Article Text
A WILD CAT FAILURE-The Cherokee Insurance and Banking Company" of Dalton, Georgia, has gone up. The concern was owned by N. B. Curtiss & Co., of Peoria, and of course never had any but a fictitious existence in Georgia. There is a good deal of the paper afloat in this region, and whether the unfortunate holders are to lose it all or not may be guessed at from the following 'card" which the Messrs. Curtis publish in the Peoria papers: To HOLDERS OF THE CIRCULATING NOTES OF THE CHEROKEE INSURANCE AND BANKING ComPANY.-In consequence of the failure of numerous parties in St. Louis, Chicago and New York to pay their acceptances held by us, we are forced to a temporary suspension. Our assets are very largely in excess of our liabilities, and we expect to resume payment within thirty days. The circulating notes of the C. I. & B. Co., will pay any debt due our house. N.B. CURTIS & CO. Peoria, Nov. 7, 1857. The Chicago Press, announcing the failure, remarks: There is no price as yet for the bills of the Cherokee Insurance and Banking Company; but we learn that they will probably be worth from seventy-five to ninety cents as soon as the brokers can determine about how long they will be obliged to hold before they can convert them. We have known Mr. Curtis for some years and have confidence both in his integrity and business capacity, and doubt not he will do all in his power to discharge every obligation honestly and fairly at the earliest possible moment.