The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1884-09-26
ANOTHER BANK FAILURE.
N. &. ThOmpson's Bank Mt Rockford, Ill.,
Suspends Pnyment-The Failure Said &c
Involve 5O,OOO-Farmers and LaborinR
People the Principal Sufferers.

~. U. IhOnpsOn's Eank ut NOcktord, Ilf.i
suspends Payment-The Failure Said u
Involve $50, OOO-Farmersa and Laborinf
People the Principal Sufferers.
ROCKFORD. ILL.,, September 1G.
This community was startled yestar.
day by the announcement that N. e..
| Thompson's bank was embarrassed, and
that it had suspended payment. A re.
porter, on visiting the institution, found
the following notice posted ON the Coors
To Ny Creditors:
Owing to the stringency of the money
market, am unable to meet my obligations
as they mature, and am compelled to suspend
Ny assets belong to my creditors until tneii
demands are SATISFIED. Believing from com
mon experience that an assignment would re-
suit in unnecessary loss TO the CREDITORS,
have determined to apply my assets dn cctly
TO satisfy the bis, if sich course II ali mes'
the approval OF my creditors As soon as an
at cuIate list OF property and liabilities can be
made. saail be 2lai TO meet NY creditors In
consul sa'ion rs To how Their interests can lest
be subserved.
This suspension will in no way affect the as.
SETS of the corporation known az the N. T..
Thompson Manufacturing &C mpany. IL Is the
advice of some o. the |, a ling business men OF
the cIty, as well as my own judgment, that nc
assignment should be made To the utmost of
my ability / shil cnaeayOr TO save my credi-
tors from loss, and in IhIs endeavOr | hope to
u fair varuaton ! believe TO lar rely exceed al
my Liabilities. Please call at the Oii.ce of the
N. C.. Thompson Manufacturing Couipany. "a.
south Mann ln stieet' West RoehS 2 T.ovpsos
ROCKFORD, ILL.,, September 10, 1881
1t is impossible to ascertain the amount
of the assets or liabilities, but it Is
stated on good authority that he has
failed for $4,000.
The assets include stock in the \. G.
Thompson Manufacturing Company,
which was recently organized, and in
which Mr.. Thompson has $3.50, 900 of the
$3.50, coo of capital. Mr.. Thompson has
been in business in this city since 1855,
and has done much to build up the city,
being largely interested in Rockford's
welfare. The depositors in the bank are
farmers and laboring people on whom
The loss falls heavily. The bank was his
private institution, where he borrowed
money to carry on his manufacturing
business. BY paying larger rate of in
;erest than the other BANKS he succeeded
in securing quite large sums of money.
4 statement will be gwen to the public
coon.
LATER.
An Investigation reveals the fact that
the local banks have been carrying
Thompson some time. \ meeting of his
creditors was held Saturday, and when
further credits were refused, there was
no alternative but sus pension. 1t Is
stated on good authority that he has
failed for $4,000. Tho mpson claims to
have ass, Is that will exec ed his liabilities
slG5,OOO. There are S2c9,0 which he
owns in the N. c. Thompson Manu-
featuring Company. tecent!y or
ganized with S25O,000 capital stock
aud outstanding notes against farmers
and agricultural d, alers throughout the
country. He proposes to pay creditors
in stock of the company and these notes,
and he thinks he can tide it over if his
creditors will give him little time. In
few days he will call meeting of cred
itors, and arrange matters with them.
The deposits in the bank were mostly by
farmers and leop.e on whoni the loss will
fall heavily. The affair has not yet be-
come thorough y known. 1t will cause a
coInIuotion. Thompson Is President OF
Tie Blaine and Logan club and one O. the
pillars of the Prr>hytrr an Church.