Article Text
Canon Savings Bank Closes Its Doors Realizing that it would be impossible dateFmentionedEthel Ibalance's sheet to continue business without serious shows the following items: Capital, loss to depositors and patrons the offi$25,000; undivided profits, $81.79; incers of the Canon Savings bank last terest, $45.48; bills payable. $8,100; due Monday morning closed the doors of depositors, $40,724.74; due banks, $5,617.48. Total $74,569.49. the institution pending a liquidation of its affairs. It will be seen from these figures that At a meeting of the board of directmatters are not in as good shape as ors later in the day Lafe Combe was they might be, and that the assignee made assignee, and at once took charge will have no easy task in bringing orof matters;for the benefit of the credder out of the chaos in which he finds itors, most of whom are Canon City the bank's affairs. people. Many small depositers were caught The exact status of things at the by the failure, more so, perhaps, than bank has not been made public and is usually the case with banks of its only an approximate statement of its class, due to the fact that it was a condition can be given at this time, savings institution and that its patrons but it infunderstood that the assets are were, for the most part, people who sufficient to pay off the greater part of had saved a little money out of slender incomes. the indebtedness, which is in the neighborhood of $50,000. Tomorrow two statements will be Except on the part of depositore and made out and filed with the clerk of others directly interested in the finanthe district court which will show the Bial welfare of the bank, but little exprecise condition of the bank at the citement was caused by the failure and time of its failure. One of these stateno business interest will be seriously ments will be made out by the late handicapped by its suspension. cashier for the stockholders, and the So far as can be ascertained at this other will be compiled by the assignee time there is no occasion for undue for the creditors. alarm on the part of the creditors, alThe Canon Savings bank was organthough, as has already been announced, ized in February, 1902, with W. H. Mcthe tangle which has brought about Clure as president, A. C. Dickinson the bank's downfall will require severvice president and H. 8. Lee cashier. al weeks to straighten out. The directors are: W. H. McClure, The assets consist of outstanding W. W. Story and A. C. Dickinson, all promissory notes, believed to be amply of this city, and Mr. Joseph Ruse. of secured on Fremont county ranch and Victor. orchard lands, stocks and bonds, overWas In Poor Health for Years drafts of customers, cash and cash Ira W. Kelley, of Mansfield, Pa. items and bank furniture and fixtures. writes: "I was in poor health for The last report of the condition of the two years, suffering from kidney and bank, as taken from the general ledger, bladder trouble, and spent consider. which was made August 3, 1905, was as able of money consulting physicians follows: Bills receivable, $49,976.51; without obtaining any marked benestocks. bonds and tax titles, $5,184.61; fit, but was cured by Foley's Kidney furniture and fixtures, $1,946.85; diviCure, and I desire to add my testidends, $3,750; overdrafts, $6,871.75; mony that it may be the cause of reinterest paid depositors, $2,754.32; exstoring the health of others. Refuse penses, $1,095.88; cash and cash items, substitutes. Palace Drug Store. $3,489.57. Total resources, $74,569.49. Under the head of liabilities on the RARV BORN ON BRIDGE
