Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1886-06-16
rI'lAlEIIURE Of lloylVIER coUInlrrYs BANI


MIR. WILKES Estlmates LiabiIifIeS ut
from $4,000 TO $4,000; Assets,
$50. 900 70 osO. 900.
Saturday morning, soon after the be
ginning of banking hours, our citizens
were startled with the report that the
Mower County Bank, where many of our
people have been accustomed to do
business for many years, and in which
large plumber were financially interested,
had failed. On repairing to the bank
building, the following notice was found
posted up:
Owing to circumstances beyond our
control, we are compelled to announce
that the Mower County Bank has sus-
pended payment temporarily, and will
remain closed for the present. .:
WILKINS s. SMITH.
To most people. this was genuine sur
prise. and equally unpleasant to those
whose surplus funds, if not their little all.
had been invested in it's safe-keeping.
The Mower County Bank was estab-
lished by Sylvester Smith. w. T. Will
kins & J. C. Easton, in 1859. In 1882,
Mr.. Easton withdrew from the firm, and
the business has been conducted since
that time by W. T. Wilkins s. Fay r.
Smith.
1t started in the brick building, adjoin-
ing the old court house. and was trans
ferred 10 its present quarters in 1856,
which building was erected by Smith,
Wilkins &, Easton. In 1882, Fay r.. son
of Sylvester Smith, succeeded his father
deceased in 1879 as q member Of the
firm.
On Monday afternoon, we called on
Mr.. Wilkins at his residence, and inter-
viewed him in regard to affairs; He
stated the liabilities to be from so, 200
to $75, 900, and the assets from $50, 900 to
5000 and that they expect to be able
to pay all depositors dollar for dollar.
That people will have to wait until assets
can be converted into cash. Neither
of the parties have anything in reserve.
In regard to the $21, 900 Of county funds
IN their hands, he said, that n. Driesner,
y 1It&SOu duu IA. "a. AAo"O1Au80s VIC
bondsmen, were secured by real estate
valued at nearly if not quite the whole
amount of the Indebtedness to the coun
ty. Mr.. Wilkins further said, that if
there was not property enough to pay up
all claims against the bank. the balance
would be met somehow. He would give
his careful attention to the matter, and if
not crowded by creditors, hoped to real
ize the largest possible sum out of the
assets. He said the bank building was
IN the name of J. G. Easton, but belonged
to the bank, and would be reckoned
among the assets.
The Hayes estate, for loan of $4,000,
has security on real estate.
Mr.. Wilkins gave his valuation of the
assets, in round numbers, as follows:
Notes and Accounts. .$22, 900
Real Estate belonging to Bank. $1,000
Real Estate belonging to Wilkins. 20, 900
Real Estate belonging to Smith,. :. ~, GOO
Total. .....:............. wv. OOO
Mr.. Wilkins also gives the following
statement Of liabilities:
Due Depositors. ...... ...... SOS, 900
Due Hayes estate. ...... ........ 10000
Due w. ii. Strong. .............. 5.OOO
Total. .............. ...... $75, 600
Mr.. Wilkins said that for about two
weeks before the suspension. deposits
began to fall off, and numerous calls ex-
hausted the ability of the bank to meet
them, and 50 compelled the closing up.
The loss is divided, in part, among
many of the people, in small sums, the
savings of years, and unless the assur-
ance is given by tha- proprietors of the
bank that the liabilities will be met speed
lily and surely, there will result much I'M
easiness and possible suffering.
! We hope an assignee or receiver will
be appointed in whom the entire COM
munity will have the utmost confidence,
a man who will render this important
service honestly, and for reasonable
compensation, without an eye to plumber
or speculation.
The following is partial list Of credl-
tors. made up largely from street rumor.
We do not pretend that the amounts
given are correct. We do know, how
ever, that several of them are substanti.
ally correct and the list, as whole, much
more reliable than any which has been
heretofore published