Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1878-01-18
CLOSED UP.
Failure Of the Ranking House o.
Mark NJ. Farmer.
Liabilities Sixty Thousand Dollars.
Assets in Unavailable Property, but Claimed Il
be Equal b the Liabilities

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This community was startled this morn
ing by a rumor that the banking house Of
Mark NJ. Farmer, OF this city, had suspend
ed payment and closed its doors. The ru-
NOR created considerable excitement and
astonishment, as no previous intimation
had been given Of the unsoundness Of the
bank, or that it would be unable, upon de-
msnd, to promptly meet all liabilities, con-
sequently the failure was entirely unlocked
for and took the people by surprise
Mr.. Farmer first settled in Yankton in
1865, and engaged in the mercantile 5usl.
ness. In September, 1869, be opened a pri-
vate bank, being the first bank in Ysnkton,
under the name Of THE Banking House of
Mark II. Farmer" By giving close. con.
slant and earnest attention to his business,
by an affabls and courteous demeanor, a
prompt and full compliance with all the
conditions required of a faithful and relia-
bel business man, and blameless personal
habits, Mr.. Farmer gained the full conf
dence Of the community and so far as We
have been able to learn, no doubt was en-
tertained by the people in the stability of
his bank up to the hour that its suspension
was announced. Consequently, 1t took
everybody by surprise, and has been the alb
ssrbing topic Of conversation during the
day, although no particular excitement: has
been manifested. Assortment of sympathy
is generally expressed for Mr.. Farmer in
his misfortune and q hops that he may be
able to settle his affairs and resume business.
As soon as the suspension Of the bank
became known a representative Of this pa
per called at the bank to ascertain such
facts and particulars as are of public inter-
est, and Of which the people expect to be
informed through the columns of the press.
He was informed by Mr.. Drew, the cashier,
that Mr.. Farmer was at his house, and
would probably not visit the bank during
the day. Our reporter then repaired to the
residence Of Mr.. Farmer, and was coulte-
ously received by that gentlemen. In re-
ply to inquiries Mr.. P. stated that the
causes which compelled him to suspend
payment were the general depression Of
OOSIuC9S 0Au GuC uuuUS1l WltAAlS d VI Ut
posts to meet the demands Of trade, and
that he would in a few days make a full
and complete statement Of his liabilities
and Of the assets upon which he relied to
meet his. obligations. He states that the
amount Of his liabilities are, In round mum.
bers, sixty thousand dollars, and that his
assets, which consist mainly of national
bank stock, mill propsrty and real estate
are sufficient to meet all demands-that is
provided time is given to make them avail.
able, and their value is not sacrificed by I'M
due hssts in converting them into available
funds. During the last two months depos-
its to the amount of about $4,000 were
withdrawn from the bank, but at no time
was there ANYTHING indicating a run" or
that depositors were Withdrawing for any
other reason than that they needed their
money. Yesterday the Withdrawals were
unusually heavy, and he paid all checks
presented, but at night he found that his
Golfers were empty, that he could raise no
more money to meet demands upon him,
and that suspension wasiinevitable. Mr..
Farmer has seen the trouble coming for a
long time, and has fought manfully to avert
the calamity which eliminated this morn.
ing. He made every exertion and employed
all honorable means to bridge over
bis difficulties, but he was unsuccessful,
and was compelled to succumb. Mr.. Par
mer claims that he has not Withdrawn a dol.
lar for his own use, and that he is ready and
willing to surrender every thing he has to
satisfy the demands of creditors; that all his
property is unincumbered. He is confident
that if allowed to collect his assets aad con.
tiuue the management of his business he
will be able at no distant day to pay every
cent he owes.
The failure Of Mr.. Farmer will be serious
" felt by the business men and citizens gen.
orally ofYankten. He possessedin q ilargede-
gree the confidence Of the people, and not
only busienss men deposited with him but
laborers and mechanics placed their little
hoard in his bank for safe keeping. Upon
this latter class, and their number is of
course large. this loss falls heavily, and the
misfortune will be most keenly felt. And it
is due to Mr.. Farmer to state here that since
he foreseen the probability of his failure,
whenever a poor person called for a portion
Of the amount deposited with him he paid
the full amount, and sometimes against the
protest Of the depositor.
The creditors Of the bank are all, or near.
y all, citizens Of our own town and of the
country tributary in trade; and We presume
ws are safs in saying, although We have no
positive information on the subject, that
nom $4,000 to $4,000 of the liabilities are
held BY Yaakton men.
Among Mr.. Farmers assets is the Para
gon Touring mill on Bow creek, Nebraska,
some II or ID miles from Yankton. The
mill Is valued At about $4,000, and ha. a
capacity 70 manufacture 1890 wight Of