The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-11-27

OF the banking house OF Adams 4
Leonard, which appeared In yesterdays
HERALD, was no topic OF town talk.
This firm v az the oldest banking inst'-
tuition in Dallas, and has always been
regarded az solid In every respect.
| There seemed to DO an opin-
ion Of genuine regret among
our citizens that they should have beon
compelled 10 the course they have had
IN take. No inventory has yet been filed
~ To the assets and liabilities. Clerks
arc now engaged in the preparation OF
a statement of tho affairs ot tho bank,
! but IL will be several days before IL can
Ice completed. When the announce
ment first became known some timid
| depositorS In other banks became
alarmed and talked of withdrawing their
deposits, but this feeling soon wore oil,
especially when the statement was
made that every bank In the city was
| fully prepared 10 meet every demand.
| The assignment of Adams & Leonard
! IL attributable Ia the stringency of the
money market, which has made IL dill
cult TO realize on Investments. The
generaiim preSsi,n prevails that the
firm will he able to pay every dollar of
| indebtedness aud able 10 iesuno bushes
| within the next sixty days.
a HERALD reporter called on Capt.
Adams ut his re -idonre last evening. He
stated that he had turned over every
thing. There were certain trust funds
in tho bank, which he would Lave So
cured had il been possible. If pending
negotiations on certain transactions
were completed he ought to be able to
pay every dollar he owed within sixty
days. He had turned over CIV ry-
thing to Mr. Flippen, the
assignee, because he believed
A. 4. NO hAnprnl,ln k,
30 manage the affairs of tho bauli rs to
pay every dollar it owed, and leave u
handsome surplus To himself and the
estate of Capt. Leonard. As far as the
Texas Trunk railroad, of which he is
president, is concerned, il Will not DO
afie rtcd particle. lie did not owa the
railroad a cent, on tho contrary it was
indebted TO him. Capt. Adams further
stated that il he did not pay every cent
he owed it would he because he did not
have dollar left tn do IL with.
1t should he stated here that deposits
made on Wednesday, the day of the
assignment, will not he included in the
assignment, but will he returned to the
depositors.
The following notices are posted on
the doors of the bank:
"All checks drawn by the First Ma
tion4l bank, of Decatur on Adams IL
Leonard will be paid ON presentation at
the American National bank, this city,
"The American National bank will
protect all checks and drafts of the
First National bank, of Albany, drawn
on Adams X Leonard.
"E. j. CANNON, Cashier"
"rhe City National bank will nav all
drafts drawn by the Waco National
bank on Adams & Leonard"
Albany, TcAas Nov. 20.-To Adams & Leon
Hrd.
Announce that our drafts on you will
be paid by the American National.
NJ. BARTHOLOMEW.
a, Cashier"
GAN drafts drawn by tity National
bank of Fort Worth on Adams IL Leon
ard will be paid by the City National
bank of Dalla on presentation.
ACTION OF THE MERCHANTS NCHANGE.
Upon the call of President McEnnis,
q large number of the members OF the
Merchants exchange met at the eX-.
change hall yesterday afternoon at 3
O'Clock. Mr.. McEnnis stated that the
meeting had been called by him, at the
suggestion of numerous members, to
take some action expressive OF the re-
greet of the exchange at tie temporary
suspension of Adams ~ Leonard.
Their suspension must be source OF re-
greet to the whole community, especially
to the business men, and he hoped their
suspension would last for but brief
period.
Mr., McEnn then called upon gentle
men present for an expression of their
views.
Mr.. Y. j. Trezev8nt said that while he
knew nothing Of the condition Of the
banks affairs, he thought he expressed
the sentiment of the community when
he stated that the suspension
was matter of the deepest regret. He
thought Capt. Adams had been little
it,,, inr IA rood JIa hnIiauaI
the suspension was due to a desire to
help out the people of Dallas in the
stringent times we have had in the
last six months.
Mr.. w. II. F.ippen, the assignee of
Adams II Leonard, being called upon,
said that he could make no definite
statement now. He had accepted the
trust, but knew nothing as yet
of the condition of the business, and W ~
therefore not prepared to speak. He
was glad to be present at the meeting
and see the sympathy and feeling dis
played, in all Of which he joined.
Mr.. G. Il. Carter, of White e. Co, cotton
factors, offered the following preamble
and resolutions, which. were unani-
WHEREAS, This exchange has been
informed of the suppression of the
banking house of Adams q Leonard,
whose manager, Samuel }. Adams,
is member and one of the
founders of the exchange, and,
WHEREAS, We deem it proper to ex-
press our sincere regret at this unex-
pected misfortune which has overtaken |
a brother member, who has always been
foremost in promoting every business |
enterprise looking to the advancement
of Dallas and her commercial pros
perity. Therefore, be it
Resolved, That the members of this
Il al,x,a rutNt A al
that he has our heartfelt
sympathy in this unforeseen
Embarrassment, which has been forced
upon him solely by the depreciation in
values, and stringency of the money |
market now prevailing. Throughout, the
country generally, and that we conf
IDENTIFY trust that his doors will soon be |
opened for business again.
Be it further resolved, that the secre-
tary be instructed to deliver copy of
these resolutions to Capt Adams.
Mr.. Il. G. Caller, ex-president of the |
exchange, said that he had always en-
tertained high opinion of Capt. Adams,
whom he believed had done as much for
the city as any man in it, and the sus-
pension Of the firm was matter OF re-
greet to him.
Mr.. w. l.. Hall, director of the Amer
lean National Bank, said there was no
man in Dallas who could look upon the
as anything but a ca am1ty
for the whofe town. lie could SEQ where
all were interested to great degree in a
matter Of this klad. The bank of Adams
e. Leonard he'd existed since north
Texas had amenhsd to ANYTHING, and
has had reputation and standing
abroad perhaps hsore widely known
than any other bank in this part of the
state. There are very few who know
of the banks affairs, but so
far as can be ascertained