Sheriff Hoffman could have fifteeI
days to make SALE and if at the end oftha
time the property was not sold constable
Welsh should go on and dispose of it in the
interests of the employees. Here the matte
rests for the present
The men are to be commiserated for beini
compelled to remain so long without thei
money, but as their claims are preferred b.
the laws Of the State, they will finally ge
what is coming to them.