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Domestic News February 9, 1858

Daily Iowa State Democrat

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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OCR Quality

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Full Text

There is evidently a new game about to be played by the wildcat institution of this vicinity. The owners of that defunct institution the Bank of Florence, for a few days past, are paying out to depositors and others having checks upon their Banking house, the totally unsecured and irredeemable issues of Burrows & Prettyman, instead of their own.

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.

What sub-type of article is it?

Economic

What keywords are associated?

Bank Of Florence Burrows Prettyman Irredeemable Issues Banking Dodge Financial Distress

What entities or persons were involved?

Burrows & Prettyman Cook & Sargent

Domestic News Details

Key Persons

Burrows & Prettyman Cook & Sargent

Outcome

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.

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