The Denison review. [volume] (Denison, Iowa) 1867-current, 1904-04-13
Exchange Bank Of Dow City and Bank
Of Buck Grove go to the wal1.
OTHER FIRMS CAUGHT IN MAELSTR0M
Bank Placed in hands of Receiver N R. Wader-Appeal
to United States Couft for Bankruptcy Proceedings
Conflicting Opinions as to Va1ue of Assets.

AO0Il1ct10& OPl01OnS a
Onlast Wednesday morning the quiet
little community of Dow City was
shocked by the announcement that the
Exchange bank had failed. From
mouth to mouth, from Office to office,
from dooryard to dooryard. from farm
TO farm. spread like wildfre the appal-
ing, staggering message, The Ex-
change bank has .gone to the wall"
Widows who had entrusted the savings
Of lifetime to the keeping OF the bank
'wrung their hands in horror, and even
hardheaded business men sickened and
paled under the shock of the news.
The direct cause Of the failure was
the filing of suit against the bank by
the Green Cattle company asking for
. Judgment of $4,000 81. 8. Green,
proprietor of the bank and also Of the
one at Buck Grove known ss the Bank
OF Buck Grove. filed Q contemplation
asking that receiver for the two
banks be appointed. This was grant
cd, and the affairs OF the two banks are
now In the hands of N. r. Wilder. of
Dow City.
At the time of the failure all kinds
Of conflicting stories we're printed in
the newspapers. and last Saturday a
representative of the REVIEW went to
Dow City to get the facts. Mr.. Wilder
was literally buried with correspon-
dence relative to the failure of the
bank, and he had scarcely looked at
the books, and consequently he knew
little or nothing about the condition of
affairs.
In an interview at his home, Mr.!
Green saws:
II am unable to give you an exact
statement of the assets and liabilities,
but there was about $4,000 deposited
In the two banks in sums of from one
dollar up to twenty-five hundred.
About $4,000 in cash and notes was
turned in to the receiver, besides real
estate valued at from $50, 900 to 500, 900.
lam also largely interested in the
Green Cattle company, whose assets
above all liabilities are as yet hard to
determine. The liabilities of the COM
pany are about $4,000, to Offset which
the company owns 1900 head of cattle.
and 800 head of horses, BESIDES some
real estate. 1t is impossible to deter
mine the value of the cattle until they
are sold as it all depends upon the
price they bring. You see, differ
ence in the price of one dollar per hun
dred would make difference of sever
al thousands of dollars. The cattle are
in Utah, Colorado and western Nebras-
ka. and prominent Chicago cattle men
tell me that If they are turned on
the grass for three or four months they
will bring at least ten dollars per head
more than they will now. The direc-
tors of the Green Cattle company and
it's Chicago creditors will hold meet
Ing at Omaha next Saturday night to
determine what is to be done with the
cattle
When asked as to what caused the
failure, Mr.. Green said:
1T WAS caused by trying to carry
too many cattle and too large amounts
Of land without sufficient capital.
There is no speculation on the board of
trade. no deals in mines or anything OF
the kind. 1t was simply an attempt to
Goat too large cattle loans, which could
not be carried through"
At the close of the interview, Mr..
Green said in cor clusiOn:
II feel quite sure that the assets
will more than pay the depositors In
full. shall do all within my power to
accomplish this result. If the resour-
ces of the business itself are not sufii-
cient to do this. then, I have said all
along and say now, will put my
homestead into the hands of the re-
ceiyer, and II there is any lacking after
this expedient has been resOrted to,
will work until the last dollar of 1t is
paid. say this because it is easier for
me to make living than most Of the
people who had money deposited In the
banks. especially several widows here.
most of whom have practically all their
earnings tied up in the failure. have
had q wide experience and have on
several occasions been offered good po.