The Argus. (Rock Island, Ill.) 1885-1886, 1886-06-11
A DEPOSED BUTTER KING.
HE FAILS TO PAY HIS TRIBUTE TO
EMPEROR CASH,

ANA MS faliure Shts u Nfue SNathe IN
the Cheese and Butter Dominions-
Farmers and Business Men to the Num-
Der of Hundreds Interested in the
Smash.
MARENGo, Ills, June ll.-Marengo and
the towns and country around it are all eA-
element Wednesday over the failure OF W.
A. Boies and the consequent closing OF the
Farmers and Drovers' bank of Marengo 1t
was mae public Wednesday morning by
the posting of notice in the window of tie
bank saying that it would be closed until a
statement could be made Ir. Boies
was PROBABLY the largest manufacturer
and dealer in butter and cheese
in the United States, and was often called
the ~iatter King. He controlled the pro,
duciion of over twenty creameries in this
vicinity and his pay roll amounted to nearly
800 90 every year. Besides this his specu
lative transactions were enormous. These
speculations were undoubtedly the cause of
his failure. The failure was precipitated
by the action of Charles Baltz Of
Chicago. Boies and Baltz have re-
Gently been very intimately connected
in their business transactions and
heavy drafts from one on the other were
oil almost daily occurrence Tuesday, how
ever, Baitz allowed large draft to be pro
tested and Wednesday he is said to have
transferred his business to Charles l.
Mauran of Keith, Benham Il De2endorf, of
Chicago This Chicago protest evidently
gave the ALARM and before night large
amounts were protested at Chicago, Elgin,
Marengo, and Belvidere, and the following
jud: ments were entered up at Woodstock;
Metropolitan National Bank, Chicago, Sl2,
SIS; B. S. Parker, Ma, engo, S2l 600; b. S.
Parker Marengo, $90,025; Home
National Bank of Elgin, Sl,o0i
Also the following mortgages; B.
S Parker, Marengo, S20,0GI
Charles Griggs, Chicago, $4,000; Charles
Griggs, Chicago, sl6,0G'; Charles Griggs,
Chicago St00J0 Charles Griggs is Charles
BATHS lawyer. 1t will thus be seen that
the judgements. and mortgages recorded
Tuesday evening amount To Sl3l, 4i4. In
addition to this he owes the farmers, pa
irons of his factories, probably not less than
$1,000 the merchants of Marengo and
Elgin large sums, besides an unknown guam
tity of speculative debts, the whole aggre-
| eating not less than S25O,00t
1t is difficult 10 estimate the liabilities of
| the Farmers AZ Drovers' bank, but they are
| placed at from $4,000 to S60,000 The bank
| is itself small concern, but Mr. Boies'
business has been handled through it for u
long tins, and it had become thoroughly
involved in his affairs. For SOME time it
had been offering spec al rates
of interest to" attract deposits,
and recently had opened a savings
bank department, giving good rates
of interest on very small balances A run
on the First National bank was anticipated
by some, but the bank was manifestly in
such strong condition and so well prepared
| for it that confidence was not at all shaken
| The business men of Marengo and Elgin
are caught severely in these failures,
several losing from $1,000 to S2,e00
| each, while almost all in Marengo
| are caught for a quarter or less
amount. 1t is quite probable that other
failures will follow, particularly among
some of the Elgin board of trade spectators
| The loss among the farmers Is quite widely
| distributed, yet it will be severely felt The
renters will be hurt the most, yet all will
| suffer. Not less than 600 or 100 patrons OF
| these factories will lie direct losers.