Show PRIVATE BANK FAILS Assets Fall Far Short of the Known Liabilities Peoria Ills April 2 The bank of Tois This Smith Co ab at Pekin Tazwell county failed to open for business to day having assigned to U J J Albert Albertson Albertsen son sen as trustee Trustee Albertsen issued a state statement statement ment today In which he urged the creditors of the bank to avoid use less litigation as it would only pro prolong prolong long a settlement of the time banks affairs No Xo official statement of assets and liabilities has vet yet been made The lia Iia due to tu depositors and other banks are said to be In excess of against which there are assets of about 2 a portion of which is worthless The failure is due to large sums of money advanced to the Smith Wagon works and the Smith Plow shops at Pekin two large industries These had been carried to such an extent that the bank could no longer continue In business Neither has yet been affected by the failure The bank was founded by Teis Smith in 1866 and had continued since as a private bank with D C Smith as president and Conrad Luppen as treasurer |