10378. Peoples Guaranty Savings Bank (Kansas City, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
June 12, 1893
Location
Kansas City, Missouri (39.100, -94.579)

Metadata

Model
gpt-5-mini
Short Digest
ba69067b

Response Measures

None

Description

Multiple national newspapers (June 12-15, 1893) report the Peoples/People's Guaranty Savings Bank of Kansas City made an assignment for the benefit of creditors with liabilities ~ $70,000 and assets $50,000–$65,000. This is an assignment/insolvency (permanent closure) rather than a temporary suspension. Articles attribute failures broadly to the money stringency/panic of the period, so cause is coded as macro_news. Several pieces mention a run on a different Kansas City bank (Kansas City Safe Deposit and Savings) triggered by the suspension of the People's Savings bank; that run affected another institution and is not an event for this bank.

Events (1)
1. June 12, 1893 Suspension
Cause
Macro News
Cause Details
Bank made an assignment (insolvency) in the midst of the June 1893 money stringency/panic; officials and press attribute failures to general financial stringency rather than a discrete rumor or fraud.
Newspaper Excerpt
The People's Guarantee Savings bank made an assignment today for the benefit of creditors. Its liabilities are supposed to be about $70,000 and assets between $50,000 and $65,000.
Source
newspapers

Newspaper Articles (16)
1. June 13, 1893 The Herald Los Angeles, CA
Article from The Herald, June 13, 1893

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BANK FAILURES. Savings Banks at Omaha and Kansa City Close Doors. OMAHA, Neb., June 12.-The McCague Savings bank closed its doors this afternoon. The McCagues are the owners of the American National bank and the McCague Investment company. KANSAS CITY, Mo., June 12.-The People's Guarantee Savinge bank made an assignment today for the benefit of creditors. Its liabilities are supposed to be about $70,000 and assets between $50,000 and $65,000. The bank is said to have carried a line of deposits of $15,000. MANKATO, Kan., Jane 12.-The Bank of Burr Oak, Jewell county, closed its doore this morning. It is owned by Hurlburt Broe. and its liabilities are placed at $35,000. The assets are practically nothing. S. D. Hurlburt, one of the proprietora of the institution, has fled and his whereabouts is unknown. SALT LAKE, June 12.-The Park City bank suspended today, assigning to Edward Kimball. Liabilities, $150,000 assets as much, and the claim is made the bank will shortly resume.

2. June 14, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 14, 1893

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More Failures. OMAHA, June 14.-The state bank examiner has closed the doors of the McCague Savings bank. No statement of the bank's condition has yet been issued and it is impossible to estimate the assets and liabilities. John L. McCague, vice president of the suspended bank, said that the suspension was due solely to an inability to realize on securities. He fixed the liabilities at $400,000 and estimated the assets of the bank at from $460,000 to $475,000. He stated positively that the depositors would be paid in full. The American National bank was closed by an order of the comptroller of the currency yesterday. Runs started on the Globe Loan & Trust company, the Dime Savings bank, the German Savings bank and the Nebraska Savings bank. No statement of the condition of the American National was made at once, except the fact that the clearing house refused to assist it. It is understood that its affairs are entangled with those of the McCague Savings bank. The run was of extensive proportions on the Omaha Savings bank, and all the morning the bank was besieged by depositors. Senator Manderson and Vice President Kimball, of the Union Pacific, directors of the bank, made speeches to the excited depositors, guaranteeing them their money, but the run continued. Salt Lake, Utah.-The Park City bank has suspended, assigning to E. Kimball. Liabilities, $130,000; assets as much, and the claim is made that it will shortly resume. The assignee says depositors are to be paid 80 cents on the dollar. Kansas City.-The People's Guarantee Savings bank has made an assignment for the benefit of its creditors. The liabilities are supposed to be about $70,000 and the assets between $50,000 and $65,000.

3. June 14, 1893 The Times Richmond, VA
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.

4. June 14, 1893 The Herald Los Angeles, CA
Article from The Herald, June 14, 1893

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Kansas City Bank Runs. KANSAS CITY, Mo., June 13.-As the 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 30 day clause, and at noon the run was practically over. None of the other banks experienced a run.

5. June 14, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 14, 1893

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BANK FAILURES. Yesterday Contributes a Formidable List of Suspensions. Omaha, Neb., June 13.-The American National Bank was closed this morning by the order of the comptroller of currency. Runs are now in progress on the Globe Loan & Trust Company, the Dime Savings Bank and the Nebraska Savings Bank. No statement of the American bank has yet been made, but the clearing house refused to assist it. A. run of extensive proportions began on the Omaha Savings bank at the opening this morning, and all the morning the bank was besieged with depositors. Senator Manderson and VicePresident Kimball, of the Union Pacific, directors of the bank, made speeches to the crowd, guaranteeing them their money, but the run continued. The American Savings bank and the Dime Savings bank took advantage of the clause allowing sixty days grace on deposites. President McCague of the American National said this afternoon that his bank closed with almost $100,000 in cash, and the exchange in the bank and the mail brought remittances of $20,000 from New York. He said that while adverse circumstances had overtaken the bank, he was positive depositors would be paid in full. The Dime Savings Bank, American Savings Bank and the Globe Loan and Trust Company took advantage of the sixtyday rule, but the other savings banks paid their depositors in full on demand. Kansas City, June 13.-As a result of the suspension yesterday, of the Peoples' Savings Bank, a run was started on the Kansas City Safe Deposit, and the Savings Bank this morning. The bank took advantage of the thirtyday clause, and at noon the run was practically over. None of the other banks experienced a run. Nashville, Tenn., June 13.-The Nashville Savings Bank Company, of which Thomas Semarr is president, and the oldest financial institution in Nashvile, filed articles of assignment tonight. The liabilities are placed at $220,000 and the assets, according to the president's estimate, will pay not more than 25 or 30 per cent. Moberly, Mo., June 13.-The Exchange Bank of Moberly made an assignment today for the benefit of its creditors. No statement has been made yet, but it is believed payments will be made in full.

6. June 14, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, June 14, 1893

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BUSINESS TROUBLES. Runs on Several Banks in Omaha and Detroit-A Nachville Bana Faile. NASHVILLE, June 13.-The Nashville Savings Company, of which Thomas S. Marr is president, the oldest financial institution in Nashville, filed articles of assignment tonight. The liabilities are placed at $220,000 and the assets, accord. ing to the president's estimate, will pay not more than 25 or 30 per cent. KANSAS CITY, Mo. June 13.-As a result of the suspension yesterday of the Peopie's Savings bank a run was started on the Kansas City Safe Deposit and Savings bank this morning, but the bank took advantage of the thirty-day clause and at noon the run was practically over. None of the other banks experienced any run. MOBERLY. Mo., June 13.-The Exchange bank. of Moberly. made an assignment today for the benefit of its creditors. No statement is yet obtainable, but it is believed that payments will be made in full. -OMAHA, June 13-The American National bank was closed this morning by order of the comptroller of the currency. and runs are now in progress on the Globe Loan and Trust Company, the Dime Savings bank and the Nebraska Savings bank No statement of the American bank has been made but the clearing house refused to assist it. It is understood that its affairs are entangled with those of Mc. Cague's Savings bank. which closed yesterday afternoon. A run of extensive proportions began on the Omaha Savings bank at opening this morning, and all morning the bank was besieged by depositors. Senator Manderson and Vice President Kimbali, of the Union Pacific, who are directors of the bank. made speeches to the crowd, guaranteeing them their money, but the run continued. A bank examiner is in charge of the American National. The clearing house. at its meeting'la night, decided to give it no help. and the decision of the comptroller to close it followed. The statement made on May 4 showed: Capital stock $200,000 Lease and discounts 571,699 Surplus 16.000 Undivided profits 5,161 Due depositors 577,326 President McCague, of the bank said this afternoon that his bank closed with almost $100,000 in cash and exchange in the bank and the mail brought remittances of $20,000 from New York. He said that while adverse circumstances had overtaken the bank he was positive the depositors would to be paid in full, The Dime Savings bank, American Sav. ings bank and Globe Loan and Trust Company took advantage of the sixty-day rule, but the other savings banks paid depositors in full on demand. NEW YORK, June 1&-The correspondent here of the American National bank. of Omaha, is the First National bank. which reports a substantial balance to its credit. LANSING, Mich June 13.-The commis sioner of banking has received notice that the state bank at Crystal Falls has made an assignment. The capital stock is $250.000 and deposits $60,000. The bank is involved in the failure of the Plankinton bank at Milwaukee. DETROIT, June 13-Fourteen savings banks in this city, in view of the ten-

7. June 14, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 14, 1893

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Bask Failures. 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 bene. fit of Its creditors. The Institution was doing business under the state law, with a nominal capital of $50,000. Its paid up capital was $30,000. It is understood that the liabilities are about $65,000 and the assets $87,000. KANSAS CITY, June 13.-As a result of the suspension yesterday of the People's Savings Bank, a , run WRS started on the Kansas City Safe De. posit Bank. The bank took Advantage of the thirty-day clause, and at noon the run was practically over. LANSING, Mich., June 18.-The commissioner of banking today recelved a notice that the State Bank of Crystal Falls had madean assignment. The capital stock is $25,000 and the deposits $60,000. NASHVILLE, Tenn., June 18.-The Nashville Havings company, Thomas T. Marr, president, the oldest financial institution in Nashville, filed articles of assignment tonight. The liabilities are placed at $220,000 and the assets, according to the president's estimate, will not pay more than 25 or 30 per cent. MOBERLY, Mo., June 13. - The Ex. change Bank of Moberly made an 88signment today for the benefit of its creditors.

8. June 14, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 14, 1893

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Run on Kansas City Banks. 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 noon the run was practically over. None of the other banks experienced a run.

9. June 14, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, June 14, 1893

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KANSAS CITY BANK. Kansas City, Mo. June 13.-The People's Guaranty Savings bank has made an assignment for the benefit of creditors. Liabilities, $70,000: assets, $65,000. As a result of the suspension of the Peoples Savings bank a run started this morning on the Kansas City Safe Deposit and Savings bank. The bank took advantage of the ruling requiring depositors to give thirty days' notice of with drawal of deposits. and that checked the run, and at noon it was over. None of the other banks experienced any run.

10. June 14, 1893 The Representative Saint Paul, Minneapolis, MN
Article from The Representative, June 14, 1893

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Run on a Kansas City Bank. KANSAS CITY, June 14.-As a result of the suspension of the People's Savings bank, an insignificant institution with deposits of only $25,000, a run was started during the day on the Kansas City Safe Deposit and Savings bank. The bank took advantage of the clause of its by-laws requiring depositors to give 32 days' notice of the withdrawal of deposits. That checked the run, and at noon it was practically over.

11. June 15, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 15, 1893

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CONDENSED NEWS. The Exchange bank at Moberly, Mo., has assigned. Believed it will pay out in full. The Sulphur Lumber company, of Sulphur, Texas, has failed. Assets, $300,000; liabilities, $100,000. Key Rossman, who caused an explosion at a Helena, Mont., bank, is to be tried for insanity. The arbitration meeting between owners and strikers at the Kansas Coal mines is indefinitely postponed. Charles Egley, a work train employe, fell from the train at Cokeville, Idaho, and was instantly killed. The People's Guarantee Savings bank, at Kansas City, has assigned. Liabilities, $70,000; assets, $50,000 to $65,000. Extremely warm, dry weather prevailed yesterday in the Dakotas, Iowa and Miniesota. Crops are suffering. Charges of fraud and corrupt management are made in connection with the failure of the Mackaye Spectatorium at Chicago. John T. Wickham, who is wanted in Wyoming for the murder of two cattlemen during the rustler war, has skipped from Billings, Mont. The bank of Burr Oak, at Mankato, Kas., has failed. Liabilities, $35,000; assets, nothing. C. D. Hurlburt, one of the owners, has fled. The American Wheel Co.'s works, at Indianapolis, have closed and discharged the men. Branches at Memphis, Tenn., Paducah, Ky., and Hamboldt, Tenn., will also shut down. The McCague Savings bank, at Omaha, has closed. Its liabilities are estimated at $400,000 and assets at $460,000 to $475,000. Much of the latter are long-time real estate loans. The Park City bank, at Park City, Utah, has suspended. This caused a run on the First National bank, which met all demands. Cashier Richardson, of the Park City bank, is missing. Henry Lucas, while stealing a ride on a train, was run over and fatally at injured passenger Pocatello, Idaho. Before dying he said he had recently worked on a street car line in Denver. Train robbers boarded a Missouri Pacific train yesterday near Omaha and covered the engineer. At the Elkhorn crossing the headlight of an approaching engine frightened them and they fled. The report that the north line of the Cherokee Strip is to be fenced to keep out boomers is not true. There are public roads north and south at every mile, and on the border is another public road 175 miles long. Morris Wheeler, of Chicago, traded some Kansas City property for 2,400 acres of land in West Virginia. He searched for this land, but failed to find it, and James A. Bergon and Horace McKay are under $1,000 bonds in Chicago for their part in the deal.

12. June 15, 1893 The Austin Weekly Statesman Austin, TX
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.

13. June 15, 1893 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, June 15, 1893

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Faillites de Banques et autres La "Citizens National Bank" de Hilsbora, o, vient de suspendre ses paiements. L3 "Frank A. Lappen Company" de West Superior a fait faillite. La "Hudson Savings Bank" d'Hudson, Wis., a fermé se3 portes. La banque de Jos Higins 84 Wa hington Street Chicago, a déposé son bilan. W. L Sherwood de Chicago à suspendu SPB paiemente. Hobbs et Tacker, banquiers de Savanaugh, Ga. ont fait faillite. La "Bank of Buir Oak," Kan., a fait faillite La "Peoples Guarantee Savings Bank" de Kansas City Mo., a déson bilan. La "Union Stock Yard Bank" de Sioux City S. D. a suspendu ses paiements. Il en est de même de la "Brule County Bank" de Chamberlain S. D. "L'American National Bank" d'Omaha Neb., a ferme S S portes. On dit que le "G'obe Laon & Trust Co" la "Dime Savings Baik" la 'G rmania Savings Bank" et la "Nebraska Savings Bink" sont en danger. Fermée également la "Trust National Bank" de Lakota S. .D. E. S. Howard vient d'etre nommé syndic de la faillite de la Firet National BaLk" de Cedar Falls, Iowa. La banque d'Everett, à Snoho mish, Wash., vient de fermer ses portes. Enfin, la "People Savings Bank"

14. June 16, 1893 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, June 16, 1893

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Run on a Kansas City Bank. KANSAS CITY. June 14.-As a result of the suspension of the People's Savings bank, an insignificant institution with deposits of only $25,000, a run was started during the day on the Kansas City Safe Deposit and Savings bank. The bank took advantage of the clause of its by-laws requiring depositors to give 32 days' notice of the withdrawal of deposits. That checked the run, and at noon it was practically over.

15. June 21, 1893 The Advocate and Topeka Tribune Topeka, KS
Article from The Advocate and Topeka Tribune, June 21, 1893

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OUR RAPIDLY INCREASING PROSPERITY. The Kansas City Gazette of June 12 has the following editorial paragraph: Dun & Co.'s Review shows a more healthy financial condition than in the report a week ago, with a better outlook for the future. Upon another page we find the following: The country's money circulation has increased from $726,000,000 in 1873 to over $1.600,000,000 at the present time. The coinage of silver has increased from $4,000,000 in 1873 to nearly $40,000,000 in 1890. There was no silver in the treasury or in oiroulation in 1873, and to-day there is $490,000,000. This is very encouraging, certainly, if true. But, if true, why this wail from another column of the same issue? The tidal wave of bank failures seemed to strike Kansas City, Mo., this morning, and two banks closed their doors. The People's Guarantee Savings bank, located at the corner of Missouri avenue and Main street, and the Security Savings bank, located at Sixth and Wyandotte streets, both succumbed to the inevitable, and posted notices of assignment upon their bolted doors. Gradually, as ths news became noised about, crowds of anxious people gathered before the two buildings, and waited in the burning heat for some information in regard to their deposits. # n * The laboring classes who toiled under the burning sun of last week, and on Saturday night wended their way to the banks to deposit their hard-earned and scanty wages, domestic and shop girls, store clerks and factory girls who have sparingly lived upon their earnings, carefully hoarding their little accounts, and added a mite to their deposits last Saturday night, woke this morning to find it all gone. # The officials refuse to give out any information as to liabilities or causes of the failure, except to attribute it to the stringency in financial matters. Now, seriously, with banks and business houses failing all over the country, all attributing their misfortunes to money stringency, with a financial panic imminent such as cursed the country in 1873, do republican editors think they can make the people believe that we have a greater per capita circulation now than at any former period of our history? Messrs. A. R. Chisolm & Co bankers and brokers, 61 Broadway, New York, in their weekly circular of May 29, say: We note that Right Hon. Mr. Lidderdale, of the bank of England, agrees with our views, 80 often expressed during the past ten years in our market letters, that this country needs more legal tenders. France, a stationary country, has $60 per capita. The director of the mint places the per capita in the states at $22, but $200,000,000 of gold have disappeared, and no estimate is made of the loss of paper and coin during the past twenty-five years. It is known that silver wears out and is renewed once in thirty years. We claim that deducting amounts in United States treasury and banks held as reserves and losses in paper currency and ooins, gold exports and hoardings, this country is down to the actual famine ciroulation of less than $6 per capits, counting our population at 65,000,000. The national

16. June 21, 1893 The Advocate and Topeka Tribune Topeka, KS
Article from The Advocate and Topeka Tribune, June 21, 1893

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Loan and Trust Company, the Dime Savings bank, the German Savings bank and Nebraska Savings bank. The American Savings bank and the Dime-Savings bank took advantage of the sixty days' rule and refused to pay any deposits. The Globe and Trust Company paid off 50 per cent. of the deposits and held the balance under the rules. At the Omaha Savings bank President Manderson made an extended speech at 1 o'clock and announced that the bank was prepared to pay every dollar. PARK CITY, UTAH, June 12.-The Park City bank to-day failed. Liabilities $116,000; assets unknown. The failure started a run on the only other bank in the town, the First National, and was due to heavy withdrawals of deposits. KANSAS CITY, June 12.-The People's Guaranty Saving bank made an assignment to-day for the benefit of creditors. The liabilities are supposed to be about $70,000; the assets between $50,000 and $65,000. Clarence Park is president of the bank. SIOUX CITY, IA,, June 12.-The Union Stock Yards State bank, capital $250,000, assigned. The failure was unexpected until within twenty-four hours. It is stated that all depositors will be paid out and there will be little or no loss to stockholders. MANKATO, KAS., June 12.-The Bank of Burr Oak, Jewell county, closed its doors this morning. The bank is owned by Hulbert Bros., and the liabilities are placed at $35,000; the assets are practically nothing. C. D. Hulbert, one of the proprietors of the institution, has fled, and his whereabouts are unknown. The depositors are greatly incensed and if he should return, either of his own accord, or to answer a criminal charge, there being some inclination among the depositors of preferring éuch a charge, he would be roughly dealt with. OMAHA, NEB, June 12.-The McCague Savings bank closed this afternoon by order of the state bank examiner. No statement has been issued yet, though Vice President McCague fixes the liabilities at $400,000, and estimates the assets at from $460,000 to $475,000. The suspension, he says, is due solely to the inability to realize on securities and states positively depositors will be paid in full. The clearing house made an examination of affairs of the bank this afternoon and decided the assets were not as strong as they should be. TEXARKANA, TEX., June 12.-The Sulphur Lumber Company of Sulphur Springs was placed in the hands of a receiver to-day. The liabilities are $100,000, assets, $300,000. LITTLE Rock, June 12.-M. Pollock & Co., the oldest clothing house in the state, made an assignment to-day. The liabilities are $52,000; assets are estimated at $75,000. The Exchange National bank of this city and several creditors are preferred to the amount of $22,000. The remaining creditors are New Yorkers. CINCINNATI, June 10.-The Citizen's National bank, of Hileboro, O., is closed by order of Comptroller Eokles and pleased in the hands of hank examinous