The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-09-17
TROUBLE.
The Rockford, Ills, Failure - Mr..
Thompson's Proposition.
Liabilities Now Stated to ne Not Over
S6OO,O00-Some Further De-
tails of the Unfortu-
nate Smash.

ROCKFORD, Ills, Sept II The suspension
OF Mr.. N. C. Thompson, the banker and man.
ufact'Ter, has caused less excitement and
disturbance OF business than conid have been
anticipated. Mr., Thompson's proposition to
pay his unsecured creditors so per cent. of
their claims in the stock of the ~ c. Thomp
son Manufacturing company seems TO meet
with general favor, and is regarded as the
best course to pursue By so doing the assets
viii be saved from the waste and loss of legal
proceedings
The list of liabilities is not yet complete,
but it is certain they are materially less than
was at first expected The amount of the
total debts will not exceed 5000, 900 Mr.
thompson has turned everything over for
the henefit Of his creditors even bis real
estate and personal property and it. is said
that at fair value they CONSIDERABLY AZ
iced the debts
1t is learned that Mr. Thompson owes John
dorsed paper for him lie also owes Singer,
Nimlck Il Co, of Pittsburg, q large sum, and
the Rockford Bolt Works company, $4,000
The Rockford creditors are taking the so per
cent. Of stock and Mr.. Thomreon's notes for
the balance Of their claims
MeSsrs 5 H. Wood Il Co, bankers, of Chi
cago and Minneapolis, old friends of Mr.
Thompson, tender any financial aid he may
reqatfr, and write him good letter.
L = IT." general opinion of the public that
f;i i, ".,rsnn's action in the matter is ell
hrrh G'n rahle, and there is no cause for
ala:rh Il IL" settlement is allowed to go on
Tie l~'", tl1n af the heaviest creditors is to
ac' e'!,. t. the 'ermS Of settlement
Nrn Rruhi, Thompson K Co, of Council
t,''if's, aIe I'"t affected by the failure
1, G. Dan q Co have a mercantile agency
here hnd it is understood from reliable
authority that the representative will make
report substantially as above stated No
Statrnen; viii lie made public for a few DAYS
ys.
il has been known for some time past that
In.I'p,a ha, been borrowing money of the
utEef iiai'ks In order to tide over the finan-
c,nl aEi'. On Friday the bankers held a
meeting AMI discussed the question whether
~ woaid advance him more money or not.
On Saturday another meeting was held, and
i ,;t= then decided not to render him any
mere financial aid. Failing to secure this,
there Was no other alternative but
to close his doors. The bank was
started twenty-four years ago
f'e farmers, and especially those in the
Sgot,h settlement, had large sums deposited
wltn him, which were drawing & and 8 pei
| cent interest. The depositors in this city in
elude a large number of laboring people
though it is said that number of well-to-dC
people had sums drawing interest with him
There are probably 1000 depositors with Mr.
Thompson in his bank The Swedish people
| also had large sums in the bank
An Argyle farmer deposited $4,000 witt
the bank on Saturday. He now wishes that
he had waited at least day or two. jaime:
Rutledge fears that he will be barred from
winters schooling, as the money to pay fol
| the winter term at the Rush Medical college
Chicago was on deposit in Thompsons bank
and he intended drawing it out Monday
morning but found the doors closed.