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ments at Tama Will Meet All Its Obligations HEIRS PLEDGED JACKSON Widow and Children of Andrew Jackson, Who Was the Principal Owner of the Bank Before His Death, Agree to Pay Depositors Out of Private Fortune. Special to Times-Republican Tama, Sept. 18.-In Saturday evening's issue of this paper was printed the fact that the Farmers and Merchants' Bank of this city had suspended payment on account of unusual demands on its resources. This morning the following statement was published and mailed to every creditor of the bank: "Tama, Iowa, September 18th, 1905. To Our Creditors: In 1889 Mr. Andrew Jackson, of Tama, Iowa, and the undersigned, A. E. Jackson and L. I. Carson, formed a partnership in the banking business in Tama. Iowa, under the firm name of "Farmers and Merchants Bank," and did a banking business at said Tama, until the death of Mr. Andrew Jackson, the senior member of said partnership, November 20th, 1903, since which time we have continued the business of said partnership until September 16th, 1905, when we closed the doors of said bank for liquidation. 'The capital of said partnership, in the sum of ten thousand dollars, and the use of the bank building was all furnished by said Andrew Jackson, and the basis of the credit of said bank was his well known financial worth and integrity, giving a responsibility behind the bank approximating one hundred thousand dollars. "The unincumbered real estate of the undivided estate of decedent, Andrew Jackson, in Tama county, Iowa, is worth at least seventy-five thousand dollars in cash, at a conservative estimate. and the same is pledged by the widow and heirs of the decedent for the payment of the indebtedness of said bank, which we assure our patrons is amply sufficient to pay every dollar of said indebtedness. "We ask the indulgence and patience of the creditors of said bank for a short time, until we can reduce the assets of said bank to money and sell a portion of said real estate to pay the bank, which we pledge do as as or debts without ourselves of litigation said to rapidly expense possible, on the part of the creditors of said bank, if we are permitted to do so. Respectfully yours, "A. E. JACKSON, "L. I. CARSON." Following this statement is a pledge of the widow of Andrew Jackson and the of the Andrew Jackson estate, of the of pothecation heirs pledging themselves undivided to estate the hyAndrew Jackson or so much thereof as is necessary to the payment of all liabilities of the bank, provided they are allowed to do so without litigation and expense. a Directly following this pledge is statement from the well known attorneys, J. W. Willett, of this city, and H. J. Stiger, of Toledo, who have thoroughly investigated the books and affairs of the bank. "If the widow, heirs and the management of the Farmers' and Merchants' bank be allowed to perfect their as to the liquidation of said creditor bank, plans every will surplus be paid left in full with a comfortable to cothat by so doing the them. operate, We knowing urge the creditors to best interests of all will be served. "J. W. Willett, "H. J. Stiger." has of the fears quieting This statement of had those the creditors effect who doubted in any way the ability of the bank to meet its liabilities. While it will necessarily take some time to collect outstanding debts and dispose of the real estate, if that is we a of the necessary, winding up yet predict affairs of the speedy of bank the and are assured by the members partnership that every effort will be put forth to de this as quickly as possible.
