The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1890-12-05

TIE suspension Of The banking firm
OF Johnston, Buck & Co., of this place,
CaIro.ltJwn aud Hastings, is an unfor-
tunate calamity for the people Of cen
trail and northern Cambria. Its effects
will be far reaching and felt by many,
people have in the integrity and busiS
ness management of the firm, and es-
p ciGlly in A. w. Buck, the resident
partner and cashier. will enable ii to
overcome its difficulties. avoid an as
signment and prevent the winding up
of its affairs by the sudden collection OF
It's securities. Its assets are composed
entirely of the notes of our people, who,
having found themselves in need of
money to carry on their business, to
make payment for their farms or homes
or to tide themselves over some press
ing financial stripgency have found 1t
necessary to become borrowers from the
bank.
Many no doubt have borrowed with
the intention and expectation of paying
part of their Indebtedness when their
notes became due and of getting a re-
newal for the balance, believing 1t bet
ter to pay interest than to sacrifice
sIme produce, or stock that perhaps at
the time was unstable.
1t is not the old business men or the
old farmers that would be pushed to
the wall during suchla financial panic
as the enforced liquidation Of the as
sets of Johnston, Buck q Co., would
create in this county. II is the begin
ners, the men who at the end OF the
next decade may be either prosperous
or poor as the result of this financial
crisis ; the half f1edged business men
who with small capital but lots of en-
ergy are struggling for foothold In
their business /; the young farmers, iwho
after several years of hard work and
saving find themselves tbe purchasers
| of farms and are meeting their pays
ments as they become due by the sale of
| their stock and produce and when they
| can't sell, borrowing from the bank
pnti, such time as they can sell to ad-
vantage 10 these the sudden, enforced
colIection, by the strong arm of the law
of all she assets of the suspended firm,
mesns great loss to some it means
6aarcial ruin and sends them back to
the place of beginning with several pay
ments lost and several years of honest
toll thrown away.
1t Is not alone the notes of the bank
ing firm that would be collected but
others, holding notes against the same
ing for the money due them would be-
come uneasy, credit and confidence
would be destroyed and in The financial
panic that would ensue the debtors
along with others who do not at present
feel that they are interested, would
lose more than the entire liabilities Of
the suspended fru.
To those who are indebted to the sus-
pended firm the granting of the exten-
sion asked for means much ; but to the
entire community who are prosperous,
happy and contented when business
goes smoothly along the prospect of
financial panic in the county is not
pleasing event to contemplate and
every available means should be used TO
avert it. Give the suspended firm 4
chance and help them on their feet.
They have been struck, cyclone like,
by a sudden and unexpected loss, but
through no faGlt OF theirs. The ex-
animation of their affairs by a commit
tee Of business men, in whom we all
would trus., shows they have ample
assets to meet their liabilities and but
the more firmly establishes the business
probity and integrity of the hrm. The
forbearauce Of their creditors will make
their loss lighter, enable them to be
more leniens with their debtors and
may be the means of saving a number
Of our people from financial ruin.