The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-08-19
ID e II t.

The lnltatory steps were taken yester-
day towards the resumption of business
at the Wichita National bank which sus-
pended last Monday.
The largest of the depositors, men with
cool heads, business ability aud above all,
men who have an abiding faith in the
ability of the bank TO pay dollar for dollar
and have large assets left, met day before
yesterday to talk over the situation, and
Ii was the unanimous sentiment that the
assets were sound and adequate enough to
pay everyb body aud put the old institution
On its feet again. They accordingly went
20 see the officers OF the bank anu asked
hem 20 take steps to resume business.
This movement was also assented 10 aud
encouraged by the represent alive of the
comptroller of the currency. who, after
examination of the books, found the bank
TO be in splendid condition.
With all this encouragement Edward
Vail started out yesterday morning to tai K
with as many creditors as he could find on
the subject. After interviewing forty of
the heaviest depositors he had not met
with single object ion TO the proposition;
On the contrary, all of them were heartily
in favor of it aud he so reported to those
VINO, with him, first conceived the idea of
resumption. These gentlemen reported
the state of public feeling to the repre- SEN
tatives OF the bank so faVorably that Mr..
Walker Immedia' e had printed the fol low
ing circular whi.h Will be sent at once,
with the proposition, to the depOsitors:
WICHITA, Kan, Aug. IS, 1894
To the De2osltors Of the Wichita National Bank:
In contemplation of the resumption of
this bank, We find it necessary TO ask you
to grant US the extension in accordance
with the terms of the agreement, enclosed,
in order that we may be enabled to meet
any requirement imposed by the honorable
comptroller of the currency.
We believe that IL Is your desire that we
resume, but we will not be able to do so
unless we ave your cooperation.
We will be pleased TO have you sign and
return the agreement at your earliest con-
venience. Very respectfully,
WICHITA NATIONAL BANK,
By G. A. Walker, Cashier.
The proposition is to issue certificates to
the deposiIors bearing per cent interest.
These will be time certificates, 10 per cent
of the amount of which will be paid every
ninety days until all is paid.
The bank will be open tomorrow morn
Ing at the usual hour for receiving sigma
lures Co these propositions for those who
live in the city, aud it Is expected that the
bank will be open for actual general BUSH
ness bV September l.
Mr. Vail, who was the most prominent
factor in bringing about this happy con-
ditloh of affairs, Is one of the largest de-
positors. He was happy yesterday over
the results achieved and he thinks 1t will
be n sure CO. THAT bank, SAID Mr.. Vail
to reporter, sis good for every dollar it
owes and Will pay up, under the present
arrangement, not only every cent OF its
of il. l was delighted today with the re-
ception / met from depositOrs The mani
nous sentiment was, Het US resume"
''What shall first be done ?"
The first thing TO be done is for de-
posltOrs TO Sign the propositions. When
ali his l. done the books will BE- balanced
and the DIP s.tors given per cent bearing
time certiicarrs in ten equal ISSUES, each
amounting 20 10 per cent of The amount of
the deposits. This will facilitate the set
Element Of al claims without expense. II
a receiver were appointed he would natur-
ally get the place as a political plum, and
] need not lie you that the Old officers OF
the bank could not only realize on the
documents much faster than receiver
could, but it will be done without the eX-
pcnSr Of receivers aud attorneys"
''WIll the corresponding banks agree to
the PROPOSE iou?"
"They will be the first TO do so, and not
only that, bet they will accept the same
terms with the smallest deposition. All
the corresponding banks knOw that the
assets of the Wichita National are good
for every dollar they owe. IL Is expected
that the bank will 90 much better than
even the terms of lie prop p>ition indicate.
i owns at lrnst So, $50 worth of standard
property in Wichita. This will probably
be syudicaIed aud its value turned Into the
bank which. in itself viii 20 long ways
towards adjusting all claims. l am in
hopes that every deposit or VIII consent to
the proposition This is no ordinary bank
failure, and it is for The interest of the
town and the deposjtors, well as a JUS
tice 10 the bank itself, that business be re-
Sumed."
Anot her gentleman said a settlement of
the affair OF the bank on the basis pro-
posed will be a great thing for the bust
ness Interests of the city. These time de-
posits, bearing as they Will pr cent in
terest. will be all he same rs cash and will
pass current as suCh. They Will he based
on the security of the assets. and If that
security WAS not good the controller OF the
currency would never consent 10 the propo-
sltiou. / venture 10 lay that there i not a
dero~itor who cannot buy groceries for his
certificate dollar for dollar. II he wants
cash do not doubt but that he can easily
sell il for % coats on the dollar. i woul1
be willing wager what L have got that
inside OF a year every depostor viii be
paid in fuiI aud the Wichita National a
more popular banking institution than
ever before"
Mr. Levy when seen was too busy TO
talk About the resumption proposition at
that time Call later said he. "and
will be glad TO give YOU any iuforma ion l
eau" He was busy sure enough for he
was going through pile containing | L
tie over POO letters OF coincidence aud die
fsfing answers 70 Them. These letters and
teIe:r,ms were nom every part of the
The United Ststes. They were the finest
let eTs one could wish 10 see. Many Of
them were frcm prominent srmerS OF this
county and strange as IL may seem TO
IL ose who are not acquainted with Mr.
Lewis connection with the f,rmers, a
m ority, perhaps, were from Popnli~ts.
The following from that well kuown Pop
u,ist farmer of Waco township. Mr.. l. y
Dean, is good sample Of she lot. And, by