4652. S. A. Kean & Co. (Chicago, IL)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: private
Start Date: December 17, 1890
Location: Chicago, Illinois (41.850, -87.650)

Metadata

Model: gpt-5-mini
Short Digest: eb4d02fa

Response Measures

Borrowed from banks or large institutions, Full suspension, Books examined

Other: Assignment to an assignee/receiver; arrests of president and cashier.

Description

Private banking house S. A. Kean & Co. experienced heavy withdrawals after reports circulated; withdrew over $200,000 in ~two weeks. The firm made an assignment/ suspended (assignee Jacobs) and receivers/assignee proceedings followed; principals arrested. There is no report of reopening — assets/receivership proceedings indicate closure.

Events (3)

1. December 17, 1890 Run

Cause: Rumor Or Misinformation
Cause Details: Circulated reports/detrimental rumors about the bank's soundness precipitated large withdrawals (over $200,000 in ~two weeks).
Measures: Local bankers met and discussed lending aid; attempts were made to raise funds ($70,000 loan conditional on $30,000 more); ultimately the firm assigned rather than continue paying deposits.
Newspaper Excerpt: Reports detrimental to the bank were circulated, resulting in the withdrawal of over $200,000 within that time.
Source: newspapers

2. December 18, 1890 Receivership

Newspaper Excerpt: S. A. Kean ... assigned this morning to Benjamin J. Jacobs. Arrangements are being made to reorganize the concern as a National bank. Warrants were issued for the arrest of Mr. Kean and his cashier ... on complaint ... for receiving money when the bank was known to be insolvent.
Source: newspapers

3. December 18, 1890 Suspension

Cause: Rumor Or Misinformation
Cause Details: Management suspended operations because continued heavy withdrawals driven by damaging reports made it impossible to continue safely pending reorganization; inability to market pledged securities in the tight money market contributed to the decision.
Newspaper Excerpt: The private banking house of S. A. Kean & Co. ... will not open its doors tomorrow. Mr. Kean made a statement to the press tonight announcing the suspension.
Source: newspapers

Newspaper Articles (22)

1. December 18, 1890 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, December 18, 1890

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ANOTHER SUSPENSION. The Banking House of Kean & Co., of Chicago, Closes Its Doors. CHICAGO, December 17th.-The private banking house of S. A. Kesn & Co. one of the oldest in Chicago, will not open its doors to-morrow. Mr. Kean made a statement to the press tonight announcing the suspension. He declined to estimate the liabilities or assets, but was of the opinion that every claim would be paid in full. They have been negotiating sometime, he said, for a reorganization either as a State or National Bank, and expected to reorganize without stopping business. It had been found, however, that it would be imposs ble in a short time to raise the necessary funds to continue business with safety pending reorganization. It was thereupon deemed advisable to accept the next wisest courss-suspension. "Our business," continued Kean, "has grown too rapidly in the last year or two for our capital, and the stringency in the money market made it impossible for us to turn our securities again at once after we had loaned money on them. Our nominal capital was $100,000, but in the reorganization it would be half a million. The firm, which was formerly known as Preston, Kean & Co., has done a large business in floating city, county and pub ie improvement bonds issued in the West. These, when not otherwise disposed of, would be pledged to banks on call loans. At New York and other Eastern points these loans had recently been called on heavily, and the drain on the house apparently reached the limit to dar. Another factor was the circumstance that the demand for securities of comparatively newly settled districts, such as were largely dealt in by Kean & Co., had fallen off to a conside rable extent. The deposits in the institution recently aggregated between $600,000 and $700,000. Wide celebrity was given to the bank some years ago by the extraordinary incidents following the defalcation of its Cashier (Kerr) who was traced to and brought back from Peru, and after a long legal fight incarcerated in Joliet.

2. December 18, 1890 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, December 18, 1890

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S. A. KEAN & co. SUSPEND. Great Chicago Bank That Handled Western Municipal Bonds. CHICAGO, Dec. 17.-The private banking house of S. A. Kean & Co., one of the oldest in Chicago, will not open its doors tomorrow. Mr. Kean made a statement to the press tonight, announcing suspension. He declined making a statement of assets and liabilities, but was inclined to think that every claim would be paid in full. He said: We have been negotiating for some time for reorganization, either as a state or national bank, and expected to reorganize without stopping business. It has been found. however, that it would be impossible in a short time to raise the necessary funds to continue the business with safety, pending reorganization. It was thereupon determined to accept the next wisest course, suspension. Our business has grown too rapidly in the last year or two for our capital, and the stringency of the money market made it impossible for us to turn our securities again at once, after we had loaned money on them. Our nominal capital was $100,000, but in the reorganization would be half a million. The firm was formerly known as Preston, Kean & Co., and has done a large business in floating city, county and public improvement bonds issued in the West. These, when not otherwise disposed of, would be pledged to banks for call loans at New York and other Eastern points. These loans have recently been called heavily, and the drain on the house apparently reached the limit today. Another factor was the circumstance that the demand for securities of partially and newly settled districts, such as were largely dealt in by Kean & Co., had fallen to a great extent. Deposits in the institution recently aggregated between $600,000 and $700,000. Wide celebrity was given the house some years ago by the extraordinary incidents following the defalcation of its cashier, Ker, who was traced to and brought back from Peru and, after a long legal fight, incarcerated in Joliet. A number of Chicago bankers held a meeting tonight after Kean had decided to close his doors, and discussed the local financial situation. No alarm was felt, as the banks had been getting ready for any danger of this kind and as the public confidence was being restored in the financial institutions of the country. Atemporary flurry, it was thought, might be created in local speculative circles, but no serious results would follow. The gentlemen present spoke connidently of Chicago's banks pulling through without embarrassment. HURON, S.D., Dec. 17.-It transpires today that business men and others having deposits with the Huron National bank, which suspended yesterday, received anonymous letters advising them to withdraw their deposits, as the bank would suspend following the elections. This precipitated a run, resulting in suspension. Telegrams from Chicago and other points were received today, offering aid and advising resumption of business. NEW YORK, Dec. 17.-The suspension of Erastus E. Ford was this morning announced on the Stock Exchange. He had no outstanding contracts.

3. December 18, 1890 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, December 18, 1890

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BANK FAILURES. S. A. Kean & Co. of Chicago Close Their Doors. The Firm Largely Interested in Western Securities. The Spokane National Bank Suspends Payment. S. A. Kean & Co. Fail. CHICAGO, Dec. 17.-The private banking house of S. A. Kean & Co., one of the oldest in Chicago, will not open its doors tomorrow. Mr. Kean made a statement to the press tonight announcing the suspension. He declined to estimate the liabilities or assets, but was of the opinion that every claim will be paid in full. They have been negotiating for some time, he said. for reorganization either as a state or national bank, and expected to reorganize without stopping business. It had been found, Lowever, that it would be impossible in the short time to raise the necessary funds to continue business with safety pending the reorganization. It was thereupon determined to accept the next wisest coursesuspension. Our business, continued Kean, has grown too rapidly the last year or two for our capital and the stringency of the money market made it impossible for us to turn over our securities again at once after we had loaned money on them. Our nominal capital was $100,000. but in the reorganization it would be $500,000. The firm. which was formerly known as Preston, Kean & Co., has done a large business in floating city, county and public improvement bonds. These, when not otherwise disposed of, would be pledged to banks for call loans. At New York and other Eastern points these loans have recently been called for heavily, and the drain on the house apparently reached the limit today. Another factor was the circumstance that the demand for the securities of comparatively newly settled dis triets, such as are largely dealt in by Kean & Co., had fallen off to a considerable extent. The deposits in the institution recently aggregated between $600,000 and $700,000. Wide celebrity was given the house some years ago by the extraordinary incidents following the defalcation of its cashier. Ker, who was traced to and brought back from Peru, and. after a long legal fight, incarcerated in Johet.

4. December 18, 1890 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, December 18, 1890

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BANK FAILURE AT CHICAGO. S. A. Kean Speculates and His Depositors "Pay the Freight." CHICAGO, Dec. 18.-The S. A. Kean & Co. bank, founded in 1860 and known for many years throughout the country as the Preston, Kean & Co. bank, with branches in New York and Boston, announced its suspension after business hours yesterday. Mr. Kean, who is the only surviving member of the company, sent a statement to the press last night to the effect that the bank would not open its doors in the morning, and stating that it would be impossible for him at the present time to make any statement regarding its assets and liabilities, other than that he felt confident all its creditors would be paid in full. Rough on Small Depositors. Other Chicago bankers, some ef whom are intimately acquainted with the affairs of Kean's bank, say that the failure will be & very bad one, so far as its limited number of creditors is concerned, and that 40 to howllo nossible that it. will realise

5. December 18, 1890 Deseret Evening News Salt Lake City, UT

Article from Deseret Evening News, December 18, 1890

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The Assignment off A. Kean. CHICAGO, Dec, 18.-S. A. Kean, doing banking business under the name of S. A. Kean & Co., assigned this morning as arranged for last night. Fennell, the attorney for the banker, says the diure was the result of the steady drain on the financial institution for the past two weeks. Reports detrimental to the bank had teen circulated resulting in the withdrawal of over $200,000, within that time. While there were plenty of securities in the bank, they were not marketable under the present monetary conditions, with jut sacrificing them. The attorney says the assets are ample to pay its linbilities in full. st is expected that the statement of the assusts and liabilities will be made tomorrow.

6. December 18, 1890 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, December 18, 1890

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A BANK FAILURE IN CHICAGO. The Private Concern of S. A. Kean & Co. Compelled to Close Its Doors. By telegraph to the Dispatch. Chicago, December 17.-The private banking-house of S. A. Kean & Co., one of the oldest in Chicago, will not open its doors to-morrow. Mr. Kean made a state. ment to-night announcing the suspension. ** Our business," he says, has grown too rapidly the last year or two for our capital, and the stringency of the money. market made it impossible for us to turn our securities into money again at once after we had loaned money on them. Our nominal capital was $100,000. but in our reörganization our capital would be fully $500,000.

7. December 19, 1890 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, December 19, 1890

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Banker Kean Arrested. CHICAGO, Dec. 18.-S. A. Kean, do ing a banking business under the name of S. A. Kean & Co., assigned this morning as arranged for last night. Fennell, the attorney for the banker, says the failure is the result of the steady drain on the finances of the institution for the past two weeks. Reports detrimental to the bank were circulated, resulting in the withdrawal of over $200,000 within that time. While there were plenty of securities in the bank, they were not marketable under the present monetary condition without sacrificing them. The attorney says the assets are ample to pay the liabilities in full. It is expected that a statement of assets and liabilities will be made tomorrow. It is learned that the deposits amount to $450,000. Most of the depositors are well-to do people who will not suffer severely through their losses. Very few poor people did business with the bank. This afternoon warrants were taken out for the arrest of Mr. Kean and his cashier, George B. Warne, for receiving unoney when the bank was known to be insolvent. Arrangements are being made to reorganize the concern as a national bank.

8. December 19, 1890 Wheeling Register Wheeling, WV

Article from Wheeling Register, December 19, 1890

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BANKERS ARRESTED For Receiving Deposits When They Knew the Bank Was Insolvent. CHICAGO, December 18. - -There were some sensational developments to-day in the affairs of S. A. Kean & Co., private bankers, who assigned yesterday. On complaint of W. W, Boyer, who deposited money in the bank on the 5th and 17th insts., warrants were issued for the arrest of Mr. Kean and his cashier, Geo. B. Warne, for receiving money when the bank was known to be insolvent, arrangements being made to reorganize the concern as a National bank. All sorts of rumors were prevalent in the crowd of depositors and creditors who thronged the corridor. One story was to the effect that at 7:20 o'clock last night the bank officials had shipped to New York $44,000 worth of securities. Cashier George B. Warne says the failure is due to a tendency of the management to deal in speculative securities, and to make loans by favor rather than on good financial principles. The liabilities consist of several small amounts, well secured. due to city bankers, and the depositors. There are about 800 or 900 depositors, with sums varying from 810,000 to $300 or less to their credit. On complaint of A. S. Leckie, a reporter, who deposited 8225 in the bank at four o'clock yesterday afternoon, Judge Scales to-day entered an order for the examination of Mr. Kean and the Assignee. Jacobs responded to the citation, but Kean himself failed to respond, it being said that he was ill at his home in Evanston. Mr. Mayer, attorney for Leckie, said he would ask for an order for the immediate presence of Mr. Kean in court. The court entered the order and also granted an order for the examination of the assignee. The latter cheerfully consented. and the examination was begun in one of the jury rooms.

9. December 19, 1890 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, December 19, 1890

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KEAN AND CASHIER ARRESTED. The Bankrupt Chicago Banker in the Grip of the Law. Chicago, Dec. 19.-The private banking firm of S. A. Kean & Co., of this city, made an assignment yesterday. President Kean and Cashier George B. Warne were arrested yesterday afternoon, charged with receiving deposits when they knew the bank was in an insolvent condition. Subsequently they were liberated on furnishing bail in the sum of $3,000 each. The case will come up for hearing Dec. 27. Statement of the Situation. A rough statement of the liabilities and assets of the suspended bank shows: Liabilities-Due depositors, $460,000; money due on bonds, $900,000; total, $1,360,000. Total assets, $560,000. It will probably be a week or two before Assignee Jacobs will be in a position to give an exact statement of the liabilities and assets.

10. December 19, 1890 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, December 19, 1890

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RUMORS BROKE KEAN Run on Deposits Caused the Firm's Assignment. BONDS WILL PAY CREDITORS. W. C. T. U. Building Funds in Broken Bank-Failure of Owings Bros. at Providence, R. I. CHICAGO, Dec. 18.-S. A. Kean, doing business under the name of S. A. Kean & Co., assigned this morning, as arranged for last night. Fennell, attorney for the bank, says the failure is the work of a steady drain on the finances of the institution for the past two weeks. Reports detrimental to the bank were circulated, resulting in the withdrawal of over $200,000 within that time. While there were plenty of securities in the bank, they were not marketable under the present monetary conditions without sacrincing them. The attorney says the bonds are ample to pay the liabilities in full. It is expected that a complete statement of assets and liabilities will be made tomorrow. It is learned that the deposits amount to $450,000. Most of the depositors are wellto-do people, who will not suffer severely through their losses. Very few poor people did business with the bank. This afternoon a warrant was taken out for the arrest of Mr. Kean and his cashier, George B. Warner, for receiving money when the bank was known to be insolvent. Arrangements are being made to reorganize the concern as a National bank. An investigation of the affairs of the institution began before Judge Scales this afternoon. According to replies made by assignee Jacobs, the assets, exclusive of Kean's personal estate, would aggregate approximately $1,353,000 and the liabilities $1,400,000. The assets consist of land scrip, various municipal and other bonds, cash on hand to the amount of $57,000, etc. Of the liabilities a half-million are due depositors, and $900,000 due banks on bonds deposited for loans. Assignee Jacobs is a close friend of Kean's. He said that last Saturday Kean came to him and told him the deposits were going very fast, and he would like to have some gentleman look into the affairs of the bank and tell him what to do. Over a quarter of a million had been drawn out within ten days. Kean said someone had circulated reports that the bank was unsound, and a rush to withdraw deposits followed. A meeting of bankers was held yesterday afternoon, and they decided to loan Kean $70,000 is he could get $30,000 more. They wanted a guarantee for the $70,000, however. Kean and Jacobs secured a promise of aid from Fowler, the packer, and William Decring, the harvester manufacturer, but could get no one else. Then they were informed an attachment had been filed against the bank by one of its creditors, and decided to assign. Warrants for the arrest of Kean and his cashier were served this afternoon. Both were released on bail. Considerable interest was aroused by the report that the funds of the building committee of the National Woman's Christian Temperance Union had been deposited at the bank. The W. C. T. U. is erecting a magnificent temple in Chicago, the work on which has been under way but a short time. The investigation this evening showed that not only the W. C. T. U. Building Association, but nearly all the numerous organizations that cluster around the big temperance union were depositors at the bank. The "gift fund" of the Temple Association withdrew its account a month ago, but returned it again. A deposit of several thousand dollars was made just before the bank closed for the last time. The treasurer of the W. C. T. U. itself has an account there, as did also the Woman's Temperance Publication Company, the two W. C. T. U. restaurants in this city and the treasurer of the lecture bureau. Altogether the temperance organizations have, it is estimated, upwards of $30,000 in the institution. Nearly all the Methodist ministers in the city did their banking with Kean, but it is understood that the most of them had been withdrawing their deposits recently. Mr. Kean is a Methodist and a profound Prohibitionist. He has stood high in the lay circles of his church, and is prominently identined with miscellaneous religious movements. Undoubted trust was placed in him, and the brethren thought their deposits could not be in a safer place. His bank became the repository for the savings of preachers and the little funds of church societies. The failure affects the business element in but a limited way, though the vast number of small depositors swells the deposits to a sum that has excited comment. PROVIDENCE,R. ,Dec. 18.-Owings Bros., agents of the Atlantic Mills, have assigned. Their liabilities are large. The mills continue running under the management of Stephen O. Metcalf. The assignee of Owings Bros. refuses to give any figures. The failure is a serious one. The cause is the stringency in the money market. Five years ago the woolen mills at St. Croix, N. B., failed, owing about $700,000. The concern had been largely backed by Owings Bros., and they have since been taking up notes for its indebtedness. The last of these fell due this month. but owing to the great stringency of the money market the Owings were unable to obtain the loans necessitated by this drain. BOSTON, Dec. 18.-The managers of the Atlantic mills state that the mills are not affected by the failure of Owen Bros., and that the latter's liabilities are $1,000,000. NASHVILLE, Dec. 18.-Mieghers & Co., of Rome, Ga., wholesale grocers and cotton

11. December 19, 1890 Fort Worth Daily Gazette Fort Worth, TX

Article from Fort Worth Daily Gazette, December 19, 1890

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BUSINESS. A CHICAGO BANKER ASSIGNS. CHICAGO, ILL., Dec. 18.-S. A. Kean, doing a banking business under the name of S. A. Kean & Co., made an assignment this morning to Benjamin J. Jacobs. Mr. Kernell, attorney for the banker, says the failure is a result of steady drawing of the finance of the institution. For the past two weeks over $200,000 have been withdrawn during that time. While there were plenty of securities in the bank, they were not marketable under the present money condition without sacrificing them, a course which Mr. Kean in the interest of depositors refused to pursue. Mr. Kernell says the assets are ample to pay the liabilities full. He declared the bank had lost nothing through bad investments. It is learned that deposits amount to about $450,000. Most of the depositors are well-to-do people, who will not suffer very much through their loss. Very few people did business with the bank. On complaint of W. W. Roger, who deposited money in the bank on the 5th and 17th instants, this afternoon took out warrants of arrest for Kean and Cashier George B. Warner for receiving money when the bank was known to be insolvent. Arrangements are being made to reorganize the concern as a National bank. ATTACHMENTS FILED. Special to the Gazette. WACO, TEX., Dec. 18.-Attachments were filed in the county clerk's office in Waco to-day against J. H. Wilson of McGregor, who sold his grocery establishment last Tuesday to S. Pidcoke. The first attachment was by Shear, Davis & Co., for $488. 18; M. A. Cooper came next with attachment for $199. 78. Next came Moore Bros. for $207. It is not thought Mr. Wilson is very deeply involved. FORCED TO ASSIGN. NASHVILLE, TENN., Dec. 18.-McGhees & Co. of Rome, Ga., wholesale grocers and cotton factors. will be forced to assign. Liabilities, $150,000; assets about the same. AGENTS OF ATLANTIC MILLS ASSIGN. PROVIDENCE, R. I., Dec. 18.-Owens Bros,, agents of the Atlantic Mills, have made an assignment to Charles Merriman. Liabilities are large, but the mills will continue to run as usual the management of Stephen Ometcalf. LATER-Assignee of the |Owens Bros. refuses to give any figures. The amount is no doubt a half million, but confined to a few creditors well able to bear the loss. The failure will be a serious one. The cause is the stringency in the money market. The suspension does not include the Atlantic mills, as that concern is more than solvent. Trouble for Owen Bros. was anticipated several days ago. NOT AFFECTED. BOSTON, MASS., Dec, 18.-The managers of the Atlantic mills state that the mills are not affected by the Owen Bros'. failure, and that the latter's liabilities are $1,000,000. Originally the Owen Bros. controlled the common stock of the Atlantic mills, but during the past nine months $1,200,000 additional capital has been invested, $600,000 of which was in the nature of preferred stock. A COUNTY TREASURER SHORT. ASHLAND, WIS., Dec. 18.-It has been discovered that the accounts of Bartley B. Scott, treasurer of this county, who died at Het Springs, Ark., are short from $10,000 to $15,000. Before death Scott turned over all his personal property to his bondsman. and it is supposed he had sufficient to make good his discrepancy. A TREASURER SHORT. CHICOGO, ILL., Dec. 18.-An evening paper says Nelson C. Jennings, who for four years has been the trusted cashier of the Chicago branch of the Sunday Creek coal company, absconded last Saturday with $6380 belonging to the corporation. Speculation in stocks is supposed to be the cause of the defalcation. He left a letter confessing his guilt. A SALE AND DEED OF TRUST. Special to the Gazette. PALESTINE, TEX., Dec. 18.-On yesterday Maurice Lucas, dry goods mer-

12. December 19, 1890 Evening Star Washington, DC

Article from Evening Star, December 19, 1890

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Warrants for President Kean. Warrants were sworn out yesterday afternoon in Chicago for the arrest of President Kean and Cashier Geo. B. Warne of the defunct bank of S. A. Kean & Co. The offense alleged is receiving money on deposit Wednesday afternoon when arrangements were being made to place the bank in the hands of a receiver. The liabilities are estimated at @500,000. It is said the assets will amount to over one-fourth of the liabilities.

13. December 20, 1890 The Morning Call San Francisco, CA

Article from The Morning Call, December 20, 1890

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A BAD BANK FAILURE. The banking-house of S. A. Kean & Co., Chicago, has closed its doors. Within ten days the bank had paid out about $200,000, and the managers thought the time had come to quit paying deposits. The bank had plenty of securities, it was said, but just at the present time they are not marketable. It appears, however, that liabilities amount to $1,400,000. while assets only approximate $1,353,000. Liabilities never shrink, but assets sometimes do. In the present case assets are largely in the form of land scrip, the market value of which is variable. It appears also that the banking firm bad deposited $800,000 of their best securities with other banks for loans. The deposits, amounting to $500,000 or thereabouts, are thus left unprotected, or protected only by the land scrip. Admitting this statement to be correct, the Kean bankers would seem to have been doing a large business on little or no capital. Their available funds were the deposits. They would have gone along nicely for some time longer if the depositors had not shown a disposition to take charge of their own money. This is what is called a lack of confidence. We are constantly assured that there would be no financial trouble if the public would only let their money lie in the vaults of the banks. The public will not be greatly surprised to learn that the proprietor of the bank and his cashier have been arrested for receiving deposits while the bank was known to be insolvent. The bank managers must have known that their sole capital was their credit. With a deficiency of $50,000, to say nothing of the depreciation of securities, they might reasonably have anticipated that a time would come wher the depositors would be inspired with a lack of confidence. Of course, people will be expected to sympathize with Mr. Kean. He appears to have been cruelly interrupted in a very profitable business. It is intimated that he has private property which is not liable for the debts of the bank. Men who do a large banking business on credit are generally gifted with sufficient foresight to suggest the policy of putting some of their profits where creditors cannot get them when the period of lack of confidence sets in. In view of such failures as this the utility of financial panics becomes apparent. There needs to be an occasional settling day when financial frauds arecalled to account. An insolvent bank might go on for years making money out of the deposits and putting the profits where depositors could not reach them if it were not for these periodical : anies. When business is good the banker argues that the profits are lawfully his, but when losses occur, if be has taken good care of the profits, the creditors have to suffer.

14. December 21, 1890 The Morning News Savannah, GA

Article from The Morning News, December 21, 1890

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ASSETS TAKING WINGS. The Outlook for Kean's Creditors Growing Less Bright. CHICAGO, Dec. 20.-The assets of S. A. Kean & Co., the suspended banking firm, are growing steadily less as the proceedings in court by a half dozen depositors, who claim that the bank received deposits from them after it was insolvent, pr gress. W. J. McDonald, head of the bond department, made an examination of the books, which were in court, at the close of which he testified that on the day the bank closed there were $368,100 worth of bonds in the bank. Of these $361,850 worth were pledged as collateral, leaving but $6,250 worth actually belonging to the bank. RETURNING DRAFTS. The attorney for the assignee gave notice that hè would ask the court Monday to to make on order permitting the assignee to return to the depositors who were not indebted to the bank any checks or drafts deposited by them for collection. The court indicated a willingness to make such an order. A number such cases were filed to-day, who claim thev were permitted to make deposits after the bank was insolvent. The court directed the assignee to answer on Wednesday next.

15. December 21, 1890 The Morning Call San Francisco, CA

Article from The Morning Call, December 21, 1890

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RECEIVERS APPOINTED. Extensive Eastern Business Firms Succumb to the Money Stringency. CHICAGO, Dec. 20.-W. D. Budd has been appointed receiver for the property of Brayton Bushee, a real estate dealer and builder of this city. Bushee's liabilities are estimated at about $200,000. He claims that he will be able to pay in full and have something left. CHATTANOOGA (Tenn.), Dec. 20.-The Helena Wood and Coal Company has made application for the appointment of a repany of ceiver for this the city, South declaring Tredegar it Iron insolvent. ComThe indebtedness of the iron company will reach $100,000, and if allowed to conclude the sale of its property it can pay up. The Atlantic Trust Company holds a deed of trust of the property in question for $60,000 to secure bonds. EAST TAWAS (Mich.), Dec. 20.-J. H. Schmeick & Co.'s bank here has made an assignment. The institution is now in the hands of Harting & Nesbit of Tawas City. It is impossible to state now what the liabilities are. PROVIDENCE (R. I.), Dec. 20.-The assignee of Owen Bros. has made a statement showing the gross indebtedness of the firm to be about $1,000,000. The value of the assets it is impossible to state. NEW YORK, Dec. 20.-The Vertical-tube Boiler Company is financially embarrassed and turned over its business to Frank L. Froment, the largest creditor, who will conduct it. S. V. White was interviewed on the caucus Financial Bill. He was averse to talking about the effect of the bill, but believed that some gold had been locked up, but only in small amounts, and when the holders found their expectations unrealized they would release it and invest in stocks. The weekly bank statement shows the reserve has increased $3,892,000. The banks now hold $1,492,000 in excess of the legal requirements. CHICAGO, Dec. 20. - A dispatch from Sioux City, Iowa, says the large commission and live-stock firm of Strange Bros. fiied mortgages to-day aggregating $50,000. It is believed the liabilities will reach $200,000. The assets are large, but the amount is not definitely known. BIRMINGHAM (Conn.), Dec. 20. - The woolen firm of R. W. Lewis & Son at Ansonia assigned to-day. The liabilities are $40,000, and assets small. THE KEAN FAILURE. CHICAGO, Dec. 20.--The assets of S.A. Kean & Co., the suspended banking firm, are growing sadly less as the proceedings in court progress. Cashier Warner testified further to-day regarding the affairs of the bank, nothing startling being adduced. W. J. McDonald, at the head of the bond department, testified that the yearly profit on the bonds was about $70,000. When the bank closed, of about $368,000 worth of bonds on hand all but $6000 were pledged as collateral. A number of new cases were filed to-day by persons claiming that they were permitted to make deposits after the bank was insolvent. Kean to-day delivered articles of agreement, made two years ago, by which Mrs. E. M. Culver became an special partner. This partnership was subsequently dissolved. The articles contained this peculiar paragraph: "The business of the firm is to be conducted on strictly Christian principles and according to the teachings of the Bible." GOLD IN NEW YORK. NEW YORK, Dec. 20.-The steamer Lahn arrived this morning with gold amounting to £480,000. The total received by the Lahn and the Majestic is equal to $4,707,000.

16. December 23, 1890 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, December 23, 1890

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"On Christian Principles." CHICAGO, Dec 23.-The assets of S. A. Kean & Co., the suspended banking firm, are growing steadily less as the proceedings in court in behalf of depositors who claim that the bank received deposits from them after it was insolvent progress. The attorney for the assignee gave notice that he would ask the court to make an order permitting the assignee to return to the depositors who were not indebted to the bank any checks or drafts deposited by them for collection. The court indicated a willingness, to make such an order. A number of complaints were filed today by persons who claim that they were permitted to make deposits after the bank was insolvent. Mr. Kean has delivered up articles of agreement made two years ago by which Mr. E. M. Culver became a special partner. This partnership was subsequently dissolved. The articles contained this peculiar paragraph: "The business of the firm is to be conducted on strictly Christian principles and according to the teachings of the Bible."

17. December 24, 1890 The Morning News Savannah, GA

Article from The Morning News, December 24, 1890

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KEAN'S COLLAPSE. The Maker of a Note Denies that He Owes Any Money on It. CHICAGO, Dec. 23.-The hearing in the county court touching the failure of the private bank of S. A. Kean & Co. was continued to-day. According to the statement of Cashier Warne yesterday, John Culver is indebted to the bank on his note to the amount of $5,800. Mr. Culver on the witness stand to-day testified that he did not owe the bank anything; on the contrary, the bank owed him over $200. He declared that he had never received any consideration for his note. It was merely given as an accomodation to Mr. Kean, who made a written agreement to pay it. The witness, however, recognized the moral obligation, and would pay the amount if given twelve months. KEAN CAUGHT IN AN UNTRUTH. Louis Donne, a representative of Bradstreet's agency, was next called, and exhibited a written statement made by Mr. Kean in June, 1889, in which he claimed a capital of $110,000. with M. C. Bragdon, Morton Culver and D. W. Kean as special partners. This was in direct contradiction of Mr. Kean's sworn statement yesterday to the effect that he bad never made a written statement to a commercial agency. When shown the paper to-day Mr. Kean was obliged to acknowledge his signature. A CO-ASSIGNEE. On the petition of Assignee Jacobs this afternoon, Gilbert B. Shaw, president of the American Trust and Savings Bank and receiver of the Park National Bank, was named as co-assignee with Mr. Jacobs in the Kean failure. Judge Scales made Clark Woodman, the Omaha capitalist. happy by entering an order returning to him $58,000 worth of notes and securities, deposited with Kean & Co. for safe keeping.

18. December 25, 1890 The Sun Morris, MN

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IN GENERAL, An old ordinance is dug up in Chicago which may compel the aband onment of the lake front as a site for the world's fair. Near Fresno, Cal., two men have found what is claimed to be a genuine petrified body of a man. It is remarkably well preserved, and even the lines of the back of the hand are visible. The Davis Platform Binder Company of Claveland, Ohio, engaged in manufacturing harvesters and binders, has temporarily gone into the hands of a receiver. Assets, $400,000; liabilities. about $80,000. The Flint & Pere Marquette freight handlers at Ludington, Mich., have struck against a reduction in wages, and there is likely to be trouble if the company imports new men. The grand jury at Kansas City is investigating the charges of bribery in the city council. The attorney for the incline plane company, it is said, has made startling disclosures. At a meeting in New York of the wealthy Arab citizens it was decided to form a silk growing and fruit raising syndicate in this country, which will give employment to all Arab emigrants ar-riving in America. The deaths resulting from the powder explosion at Taiping. China, in November were more than at firstes timated, it being stated that 800 coffins had been taken out of the city and yet they were not enough to bury all the dead. The Farmers' Alliance of Atchison county, Kan.. the home county of Senator Ingalls, at a recent meeting adopted resolutions recommending the retirement of Mr. Ingalis from the Senate and the election to his seat of a Farmer's Alliance man. John Morris obtained a writ of mandamus to compel the secretary of state of Louisiana to promulgate the lottery bill comply with the law requiring the proposed lottery amendments to the constitution to be submitted to the people. The Chicago Orchestra society has voted to engage Theodore Thomas as director for least three years and to secure the auditorium for the concerts of the society. Fifty wealthy citizens subscribed $1,000 each for three years to the society's guaranty fund. S. A. Kean, doing a banking business under the name of S. A. Kean & Co., made an assignment at Chicago to Benjamin F. Jacobs. The deposits amount to about $450,000, belonging to well-to-do people. Mr. Kean has turned over all his private property to tbe receiver. At has been discovered by Attorney General Miller that the local directory of the world's fare has not accepted the ordiance passed by the city council providing for the issue of $5,000,000 in bondsin aid of the fair. Until this formality is attended to no further progress toward the issuance of the presidential proclamation can be made. The defect will be remedied as quickly as possible. The Alaskan exploring party has had serious trouble in their camp. The explorers quarreled and divided into three parties. Glave started for New York in disgust. Wells and a band of natives pushed on to the interior. At last accounts they were snowed in for the winter with but forty pounds of flour in their camp. Others of the expedition took another route, striking overland for Southern Alaska:

19. December 25, 1890 The Princeton Union Princeton, MN

Article from The Princeton Union, December 25, 1890

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IN GENERAL. An old ordinance is dug up in Chicage which may compel the aband onment of the lake front as a site for the world's fair. Near Fresno, Cal., two men have found what is claimed to be a genuine petrified body of a man. It is remarkably well preserved, and even the lines of the back ot the hand are visible.. The Davis Platform Binder Company of Claveland, Ohio, engaged in manufacturing harvesters and binders, has temporarily gone into the hands of a receiver. Assets, $400,000; liabilities, about $80,000. The Flint & Pere Marquette freight handlers at Ludington, Mich., have struck against a reduction in wages, and there is likely to be trouble if the company imports new men. The grand jury at Kansas City is investigating the charges of bribery in the city council. The attorney for the incline plane company, it is said, has made startling disclosures. At a meeting in New York of the wealthy Arab citizens it was decided to form a silk growing and fruit raising syndicate in this country, which will give employment to all Arab emigrants ar-riving in America. The deaths resulting from the powder explosion at Taiping. China, in November were more than at first . timated, it being stated that 800 coffins had been taken out of the city and yet they were not enough to bury all the dead. The Farmers' Alliance of Atchison county. Kan.. the home county of Senator Ingalls, at a recent meeting adopted resolution 8 recommending the retirement of Mr. Ingalls from the Senate and the election to his seat of a Farmer's Alliance man. John Morris obtained a writ of mandamus to compel the secretary of state of Louisiana to promulgate the lottery bill comply with: the law requiring the proposed lottery amendments to the constitution to be submitted to the people. The Chicago Orchestra society has voted to engage Theodore Thomas as director for at least three years and to secure the auditorium for the concerts of the society. Fifty wealthy citizens subscribed $1,000 each for three years to the society's guaranty fund. S. A. Kean, doing a banking business under the name of S. A. Kean & Co., made an assignment at Chicago to Benjamin F. Ja. cobs. The deposits amount to about $450,000, belonging to well-to-do people. Mr.: Kean has turned over all his private property to tbe receiver. At has been discovered by Attorney General Miller that the local directory of the world's fare hasmot accepted the ordiance passed by the city council providing for the issue of $5,000,000 in bonds in aid oi the fair. Until this formality is attended to no further progress toward the issuance of the presidential proclamation can be made. The defect will be remedied as quickly as possible. The Alaskan exploring party has had serious trouble in their camp. The explorers quarreled and divided into three parties. Glave started for New York in disgust. Wells and a band of nutives pushed on to the interior. At last accounts they were snowed in for the winter with but forty pounds of flour in their camp. Others of the expedition took another route, striking overland for Southern Alaska.

20. December 27, 1890 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, December 27, 1890

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WEST AND SOUTH. It is now estimated that the liabilities of S. A. Kean & Co., the Chicago bankers, whose failure was announced a few days ago, are $400,000. It is said the assets will not amount to one-fourth of the liabilities. President Kean and George Warner, of the defunct bank, were arrested on the 18th and placed under heavy bonds on the charge of receiving deposits when they knew the institution to be insolvent. Murderers Elmer Sharkey and Henry Popp expiated the penalty of their crimes by hanging in the Ohio penitentiary on the 18th. The former beat his aged mother to death with a maul at her home in Preble County in January, 1889. The latter killed a saloon-keeper at Canton. Isaac Smith, who was to have been hung at the same time, was respited by Governor Campbell. This is the eighth time Smith has been respited since his conviction. The officers of the National Women's Christian Temperance Union state that reports of losses of the Union and its publication house through S. A. Kean & Co., are misleading, as they had not enough on deposit to injure them in any wise beyond a mere temporary inconvenience. Carl Korth, treasurer of Pierce County, Neb., is under arrest on the charge of embezzlement, investigation having revealed a shortage in the county funds of $14,000. Korth has turned over his property to his bondsmen. Mrs. Washington Anderson, over ninety years old, was buried at Dubuque, Ia., on the 19th. It is stated that she was the last living representative of the family of General George Washington. Two masked men entered the ticket office of the Chicago & Erie railroad at Kent, Ind., on the night of the 18th, held up the agent, W. A. Hoberdier, and robbed him of $115 in money, a gold watch and chain and a diamond ring. Colonel Allan T. Brinsmade, of Cleveland, has been appointed United States District Attorney for the Northern district of Ohio, to fill the vacancy occasioned by the death of Mr. Alexander. Near Longmont, Col., on the 19th Miss Ida Laycock, a young lady teacher, was fatally stabbed by Bert® Myers, one of her pupils, while she was attempting to discipline him. The eastbound passenger train on the Colorado Midland railroad ran into the rear of a freight train at Cardiff, Coi., on the 19th. The caboose was demolished. An unknown man who was asleep in it was killed and three or four others were injured. The affairs of B. Bushee, an extensive real estate dealer of Chicago, was placed in the hands of a receiver on the 19th. It is believed the liabities will not fall short of $250,000; the assets are a doubtful quantity. On the 19th C. E. Dyche, proprietor of the Commercial Hotel at Burlington, Mo., shot himself with suicidal intent in the hotel parlor. In attempting to wrest the revolver from him Mrs. Combs, his mother-in-law, and F. M. Baker, were both shot, but not fatally. Dyche will die. James Routt and Clifton Scarcy, of Lawrencoburg, Ky., took rooms in the Enterprise hotel at Louisville on the 18th and, upon retiring, blew out the gas. When discovered Routt was dead and Scarcy can not recover. Mr. and Mrs. Henry Watterson celebrated their silver wedding at their home in Louisville, Ky., on the 20th. Over 1,000 guests were in attendance, and the presents were amazing in their quality and splendor, filling an entire room. Four generations of the family were represented in the gathering.

21. January 7, 1891 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, January 7, 1891

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n FROM CENTRAL AFRICA Comes a Claim Against the Defunct Chicago Bank, CHICAGO, Jan. 6.-The developments thus far in petitions for relief by depositors in the suspended bank of S. A Kean & Co. have shown that widespread and diversified interests were involved, but it remained for Mr. Ross Taylor, of Evanston, in a petition filed in the County Court this morning, to show that the savages of the far-oll Congo have both a temporal and eternal interest in the collapse. It comes about in this way: Missionary Bishop William Taylor, of the Methodist Episcopal Church, has established a large number of missions in the Congo country. Last year he returned to the United States and spent some months in raising money for the support of these missions. He made Brother Kean treasurer of the fund. which amounted to about $12,000, and Kean deposited it in his bank. In November he drew a draft on London for $3,000 of this amount and left for the scene of his labors. The remaining $9,000 was still in the bank when it B failed and perhaps the $3,000 also, as it is not known whether the draft was e cashed before the failure. Mr. Taylor, li of Evanston, sets forth in his petition that the money was a trust fund and should be made whole out of the aspets; y that relying on this fund Bishop Taylor p hired a lot of missionaries to go to Africa, p whose transportation cannot now be 89C cured, and bought a lot of supplies in fi New York which cannot now be paid is for. The court will listen to arguments V on the petition on Friday morning. c

22. January 7, 1891 Pittsburg Dispatch Pittsburgh, PA

Article from Pittsburg Dispatch, January 7, 1891

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EVEN KONGO CANNIBALS SUFFER Thousands of Missionary Dollars Swallowed by Kean's Bank. CHICAGO, Jan. 6.-The developments thus far in petitions for relief by depositors in the suspended bank of S. A. Kean & Co. show that widespread and diversified interests were involved, but it remained for Ross Taylor, of Evanston, in a petition filed in the county court this morning, to show that the savages of the far-off Kongo have both a temporal and eternal interest in the collapse. Missionary Bishop William Taylor, of the Methodist Episcopal Church, has established a large number of missions in the Kongo country. Last year he returned to the United States and spent some months in raising money for the support of these missinns. He made Broth r Kean treasurer of the fund, which amounted to about $12,000, and Kean deposited it in his bank. In November he drew a draft on London for $3,000 of this amount and left for the scene of his labors. The remaining $9,000 was still in the bank when it failed, and, perhaps, the $3,000 also, as it is not known whether the draft was cashed before the failure. Mr. Taylor, of Evanston, sets forth in his petition that the money was a trust fund and should be made whole out of the assets; that, relying on this fund, Bishop Taylor hired a lot of missionaries to go to Africa, whose transportation cannot now be secured, and bought a lot of supplies in New York which cannot now be paid for.