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Davenport, Scott County, Iowa
What is this article about?
Owners of the defunct Bank of Florence are paying depositors with irredeemable Burrows & Prettyman issues instead of their own notes, possibly to sustain the bank longer. Cook & Sargent reportedly refuse Burrows & Prettyman checks, which are redeemable in Florence notes.
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We don't venture to inquire whether the one kind of stuff is better than the other; but we cannot fail to call the particular attention of the people to the fact, and suggest to Messrs. Burrows & Prettyman the inquiry whether they are not about to be sacrificed in order to keep up the Florence plaster a little while longer.
We do not state it as a fact, but we have heard it said, that while Cook & Sargent do sell occasionally a little exchange and gold for Florence, they utterly refuse to sell on the checks of Burrows & Prettyman. As Burrows & Prettyman is redeemable in Florence, take it home often, and do not acquiesce in any dodges at this stage of the game.
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depositors receiving unsecured and irredeemable burrows & prettyman issues instead of bank of florence notes; potential sacrifice of burrows & prettyman to sustain bank of florence.
Event Details
The defunct Bank of Florence is paying out irredeemable issues of Burrows & Prettyman to depositors and check holders instead of its own notes. This may be a scheme to keep the Bank of Florence operational longer, with Burrows & Prettyman potentially being sacrificed. Cook & Sargent accept Florence but refuse Burrows & Prettyman checks.