Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-09-05
THE BANK FAILURE
At Chicago Is Big Thing De
| positors Will Lose &C
| Per Cent.
Tho State OF Feeling in chicago.

CHIcAGo, Aug. 2S.-The State Saw
ings institution made an assignment
this afternoon to Abncr Taylor. This
bank has been established some 20
years and from the prestige ofits ear
ly reputation has secured the patron
age OF a great majority of the poorer
classes, who deposit in savings insti-
buttons here. The maximum estate
of the depositers is $4,000 and the
minimum $4,000. The failure will
fall with crushing weight upon these
people, many Of whom have entrust-
ed their all with that bank. The
State has for many months been in a
somewhat precarious condition. and
the run upon it made in August has
accelerated the failure. The officers
give this brief statement Of the affairs
of the institution: Deposits of say
ings 1881, 1856: certificates of deposit
1888; bills payable $4,000 total
debts $3,9SS, 339: mortgage loans ST.
330,lS4, collateral loans 81, l65,S50, re-
al estate $l05, l3l; building 1921, 625
total credits 2,724,G90. The presi-
dent, d. d. Spencer, is at present in
New York, having gone there for
the purpose of securing loan.
CHICAGO, Aug. 29.--Therc has been
no demonstration on any of the
banks banks beyond a somewhat
larger proportion of depositors than
usual who are drawing ont their ac-
counts from the savings institutions.
There is a large crowd about the
State Savings institution but the
doors are closed and guarded by a
small detachment Of police. The
last report of the bank, made July
LIST, is as follows:
Mortgage loans on real estate ST.
507,0l3; loans ON collaterals $1,000
053; U. S. bonds $4,000; South
Park bonds $2OS,O0O; county and
school bonds $4,000; cash and ex-
change 1886, 429; banking house and
deposit vaults $3l9,632 safes and
fixtures $4,000; total resources 81
4l5,327.
Due depositors $3,774,S75; capital
stock $500, 600; surplus fund $l25, 900
undivided profits $15,452; total liza.
bilities $4,4l5, 1927. This statement
compared with the one sent last night
shows that during July and August
the liabilities were reduced 81 ,427,.
600 and the resources 81 100000.
1t is alleged that since the July run
began about nine hundred thousand
dollars has been paid out. The avail
able assets have all been converted
into cash and for the past few weeks
vigorous efforts have been making to
raise enough money among bankers
here to tide over its affairs.
On Saturday, president Spencer
left for New York, for the alleged
purpose of raising three hundred
thousand dollars. Nothing has been
heard from him since that time. Just
before going, previous to the close OF
business ON Saturday, an assignment
was drawn up to be used in case II 9th
ing was heard from Spencer by three
O'Clock yesterday. Promptly at Tho
hour the papers were TUNED over te
Col. Abner Taylor who is now in full
possession. The bank has under it:
more recent management, made some
reckless investments and lost heavily
by them and by the decline in subur-
ban real estate.
The papers print the record of ID
ID. Spencer this morning and make 8
bad showing for that gentleman. II
is estimated by some that the deposi
tors will realize about 80 per cent.
but on this point nothing definite car
be learned until the assignee reports
CHICAGO, Aug. 20, l 80 p. M.-At
this honr there has been no demon
stration of any kind and there is now
no probability of any disturbance al
the bank, The Fidelity which opened
two hours earlier than usual, has
been paying fifteen per cent. to al
depositors who present their books
but enforce the time rule as to The
remainder Of amounts deposited
One or two banks are paying without
reserve and the people who gather in
the vicinity Of the savings institutions
even those about the State, arc eXcep.
tionally orderly and good natured.
The commercial banks report nc
unusual drain.
The assignee, Taylor, reports this
morning more favorable showing
in the affairs of the State.
The more sanguine claim that at
least 80 per cent. of the deposits will
i'm time be paid.
Interviews with the leading bank
ing men indicate that they fear more
for the effect outside the city where
the failure was not anticipated than
here where it has long been looked
for. =