The morning times., 1896-10-13

Tie assignment of the Center Market
Bank, which was announced yesterday In
the Evening Times, will affect seriously
those depositors who had small amounts
in bank and to whom the sm;Il amounts
were important considerations.
The schedule of assets and liabilities,
which has been furnished to the court and
to Assignee A. A. Brney, shows that the
liabilities are 81 SOL. A, and the assets
$13, 3,433.S2. The liabilities exceed the
assets by ST. 1892.
The firm known as the Center Market
Bank is composed of Edward L. Whitford
and George L. Ordway, and the business
OF the bank appearsto have been done very
largely with people engaged in and around
the market.
The question OF loss to the depositors
being the one in which they are now
most interested, Mr.. Whitrord was asked
asst night to estimate such loss. He cX-
planned first that the suspension of business
was caused by the inability of the insti-
tuition to realize on the paper carried.
With this they have had no difficulty in
former years, but the present year, what
with the fagitation and the consequent
hard terms for money, they have been uii-
able to get debtors to pay up in such
manner as to keep the bank on the ordi-
nary banking basis.
TEN PER CENT LOSS.
Mr.. Whitford said that considering the
small difference between the liabilities
and the assets, 1t was probable that the
loss TO each would not be more than 10
per cent, perhaps a little more when the
expenses OF the assignment were deducted.
Mr.. Wbitford's attention was called TO the
Statement which caused considerable COM
ment, that depositors who had paid money
into the bank on Saturday had been reim-
bursed for such amounts by the assignee.
Mr.. Whitford admitted that this was true
but put another ligDt on 1t by saying that
those who had checks drawn on The bank
standing against them had the amounts OF
such checks deducted from the deposits
made on Saturday.
one Of the depositOrs was looked up
who had been reimbursed for deposit on
Sat.rday. He said that on Saturday lie hal
deposited 5000. He had, however, during
the week drawn checks on the bank for
$50, and, therefore, in the settlement
yesterday. he was satisfied with the balance
OF the account of $50.
Nj Whitford was asked il the officers
of the bank did not know during the week
that there would be a likelihood of this
crash He said that he knew of the in
creasing difficulty of keeping the bank
on its former basis aud that therefore he
had made every effort, even as late as
Saturday to tide over the trouble. These
efforts, however, failed, and hence The
closing OF the bank yesterday.
SOME LARGE DEPOSITORS.
One of the largest depositors is the local
era wford Bicycle Company. Mr. Whit
ford said that lie is treasurer OF that COM
pany and its deposit is $1,000. He did
not care TO say whether the iailure OF the
Center Market Bank would affect the
local era wford concern seriously. This
company gets its stock by purchase from
the parent concern and Il great deal will
depend. he said, on the nature of the Oh
legations.
Another depositor, a company, has de-
positS to the amount of seven hundred dol
lars. This company, Mr.. Whitford said,
will not be an actual loser for the bank
had Accommodated it many times in dis
counts which had been admitted to be
hard to negotiate else " here.
Notw outstanding Mr.. Whitford's view it
Will. of course, be impossible to estimate
the percentage OF loss until the assignee
F.. has realized on the assets, part OF Which
| is stock, IN u local company, ow ned by Mr..
| Whitford.
| MIR Whitford said that he had not been
| served with any process eyidencing any
| suits growing out of the failure. He be-
| lieyed that If there are to be any suits
| they Will probably be in the nature of OBJ
| lection 10 the assignee, but that the high
| character OF that gentleman would iRdi-
| cate that he would be acceptable TO all
concerned.
| Several of the depositors were asked. il
| there would be any meeting of the cred
| itors. but they said that they had not card
| of any such intention