Rensselaer Semi-Weekly Republican, Volume 40, Number 31, Rensselaer, Jasper County, 24 December 1907 — THE REMINGTON BANK FAILURE [ARTICLE]

THE REMINGTON BANK FAILURE

Othef Business Houses There Said Not to Be Effected By Its Close * ll■■ 111 ■ E. M. Hinshaw, state bank inspector, has taken charge of the Bank of Remington, and the Republican editor talked with him at noon today. . He said that Remington people were taking the failure philosophically and that on every hand sympathy was being expressed for Mr. Parker. They have confidence in him and believe he will do all in his power to make things pay out. Mr. Hinshaw said he did not believe he would be justified at this’ time in making a statement of the amount of deposits. He said that Mr. Parker had investments that were not readily convertible into cash and that he could not state what these are at this time. He did state after slight hesita tion that he thought no business house in Remington would be materially effected by the bank’s clos ing.

“The other bank,” said Mr. Hinshaw, meaning the Remington First National, “is all right” The act of closing the Bank of Remington was voluntary on the part of Mr. Parker and he had evi * dently made a heroic effort to keep it on its feet. It was a private bank and Mr. Parker had several outside investments, Fountain Park the Ruttenberg engine manufactory, k and it is said southern land investments. Mr. Parker was completely Clashed by the failure, not so much because of his own disaster as be cause of the trouble and possible loss that might result to his friends and patrons. There is probably no more highly respected man in Jas per county than Robert Parker. He has always been identified with every progressive movement and his moral life has been above reproach. He was the leading man in all good works in Remington - and every business dealing he has had has proven his’straightforward honesty. It is not probable he has lost heavily on Fountain Park, possibly not at all, unless it should be in his loss of time in arranging the program of the successive chautauquas. It is probable that he lost money in the Texas rice land investments, but it is understood he had some time ago got out of this deal. It has been rumored that he had invested in Arkansas lands, but upon reliable authority it is stated that he had no partnership connection with David P. Baldwin, of the Baldwin & Dague banks. The Logansport company that manufactures the Ruttenberg automobile engine is largely owned by Robert Parker and Ebon Wolcott, the latter of Wolcott, and it is reliably stated that he had $40,000 in this business. It was prospering, so [Mr. Wolcott said in August, but they had been putting their money into the business in order to enlarge it. It is possible that the break in the money market may have caused some orders to be cancelled with that company, thereby causing a shrinkage in that stock. The Remington First National Bank, in which Emmet L. Hollingsworth, of Rensselaer, is now the majority stockholder, has been placed in charge of Chas G. Beale and Hartley Church. Mr. Beale was for some years employed in the Para er bank, and for several years past has been farming. He owns a good sized form and is a very excellent and well qualified young mam Mr. Church is also a good young* business man, conservative and of considerable means. He has been in charge of the bank, under Mr. Parker’s direction, since its t . organization. The bank is in good condition

and prepared for any emergency that might occur. The election of officers will occur within a few days. Mr. Hinshaw is also in charge of the Goodland bank and said that the court would be asked next Monday to appoint a trustee tor that bank. He would make no statement regarding it beyond that the business would be closed up with as little expense as possible.