The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1904-10-21

failure Inc Otner Oanks OF tnls CITY
will lose nothing.
-------.
There are no new developments in
the Rushsylvania bank failure today
and the matter will probably rest as it
is until the creditors meet and elect a
trustee in bankruptcy.
Attorney Dow Akin, who represents
Mr.. Kenyon, has arranged the follow
ing schedule which shows the assets
and liabilities.
LIABILITIES.
Bank Indebtedness proper S36. $50. 75
Mortgages on real estate 2, ZOO. 90
Notes secured by collateral $500 90
Other Indebtedness 1.600. 90
Total $43. 469. 70
ASSETS.
Real estate $40, 200. 90
Union Portland Cement stock 81. $50. 90
Cash in bank and other funds /. 1872. 9S
Notes IS. 800. 55
Overdrafts 2, 400. o.
banks 2,7s7 25
Bank fixtures 500. 90
Total $67. 54I SO
MAY PAY OUT.
Mr.. Akin, the banks attorney, has
proceeded in manner by which he
hopes to keep down the expense of lit
ixation If the proper course is con-
tinued by the creditors he states that
he sees no reason why the settlement
of the affairs will not result in every
obligation being met and creditors es-
cape with little or no loss.
IN BANKRUPTCY COURT.
The matter has been submitted to
the bankruptcy court in Cincinnati
but no special action was taken pend
ing the selection of q trustee by the
creditors. A meeting of the creditors
will no doubt be held at an early date,
When some perso IN will be named for
the position. Mr.. Kenyon, the cashier,
Is anxious to do everything in hi:
power to protect his patrons and cred
ltors.
THE CAUSES.
There are several causes given fol-
the failure. The payment uf Interest
on time deposits by other banks In the
county compelled Mr.. Kenyon to pay
such heavy rate of interest to holi
money then in his hanos and secur,
other loans that the best he could d;
was to pay the interest. Consequent,
one means of the banks making mon
ey was taken away. AS is generall,
known the bank lost money through
its connection with the Alta Cemen
company. A suit brought by the Con
tractors Building & Supply compan.
to which the Kenyon Brothers wer
parties, caused them much worry an,
took much of Cashier Kenyon's tim
from his duties in his store and il tn
bank. At this time the store was bs
hind and money was needed +
right matters. Three years ago it wa
noticed that trouble was bound t
tCOuc eOoucl VI idtcl. Dub MI. hcuy "
decided to put forth his best effort
and endeavor to weather the gale.
Last week a final effort was made I
arrange to continue business, but upo
the advice of his attorney. Mr.. Ker
yon decided to suspend operations
NOTES ARE BAD.
pupnbor Of fba 1arpar ,otoo bal
by tine bank are not expected to brin
face value. There will be consider
able of shrinkage here as well as
the real estate, but there are enoug
assets to pay nearly ali the indebted
ness providing the cost of settling tr
affairs does not necessitate unusual
large expenditures
II MIR. KENYON IMPROVING.
al Cashier Kenyon was confined to h
bed Tuesday. He was greatly affects
r by his reverses aud no persons, wit
/, the exception of two representatives
y q Bslletontaine bank, were grant,
= permission to see him. He seems to
. conscientious regarding his feeling f,
. the welfare of his creditors and it
Z said by those who know that the su
pension was decided upon to svo
pay ment of some unjust claims tn
were being made upon him.
: EXCELLENT LAW.
9 The new law which gives the sta
= auditor power to call for a statemel
r of the condition Of state banks at al
n time instead of at stated periods b
been received kindly by the sta
bankers in general They now kno
no more when a statement is to
: called for than do national banks. al
are therefore freed from the possit
charge Of having made special prep
ration for the anticipated statemer
= If the banks are in good conditio
!, they have nothing to fear. If the
= financial standing is in bad shape L
:. report must show it and the public
thereby given the intelligence it is g
titled to.
g The Board of Health has raised (
II quarantine on the churches, and 81