5753. Bank of Downs (Downs, KS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 20, 1891
Location
Downs, Kansas (39.499, -98.542)

Metadata

Model
gpt-5-mini
Short Digest
21fedaab3ff7efd2

Response Measures

None

Description

Multiple contemporary dispatches (Jan 20–22, 1891) report the Bank of Downs 'closed its doors' / 'suspended' after the failure of the American National Bank of Kansas City to which it was connected. No article reports a depositor run at Downs or a later reopening; the suspension appears to be a consequence of correspondent failure and the bank remained closed in these reports.

Events (1)
1. January 20, 1891 Suspension
Cause
Correspondent
Cause Details
Closed/suspended because it was connected with the American National Bank of Kansas City, which failed; loss of correspondent funds/credit forced suspension.
Newspaper Excerpt
The Bank of Downs, at Downs, Mitchell County, Kan., closed its doors this morning. It was connected with the American National Bank of Kansas City, which failed yesterday.
Source
newspapers

Newspaper Articles (10)
1. January 21, 1891 New-York Tribune New York, NY
Article from New-York Tribune, January 21, 1891

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Article Text

THE KANSAS CITY BANK FAILURE. IT CAUSES ANOTHER INSTITUTION TO CLOSE ITS DOORS-THE RUN ON THE SAVINGS BANK MODERATING Kansas City, Mo., Jan. 20.-Pank Examiner J. F. Marshall. with a large corps of assistants, was busy to-day examining the condition of the American National Bank, which suspended yesterday. He declined to make any statement concerning the bank's affairs, and said his report to the Controller would probably not be made for three weeks. There is some talk of the bank's resuming business. President Stimson says that if the stockholders care to repair the impatred capital of the bank. he sees nothing to prevent resumption. The stock of the bank was held principally in the East. and inasmuch as the depositors will probably be paid in full, the effect upon local business men will be slight. A dispatch to "The Star" from Atchison, Kan., says: "The Bank of Downs, at Downs, Mitchell County, closed its doors this morning. It was connected with the American National Bank of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained." The run which was begun on the Kansas City Safe Deposit and Savings Bank yesterday, continued to-day. As early as 7 o'clock this morning fully 250 people were standing in line in front of the bank waiting for the doors to open. When the bank was opened at 9 o'clock, the crowd was as large as at any time yes terday. and there was a wild rush for the paying teller's counter. As the day wore away a feeling of contidence began to appear among the weary depositors, and at noon many had dropped out of line, having decided to leave their money with the bank. When the hour of closing approached the crowd had thinned out measure ably. It is believed now that the backbone of the run has been broken. and that in a day or two complete confidence will be restored. In the two days during which the run has been made. about $60,000 has been withdrawn from the bank. The officials of the bank say they are amply able to meet demands on sight. The failure of the American National Bank was not wholly unexpected in this city. Bankers had been growing cautious in view of the extent to which the Southwestern land speculations had been carried. and their own necessities in last December prevented the far Western institutions from securing relief from seaboard. There was no new word here as to the the condition of the bank, and the city correspondents are believed to be well protected. George G. Williams, president of the Chemical National Bank, one of the correspondents, said yesterday that lie believed the depositors of the Western bank would be paid in full. From all that he had heard. he said, President Stimson was a man of integrity and the deposits had been reduced so much that there should be a successful liquidation of the affairs. He thought that Mr. Stimson's published statement was a clear exposition of the situation.

2. January 21, 1891 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 21, 1891

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Article Text

THE KANSAS CITY BANK PANIC. Depositors Still Alarmed K ansas and Nebraska Failures. KANSAS CITY, Jan. 20.-The run on the Kansas City Safe Deposit and Savings bank continued today. When the bank opened, at 9 o'clock this morning, the crowd was larger than at any time yesterday. It is believed that the backbone of the run was broken today, and that confidence will soon be restored. The officials of the bank say they are amply able to meet all demands on sight. The bank examiner is still working on the books of the American National. ATCHISON, Kan., Jan. 20. - The Bank of Douns, at Douns, Osborne county, Kan., was closed this morning. It was connected with the American National bank, of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained. PALMER, Neb., Jan. 20.-There was a heavy run on the Deposit bank yesterday, resulting from a rumor that the institution was in an unsafe condition. The bank paid all demands in full, and Chashier Shipley has gone to Omaha to arrange for funds to tide over the crisis.

3. January 21, 1891 The Morning News Savannah, GA
Article from The Morning News, January 21, 1891

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KANSAS CITY'S BANK CRASH. No Let Up in the Run on the Savings Department. KANSAS CITY, Mo., Jan. 20.-The run which was commenced on the Kansas City Safe Deposit and Savings Bank yesterday continued to-day. As early as 7 o'clock this morning fully 250 people were standing in line in front of the bank, waiting for the doors to open. When the bank was opened at 9 o'clock the crowd was as large as at any time yesterday, and there was a wild rush for the paying teller's counter. CONFIDENCE RETURNING, As the day wore away a feeling of confidence began to appear among the weary depositors, and at noon many had dropped out of line, having decided to leave their money with the bank. When the hour of closing approached the crowd had thinned out measurably. very It is believed now that "the backbone of the run has been broken, and that in a day or two complete confidence will be restored. In the two days during which the run has been made about $60,000 has been withdrawn from the bank, $30,000 yesterday and over $20,000 to-day. The officials of the bank say they are amply able to meet any demands on sight. A special to the Star from Atchison, Kan., says: "The Bank of Downs, at Downs, Mitchell county, Kansas, closed its doors this morning. It was connected with the American National Bank of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained."

4. January 22, 1891 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, January 22, 1891

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Another Bank Fails. KANSAS CITY, Jan. 22.-Bank of Downs, Mitchel county, suspends owing to suspension of American National of this city.

5. January 22, 1891 Phillipsburg Herald Phillipsburg, KS
Article from Phillipsburg Herald, January 22, 1891

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Article Text

A GREAT excitement has reigned in western banking circles the past week by reason of the failure of the American National Bank of Kansas City. Their liabilities are estimated at $2,000,000. Several Kansas banks have suspended in consequence of the Kansas City failure, one at Downs, one at Glen Elder, one at Cawker City, one at Clyde and other points. Phillipsburg Banks, fortunately, were not hurt any, or if so very slightly.

6. January 29, 1891 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, January 29, 1891

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Article Text

The Bank of Downs, at Downs, Mitchel County, Kan., has suspended.

7. January 29, 1891 The Telegraph-Courier Kenosha, WI
Article from The Telegraph-Courier, January 29, 1891

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The Bank of Downs, at Downs, Mitchell County, Kan., has suspended. THE MARKETS.

8. January 30, 1891 The Great West Saint Paul, MN
Article from The Great West, January 30, 1891

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IN GENERAL, The model of the much-talked-of Mount Carmel airship has arrived in Chicago, and will be put in operation in a few days. The run on the Kansas City Safe Dep osit and Savings bank has almost ceased, and the bank is in danger of going under. At Albany, N. Y., a bill was introduced in the senate providing $250,000 for New York's exhibit at Chicago, and providing for seven state commissioners. Surrogate Ransom has decided that the marriage of Eva L. Hamilton to Robert Ray Hamilton was void, and that Eva is still the wife of Joshua J. Mann. The bank of Downs, at Downs Kan., closed its doors. It was connected with the American National Bank of Kansas City, which failed Monday. The extensive lumbering firm of Quinn & Sherman of Starrucca, Pa., doing business at Sinnamaholing, Pa., is financially embarrassed. The liabilities are heavy. Padlewski, who assinated Gen. Seliverskoff in Paris some months ago, or a man very closely resembling him, recently appeared at Silverton, Colo. He purchased a burro and disappeared in the mountains. Every member of both houses of the New York legislature was present when the jointvote for United States senator was taken at noon. The vote as announced gave D. B. Hill 81, William M. Evarts 79. D. B. Hill was declared elected. W. W. Lovell, who became suddenly insane and jumped from a train in Chicago, turned up in Racine, Wis., at the home of relatives, He was quiet in his demeanor, but his mind was evidently deranged, and he seems to remember nothing of his marriage. An order has been issued to the employes of the mbria Iron company at Pittsburg stating that on Feb. 18 the wages would be reduced 10 per cent. This reduction includes five thousand men from iron workers to miners, in the employ of the company. Monchicourt, the liquidator of the Panama Canal company, in an interview in regard to the proposal that the United States government should guarantee the interest on the Nicaragua Canal company's bonds, said that the Panama canal would be finished before the Nicaragua canal was completed. The Railway Age gives.a list of the most serious accidents on the railways of the United States and Canada during the year 1890. Only those are given in which a number of lives were lost or in which the numther of injured was large. All accidents in which one, and sometimes two trainmen were killed are omitted. The list as pubtlished includes sixty-one accidents. in which 266 persons were killed and 539 injured. This gives a total of 795, making an average of thirteen person killed or wounded in each accident. Many of the accidents were without fault of any one connected with the movement of the trains, but in some cases the accidents were inexcusable, resulting from the carelessness or ignorance of employes.

9. February 11, 1891 Evening Capital Journal Salem, OR
Article from Evening Capital Journal, February 11, 1891

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DESTITUTION IN KANSAS. Twenty Counties Appeal for Assistance -Financial and Crop Failure. The following press dispatch from Beloit, Kan., tells of the suffering of the people in the western portion of the state: The people of western Kansas have never before in the history of the state known such fearful financial difficulties as at present. The scarcity of money or anything convertable into it, is almost pitiful and the business houses have all they can do to keep alive. Following the failure of the American National bank of Kansas City, four banks of this county alone have suspended, one each at Cawker City, Downs, Glen Elder and here. There was no run made on any of them, but the little deposit they carried with their correspondent was their ruination. All over the western portion of the state the cry of destitution grows louder, and the legislature at Topeka has been made to hear it. An idea of the extent of the suffering can be had when it is known that twenty counties have already applied to the railroad commissioners for assistance. In fact all the state west of the 100th meridian, excepting a small district in the Arkansas valley where irrigation prevails, needs it. The first appeal came from Rawlins county, where, following the abundant crop of 1889, came a total failure last year. Next came Thomas county, and then others, until the line of destitution reached all over the land west of the 100th meridian and extended from north to south. Every Grand Army post in the state is being called on, the Farmers' Alliances are taking in supplies, the legislature is appropriating money e and yet but a small amount of the u suffering can be relieved. The sod houses are almost all barren, and those families where the father is not well or where there is no father to 1 care for the children, there is little hope for more than a bare subsistence. Many hundred families are now living on corn meal and warming a themselves by means of buffalo chips, d or dried manure, picked up on the plains. They have no money and & their mortgages are long past due. S The mortgage companies are foreclosing scores of farms daily, but to ez no good. They only receive a piti.. ful bid and are forced to take in the property. Hence in some counties b there are whole townships owned by Eastern parties who will never get fe their cash out of their investments. b The situation is a grave one and should the present season prove as a disastrous as the past one there will eo bea veritable exodus from the plains W and they will be left as barren ofeivas Ilization as they were twenty years DE ago,

10. January 15, 1892 The Iola Register Iola, KS
Article from The Iola Register, January 15, 1892

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0000 bank, Lake Jan. savings 19-American national bank, Kansas City, Mo.: $2,000,000. Jan. 20- State bank of Cawker City, Bank of Downs and Glen Elder bank of Glen Eder. all of Kansas, suspended. Jan. 21-Kawaka City (Kan.) state bank. Jan. 26-Savings bank of Wichita, Kan.; $81,000. Jan. 20-Winona Paper Company, Holyoke, Mass.: $600,000. Feb. 5-First Arkansas Valley bank, Wich1ta, Kan.: $120,000. Feb. 12-First national and North Middlesex savings bank, Ayer, Mass. Feb. 19-John D. Knox & Co., private bankers, Topeka,Kan.: $340,000 Union Investment Company, Kansas City; $1,000,000. Feb. 25-Windsor national bank, Windsor, Vt. I Mar. 11-Dudley Hall & Co., tea importers, Boston: $400,000. Mar. 19-J. & A. Simpkinson, boot and shoe manufacturers, Cincinnati; $400.000 United States savings bank, Topeka, Kau., $350,000. Mar. 0-Theodore Schwartz & Co., private bankers, Louisville, Ky.; $500,000. Mar. 24-Washingt n national bank. New York Schall & Downer, bankers. York. Pa. Mar. 26-Warren Lumber Company, Texas; $500,000. Apr. 2-The John McNabb bank, Eufaula, Ala. Apr. 4-Columbia Iron & Steel Company and Pennsylvania Construction Company, Uniontown. Pa; $1.000,000. Apr. 11-Baumgardner, Eberman & Co., coal and lumber, Lancaster, Pa.: $400 000 May 7-Bank of Allen county at Scottsville, Ky. May 9-Spring Garden national bank. Philadelphia. May 15-People's bank at Knoxville, Tenn. May 22-Hills Shot Company at Memphis, Tenn., $600,000. May 26-Potter, White & Bailey. shoe manufacturers at Boston: $1,000,000. May 27-John Ryan's Sons, wholesale dry goods, Atlanta, Ga.: $1,000,000. May 31-J. G. Fowler, sugar importer, New York, $500,000. June 4-The City national bank at Marshall, Mich. June Connell, Hall, McLaster & Co., wholesale dry goods, Nashville, Tenn.; $500,000 ....The Huntington (Ind.) bank. June 13-Central national bank, Broken Bow, Neb. June 16-Sevill Scofield, woolen manufacturer at Manayunk, Pa.: $800,000. June 23-The Florence national bank, Florence, Ala., and Sax Brothers' savings bank, Nashville, Tenn. June 24-Ailey Bros. & Place, Boston leather dealers: $500,000. July Moses Bros., bankers, Montgomery, Ala.: $500,000. July 8-Bank of Commerce, Sheffield, Ala. July 25-Columbian Oil Co., Chicago: $500,000. July 14-E. C. Stark, banker at Oneida, N. Y.; $220,000. July 16-Spooner R. Howell & Co., lumber dealers, Chicago, and other cities; $2,000,000. July 17-First national bank, Wyandotte, Kan. $1,000,000. July 18-First national bank, Palatka, Fla.: $200,000 Bonnell & Co., printer's ink manufacturers, New York, $400,000. July 21--Central bank of Kansas at Kansas City, Kan.: $100,000 Merchants' national bank, Fort Worth, Tex.: $500,000. July 23-Citizens' bank of Jefferson, Tex.; $100,000. Aug. 4-Abraham Backer, dry goods commission, New York; $4,000,000 Samuel Hano, real estate dealer, Allston, Mass.; $500,000. Aug. 8-Masonic savings bank, Louisville, Ky.: $1,000,000. Aug. 19 -Johnston, Tallman & Co., fireworks importers, New York city; $600,000. Sep 2-James A. Chambers, window glass manufacturing, Pittsburgh, Pa.: $500.000. Sep. 23-S. V. White.& Co., New York, commission merchants. $2,000,000. Sep. 30-F. B. Wallace & Co., New York, brokers: $690.000. Oct. 1-First national bank at Clearfield Pa.. Chrisman (111.) bank: $100,000. Oct. S-Turner & Bro., Boston bankers; $300,000 vet. 5-Ulster county savings' institution. Kingston, N. Y., robbed by officials of $463,000. Oct. 16-State bank at Gritna, Neb. Oct. 17-Tne Columbia bank and the Bank of Columbia, at Nashville, Tenn. Oct. 23-Bank of Lewisburg, Tenn.: $80,000. Nov. t-Maverick national bank of Boston, suspended: liabilities, $10,000,000. Nov. 6-Weiss Bros., wholesale dry goods, Galveston. Tex., failed for 84 10,000. Nov. 7-The Cochrane-Fulton Company, distillers. at Louisville, Ky.; liabilities, $500,000 Bank of Florence, Ala.; $100,000. Nov. 7-The Corry (Pa.) national bank closed its doors: $700,000. Nov. 13-California national bank at Santiago, Cal. Nov. 14-Bonner & Bonner, bankers at Tyler, Tex.: $500,000. Nov. 25-Farmers' and Miners' Deposit bank, Irwin. Pa.... First national bank, Wilming.