The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-10-28
time |
WILLPAY OUT"
SAYS BANKER
William ii. Holxinger Of Geneseo
IS and AnnaWan Banks Declares
Depositors Won't Lose
Especial to The Argus.)

Annawan, ILL. Oct EST given
time and not pushed too hard,
believe 4 can make every dollar
good TO every deposition in both me
Annayan and Geneseo banks, de-
clared William H HolZinger IN
his first public statement since the
closing OF the State bank of Anna
wan and the Geneseo Savings bank.
in both of which he is an ofhcer
and the largest individual stock
holder.
Continuing his statement, which
was made here in an interview with
q representative of The Argus, Mr..
Holzinger, who distinctly shows
the strain of the financial worries
he is under, declared: IF neces-
sary, / will sacrifice every bit OF
property and every dollar pos
sess toward making good the saw
ings OF the depositors of the two
banks. If left alone, however, and
given a chance to market the col
lateral of the two Institutions at
its actual value instead OF it being
forced onto the market and dis
posed of at half its worth or less,
/ feel sure that no such personal
sacrifice would be necessary, as
everything would pay out alright
with the possible exception of
about 1000 worth of paper at the
Geneseo bank. But to do this /
must be given time"
Asked how much time he con-
sidered would be necessary to ac-
complish such a result as he had
pictured. Mr.. Holzinger said that
he could not say exactly, but pos
sibly about two years.
At the time the interview was
taking place the directors of the
Annawan bank were in the private
room in the rear, considering the
step that should be taken in guar
anteeing the money of the depos-
itors in the defunct institution, and.
according to Mr.. Holzinger, pos
sible means of reorganization of
the bank. 1t is understood the
use of Mr.. Holzinger's private prop
eTty was one of the plans con-
sidered toward adjusting the at
fairs of the bank by guaranteeing
the depositorS their money, and
thus staying off the possibility of
a receivership for the bank. Mr.
HolZinger owns several thousand
acres OF land, $500 acres of it being
in Iowa and the rest in Minnesota
and the DaIIotas. He also owns an
implement store in Annawan, his
home here and store in the country.
All of his property, however, is
understood to be heavily encum-
bered.
Discussing his present position
and the condition of the two banks
MIR. Holzinger lays it to general
economic conditions, which have
hit the farmer particularly hard
making collections slow for bott
banks, as they catered chiefly tt
that class of business. Mr. Holz-
niger denies that the loans of the
banks gre bad, but instead CLASH
fies thS4n as slow, due, he says
to conditions.
'3This trouble has all come
about" Mr.. Holzinger continued
Through the hasty action of thu
aDrovers' National bank of Chicago
They promised US a loan of $45 90,
for which we put up collatera
amounting to 1920 geo. As soon a.
they got the collateral they clappet
their hands on it and went back o.
their promise"
Il Asked why the Drovers' Nationa
and what they probably intends
Going with it, MIR. Holzinger sal
he did not know, but that if force,
onto the market it probably woult
not bring moro than so cents Oh
the dollar. despite the fact that b
considered it all good stuff.
1t Is understood the coIlatera
was held by the Drovers' Nationa
bank for protection on previou
loans.
While the state bank examiner
are still busy at Geneseo as vel
as at Annawan, there is understoo,
that the condition of affairs at tn,
latter institution are as Favorable
as at first believed and that Their
Is possibility it may ultimately
be placed in the bands of a receiy
er. as well as the Geneseo Saving
bank.
DepOsitors Show Concern.
Although the banks were close
Tuesday morning, it was not unit
Thursday that the deposftors c
either the Geneseo or Annawan in
stituuons generally began to evi
dence concern. The number c
people who have been going to tn
doors Of the two banks, read tn
notice on the doors, waited abou
uncertainty and made inquiries, in
creased Thursday and today. Tn
able to gain any information say
that conveyed by the notice to tn
effect that the bank was closed b
the state for invesGgation and ad
tustment" they were compelled I
return to their homes to await tn
result Of the Investigation. Al
though many of the depositors ex
pressed anxiety as to the ultirnat
fate of their savings. as a who'll
they appeared to accept the matte
calmly in view of what it nigh
mean to them.
Of the two banks It is generaIt,
conceded that the Annawan insti
tuition is in much better condition
and more likely to pay off its de
pastors without any loss to them
However, the officers of both banks
are understood to be making every
possible effort to guarantee demos.
Its, although their ability to accom-
plish this is considered doubtful
especially in the case of the Gene