6578. 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
ad898aff

Response Measures

None

Description

Multiple contemporaneous dispatches (Jan 20–22, 1891) report the Bank of Downs closed or suspended after the failure of the American National Bank of Kansas City. Articles explicitly state there was no run on the small banks and attribute the failure to the loss of correspondent funds. No evidence of a reopening is given; classified as suspension followed by permanent closure/receivership (suspension_closure).

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, leaving the Downs bank without its correspondent funds.
Newspaper Excerpt
The Bank of Downs, at Downs, Mitchell county, Kan., closed 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 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.

2. January 21, 1891 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, January 21, 1891

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ABBREVIATED TELERGRAMS. The Bank of Downs, at Downs, Mitchell county, Kas., has suspénded. Kalakaua, king of the Sandwich islands, died at San Francisco Tuesday. Nearly a dozen window glass factories at Pittsburg and elsewhere have shut down owing to an overstocked market. The plant of the Standard Motor company in Chicago was destroyed by fire Tuesday. The loss is $187,000; insurance, $30,000. A wildcat in the vicinity of Williams port, Pa., gave battle to six men and five dogs for several hours before a bullet was put where it would do most good. The Cincinnati chamber of commerce Tuesday resolved against free silver, and the business men of Boston packed Faneuil hall to protest against the measure. Judge Burlingame, of Grand Rapids, Mich., Tuesday decided that union labels on cigars made by non-union men were frauds, and enjoined the use of the same any more. C. A. Herberg, of Montreal, committed suicide in a Chicago hotel Tuesday by fixing a piece of rubber tubing to the gas burner and then turning on the gas and sucking it into his lungs. Sage Ernest, of Toledo, O., Tuesday shot his divorced wife and afterward committed suicide. Mrs. Ernest will recover. Another case of drunken brute making it impossible for his wife to live with him and then trying to kill her because she got a divorce. Chicago capitalists announce their willingness to put up a new postoffice building in thatcity without pay and give the government free use of three stories in return for a ninety-nine years' leas: of the grounds. Governor-elect Pattison, of Pennsylvania, was inaugurated at Harrisburg Tuesday. The major part of his inaugural address was devoted to an advocacy of measures calculated to decrease the powers of corporations. The First National bank of La Junta, Colo., capital $50,000; National Union bank, of Oshkosh, Wis., capital $200,000, and First National bank, of Lake Benton, Minn., capital $50,000, have been authorized to begin business. In the suit at Chicago of the Pullman company to restrain the Lake Shore railway from using certain devices necessary to the proper working of the "vestibule" on passenger cars, Judges Gresham and Blodgett Tuesday decided in favor of the railway. Pullman's counsel says the decision does not prejudice his case, which will have another and final hearing.

3. January 21, 1891 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 21, 1891

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BUSINESS REVERSES. Minor Financial Disturbances Throughout the Country. OMAHA, Neb., Jan. 20.-Barnes Bros., of Hastings, were closed by the sheriff to-day. Liabilities. $33.000; nominal assets, $45,000. MADISON, Ind., Jan. 20.-The Madison Marine Railway company has assigned for the benefit of creditors. Liabilities, $40,000; assets, personal, $20,000: plant, $20,000. Home creditors are endeavoring to reorganize. ATCHISON, Kan., Jan. 20.-The Bank of Downs, at Downs, Mitchell county, Kansas, closed its doors this morning It wa S connected with the American National bank, of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained.

4. January 21, 1891 The Morning Call San Francisco, CA
Article from The Morning Call, January 21, 1891

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DEPOSITORS ALARMED. Two Banks Being Rapidly Relieved of Their Funds. PALERMO (Nebr.), Jan. 20.-There was a run on the Deposit Bank yesterday resulting from the rumor that the institution was in an unsafe condition. The bank paid all the demands in full, and Cashier Shipley has gone to Omaha to arrange for funds to tide over the crisis. KANSAS CITY, Jan. 20.-The run on the Kansas City Safe Deposit and Savings Bank continued to-day. When the bank opened at 9 o'clock this morning the crowd was as large as at any time yesterday. To-night it was believed that the backbone of the run was broken and 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 (Kans.), Jan. 20.-The Bank of Down, in Downs, Mitchell County, Kans., closed this morning. It was connected with the American National Bank of Kansas City, which failed yesterday. The liabilities and assets cannot be ascertained.

5. January 22, 1891 Telegram-Herald Grand Rapids, MI
Article from Telegram-Herald, January 22, 1891

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Three Hansas Banks Suspend. LEAVENWORTH, Kan., Jan. 91.-The banks in this city announce the suspension of three Kansas banks-the State Bank of Cawker City, the Bank of Downa, and the Glen Elder Bank of Glen Elder. The closing of the American National Bank of Kansas City affected the Dewns Bank. The assets and liabilities of the bank can not yet be obtained.

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

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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.

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. 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,

9. January 9, 1892 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, January 9, 1892

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BUSINESS FAILURES. Jan. 13-E. H. Amidon, dry goods dealer, New York: $697,766. Jan. 16-Stoneboro savings bank and Sandy Lake savings bank, both of Pennsylvania. Jan. 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 Eider, all of Kansas, suspended. Jan. 21-Kawaka City (Kan.) state bank. Jan. 26-Savings bank of Wichita, Kan.; $81,000. Feb. 5-First Arkansas Valley bank, Wichits, 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. Mar. 19-J. & A. Simpkinson, boot and shoe manufacturers, Cincinnati; $400.000. United States savings bank, Topeka, Kan., $330,000. Mar. 20-Theodore Schwartz & Co., private bankers, Louisville, Ky.; $500,000. Mar. 24-Washingt n national bank, New York Schall & Downer, bankers. York, Pa. Apr. 2-The John McNabb bank, Eufaula, Ala. Apr. 4-Columbia Iron & Steel Company and Pennsylvania Construction Company, Uniontown, Pa; $1,000,000. 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 g oods, Atlanta, Ga.: $1,000,000. June 4-The City national bank at Marshall, Mich. June 5 - Connell, Hall, McLaster & Co., wholesale dry goods, Nashville, Tenn.; $500,000 The Huntington (Ind.) bank. June 13-Central national bank, Broken Bow, Neb. June 10-Sevill Scofield, woolen manufacturer at Manayunk, Pa.: $800,000. June23-The Florence national bank, Florence, Ala., and Sax Brothers' savings bank, Nashville, Tenn. July 7-Moses Bros., bankers, Montgomery, Ala; $500,000. July 8-Bank of Commerce, Sheffield, Ala. 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 Bonneil & Co., printer's ink manufacturers, New York, $100,000. 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., flreworks importers, New York city: $600,000. Sep. 23-S. V. White & Co., New York, commission merchants. $2,000,000. Sep. 30-F. B. Wallace & Co., New York, brokers; $390.000. Oct. 1-First national bank at Clearfield Pa... Chrisman (111.) bank: $100,000. Oct. 3-Turner & Bro., Boston bankers; $300,000. Oct. 5-Ulster county savings' institution, Kingston, N. Y., robbed by officials of $463,000. Oct. 16-State bank at Gritna, Neb. Oct. 17-The Columbia bank and the Bank of Columbia, at Nashville, Tenn. Oct. 23-Bank of Lewisburg, Tenn. $80,000. Nov. 2-Maverick national bank of Boston, suspended; liabilities, $10,000,000. Nov. 7-The Cochrane-Fulton Company, distillers, at Louisvil.e, Ky.; liabilities, $500,000 Bank of Fiorence, Aia.; $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, Wilmington, N. C. Nov. 28-Field, Lindley, Wicchers & Co., bankers and brokers of New York, $1,000,000. Dec. 22-Private banks at Waynesboro, Warrentown and New Market, Va., closed their doors Thomas H. Allen & Co., cotton dealera, Memphis, Tenn.; $544,932. Dec. 23-Bank of Greenville, Greenville, Miss : $1,000,000.

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.