Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-01-26
ARE IN BAD SHAPE
BANKRUPTCY PROCEEDINGS MAY
CAUSE UNNECESSARY LOSS
TO CREDITORS.

Dir. v. L. DunnIng of This City, Son OF
President Day Cunning of Citizens
Bank of Mt. Ayr, Thinks Creditors
| Will Receive Large Per Cent.
Things are in pretty bad shape
said DR.. V. l.. Dunning Of the New Sys.
TEN Dental parlors on East Main
street when asked concerning the fail
ure of the Citizens bank at Mt. Ayr
of which his father, Day Cunning is
president and was the principal stock
holder. 81 believe, however that il
the creditors do not force the bank
into the bankruptcy court but allow
my father and his associates time to
realize on the property at the disposal
of the bank without unnecessary sacri.
flee that the creditors will receive a
! large per cent of the money that is
due to them"
Much Misrepresentation.
There has been a great deal of mis-.
representation concerning this matter
and many false reports sent out. My
father has some 1000 acres of land
and much other property that is val
liable. If no time is allowed for the
sale of this and it becomes necessary
to throw it upon the market and take
| what can be gotten for it at forced
sale, there will be tremendous loss
My father is perfectly honest and
square in his dealings and he will dc
everything in his power and assist in
every possible manner to make the
necessary losses as light as possible
Bankruptcy Proceedings.
AS stated in the Courier since the
failure the creditors and officers of the
bank have decided that the mater shall
be taken into the bankruptcy court
John L. Patterson former county treas
urer of Ringgold county will probably
be the referee. the latest reported
estimate Of the liabilities by President
Duning is $425,000 with assets at S265,
900.
Opinion Divided.
Opinion is greatly divided, says q
Mt. Ayr paper. On the one hand car
| be found people who believe that Their
| funds nave been grossly misused and
that the bank was run on uncertain
| ties longer than was legally or moral
| ly right. On the other hand are peo
pie who say that Day Cummings entire
life and business career are refuta
ton of such charges and, that merely
his judgment was at fault in striving
too long to avert calamitous financia
| crash.
The direct cause of the failure is
given as quiet run on the bank fol
4 the past six weeks, resulting in with
drawal of about $50 900 in deposits. AS
the causes which place the bank il
poor condition to Withstand a run may
be named, the general tightness Of the
money market, losses by the Cummings
and the debtors on cattle within the
past two years, depression in real es
tate values and a too liberal loan poll
cy. The deposits had run down from
100000 March first 1903 to $SSO,0O
OttumWa Boy Loses.
George Miller. city clerk of Ottum
wa, had the sum of S765 deposited il
the bank and his father, Rev. j. H. Mil
Ter of Fairfield. had something over
$1,000 on deposit.
President Dunning Talks.
When seen shortly after the closing
of the doors of the bank on Saturday
morning, Mr.. Dunning said: "The fac
is we have just been dumping for the
last twenty years. that is all there is
to it. We kept thinking that each turr
of the road would bring us to safer
place, but things became worse instead
of better and we finally got to place
| where it was no use to struggle fur
Their. I have been greatly touched by
the sympathy that SO many people
| have extended to me today, but this
thing will turn out so badly for the
creditors that / am afraid their feel
ings toward me will change before il
is all over"
Mr.. Dunning it is stated is one Of
| the most prominent men in Ringgolt
county and has been identified with its
interests in large way for almost q
half century. His father, Barton r
Dunning, was the first settler in Mt
Ayr. locating there in June 1855 and
1 building the first house. Mr.. Dunning
has followed farming, stock raising
merchandising and banking. He be
came cashier of the Citizens bank in
May 1880 and has been at its head ev
er since, assuming the title of presi
dent in 1892.
Mr.. Dunning was always ready tc
give to everybody all the help he could
sometimes more than he ought to have
given in justice to himself and in this
way, it is stated he assumed more OF
the peoples burdens than he could car
ry.
CASHIER GOES WRONG.
Official of Cleveland Bank Admits