Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1893-09-07
The Citizens Bank Assigns.

parts Of the country, came home with
terrible force to the people Of Audi
bon Wednesday, Sept. 4th, when a
written notice on the door of the Citi-
zens Bank conveyed the intelligence
that the business was assigned to +. L,
Brainard for the mutual interest of
Freeman Il Armstrong, theproprietors,
and the depositors.
The absences of Mr.. Armstrong has
been the most perplexing feature of
the situation. The employees of the
bank, Mr., ID. l.. Freeman, acting
cashier, and l.. j. Iaggy, assistant,
were not alarmed because he did not
put in an appearance Monday, presum-
ing he had gone out of town on bust
ness, but when he did not come to his
office Tuesday they feared he was sick
and at p. m. Mr.. Freeman went to his
residence to make inquiries, and learn
ed that he left town Sunday night at 10
o'clock. Further inquiry proved that
he was driven to Manning by Chen.
neyert \ Henderson's livery and had
been left there between twelve and
one o'clock. Not a word has since been
heard from him OF his whereabouts.
The disastrous results of his affairs
were not known to his business asso.
ciates until this time and IL came to
them with a terrible shock, and with
| ITO uraot d;suapnin In tina n al n ~.
of bereavement. But it is gratifying
to know that they have no harsh criti-
cisms, maintain their confidence that
the man Is the victim of untoward cir.
cumstances and that he left home prac-
tically penniless to escape the meeting
of friends whom he doubtless feared
would forget friendships past and
overshadowed by the crash His leav-
ing home and frieuds at tho time of
his greatest need is regarded as the
greatest error Of his experience. But
1t is difficult to reason rs Mr.. Arm.
strong reasoned. For months, perhaps,
he had met succeeding disappoint.
ments, seeing plans frustrated and
hopes deferred, and with sleepless
nights, and meals untasted and mind
distracted, he could not look calmly up.
on the elimination. Tho torture of
mind which led him to forsake u fam
lily of n wife and two young daughters,
to whom he was devoted, his friends,
and the town In which no was so much
interested, should disarm all harsh
criticism, and must excite sympathy
for one who renowned all these to es.
cape what in his detection he felt that
he could not meet. In doing this he
misjudged the temper of his friends
and caused misconstruction of his
motives, but 1t was decision made In
the hour Of distraction and discourage
ment. The affair is regarded with pro-
found regret but the greatest anxiety
Of all is to learn of his whereabouts
and safety. These thoughts are regis.
tered believing that he Is guilty of no
intention Of violating the confidence
and betraying his friends. Mr.. Il. j.
Freeman, of the firm, whose name was
used MS cashier has had nothing to do
with the business for five years. and
the announcement was crushing blow
to him. Ho has been engaged exclu.
sively with the city works and has
trusted implicitly in his partner. Mr..
Armstrong went down to the electric
light station about 7 o'clock Sunday
evening on what was to all appearances
a casual call, and though he doubtless
babe a mental farewell to his partner
and friend, he gave no word as to his
predicament or intentions.
The announcement was unexpected
so far rs this particular institution was
concerned, though banks IN general
have been Jeopardiaed by the condi-
tions which prevail throughout the
country. II has been their experience
for three months that depositors have
been withdrawing, some from fear and
others from necessity while maturing
paper has not been met as promptly MS
In better times.
Messrs. Freeman & Armstrong in
their associate and individual capacity,
have been q part OF the history of the
town since its birth In 1878, and none
have done more to enhance public in
terests and public enterprises. Mr..
Freeman has engaged In public enter
prises at a personal sacrifice of time
and money. Mr.. Armstrong came
here young man to build his fortunes
with the new country. The crisis
which has eliminated 80 disastrously
falls more heavily upon them than any
others. AS yet the assignee has made
no statement Of tho affairs of the insti.
tuition, but 1t Is confidently believed
that the assets exceed the liabilities by
a considerable amount, and that upon
full settlement the depositors will BIO
paid in full. Mr.. Rrainard Is now en-
gagged in preparing statement for the
satisfaction Of interested parties.
1t is a new experience to the town of
Audubon and impresses the truth OF
hard times on every hand. It involves
many interests and excites suspicion
where there has been confidence. 1t
remains for men to exercise their sound
judgment and keep cool, and remem.
Der that the assigning firm is standing
the brunt of the hard times in this 10,
cality. Only last year when times were
good the magnificent Citizens Bank
building was erected to adorn the town,
built with confidence that good bust.
ness would be perpetuated, and that all
these calculations have been defeated1
by business depression that is felt in
eseiy hamlet. In the days Of pros
perity the firm demonstrated its con-
idence in the town by this elegant aud
| cuha inveat m ant and In tbia