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MT. AYR BANK FAILS Liabilities are $450,000 and Only $750 in the Vault--Failure Has Caused Consternation. MT. AYR, Jan. 16. (Special)-With liabilities of $450,000 and only in the Citizens bank in place the closed vault, $750 of cash this its doors this morning. The president, Day Dunning, estimates the assets as close to the liabilities, but there are others who say the depositors will not get over 10 per cent. The bank had over $400,000 in deposits. Mr. Dunning and his sons, Clyde Dunning the cashier, and Clarence Dunning assistant held a consultation hours last after cided banking cashier, night and dethat the end of their string had Their F. was summoned at 5 this been Fuller, reached. attorney, o'clock F. morning, and a statement was on the bank door at 8 giving to post prepared o clock, notice that Mr. Dunning had over to John L. of his property his Mt. turned Ayr, all Patterson, except homestead for the benefit of his creditors. Mr. Patterson is a former county treasurer and enjoys the confidence of everybody. Although it was stated today by Cashier Clyde Danning that a quiet run on the bank had been progressing for about six weeks, the closing of its doors as a surprise to the community. The spread and distinct farming business word came over town and county with on the dozens of lines, rapidity and telephone great presently farmers from came pouring into were hundreds of tors direction While there deposit- every town. hard bit, the talk was for moderation. Mr. Dunning and most of the heavy creditors agree that the matter can be settled much more if of ings. it is kept.out bankruptcy economically proceedThe creditors got together this appointed John E. and Charles as Alex forenoon and Shrimplin Robinson Scott, representatives to be present when Messrs. Dunning and Patterson scheduled the the assets and liabilities. The creditors were invited to do this by Mr. Dunning's attorneys, Fuller & Fuller. Messrs. Scott and Shrimplin are brokers while Mr. Robinson is a farmer and stockman, and a county supervisor. The cause of the failure is supposed to be too great liberality in the loan business, and the depression in the cattle and hog markets. The Dunnings extensive stock feeders and shippers, and besides are financial many stock men. As to the a local other business backers loans, of man said this morning: "Day Dunning has succumbed to a marked trait in his character. I have known him for long years, and have talked with him intimately in relation to business and many other matters, and never had to do with a man who was more persistently thinking of the other fellow's rights and interests. He always was ready to give everybody all the help he could, and in this way he assumed more of other people's burdens than he could carry.' The safety of the other financial institution. the Mt. Ayr bank, owned by Allyn Bros., is not threatened. The Allyns own, free from incumbrance, thousands of acres of Ringgold county land, and it is the unanimous sense of the business community that their bank is solid basis, especially as they have foreseen the crash and have been preparing for it. The local sentiment in favor of moderate methods in order to make the estate pay out to the best advantage may not meet the approval of the representatives of outside banks and live stock commission houses, who have not yet arrived. The heaviest local creditor is John E. Scott, who had $18,000 on county had only Ringgold bank. Dr. $1,700 deposit. in the J. H. White had $8,000, $8,000, F. M. and his and Hon. R. H. sons Shrimplin $6,000, Eighme Spence $4,000. A few of the creditors are particularly unfortunate in losing practically all their possessions. The estimates of the amounts to be realized for the creditors if bankruptcy proceedings are averted is from 60 to 90 per cent, which however, is largely guess work. Day Dunning is about 55 years of age. He came here 49 years ago with his father, B. B. Dunning, the founder of Mt. Ayr, and has been one of the people ever since. He is the thirteen children. father prominent of He town's and Mrs. Dunning and their children fill large place in Mt. Ayr life. He founded the Citizens' bank in May, 1880, and has been at its head for the twenty-three years of its existence. The bank occupies a fine stone building, erected in on the busiest corner in town. 1892, Mr. Dunning the is a prominent Methodist layman. For Sale Cheap.
