6495. Bank of Beloit (Beloit, KS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 27, 1891
Location
Beloit, Kansas (39.456, -98.106)

Metadata

Model
gpt-5-mini
Short Digest
cf2e80a0

Response Measures

None

Description

Contemporary dispatches (Jan 1891) report the Bank of Beloit suspended along with three other county banks. Articles explicitly state there was no run; suspension resulted from loss of deposits with their correspondent following the failure of the American National Bank of Kansas City. The sources do not state whether the Beloit bank later reopened; I classify as suspension_closure because the reporting groups it with failures and permanent ruin of correspondent deposits, but permanent closure is not explicitly confirmed.

Events (1)

1. January 27, 1891 Suspension
Cause
Correspondent
Cause Details
Failure of the American National Bank of Kansas City caused loss of correspondent deposits that ruined the local banks, leading to suspension.
Newspaper Excerpt
Following the failure of the American National Bank of Kansas City, four banks of this county alone suspended, one each at Cawker City, Dows, 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.
Source
newspapers

Newspaper Articles (2)

Article from Huntsville Gazette, January 31, 1891

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Article Text

A GLOOMY OUTLOOK. Hard Times in the Soldler State-Western Kansas in Danger of Being Deserted by Its Hunger-Stricken People-Mortgaged Farms by Whole Townships Falling Into the Hands of Eastern Capatalists. BELOIT, Kas., Jan. 27.-The people of Western Kansas have never before in the history of the State known such difficulties as at of or ent. fearful The financial scarcity money any thing presconvertible into it is almost pitiful and have all can the do the to business keep houses alive. Following they failure of the American National Bank of Kansas City, four banks of this county alone suspended, one each at Cawker City, Dows, 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 third of the State the cry of destitution grows louder and the Legislature 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 Commission ers 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 crops of 1889, came a total failure last year. Next came Thomas County and then others, until the line of destitution reached over all the land west of the one hundredth meridian, and extended from north to south. Every Grand Army post over the State is being called on, the Farmers' Alliances are taking in supplies, the Legislature is appropriating money, and yet but a small portion of the suffering can be relieved. The sodhouses are almost all barren, and those families where the father is not well, or where there is no father to 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 themselves by means of buffalo chips, or dried manure, picked up on the plains. They have no money and their mortgages are long past due. The mortgage companies are foreclosing scores of farms daily, but to no good. They only receive a pitiful bid and are forced to take in the property. Hence in some counties there are whole townships owned by Eastern parties who will never get their cash out of their investment.


Article from Evening Capital Journal, February 11, 1891

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Article Text

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,