Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1889-12-12

uAO Va bhO oOA4CuO Dauh Va AOOOAN -
Fisher was enough for this year, but
today brought forth another failure OF
a similar character which, coming as it
does so soon after the former, will add
considerably to the load of the city's
misfortune. 1t is never pleasure to
newspaper to tell of business reverse
and the REFLECTOR relates the story
of today's failure with as much reluc-
fancy as though 1t had a personal inter
est in the unfortunate corporations
downfall.
THE FIRST NATIONALS CLOSE.
Those who called at the cashiers
window of the First National bank this
morning up to Ii O'Clock found every
thing all right, and business was trans
acted as usual. at that hour the doors
were closed, statement Of the banks
standing made out and the institution
turned over to the comptroller OF the
United States currency according to
provisions made by law for such occas-
ions.
A statement posted on the door in
formed all, over the signature OF the
president, J. E. Bonebrake, that owing
to the impossibility of securing cash
for the transaction of business the
doors had been closed, and assuring
the public that all depositors would be
paid in full. There was little excite
ment manifested during the afternoon,
as all interested seemed to take the
matter philosophically and be con-
vinced that their interests would not
suffer, although they might be incon-
venienced for time by the closing.
This is probably the correct view, as Ii
is beyond question that the banks
affairs will be eventually Strengthened
out to the depositors; satisfaction.
DRAGGED DOWN.
AT the last quarterly statement, Oct.
list, the banks resources were shown
to be 1856, O64.57. The liabilities in
Guiding capital stock were about $780,
900 leaving surplus fund Of $l7,6OO
and undivided profits of $4,66l. The
bank was doing good business, en-
joyed an extensive line of discounts
and the confidence of the eastern stock
holders.
But on Oct. 2Sth came the failure of
the Abilene Bank of LebOld, Fisher Il
Co., with all the widespread nOtoriety
and panicky feeling attendant on such
happening. Every business house i'll
the city felt the stroke, the banks in
particular and the First National mol e
especially. The eastern correspond
ents who had been favOring the bank
with their patronage Began to get
slightly nervous and one by one the
certificates of deposit were sent in and
the cash surplus diminished. Then
valuable lines of discounts which had
been given good returns were gradually
tapered off and the cash on paper held
was demanded.
Altogether the drain upon an insti-
tuition already weakened by the down.
| fall of its neighbur was too much and
as the re-discounts could not be realized
upon and accommodations could not
be secured from loaners, owing to the
uneasiness felt on account of the other
banks closure, it was fOregone con-
clusion that the crash must come. The
fact of carrying considerable paper
taken in flush times and now much de-
preciated was also factor in the mat
ter.
The assets at the shutting of the
doors this morning were S23S, 1926
and the liabilities, including circula-
ton, SIG, 254.59. The fact that much
of the resources are made up OF paper
not negotiable at present and much
that is only worth small percentage
Of its face value caused the crisis. The
depositOrS' claims amount to about
$50, 900 and will be met in full, as the
stockholders are responsible for an
amount equal in value to the stock held
and in addition ID the stock.
THE ACTUAL LOSERS.
The Stockholders will be the ones
who will feel the loss. The capital paid
in is 500, 900. divided into 900 shares.
These are held by about $50 stock
holders scattered all over the nation.
Large blocks are held in Freeport, Ills;
Rochester, Victor and Canandaigua,
New York; Madison, Ohio; COnnecti-
cut, Maine and Massachusetts. The
Abilene holders are chiefly the officers
and directors. The officers are J. E.
BOnebrake, president; G. w. Hurd,
vice-president; Harry A. Hayes, cashier.
OFFICERS NOT BLAMABLE.
The officers of the bank have done
all in their power to avert the disaster.
They are not in any way blamable and
could not carry the institution against
the great odds which have during the
past month heen opposing it.
On Mr. Harry Hayes, the cashier,
the suspension is particularly hard.
He has been indefatigable in his efforts
to bui.d up the bank ever since his &C