Jasper County Democrat, Volume 10, Number 38, Rensselaer, Jasper County, 21 December 1907 — REMINGTON HIT. [ARTICLE]

REMINGTON HIT.

Robt. Parker’s private » Bank Closes. i RESULT OF LONG-CONTINUED RUN. Mr. Parker Hopes to Pay Depositors In Full, and Will Turn Over Every Dollar He Has.

As a result of a continued run for the past two months the private bank of Robt. Parker of Remington dosed its dooirs Thursday. The failure of the Dague banks and the fact that Mr. Parker was known to have made some investments in Arkansas' and Texas lands and was generally considered to have “too many irons in the fire,” no doubt hastened the end, and it closed its doors Thursday noon after exhausting every resource to keep up. There was some $20,000 to $21,.000 of county funds deposited in the bank, and it is reported Mr. Parker made an appeal to the Rensselaer banks for assistance Wednesday but they did not think they ought to take any chances on extending outside aid. Mr. E. L. Hollingsworth of the First National Bank of Rensselaer was called over to Remington Wednesday by Mr. Parker and the latter sold him all his own and his immediate family’s interest in the First National Bank of Remington, 210 shares, and applied the proceeds to settling with two county treasurers, it is reported. Mr. Parker also retires as president and one of the directors of the bank. Deposits in the First National are only about $50,000, and an amount of currency is on hand to pay every depositor in full if he demands it, and then some. This bank has been in operation only about two or three years and is in a perfectly solvent conditionHartley Church will be continued as cashier with C. G. Beal as assistant cashier, and the bank is in good bands.. The' failure of the Parker bank will in no way effect the Rensselear banks. Pending a placing of goodly ehare of the stock in the First National with Remington capitalists, the stock is in Mr. Hollingsworth’s name. It is stated positively that the 420,000 of Jasper county funds in the bank were withdrawn before the bank closed; about $3,000 due treasuerer of Benton county was also paid, but trustee Fell of Carg inter tp., and trustee Gilbert of ilboa tp., Benton county, each had several thousand which they did not get.

The last report of the Bank of Remington, made September 10, showed assets and liabilities each of 1145,119.93; a surplus of 12,000; individual deposits $72,255.54; time deposits $36,898,14, and that the bank had borrowed SIO,OOO on notes. State officers seem to think the bank was solvent and will pay out dollar for dollai*, and Mr. Parker states that he will turn over every dollar he possesses if necessary to pay in full. He is all broken up over the failure and Indianapolis papers state that he wept over the telephone in notifying the Auditor of State of the closing. E. M. Hinshaw, the state bank examiner who is in charge of the Goodlaqd Bank, has been plaoed in charge and a statement will soon be made of the conditions. Dec 7 the bank building was deeded to the bank by Parker, the price of it was pnt in at being $4,500. At different times Parker has been connected with banks at Brookston, Wolqott, Burnettsville and Kouts, but has disposed of his interests in all of these except the Kouts bank, which it is said will not be embarrassed by the failure, of the Remington bank.• The $25,000 stock in the First National was owned all in the Parker family, and by the transfer of this stock Mr. Hollingsworth became the owner of 210 shares or $21,000, 40shares still being owned by Hartley Church, Mr. Parker’s son-in-law. Robert Parker was born in Hanging Grove tp. Jasper county, Jan. 13,1848, and has been a resident of Remington over 40 years, coming there in 1866 as clerk in a drug store. He later learned telegraphy and was railroad agent at Remington from

1868 to 1872, when he went to Indianapolis to take position as cashier in a bank. He remained tjiere only a little more than a year, when he returned to Remington and with bis brother-in-law, John Berger, engaged in the lumber, coal and banking business. Berger sold his interest in the bank to Parker about 1887, and later Henry Van Voorst of Monticello was a partner with Parker. In the early 90’s Parker bought VanVoorst’s interest and he has since conducted the bank by himself. A hard worker, who took little recreation, always at the head of every public movement to promote the business or moral interests of the community, generally considered a careful and successful business man, his bank did a large business for that community and be enjoyed the confidence and esteem of the people thereabout, He is a republican and served in the legislature one term as representative from Newton and Jasper counties. Mr, Parker has a fine borne in Remington worth $5,000 or more, the title to whipb rests in his name.