10338. Kansas City Safe Deposit & Savings Bank (Kansas City, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
June 13, 1893
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
3be5cd09

Response Measures

Partial suspension

Description

Contemporary articles report a run June 13–14, 1893 (triggered by suspension of the local People's Savings Bank), the bank enforced the 30-day notice to check withdrawals, and later on July 11, 1893 the bank assigned (failed) and assignees were appointed. The bank did not resume regular operations and assignees filed inventories — consistent with permanent closure. OCR corrected minor punctuation/spacing; dates taken from article datelines.

Events (3)

1. June 13, 1893 Run
Cause
Local Banks
Cause Details
Run was triggered by the suspension of the People's Savings Bank in Kansas City, prompting depositors to withdraw from this larger savings bank.
Measures
Bank enforced its rule requiring 30 days' notice of withdrawal (took advantage of thirty-day/sixty-day clause) and notified depositors; police were called to keep crowd in check.
Newspaper Excerpt
As a result of the suspension yesterday of the People's Savings Bank a run was started this morning on the Kansas City Safe Deposit and Savings Bank.
Source
newspapers
2. July 11, 1893 Receivership
Newspaper Excerpt
The Kansas City Safe Deposit and Savings bank... assigned to-day. The statement places its assets at $2,000,000; liabilities, $1,700,000. The bank will go out of business after winding up its affairs. The assignees of the Kansas City Safe Deposit and Savings Bank, which suspended payment three weeks ago, filed an inventory of its assets this afternoon.
Source
newspapers
3. July 11, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank assigned (failed) and assignees appointed after liquidity/solvency deterioration following runs and withdrawals; insolvency indicated by assignment to assignees and later poor asset valuations by appraisers; criminal charges followed against officers for receiving deposits while insolvent (grand larceny).
Newspaper Excerpt
The Kansas City Safe Deposit and Savings Bank... failed to open its doors this morning. A notice posted on the door stated that the bank had assigned last night to Walter J. Bales and W. B. McLeod.
Source
newspapers

Newspaper Articles (22)

Article from The Times, June 14, 1893

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morning, precipitated by the failure of the McAgue Savings' Bank yesterday, followed the downfall this morning of the American National Bank, in which the McAgues are largely interested. DETROIT, MICH. June 13.-The State Bank, of Crystal Falls, Mich., has suspended, as a result of the failure of the Plankinton Bank, of Milwaukee. The bank is only a year old, with a capital of $25,000. and deposits of $60,000. KANSAS CITY, MO., June 13.-As a result of the suspension yesterday of the People's Savings Bank, an insignificent institution, with deposits of only $25,000, & run was started this morning on the Kansas City Safe Deposit and Savings Bank.


Article from The Morning Call, June 14, 1893

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night, decided to give it no help. and the decision of the Comptroller to close it followed. The statement May 4 showed: Capital stock, $200,000; loans and discounts, $531,699; surplus, $16,000; undivided profits, $3161; due depositors, $577,530. The American Savings Bank and the Dime Savings Bank took advantage of the clause allowing sixty days' grace on deposits. President McCague of the American National said this afternoon that his bank had closed with almost $100,000 in cash and exchange in the bank and that the mail brought a remittance of $20,000 from New York. He said that while adverse circumstances had overtaken the bank he was positive that depositors would be paid in full. KANSAS CITY, June 13.-As a result of the suspension yesterday of the People's Savings Bank a run was started on the Kansas City Safe Deposit and Savings Bank this morning. The bank took advantage of the thirty-day clause and at ncon the run was practically over. None of the other banks experienced a run. LANSING, Mich, Jnne 3.-The Commissioner of Banking has received notice that the State Bank at Crystal Falls has made an assignment. The capital stock is $25,000 and deposits $60,000. The bank is involved in the failure of the Plankington Bank at Milwaukee. SPRINGFIELD, III., June 13.-This evening the Atlantic Trust Company of New York filed a bill in the Circuit Court to foreclose a mortgage of $1,250,000 on the St. Louis, Chicago and St. Paul road. The mortgage was given by the new organization which is the successors to the St. Louis, Alton and Springfield road. Judge Creighten appointed Charles E. Kimball of New York as coreceiver with Joseph Diekson, and ordered the property restored to their hands. NASHVILLE, Tenn., July 13.-The Nashville Savings Company, Thomas S. Marr. president, the oldest financial institution in Nashville, filed articles of assignment to-night. Liabilities are placed at $220,000 and its assets, according to the president's estimate, will pay not more than 25 or 30 per cent. SNOHOMISH, Wash., June 13. - The bank of Everett posted a notice on its doors this morning announcing that it had made an assignment for the benefit of creditors. The institution was doing busil ness under the State law, with a nominacapital of $50,000, of which $30,000 was paid up. The liabilities are said to be $65,000 and the assets $87,000. A committee of the Clearing-House has authorized the statement that in their judgment, if the securities are handled properly, every depositor will be paid in full. CLEVELAND, June 13.-A receiver has been appointed for the Williams Publishing Company. The firm does a large business, which will be continued. The assets and liabilities are noknown.


Article from The Austin Weekly Statesman, June 15, 1893

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Run on a Kansas City Bank. KANSAS CITY, June 13.-The People's Guaranty Savings bank has made an assignment. Liabilities $70,000; assets $65,000. As a resutt of the suspension of the People's Savings bank a run was started this morning on the Kansas City Safe Deposit and Savings bank. The bank took advantage of requiring depositors togive 30 days notice of withdrawal of deposits. That checked the run and at noon it was practically over. None of the other banks experienced a run.


Article from The Sauk Centre Herald, June 15, 1893

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AT KANSAS CITY. Run on the Largest Savings Bank in Missouri. KANSAS CITY, June 14.-A run was started on the Kansas City Safe Deposit and Savings bank, the largest savings bank in Missouri. Before the doors of the bank were opened people were on hand awaiting to get in, and as soon as the doors opened a rush was made for the paying teller's window. The bank promptly met all claims, but as the crowd grew large and it seemed evident a run was on, the bank issued a notice to depositors that it would enforce the rule requiring 30 days notice of the withdrawal of deposits; The crowd continued to grow large and police were finally called to keep the crowd in check. The action of the board of directors in requiring 80 days notice checked the run; but the crowd continued to grow until 1 p. m., when all evidence of a run had disappeared. The bank is considered perfectly safe, and has already stood two runs in the past two years, one of which lasted three days.


Article from The Sauk Centre Herald, June 15, 1893

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AT KANSAS CITY. Run on the Largest Savings Bank in Missouri. KANSAS CITY, June 14-A run was started on the Kansas City Safe Deposit and Savings bank, the largest savings bank in Missouri. Before the doors of the bank were opened people were on hand awaiting to get in, and as soon as the doors opened a rush was made for the paying teller's window. The bank promptly met all claims, but as the crowd grew large and it seemed evident a run was on, the bank issued a notice to depositors that it would enforce the rule requiring 30 days notice of the withdrawal of deposits; The crowd continued to grow large and police were finally called to keep the crowd in check. The action of the board of directors in requiring 80 days notice checked the run; but the crowd continued to grow until 1 p. m., when all evidence of a run had disappeared. The bank is considered perfectly safe, and has already stood two runs in the past two years, one of which lasted three days.


Article from The Jersey City News, July 11, 1893

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KANSAS CITY BANK FAILS. KANSAS CITY, July 11, 1893 -The : Kansas City Safe Deposit and Savings Bank, capitalized at at $300,000, and supposed; to be one of the strongest institutions of its kind in the State, failed to opeu its doors this morning. A notice posted ou the door stated that the bank had assigned last night to Walter J. Bales and W. B. McLeod, and that the latter had taken passessiou. No statement is obtainable as yet. No excitement was caused by by the failure and it is not thought it will exleud to other banks.


Article from The Times, July 12, 1893

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LAND COMPANY FAILS. Receiver for a North Galveston Concern. More Bank Failures. GALVESTON, TEX., July 11.-The North Galveston Land and Improvement Association went into the hands of a receiver yesterday. The liabilities are estimated at $500,000, of which $160,000 is due contractors and various other parties in the city. The assets, lands, town sites and improvements in North Galves. ton, which has a population of about 3,000, and several factories, has had no estimate placed on its value. The court appointed R. A. Reese receiver. The bond is fixed at $25,000. The most distressing feature of the assignment is the impecunious condition of the employes. They have received no wages for several months, and are in absolute want. They and others came to North Galveston under the most flattering inducements. It is believed that the effort of the receiver will be to provide means for their relief. It is thought that by proper management and a let up in the stringency of the money market the company may be able to settle the indebtedness in full. More Bank Failures. KANSAS CITY, MO., July 11.-The Kansas City Safe Deposit and Savings Bank, one of the largest institutions of the kind in Missouri, made an assignment this morning. Liabilities and assets not yet known. SHELBYVILLE, KY., July The banking house of W. T. Thornton & Son failed yesterday. It was the depository for the city, town and township funds. The liabilities are probably $500,000; assets unknown, but may reach half a million.


Article from Burlington Weekly Free Press, July 13, 1893

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BUSINESS EMBARRASSMENTS. Assignment of the Kansas City Safe Deposit and Savings Bank. KANSAS CITY, Mo., July 11.-The Kansas City Safe Deposit and Savings bank, one of the largest institutions of the kind in Missouri, assigned to-day. The statement places its assets at $2,000,000; liabilities, $1,700,000. The bank was capitalized for $300,000. Its president is J. C. Darragh. It is asserted by the officers that they will be able within 30 days to pay all obligations in full. The bank will go out of business after winding up its affairs. First National Bank, Hot Springs, S. D. Hor SPRINGS, S. D., July 11. - The First National bank of this city has been forced to close its doors. Recent withdrawals of deposits and a general run caused the break. It is thought they will be able to resume in 30 days.


Article from Western Kansas World, July 29, 1893

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SANE AGAIN. Depositors Returning Their Cash to the Banks. A Mass Meeting of Depositors Only Ask Resumption and Will Take Twelve Months Time Certificates-Many New Accounts Opened. The panic at Kansas City has ceased, and ceased as suddenly as it came, and many people are now lamenting their causeless fright. Many new accounts were opened by the depositors of the suspended banks, and the regular depositors put in more money than they have deposited since the local bank disturbances began. Add to these encouraging facts, the very significant one that nearly $1,000,000 has been received from the eastern correspondents of the local banks, representing a part of eastern balances, and the situation is seen to be very encouraging indeed. One particular assurance of returning confidence is that among the depositors were seen some who had been alarmed on Saturday and withdrawn their money. As an instance of the restored confidence in this city, the depositors of the Kansas City Safe deposit and Savings bank held a meeting at Turner hall and voted confidence in the officers of the bank. The hall was packed with men and women, many of whom were forced to stand up in the aisles. None but depositors were admitted to the meeting. and each was required to show his bank book or certificate of deposit at the doors. It was claimed that there was nearly a full representation of the entire deposits of the bank, representing $1,700,000. The depositors almost unanimously tendered their help to the officers of the bank, asking them to reopen. The chairman appointed a committee of five as representatives of the depositors to confer with the officers and assignees of the Kansas City Safe Deposit and Savings bank and ascertain the practicability of issuing to the depositors time certificates of deposits for a term not exceeding twelve months and to revive the bank. The action of the meeting wrought a marked change in the feelings of the depositors present, and they all felt confident afterward that they would get their money in time. The general impression was that the people had been too hasty in forcing the bank to suspend, and that by using a little judgment and supporting the bank officers in an effort to resume, there would be a better chance of realizing fully upon the bank's assets.


Article from The Daily Morning Astorian, August 4, 1893

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ASSETS OF DOUBTFUL VALUE. Kansas City, August 3.-The assignees of the Kansas City Safe Deposit and Savings Bank, which suspended payment three weeks ago, filed an inventory of its assets this afternoon. The total assets are $2,044,217. Many of them, however, are real estate and of little value.


Article from The Sun, August 11, 1893

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Praise Is Good For any medicine you hear about. hut to be made well by its use is still better. I have for many years suffered with an irritable itching all over my body. and my left leg swelled and became so sore I had to give up work. Physicians prescribed for me for scrofula. but did not cure me. Hood's Sarsaparilla gave me immeAND diate relief. drove all disease out of my blood and gave me perfect Hood's Cures cure. O. DUNN. 21 Lampson Court. Kansas City, Mo. Hood's Pills cure constipation. Try a box. SEIZURES BY THE SHERIFF. Attachment Against the Equitable Manufacturing and Electric Company. The Sheriff has taken charge of the office of the Equitable Manufacturing and Electric Company at 44 Broadway and the factory at 611 West Thirty-sixth street on an attachment obtained by Cravath & Houston for $29,540 in favor of Wendell Goodwin for money loaned. Cravath & Houston say that the loan was long past due, and the company would not pay it. Cornelius Fellowes, banker and broker. is the President. The company was incorporated several years ago, and had. it is said, a capital stock of $1,000,000. The Sheriff has received an attachment for $8,000 against the Kansas City Safe Deposit and Savings Bank in favor of George K. Gilluly on an assigned claim of the First National Bank of Garden City. Kan.. for money deposited by the latter. The Sheriff's officers succeeded in flnding securities of the par value of $63,000 on deposit with the Equitable Mortgage Company at 40 Wall street. The Sheriff took possession of the securities. which include bank shares. electric light company shares, street railway bonds. and real estate notes. Later in the day the Sheriff received another attachment against the bank for $21,536 in favor of Gilluly on an assigned claim of the Equitable Mortgage Company for balance of deposits. The Sheriff has taken charge of the place of business of Louis H. Malkin. wholesale dealer in boys' clothing at 204 and 206 Greene street, on a confessed judgment for $365 in favor of Louis's brother. Alexander Malkin. for money loaned. Charles F. Kelley has been appointed receiver for the Pasadena Hotel and Cottage Building Company of 239 Broadway in the suit of John S. Forgotston. a judgment creditor. E. v. Machette was President of the company. which is a New Jersey corporation with a capital stock of $200,000. Elbert S. Carman has been appointed receiver of the Rural Publishing Company. Rose and Pearl streets. which publishes the Kural New Yorker and the American Garden. The company has been hard pressed for ready cash for some time past. and some of the creditors took legal action to collect their claims. It is proposed now to dissolve the company. The liabilities. it is said. amount to nearly $60,000. Mr. Carman was formerly secretary of the company. The present company has A capital stock of $140.000. and is a reorganization of a corporation formed in 1873. Deputy Sheriff Young has received an attachment for $2,000 against the United States Tobacco Company. Fulton and Front streets. which was carried on. it is said, by Charles S. Phillips. The attachment is in favor of Esther Buslin for money loaned which she alleges was obtained under misrepresentations.


Article from Fort Worth Gazette, August 20, 1893

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Bank Officers Arrested. KANSAS CITY, Mo., August 19.-Warrants for the arrest of J. C. Darragh, president of the suspended Kansas City Bafe Deposit and Savings bank, and Elmer C. Sattley, Its cashier, were Issued today. The specific accosation is receiving a depoidt of $1.030 from Benjamin M. Nopher July 7. four days before the bank's failure. well knowing the bank was in a failing condition.


Article from New-York Tribune, August 21, 1893

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OFFICIALS OF A BROKEN BANK ARRESTED. Kansas City, Aug. 20.-E. C. Sattley, cashier, and President J. C. Darragh, of the suspended Kansas City Safe Deposit and Savings Bank, were arrested to-day on warrants charging them with receiving a deposit knowing the bank to be insolvent. Both men gave $5,000 bond for their appearance to-morrow.


Article from The Washburn Leader, September 23, 1893

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GRAND LARCENY. Kansas City, Aug. 22.-Warrants for the arrest of J. C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Sattley, its cashier, were issued to-day. They are each charged with the crime of grand larceny, which is a felony, and the specific accusation is the receiving of a deposit of $1,030 from Benjamin M. Sopher on July 7, last, four days before the bank's failure, "well knowing the bank was then in a failing condition."


Article from The Guthrie Daily Leader, September 26, 1893

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BAD FOR THE DEPOSITORS. Assets of the Suspended Kansas City Savings Bank Only $885,000. KANSAS CITY, Mo., Sept. 25.-The long looked for appraisement of the assets of the suspended Kansas C.ty Safe Deposit and Savings bank, on which the court's appointees, Mark Copringer, John A. Moore and Samuel Ridenour have been at work for thirty days, was filed to-day. The face value of the bank's assets was $2,044,000 and upon them the appraisers place a value of $385,000. In round figures the deposits aggregate $1,750,000 and to meet this the bank has assets valued at $85,000, fifty per cent. If the value fixed by the appraisers is realized on and deducting fees of the assignee, financiers say, the depo itors should get at least between forty-five and forty-eight per cent on the dollar.


Article from The Salt Lake Herald, October 17, 1893

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Twenty-two Indictments. Kansas City, Oct. 16.-James C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Sattley, cashier, appeared in the criminal court


Article from San Antonio Daily Light, November 20, 1893

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Bank Officers on Trial. KANSAS CITY, Mo., Nov. 20.- James C. Darragh, president of the suspended Kansas City Safe Deposit and Savings bank, and Elmer C. Satlee, its cashier, appeared in the Criminal court a month ago and pleaded not guilty to the 32 indictments for grand larceny by receiving deposits in an insolvent institution, which were returned against them by a special grand jury. Each gave bail, with sureties in the sum of $6,000, and their personal recognizances were taken in the sum of $10,500 for reappearance for trial today.


Article from San Antonio Daily Light, December 26, 1893

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# The Darragh-Sattley Indictments. KANSAS CITY, Mo., Dec. 26.—The grand jury recently found twenty-two indictments against ex-President Darragh and ex-Cashier Sattley, of the Kansas City Safe Deposit and Savings bank, which suspended several months ago. This makes forty-nine indictments against each officer to date. The cases are set for trial today.


Article from Pine Bluff Daily Graphic, December 30, 1893

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Granted a Change of Venue. KANSAS CITY, Dec. 30.-The application of J. C. Darragh and F. C. Sattley, president and cashier of the suspended Kansas City Safe Deposit and Savings bank, indicted for grand larceny, for a change of venue was heard before Judge Wofford of the criminal court at Independence. The defendants in the application for a change of venue had barred 13 counties, declaring that they could not get justice in them. The judge sent all the cases to Livingstone county. They will be tried at Chillicothe some time next spring.


Article from Fort Worth Gazette, May 7, 1894

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Death-Bed Confession. By Associated Press. Kansas City, Mo., May 6.-A deposition of the late J. C. Bachman, director of the suspended Kansas City Safe Deposit and Savings bank, and co-defendant in the suits of depositors against the officers and directors of the bank, has been filed in the circuit court. The testimony was taken while Mr. Bachman was on his deathbed, and It is said to be most damaging to J. C. Darragh, president, and E. C. Sattley, cashier of the broken Institution. The trial of Darragh and Sattley will begin at Independence tomorrow.


Article from St. Paul Daily Globe, June 27, 1894

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Bank Well Robbed. KANSAS CITY, Mo., June 26.-The jury that is to try Elmer C. Sattely, the cashier of the wrecked Kansas City Safe Deposit and Savings bank, has been se= cured. Prosecutor Brown made his opening address today, in the course of which he maintained that when the bank assigned it had but $11,000 in the vaulty when there should have been $1,500,000. He said the officers simply heiped themselves to the money of depositors and gave in return their own worthless personal notes or still more worthless securities.


Article from Iron County Register, June 20, 1895

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MISSOURI STATE NEWS. Awarded Damages. In the circuit court at Mexico Mrs. Mary F. Eagleton, of St. Louis, was awarded damages in the sum of $1,450 against George Kabrich, of Mexico, and C. C. Longley, of St. Louis. Mrs. Eagleton brought suit for $5,000 for alleged false imprisonment and malicious prosecution. In January. 1894. she lived in Audrain county and ran a dry goods bill with Kabrich & Longley of $35, and later attempted to leave without settling the account. Mrs. Eagleton was pursued and arrested by an officer, returned to Mexico, and confined in jail on the charge of obtaining goods under false pretenses. Being in & delicate condition she was afterward. under guard, moved to a hotel, where she became a mother. and the charge was withdrawn. The trial lasted two days. The verdict. jury was four hours deliberating upon the How Farmer Barnard was Robbed. David A. Barnard, who lives near Macon, was robbed of $85 and a certified check for $500 the other day. Barnard was on a train, and was approaching Kearney. He had been talking to Pearl Rodgers, aged 19, of Kansas City. As Rodgers got up to leave the train. he put his arm around the old farmer's neck and told him to try and get him a job, as he was an orphan. The pecketbook was slipped from Barnard's inside vest pocket. Rodgers was seen to run rapidly away. and. being suspected by officers of doing something wrong, was pursued and captured after a long chase. The check and money were recovered. Too Bad. Mr. and Mrs. A. H. Horn, of Steelville, went outing a few days ago, and it proved a very sad affair. Mr. Horn placed a loaded-shotgun against a ledge, and Mrs. Horn knocked it down. the charge entering her side. Mr. Horn ran for assistance. and on his return found his wife stil alive. In the presence of those who returned with him she kissed him good-by, sent messages to friends, narrated how the accident occurred and said her husband was not to blame. She died in two hours. In a few weeks she would have become a mother. Mrs. Horn was Miss Minnie Davis. a teacher in the public schools. and she and her husband, both young, were popular. Bank Directors Exempt. Judge Broaddus, in the circuit court at Liberty, decided in the case of C. A. Stevenau against the directors of the Kansas City Safe Deposit and Savings bank, which failed in 1893, that the attachments run by depositors on the property of the bank directors are invalid. Eight thousand depositors, holding claims against the bank, are thus without recourse at law. Killed His Son-in-Law. An old feud which had been kept alive several years between Joe Peters and his son-in-law, John Dudley, two farmers near Seymour, terminated the other day in a row over a load of hay. Peters drew his knife and stabbed Dudley four times. Dudley died the next morning. Peters is under arrest. Gov. Stone's Appointments. Gov. Stone has appointed R. C. Culver to be judge of the criminal court of St. Joseph; Thomas H. Ryan. police commissioner of the city of St. Joseph, to succeed himself, and Dr. E. A. Donelan, a member of the Missouri fish commission, in place of H. M. Garlichs, removed. A Human Torch. Henry Schwartz was fatally burned in Kansas City by gasoline exploding. He ran several squares with his clothes aflame, jumping from a second-story window. Only three weeks before Schwartz married his sweetheart, who came from the old country. His Identity Revealed. Ben Myers, arrested for participation in Chicago & Alton hold-up in which Engineer Frank Holmes was killed, near Carlinville, Ill., proves, it is said, to be Bernard Reinagel, of Manchester, St. Louis county, and well connected. Elocutionary Contest. The Epworth league of Centenary Methodist church, south, of Nevada, will give an elocutionary contest August 28, for a $125 gold and diamondset medal. The contest is open to all