The Leon reporter. (Leon, Iowa) 1887-1930, 1904-01-21
MT. AYR BANK FAILS
Liabilities are S45O,OOO and Only
$3.50 In the VduIt--failure Has
Caused CONSERVATION.

In the vault, the Citizens bank of this
place closed it's doors this morning.
The president, Day Dunning, estimates
the assets as close to the liabilities, but
there are others who say the depositors
will mot get over 10 per cent. The bank
had over 100000 in deposits.
Mr. Dunning and his sons, Clyde Dun
ming the cashier, and Clarence Dunning
assistant cashier, held consultation
after banking hours last night and de-
cided that the end of their string had
been reached. Theic attorney, F. 4.
Fuller, was summoned at o'clock this
morning, and a statement was prepared
to post on the bank door at 8 O'clock,
giving notice that Mr.. Dunning had
turned over to John L. Patterson, of
Mt. Ayr, all his property except his
homestead for the benefit of his credi-
tors. Mr.. Patterson is former county
treasurer and enjoys the confidence of
everybody.
Although it was stated today by Cash
ier Clyde Dunning that quiet run on
the bank had been progressing for about
six weeks, the closing of its doors came
as distinct surprise to tho business
and farming community. The word
spread over down and county with great
rapidity on the dozens of telephone
lines, and presently farmers from every
direction came pouring into town.
While there were hundreds of deposit
tors isard hit, the talk was for modera-
tion- MIR. Cumming and most of the
heavy creditors agree that the matter
can be settled much more economically
If it is kept out of bankruptcy proceed
ings. The,creditors got together this
forenoon'and appointed John E Scott,
Alex Shrimplin and Charles Robinson as
representatives to be present when.
Messrs. Dunning and Patterson sched-
nled the ,the assets and liabilities. The
creditors were invited to do this by Mr.
Dunning's attorneys, Fuller & Fuller.
Messrs. Scott and Shrimplin are brokers
while Mr.. Robinson is q Ks farmer and
atockman, and county supervisor
The cause of the failure is supposed
to be too great liberality in the loan
business, and the depression in the cat
tie and hog markets. The Dunnings are
extensive stock feeders and shippers,
and besides are financial hackers of
many other stock men. AS to the loans,
alocal business man said this morning:
.tDay Dunning has succAnbed to a
marked trait in his character. / have
known him for long years, and have
talked with him intimately in relation
to business and many other matters, and
Inever had to do with man who was
more persistentiy thinking of the other
fellows rights and interests. He always
was ready to give everybody all tho
help he could, and in this way he assum-
ed more of other peoples burdens than
he could carry
The safety of the other financial in
stitution. the Mt. Ayr bank, owned by
Allyn Bros, is not threatened The
Allyns own, free from ineumbrance,
thousands of acres of Ringgold county
land, and it is the unanimous sense of
the business community that their bank
is ON "a solid basis, especially as they
have foreseen the crash aud have been
preparing for it.
The local sentiment in favor of moder-
ate methods in order to make the estate
pay out to the best advantage may not
meet the approval of the representa-
tives of outside banks and live stock
commission houses, who have not yet
arrived.
The heaviest local creditor is John E.
Scott, who had $4,000 on deposit.
Ringgold county had only S1,700 in the
bank. DR.. J. II. White had $4,000, A. R.
Shrimpiin $4,000, f. M. Eighme and his
sons $4,000, and Hon. r. H. Spence
$4,000. A few of the creditors are
particularly unfortunate in losing prac-
ticalIy all their possessions. The esti-
mates of the amounts to be realized for
the creditors if bankruptcy proceedings
are averted is from 60 to 80 per cent,
which however, is largely guess work.
Day Dunning is about 55 years of age.
He came here 40 years ago with his
father, B. B. Dunning, the founder of
Mt. Ayr, and has been one. of the towns
prominent people ever since. He is the
father of thirteen children. He and
Mrs. Dunning and their children fill a
large place in Mt. Ayr life. He founded
the Citizens bank in May, 1880, and has
been at it's head for the twenty-three
years of it's existence. The bank occu-
pies a fine stone building, erected in
1892, on the busiest corner in the town.
Mr.. Dunning is a prominent Methodist
layman.
For Sale Cheap.