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FINANCIAL. NEWPORT, KY., BANK FAILS. Cincinnati, O., Jan. 18.-The First National bank, of Newport, Ky., did not open its doors this morning. The news spread rapidly, and soon there was a crowd of excited depositors assembled in front of the bank, clamoring for an explanation. Officials sent out word that the bank was solvent, but had been forced to close for lack of ready money. Assurances were offered that no one would lose anything. Depositors, however, refused to be satisfied. Ugly rumors found expression, and excitement grew still greater when it became known that Comptroller Eckels and a national bank examiner of Washington were to be in Newport today. The capital stock of the bank is $200,000. John Trapp is president. A late and rather startling development is that Mr. John Trapp, ex-sheriff of the county, who was elected president of the bank a week ago to succeed Dr. Gunkel, refused to accept the office unless the bank's affairs were thoroughly examined. It seems that C. W. Nagel, who was elected to succeed Youtzey as cashier, had made sufficient investigation himself to warrant him in warning his friend Trapp that all was not as it should be. Therefore the bank has been without a president for nearly a week. Every bank in Covington, which adjoins Newport, had to meet a run today as best it could on short notice. Citizens rushed to their places of deposit by the hundreds as soon as they heard the news that the First National had not opened its doors in the morning, and drew their savings. Many heavy depositors were among them on the run. The bank will be reorganized. The deposits are about $370,000, and depositors will be paid in full. Director Spinks says the bank closed because of the recklessness of Cashier Youtzey and Director McCrackin.
