The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1894-12-03
VICTIM or HARD TIMES.
The Citizens National Bank of Madison
Closes It's DoOrs-Awaiting Action Of
Directors-Good Feeling Among
Dspositors and Others.

~OPVeAtOLD @uN VbuCTSs
l Madison business men repairing to
their several places of business this
morning were startled 20 find the cur.
tains Of the Citizens National bank
drawn and a notice on the door announc.
ing its close to the public. Quite in
tense excitement prevailed throughout
the day, end depositors, some of them,
stood wistfully looking at the doors of
the closed institution, apparently unable
to comprehend the condition OF affairs,
Good feeling prevailed, however, and the
heaviest depositors seemed inclined 10
sympathize with rather than attach
blame to the officers of the bank, the
general remark of interested parties be-
ing, "Well, 1t can't be helped; things will
come out all right in the end"
Cashier Trow was found at hisshome
by q DAILY LEADER reporter, and while
he 10 much cast down in spirit he il
hopeful, in fact confident, that all de-
positors and other creditors of the bank
win be paid in full when matters are adj
justed. Without the figures at hand,
Mr.. Trow said the deposits OF the bank,
including certificates Of deposit, will ap-
proximate $4,000; loans and discounts,
$4,000 banking house and fixtures, S13,-
GOO; other real estate owned 10y the bank
about $4,000. The cause OF the failure
the absolute inability OF the bank to
make collections, borrowers being hope
lessly submerged In the general strin-
gency OF the times and the crop failure
which has prevailed not only in South
Dakota but generally throughout the
country. Mr. Trow, the heaviest stock
holder In the institution, and accordingly
upon whom the blow falls most heavily,
has struggled hard TO guide the craft
into safe waters, and the failure cones
to him with crushing weight. All OF his
private property has been placed in the
general fund of the bank to assist in
tiding over but all to no purpose. The
Tightening OF the times finally
forced a surrender, a condition Of things
nobody, not ven the heaviest creditor OF
the institution, can feel more keenly
than Mr.. Trow. At hishome this morn
ing he seemed to losesight OF his own
personal misfortune and consider the
only as others win feel it.
. meeting Of the directors OF the bank
has been called, and the work of adjust.
ing the affairs OF the bank will be com.
menced at an early day. just what will
be done at this meeting, whether q re-
oeiyer will be called for or provisions
made for ~reopening the bank, remains to-
be- determined.
The list OF local depositors is not very
great, the close times making it neces-
'ary tor business men To- work on small
margins. The heaviest local depositors
IRE perhaps Stoddard a Ketcham, 1888,
Treasurer Muggli, about sl,7O0
md ]. A. johnson, city treasurer, be
,ween $l,400 and $500. The other
ocal deposits are or small amounte.
from perhaps go to $500. Thore
re some farmer depositors, John Norton
With $500, Mr.. Curry, who recently pur-
hased the W. "A. Thomas farm, s3OO.l
Mr.. Curry was in the city today and 10
DAILY LEADER reporter said, aIts
right; I can wait until things are fix-
d up" and this seems to be the senti.
aent.
The failure ID very much regretted by
'usiness men generally, all OF whom aps
the fact that it is the natural
utcome OF the general misfortune that
overtaken the country. ]