Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-02-02
BANK IN BAD SHAPE
CUMMINGS LIABILITIES ALMOST
TWICE AS LARGE AS THE
ASSETS.
ltemized Statement Had Just Been
Filed and First Meeting Of Creait-
ors viii be Held Early in Febru.
airy. Probably At Mt. Ayr.

Mt Ayr, Feb. 1.-(SpeciaD- The
latest development in the Day DunninS
bankruptcy case is the filing Of the list
{ Of liabilities, just completed. The to-
: tai liabilities are $430,S71.27. This in
cludes, however, contingent liabilities
! to the amount of S19,912, on paper
signed by Mr.. Dunning as indorser or
surety, considerable part of which
will be paid by the other signers, so
. that the actual liabilities will run per-
haps not more than $4,000, which is
Sc, 1000 less than was given to the Cou-
rier as Mr.. Dunning's estimate two
days after the bank closed. If his es-
innate of $265,000 assets is equally
hear the truth, the creditors may look
Tor dividend of about sixty per cent.
ltemized Liabilities.
The liabilities were itemized as fol-
lows: Deposits and open accounts (of
which 1881 geo is for deDosits), $685.
512.21; balances due other banks, S24,-
/. 500; taxes, 946.96; endorsements, S.
ZIP; sureties, S11, 200.
Hundreds of Creditors.
'S There are about 500 creditors. The
scheduling of the assets began yester-
ady.
Creditors to Meet This Month. :
1t is rumored that Hon. S. S. Eth
ridge, of Des Moines, whom Judge
Z Smith Mcpherson has appointed ref
cree, will call the creditors meeting
for Wednesday, February 10. 1t has
been agreed that the meeting is to be
held here and that local man is to
be elected trustee.
Grand Jury Ignores Case.
Although there was a gooi deal of
Indignation expressed by local credit
ors following the failure, and even
some talk of criminal prosecution, the
.Ringgold county grand jury was in
session two days this week and no at
/, tempt was made by any grand juror
( or by any other person to investigate
the conduct of the D innings in the
!. banking business.
Nature QuelIs Excitement.
The sleet storm of week ago We'd
nesday, which practically destroyed
the telephone systems and made the
roads almost impassable for days, had
a very benefici,l effect in causing ex-
citement to die down.
No Other Firms Bankrupt.
Local business conditions feel the
effect of the failure, but trade is not SO
far below normal as many had antici,
pated, and not a single firm has been
put out of business in consequence OF
the banks closing, though the day at
ter it closed it was freely predicted
What "a half dozen firms would go tc
the wall within week.
May Have New Banks.
Over half dozen parties of capital
lists here and elsewhere have been
looking over the field with view tc
starting new banks but it is probable
that not to exceed two and possibly
only one more will be started.
Iowa State Of Mt. Ayr.
The organization of the Iowa State
/. bank of Mt. Ayr" seems to be as
: sured. It's incorporators are Judge
John w. Harvey and Hon. Thoma!
/. Teale of Leon; Bert Teale of Lamont
and F. f. Fuller and Homer Fuller O
Mt. Ayr. Judge Harvey will be presi
dent and Bert Teale cashier.
May Found National Bank.
The probability is that a nationa
I bank will befounded here, the capita
being furnished by DR.. G. w. William
and Bankers Calvin Tilton and ]. L
Tilton of Allendale. Mo-, and by Geo
J: Hass of this city. Allyn Bros, (Sen
ator George S. Allyn and John H. Al
lynn, have announced that they will
convert the Mt. Ayr bank into a say
ings bank taking in several .othe
stockholders.
Affairs in Bad Shape.
Although the Dunning bank ha
seemed to hold up well under the ru
which lasted for two weeks before tn
final closing of the institution, it woul
seem that this was not the case an
that the bank was very close to tn
margin when the application for a re
ceiver was made. This cannot be We
!. flied at the present time but there ar
rumors to the effect that instead {
the funds which were at first reporte
to be on hand in the bank, amountin
to several thousands, less than $l,0O
in money was found when the recei'
er took charge of the affairs of the il
stitution. This bears out the stat
ments made by the members of til
Duning family, that the affairs of Da
Dunning will be in a most greivou
condition after the bankruptcy pr
ceedings are concluded.
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