Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-09-18
Bank Which Suspended Pay
ments at Tama Will Meet
All Its Obligations
Widow and Children of Andrew Jack
son, Who Was the Principal Owner
Of the Bank Before His Death, Agree
to Pay Depositors Out of Private
Fortune.
Special to Times Republican.


Tama, Sept 1s.-1n Saturday even
ing's issue Of this paper was printed
| the fact that the Farmers and Mer-
chants Bank of this city had suspend
mands on its resources. This morning
the following statement was published
and mailed to every creditor of the
, bank:
"Tama. Iowa, September 18th, 1905.
To Our Creditors: In 1889 Mr.. Andrew
Jackson, OF Tama, Iowa, and the un-
dersigned, A. e. Jackson and T.. l. Car
son. formed partnership in the bank
ing business in Tama Iowa, under the
firm name Of Farmers and Merchants
Bank" and did a banking business at
said Tama, until the death of Mr.. An
drew Jackson. the senior member Of
said partnership. November goth, 1908,
since which time we have continued
the business of said partnership until
Septen1ber 10th. 1905, when we closed
the doors of said bank for liquidation.
The capital of said partnership, In
the sum of ten thousand dollars, and
the use of the bank building was all
furnished by said Andrew Jackson, and
the basis Of the credit Of said bank
was his well known financial worth
and integrity, giving responsibility
behind the bank approximating one
hundred thousand dollars.
THE unincumbered real estate Of the
undivided estate Of decedent. Andrew
| Jackson, in Tama county, Iowa, is
worth at least seventy-five thousand
! collars in cash. at conservative esti-
mate. and the same is pledged by the
widow and heirs of the decedeat for the
| payment of the indebtedness Of said
| bank, which we assure our patrons is
amply sufficient to pay every dollar of
said Indebtedness
"Wo ask the indulgence and patience
of the creditors of said bank for a
short time, until we can reduce the
assets OF said bank to money and sell
a portion Of said real estate to pay the
debts Of said bank, which we pledge
ourselves to do as rapidly as possible,
part OF tho creditors Of said bank II
| We uES pGIDIllIOu " uO So 1NCSDCCI~
fully yours,
| "a. e. JACKSON,
"L. l. CARSON"
Following this statement is pledge
OF the widow Of Andrew jackson and
the heirs of the Andrew Jackson es-
tate. pledging themselves to the hy-
pothecation of the undivided estate of
Andrew jackson or so much thereof
as is necessary to the payment of all
liabilities OF the bank, provided they
are allowed to do so without litigation
and expense.
Directly following this pledge is a
statement from the we'll known attor-
neys, j. w. Willett, of this city, and HI.
j. Stiger. of Toledo who have thor
oughly Investigated the books and af-
fairs Of the bank.
"If the widow, heirs and the man
agemcnt of the Farmers and Mer-
chants bank be allowed to perfect
their plans as to the liquidation of said
bank, every creditor will be paid in
full with comfortable surplus left to
them. We urge the creditors to CO.
operate, knowing that by so doing the
best interests OF all will be served
81 w. Willett,
"H. j. Stiger"
This statement has had the effect Of
quieting the fears Of those creditors
who doubted in any way the ability Of
the bank to meet IT'S liabilities.
While 1t will necessarily take some
time to collect outstanding debts and
dispose of the real estates if that is
necessary, yet we predict a speedy
winding up Of the affairs of the bank
and are assured by the members Of the
partnership chat every effort will be
put forth to do this as Quickly as pos