The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1884-09-18
THE ROCKFORD BANK.
FURTHER DETAILS OF THE FAILURE.
The p"mnnd OF ImpoJtunate Creditors
ana In'bilitY ~ MAKO Collections As
LEu'i 40 the Cnuhe- Liabilities Over
$500, ,OOO--AAs0ts, Larger stllI.
rnuMr4oH's rRounLrs.

iliohfNVh FNluHIFh
ROcNOBp, H., Sept lB..-Thc news
ilew uo'ut tho city yesterday morning shat
Thommon's Home Bank Ind closed lls
doors, aud crowd OF Interested deposltos
aoon crowded In frOnt OF tho bank, No QUO
Was illlc 10 give amy explanation, and
There wdS not tho intense excitement which
might have been expected 10 attend such
u great failure This was due 10 tho fact
that The bulk OF deposton was labor.
Ing men and farmers who had not
learned the nGws aud also because thore
WAS such great faith and confidence N Mr.
fhOnpWn thlt all believed they would be
protected Mr., ThompsOn's vmy largo
properly interests In Rockford were thought
TO be sufficient 10 cover all claims Al Mr.
Ih0mpion's oilGe but little could bo learned
save that II tho creditors would not grow
exclicd aud push their claims into the
courts that ihBy would probably In time,
receive the greater part Of their money
Tho clerks were under orders 70 furnish
no information 10 the public VIII teyeL
Gradually II came olt that tho suspension
was the mosl extensive that ever occurred
In this place The confidential clerk was
persuaded IN give his figures, aud he said
the liabilities would reach 5000, 100, but
that the ussels would exceed lhom by 500.
O0O.
Mr. Thompson was rated In commercial
reports ut about the highest Of any man In
Rockford, llo hns bern tho largest manu-.
iaCLurtr Of agricultural implements on the
NyulaY RnaanIIU
lightcned somewhat on him, aud no con.
yrrtGd tho business Into stock comp NY
OF S.5O, 900 capital stock, OF which he owned
S2OJ,OOD. Tho bank was still kept In hld
hands, II WIS not bank In tho strict seusp
OF tile word, Tor there was no officers. II
was simply private money dupOslllug In
stltuliOn. Tho money deposited was lai-
mcdMtty uSel In tho mNnu,uCtOIy. IL
paid higher mta OF interest than tho other
banks, NJ tines running up to SIX, seven
and even elgl pGr cent Consequently
there were lots Of people who preferred to
trust II with their money. The deposits In
the bank alOnO amount 10 S20O,0lS. Nearly
every ono OF the woll-tO.do farmers OF the
Scotch settlement has put his money there.
For upward OF thirty years hundred or
more have been depOsillng all they could
save, adding up their interest from timo 10
tIms and allowing II 10 remaln mdawn
with the principal One man IL said to
have S3i, 00O,
Mr. 1hOnpSon's mandatory enterprise
was 80 extensive that h0 required great
amount of credit aud 81 thu deposits would
be used as rapidly ~ they GamH In, tOr
several days II has been known by those on
the Inside that something would have 10 be
done or trouble would follow. The other
Rockford banks hal bcon carrying rhOmp.
son for ninety days and were growing rather
tired. Outside claims Of from $40 0OJ 10
$4,000 were being pushed, aud Thompson
could not yet In his collections llr has u
largo amount OF iirs-cIasy farmers notes
outstanding but until the crops moved II
was impossible 10 millO on th0nL Satur.
day afternoon u person presented check
for 5000 ana II Glanced there was but ono
hundred dollars In the bank, In tle cmer.
Poncy u call was mad0 on the banks and
lhry came " tho rescue with ~, 000 enough
to pay tho check and tide over Saturday.
until they might have llule for cOnsullA-
t0nA Saturday night nl the officers
Of every bunk In tho city met NJ tho
WinnGbago Bank for consultation. Mr..
Thompson made statement showing
that hlS assch wcro over SlOO O)0 above his
liabilities, At tlm lowest calculation, but
while expressing confidence In his ability to
right himself In time, the banks determined
they could no longer carry him. II was at
first proposed 10 make an assignment and
Mr. Thompson was rOOdy ~ turn over every
bit of his property, oven 10 his homestead,
II was subsequently determined that no
should close his bank, place tho matter
plainly before tho creditors, and II thcy
were willing 10 bldc thoIr time lnd allow
him ~ make collections there would bo but
little loss IL an assignment WIS
made 9nd the matter went
to tho courts, not twenty-five
cents on the dollar could bO realized, but II
tho creditors could be kept cool they would
receive In tlmo from 90 cents 10 - ON ull
claims All the other banks are solid and
will not DO affected IN tho loOst At tho
Scotch settlement, where tho bulk NJ the
dop0tItorS live, II ls feared there will be
great excitement, but Nil the busin lss men
OF hO city are united In promising To aid
by their influence, though not their money,
In ayotlng any ndIscr0et ncL Tho new
stock manufacturing company IL not NIIoct-
od In tho slightest