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Banking House Assigned. Burton, O., Jan. 27. - The banking house of Boughton, Ford & Co. has assigned. No statement has been issued but it is understood that the assets are close to $500,000 with liabilities about $300,000. The assets consist largely of farm mortgages. Mr. Ford said the bank could not secure funds promptly on its securities and expects to resume shortly.
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BANK SUSPENDS Boughton, Ford & Cc.at Burton Closed Its Doors-Assets are $400,000. Burton, O., Jan. 27.-The banking firm of Boughton, Ford & Co., at Burton, closed its doors Monday morning and made an assignment to C. E. Williams. No definite statement is made but it is said that the assets are about $400,000 and the liabilities about $300,000. The assignment, it is said, was caused by the bank being overloaded, its principal assets being firm mortgages and other assets upon which money could not be quickly raised. The bank has been conducted by George H. and Robert N. Ford, the former, bank examiner for the northern district of Ohio.
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Ohio Banking House Assigns. The banking house of Boughton Ford & Co., at Burton, Ohio, assigned to C. E. Williams for the benefit of its creditors. It is understood the assets are close to $500,000 with liabilities at $300,000. The assets consist largely of farm mortgages.
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Ohio Banking House Assigns. The banking house of Boughton Ford & Co., at Burton, Ohio, assigned to C. E. Williams for the benefit of its creditors. It is understood the assets are close to $500,000 with liabilities at $300,000. The assets consist largely of farm mortgages.
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BAD PRIVATE BANK FAILURE. Chardon, Ohio, March 11.-Affairs of the private banking house of Boughton, Ford & Co. at Burton are in worse shape than was supposed when their assignment was announced some time ago. The liabilities now amount to more than $1,000,000, while the assets are only about $200,000. A receiver has not yet filed a complete report, all but a summary being withheld on the ground that other failures would be precipitated if all the facts were known. It looks now as if there would be a mass of litigation that would delay settlement of the bank's affairs for several months if not for years.
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of twenty years. The notes will be secured by a consolidated mortgage on the plant. The loan was made to meet obligations to be incurred in carrying out government and other contracts, for which more than the sum named will be eventually received. Satisfactory arrangements have been made and papers signed between the government and the Chandler-Dunbar Water Company for a mill and dam at Sault Ste. Marie, Mich. By the arrangement a strip of land of the water power company is reserved by the government in case it is needed for widening the canal and a third lock, while the company secures certain privileges in St. Mary's rapids. This clears up everything for the construction of the plant of the American Soo Paper Company. Everything is in readiness to begin work on what will be the Soo's second largest water power development. Frank C. Pingree, who was president of the wrecked City Savings Bank at Detroit at the time of its collapse through unlawful use of the bank's funds by its vice president, Frank C. Andrews, now a prisoner in the State Prison at Jackson. to-day filed a petition in bankruptcy. His liabilities are given as approximately $825,000, assets $124,000. The liabilities are almost entirely in bonds given to the Detroit School Board, the city of Detroit and the State of Michigan for public funds confided to Harry C. Andrews as cashier of the wrecked bank. The principal item of the assets consists of $110,000 stock in the Pingree Shoe Company. The effort to remove the effects of the defunct Boughton, Ford & Co.'s bank at Burton, O., from the state court to federal jurisdiction crystallized at Cleveland in a petition for involuntary bankruptcy filed in the United States District Court. The petition is in the name of William A. Hawes, Emma Miller and Henry Hodges, all of whom were despositors in the bank. They ask that the copartnership of George H. and R. N. Ford, who did business under the firm name of Boughton, Ford & Co., be adjudged bankrupt by the Federal Court. According to the latest figures given out by the receiver for the bank the liabilities are $1,028,165 and the appraised assets $207,000. H. C. Webster, a young Cleveland englneer, recently secured from the Aqueduct Commission of New York a contract for building fourteen highway bridges in the Bronx for $309,250. As soon as he was told that he was the fortunate bidder he said he did not want the contract and begged the city officials to take the job off his hands. The aqueduct commissioners told him that his bid was guaranteed by a fidelity company of Maryland and that they would hold him or his sureties to a faithful performance of the work. After thorough investigation, however, the commission decided it would be useless to try to compel Webster to take the contract, and, as there was so little difference between his bid and the next higher one, the latter was accepted. Control of the Standard Steel Car Company, of Pittsburg, with its fine car works at Butler, Pa., has passed from the original owners to the American Car and Foundry Company. With it went the control of the Southern Car and Foundry Company, which was not long ago purchased by Pittsburg interests, and has since been operated by the Standard Company. The deal involved an exchange of properties valued at $6,500,000, and will give to the American Car and Foundry Company a well-equipped steel car plant to build up its trade in steel cars. With the sale of the Standard interests it is said that the interests of Schoens in steel car building will cease permanently and that the whole attention of the Schoens will be directed to the manufacture of steel car wheels.
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This is clipped from an Ohio paper: Geo. H. Ford, national bank examiner for the northern district of Ohio will probably not be disturbed in his position because of his indictment for his connection with the collapsed bank of Boughton, Ford & Co. at Burton, says a special dispatch from Washington to "The Press" Ford has influential friends in Cleveland who have assured Controller Ridgely that Ford is a victim of circumstances. Unless their support is withdrawn, or evidence of actual wrong doing is presented, Controller Ridgely is inclined to not molest Ford. There you have it. That's the whole trouble in this country-a rogue gets just as good a show as an honest man if he stands in with a political ring. This man Ford-known by the writer all his life-was at the head of a banking house at Burton that failed with no visible assets, ruining scores of honest old farmers who had with the bank the savings of a lifetime. The failure was rotten to the core and Ford is now under indictment for receiving money and negotiating loans when he knew that his institution was insolvent.