The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1884-09-25
ANOTHER BANK FAILURE.

n. e.. ThompsOn's Bank at Rockford, Ill.,
Suspends Payment-The Failure said &c
Involve &1JO, ,oCO-Fa Farmers and LabOring
People the Principal Sufferers.
ROCKFORD. Ill, September l6
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 DOORS {:
To Mn Creditors:
Owing II the striDgency of the money
market, am unable To meet my Obligations
aS they mature, and am compelled to suspend.
My assets belong to my creditors until tnelT
demands are satisfied. Believing from com
mon experience that an assignment would re.
suit in unnecessary loss to tn ctt dltOfS, !
have determined to apply my asses uhectIy
10 satisfy tue d btS, if sdCh course 81 ali meeN
the approval OF my creditors As soon as sn
az curate list OF property and liabilities can be
E.ade, l snail be EllI TO meet my creditors III
consul. .atiOn aS to how lhelr interests clH LeSt
be SuDScrved.
This suspension will in no way affect the as
sets of the CORPORATION known as the y. Z.
Thompson Manufacturing &C mpi ny. 1t Is the
advice of SOM o. the |, ailng business men OF
The city, as well as my own Judgment, that nc
assignment should be made. To the utmost OF
my ability [ hail enLeavOr to sIvS my credl-
Tors from iGS>, ana IN iHiS eHuciNOI HOpC "
receive ihair aid ard assistance. My assets at
Il far va.uatiOn / belieyetO lar sely exceed Il !
my liabilities. Please call ut the Oice OF the
n. G. Thompson Manufacturing Company, a.
lSieneII n. {. THOMPSON.
ROCkFOHD, 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 S75O,000.
The assets include stock in the \. c..
Thompson Manufacturing Company,
which was recently organized, and in
which Mr.. Thompson has $500, 900 of the
$3.50, 600 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 i'll 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 lis manufacturing
business. BY paving larger rate of in
;erest than the other banks he succeeded
in securing quite large sums of money.
4 statement will be given to the public
soon.
LATER.
An Investigation reveals the fact that
the local banks have been carrying
Thompson some time. A 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 $50, 900. Tho mpson claims to
have assets that will exec ed his liabilities
slG5, 600. There are S2c),0G0 which he
owns in the n. c. Thompson Manu-
featuring Company, tecent!y or
ganized with S25e,OOO capital stock
aud outstanding notes agaIust farmers
and agricultural dealers throughout the
country. lie proposes to pay creditors
in stock of the company and these notes,
and he thinks he can tide it OVER II his
creditors will give him Il Little time. In
few days he viii call Il meeting OF cred
itorS. and arrange matters with them.
The deposits in the bank were mostly by
ia rmers and peop.e on whom, the loss Will
fail heavily The affair mas not Yet be-
come thorough y known. 1t will cause
colEpIoiion. Thompson is President OF
the Blaine and Logan club and one o. the
pillars of the PreSfIyter an Church.