The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1878-02-07
John Gels & Co.'S Bank suspends Payments
and makes m Assignment.

John Gels & Co.'S Bank suspends Payments
! and makes an Assignment.
Early on Tuesday last the community was
surprised to hear that the banking firm Of
John Gels & Co. had suspended payments. IL
was supposed that no bank IN Kansas was on
firmer basis than theirs that they would ride
the storm safely and be one OF the few bank
| ing establishments TO be effected by the pres
ent financial depression. But the constant
drain upon the bank for money. the unprece-
IDENTIFY small amount al deposits on hand ana
too liberal a spirit ut accommodation on the
part OF the proprietors has caused the bank at
last to succumb to the fate which seems to be In
store for most all the banks in this portion OF
the country, at least. Mr.. Gels, after careful
consideration Of the matter, concluded that It
would be impossible for him to resume, and
concluded that the best thing to be done for
the interest Of all concerned was to make an
assignment. Accordingly meeting OF ma
jority of the creditors and others interested
was called at The City Hall at 10 o'clock that
morning, to take into consideration what was
best to be done under the circumstances for all
chairman of the meeting, and Mr.. C. E. Faulk-
ner, secretary. A plain statement Of the situa-
don was made by Mr.. W. Il. Gels. He gave
something of an estimate of the assets and liza
bilities. He thought that by o careful dispo-
sition of the assets there was property enough
to satisfy all and pay dollar for dollar. Remarks
were made by Messrs. Foster, Carver, Hill
Ter, Spivey. +. L. Bond, Banks and Faulkner,
and most of them advised that the hest thing
that could be done would be for Jno. Gels 4
Co. to make an assignment Accordingly up
on this advice Mr.. Gels Immediately made an
assignment of all the effects and property Of
the firm for the benefit Of their creditors to }.
B. Hamilton, G. Eberhardt and Z. f. Faulkner.
Mr.. Hamilton, as treasurer Of the county, was
the heaviest depositor, having deposited in the
bank the sum of So, go. A committee
was appointed by the chair to examine
into the affairs Of the bank. consisting
of C + Faulkner, F N Hamilton, + W Ober,
C Eberhardt and I l. Bond. .This committee
was to have reported yesterday morning at III
o'clock A NJ. but asked for more time, and re-
ports this morning.
member of the examining committee
gives it as his judgment that matters will be
arranged so as to pay deposltors in full. and
meet the requirements Of the county, provided
all creditors are lenient and patient. There
will be ample property to secure everything.
The suspension OF this bank falls heavily
upon the community. Trade and all other
business are PROSTATE. All business men
are more or less crippled, and serious results |
may ensue. We are glad to see the noble spir-
it exhibited by our brave and noble business |
men last Tuesday. There was perfect union
among them, and all seemed to be in earnest
TO do what was best for the interests of the
any hard feeling or alter
cation. The sympathy extended at the
same time by four-fifths Of the community |
to Mr.. Gels, in his misfortune, showed that he
had firmer hold upon the regards Of our
people than many supposed. He has always
been foremost in all public enterprises, ready !
to do hard work and spend money for the best
interests of Salina, and done perhaps more
han any other man here TO push our city 1
.head to its present importance. There is a
ceiling among our people that no misfortune
EQUAL to this could have happened. If cruel
ortune should sweep away all of his posses
ions Mr.. Gels would at least have the proud
abstraction of knowing that he has the deep
.st sympathy of hundreds of friends all over
he country.
But We hope for the best. 1t is possible
hat the ''silver lining will soon appear, and
his most excellent banker and man take his old
,lace among our business men.
LArER-An adjourned meeting Of the depos
tors was held this morning at which the conf
nittee to examine into the condition of the
,ank made their report. The committee found
hat the assets Of the bank, at fair valuation,
vas in round numbers S2Os,OOO, liabilities,
,l3S, 600; assets above liabilities, $4,000.
This gratifying showing was commented up
N by number of gentlemen present, who
Urged that steps be taken to have the bank
esume business at an early date. A commit
ee was appointed to confer with the assgnees
nd MIR. Gels upon the proposition to resume,
nd to report at the meeting next Thursday.
The following resolutions were UNANIMOUSLY
dopted:
Resoirsd. That upon hearing the report OF the CON-
1ittee TO examine the condition Of the bank Of John
ieis Co.. IL the judgment of this meeting Of the
redtors that John Gels Co. TO day solvent, and
Rssoirsd Further. that il the of this meet
ng that John Geis 4 Co. take such steps may be
eceseary TO resume business at early day. TO
hitch end We pledge our hearty support aud co-spe-
afion.