People's voice., 1898-08-04
Barney Up to His Old Tricks. 1


Barney Sheridan, receiver of the
First and Sumner National banks and
the Argonia State bank, is about to
declare another dividend of 25 per
cent to depositors iE the First Ma
I tional bank, a dividend Of 10 per cent
to 6epositors in the busted Sumner
National and dividend of Is or 16t per
cent to depositors in the ArgOnia
State bank. The checks for the First
and Sumner National dividends will
be ready for distribution about
August 20. The depositors of the
Argonia State bank will get their
dividend about September l.
Mr.. Sheridan's administration Of
the affairs Of the three defunct banks
in this county shows what an ener-
getie, loyal, honest bank receiver can
do toward Strengthening out the affairs
Of defunct institution Of trust.
When Barney took charge Of the
First National bank as receiver he
found claims against it selling for Is
cents on the dollar and the affairs Of
the institution in very hopeless con-
ditiOn. But he set to work patiently
unraveling The skein Of cOmplica-
tiOn and entanglements, and today
depositOrs are rejoicing in the posses
sion of 80 per cent of their deposits,
with a certainty of Is per cent more.
Maybe the bank will pay out. Re-
yer Sheridan doesn't say so, but at
anne time he does not say that a
ther dividend of 10 per cent viii! be
and persons acquainted with Bar
ney are resting peacefully ard conf.
dent of receiving a dollar for every
dollar they had on deposit in the
bank when it went under. Inasmuch
as there has been 100 per cent assess
ment made on the stock in this bank,
nofurther funds can be raisedfrOmthat
source, and further dividends will de-
pend entirely upon the general pros
perity of the county and the ability
of the banks debtors to comply with the
receivers persistent and urgent de-
mands to dig up. Mr.. Sheridan has
not received much assistance with
the First Nationals bills receivable.
In fact they were almost absolutely
worthless. The funds have been
raised by shrewd management of the
banks estate and by vigorous prose-
cution Of stockholders. The Zieglers,
of Perry county, Pennsylvania, were
made to pay sll,2OO, but they had
claims on the bank in the nature of
certificates Of deposit and only paid
SS,S41 in cash. G. W. Baird Of Leb-
anon, Ind, was made to pay s6,S4S in
cash. He had no counter claims.
Baird had transferred his stock in the
bank to his son-in-law and daughter
a year before the bank failed, to avoid
debility. He claimed he sold the
stock, but Mr.. Sheriden knocked him
out on this point and he had to pay
his assessment with interest.
The 10 per cent dividend to deposit
ors in the Sumner National bank
makes a total OF So per cent in divi.
dends paid to depositors in this bank
by Mr.. Sheridan. ]. Sam Brown paid
a 10 per cent dividend, making the
total for the First National 65 per
cent. Mr.. Sheridan predicts that this
bank will pay out. 1t is sure to pay
80 per cent. There are consider
able assets yet to fall back on. The
stockholders have been assessed only
Sc per cent and the comptroller Of
currency can levy, if necessary, an
additional assessment Of A per cent
or any part OF it. Furthermore, the
dividend to be paid in August absorbs
none of the $1,000 equity realized
from the sale Of the bank building
to ThOs. B. Brown. The building
sold for $4,000, but there was a mort
gage on it for $4,000. The money will
not be received until October, as an
order of the court will be necessary to
make the deed good.
The divideLd of Is or l6s per cent to
be paid to depOsitors Of the Argonia
State bank will probably be final and
the receivership wound up. Mr.. Sher-
idan will have paid this banks de-
posltors about 70 per cent. When
the bank failed a division of 25 per
cent was made to the depositors, so
that they will have received 95 per
Ient Of their deposits when the affairs
OF the bank are finally wound up.