The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1904-10-21
Rushsylvania a
Bank Closed
And Creditors Will
Lose Heavily.
BANKRUPTCY
Proceedings Have
Been Instituted.
Failure Caused No Little TX
element in the Enter
prising Village.

The Rushsylvsnis bank is the second
private institution to close its doors in
Logan county in four months On
July % the Liberty bank at West Lip-
erty suspended business. Recently
private bank in Sidney and bank in
Gallon failed.
Another bank failure for Logan
county.
Tuesday morning the Rushsylvania
Bank, conducted as private concern
by d. c. and Frank L KENYON, failed
to open for business.
When it was learned that the estab-
lishment was in financial difficulties
there was the greatest excitement
among the townspeople and efforts
were made to learn the exact condition
of affairs
The failure means much to Rushsyl-
vania people. The depositors were
principally residents of the town and
farmers living in the vicinity. De-
posits were heavy just at this time
lowing to the fact that many farmers
had deposited the money received from
the sale OF their seasons crops.
At this hour there are many rumors
afioat concerning the circumstances
surrounding the failure put 1t win take
some time to ascertain the exact con-
Idition.
| 1t is stated on good authority that
Iparties will go to Cincinnati at once to
file petition in bankruptcy. The
matter will then be placed in the hand;
of q referee and affairs settled up.
WILL END THE BANK.
i The outcome will no doubt result in
J the wiping out of the bank. Matter!
|, seem to be in bad shape, with heavy
! liabilities and but little that can bs
turned in as assets. The loss TO de
!; positors will consequently be heavy.
THE CAUSE.
From what can be leaned today tn
cause of the failure can be accredited
: to a series of business complications
The bank had made number of in
vestments with the deposits of thei
, patrons. Losses were met with ant
the earnings of the bank being small
the deposits were eaten up and tn
j oroSb oono Tf hos boov, rpoxvn IL 8;
e nancial circles hereabouts for som
: time that the bank was In a shak
condition, but the end was not though
D to be so near. The business Nigh
have been continued for some tim
1 had not the state auditor demande
I from every bank in Ohio a report G
d their condition ON October 12. This
tine first time that such a report ha
been demanded of private banks, an
4 Messrs Kenyon Brothers, knowing tn
condition of their concern and realiz
n ing that suitable report could not b
Il made. decided TO close business. Cor
q sequently patrons of the bank VIII
T called Tuesday morning to make ds
e posits found the doors barred.
THE CASHIER.
Mr.. D. c. Kenyon was known as th
Icashier of the bank, but his brother
Mr.. Frank L. Kenyon, attended to tt
business and remained behind the desl
+ A dry goods store was at one time col
A lducted in connection with the banl
,s but this was disposed of some tin
q lsgo. The Kenyon Brothers held a
IL interest in the Rushsyivania creamel
i and the Touring mill, and owned ii
,f hotel building besides some farms ar
ia other properties. They have had g
10 interest in most every business ventul
N of any size that has been started fl
ia the past ten years When the Al
n Cement Company was organized
N Rushsylvania men they were hea,
n stockholders and prominent In Il
ia management of the concern. Tn
, proposition failed and the bank 10
. some money in the deal.
D. AMOUNT OF DEPOSITS.
70 In a report made by the Keny'
lg bank year ago last spring their d
at posits were given as $40, 900. Th
amount is not supposed to have i
Id creased to any great amount since tn
e, time and the loss to the depositors W
]. probably reach from $40, 900 to $40, OO
b. ONLY BANK.
m The Kenyon bank was the only bsI
nd in Rushsylvania. The citizens seem,
u to have tine greatest confidence in
owners and felt safe in entrustil
their money to their charge. Con:
a. quently any person in the immedis
" community with money to deposit Ii
:, it at the Kenyon bank. Persons W
~ claim to know, state that the hesvis
= depositor is probably Mr.. Wilson NJ
'u Adams, ST. The Union Portland G
ment company also made deposi
p there, but had checked out most
p their cash money when the crash cain
e. They do not expect to lose over $500.