Article Text
Five State Institutions in Kansas Go Under-Co'oredo Failures. DENVER, COL., July 17.-The People's Savings, the Rocky Mountain Dime and Dollar and the Colorado Savings Banks failed to open their doors for business this morning. The assets of the People's Savings Bank are $1,500,000; liabilities, $1,350,000. Prestdent Lawrence, of the People's National Bank, says the failure of the savings institution will in no way affect the People's National Bank. It is understood that all the consignments were preconcerted and for selfprotection of the depositors. The direct cause of the failure was the universal hard times and inability to realize on securities. They declare each depositor will be paid in full, and that the institutions will again be opened. The bank is taking advantage of the thirty and sixty days' notification law, and is paying out no amounts over twenty-five dollars. President Lawrence, of the People's Savings Bank, in a statement this morning, said the bank up to six weeks ago had a most successful career, having its in deposits $1,300,000. and had paid to depositors in interest $112,482. The causeless run began on May 1st, and really continued up to last Saturday night, when the entire available means of the bank were exhausted, and nothing was left but to assign. The officers of the institution pledged their estates to its support. Most persistent efforts were made to obtain temporary assistance to tide the bank over, and up to four days ago this necessary assistance was promised by Eastern corresponding banks; but since the doings of the ecentssilver convention in this city became known, the promises were cancelled by telegraph, and no alternative was left us-with notices amounting to nearly $500,000 for withdrawals of deposits maturing within the near future staring us in the face and the cash on hand paid down to $223-but to make a full assignment for the protection and benefit of all. The failure of the Savings Bank will in no way affect the People's National Bank, which, with all other national banks, is perfectly sound, and anticipate no trouble outside of savings banks. First ATLANTA, GA., July 17.-The National Bank at Cedartown, Ga., closed its doors to-day. The suspension was by inability to raise funds at caused of a once out of collaterals. Rumors shortage on the part of one of the bank officials are denied, and it is asserted that depositors will be paid in full. The bank will resume as a State bank soon. The bank was capitalized at 75,000; surplus, $9,000. KANSAS CITY, MO. July 17.-The Star's special from Topeka, Kan., says: State Bank Examiner Breidenthal says the Hood & Kincaid Bank, of Pleasant, Kan., has failed. The capital stock is $80,000. No statement is given. Commissioner Breidenthal has information of a number of other bank failures in the State, but he declines to give the names until he has taken possession. KANSAS CITY, July 7.-The bank of Grand Avenue and the Missouri National Bank suspended payment at noon to-day. Six Kansas Banks Go Under. TOPEKA, KAN., July 17.-Six Kansas State banks went in the financial flurry to-day. They are the Bank of Riter and Doubleday of Columbus, the Johnson City Bank, of Johnson City: the Bank of Weir City, the Bank of Pleasanton, the Bank of Caney Valley, the Bank of Caney and the Bank of Meade, at Meade Centre. It is impossible to obtain statements at this time.
