St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-11-16
TEx4s BANK GOES DOWN.
The House Of Bonner & Bonner
Forced to the Wall

Forced to the Wall.
TYLER, Tex, Noy. 15.-After a sue
cessful career of twenty years, during
which it had built up a reputation as
one Of the Solidest and sOundest inan-
cial institutions in the state, the bank
ing house of Bonner d Bonner has been
forced to the wall. The news that it
had failed spread likewild fire through
out the city this morning, and soon
was the topic on every tongue. For
some time past those familiar with its
affairs have known that the bank was in
straight, but it was thought 1t would
be able to pull through d. right. Yes
tcrday, however, its note went to pro-
test in New Orleans. and last night T..
l.. Campbell, receiver OF the Inttrna-
tiOnal x Great Northern Railway COM
pany, ran an attachment against it
for S3S5,000, being the amount of
moneys belonging to the receiver
ship, then on deposit in the bank.
which amount it was unable
to pay on demand. 1t appears that
shortly after Col. J. Il. Bunner's death.
and after Mr.. Campbell was appointed
sole receiver, he made the request upon
the bank for a statement of its assets
and liabilities. which was furnished
him. This showing in writing Judge j.
NJ. Duncan, counsel for the Interna-
tlOnal Great Northern receiyerShiD,
says showed in a general way that the
bank was abundantly solvent. In or
der, however, TO protect the railroad
deposit the bank, on Oct. 3, exc
cuted a deed of trust covering
real estate in this city and else
where. valued at 200. In this deed of
trust Judge Felix J. McCOrd was named
as trustee. Since Nov. l, the exact date
not being ascertaina5le, a second deed
OF trust for the same purpose was exc
cuted, conveying To Judge John NJ Dun
can, as trustee. certain collateral. in
Guiding OverGrafts UP to Oct. u,
amounting in the aggregate to $500, 600.
a schedule OF the securities, debts and
oVerdraftS Is attached to the deed of
tiust.
Last night, thinking the railroad de-
posts lnSuflicIently secured, Receiver
Campbell ran the attachment above re-
feTred to. In addition to these two
deeds of trust, Bonner & Bonner vester-
day afternoon executed another one COW
ering all not included in or cOYerabe
by the deeds above named. In this lat
ter deed certain parties are named as
preferred creditors and Ii. NJ. Whitaker
as trustee. 1t is, in fact. an assignment
III NV OCiiClib WI CNl bdiil
creditors and dep0SitorS generally.
Just what the loss to outside
banks will be cannot be learned.
although it is thought it will be small.
as most Of them had withdrawn their
balances or were secured The indi-
vidual and business deposits account
was very heavy and the loss will be Sc
verely felt, many losing the savings of
years. The other banks, the T irst Ma
tional and the City National, are all
right. They are strong and solvent and
have the confidence of our people. who
propose to stand by them. The failure
Will occasion no run on them nor the
withdrawal of the single deposits.
The interest of Bonner q Bonner in
the boot and shoe and gents furnishing
goods house of II. {. White & Co. was
also attached by Receiver Campbell.
This firm carries q stock OF $4,000 and
owes $1,000. In order to project them
selves. as well as their creditors. they
this evening made general assign
ment, naming S. a. OvertOn as trustee.
RumOrS flew thick and fast affecting the
sOlvency OF a number of leading firms,
but careful inquiry developed the fact
that they are moi affected by the failure
Messrs. j. ii. Brown d Co., the big
cotton buyers, found unfOunded rumOrs
atiOat about their firm and sent out the
following telegram:
The failure of Bonner d Bonner will not
affect us. Our assets are beyond Liabilities,
and, should our creditors treat us as cousd-
ately as heretofore, will meet every obliga-
ton. We snail conduct our business IN the
usual course, without extraordinary action.
This wire to meet unfOunded rumOrs afloat
on account of Bonner Il BOnner's heavy fail
ure. j. H. BROWN & Co.
SO far as can be ascertained the liabil-
tiles of the bank will exceed $500, 200.
The assets are said to be more than
enough to cover liabilities. but as they
consist, in part, at least, of stocks and
personal paper, it is not known whether
they will realize sufficient to pay depos-
its account and other de u.s. 1t is hoped,
however. that such will be the case.