5ab1f03aPartial suspension
Other: Invoked statutory 30/60/90-day notice to limit withdrawals (preventative measure)
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Fort Scott Bank Closes. FORT SCOTT, KAS, July 17.-The First National Bank of this city failed to open for business this morning. It had a capital stock of $300,000, fully paid in, and has always stood all runs. A run on the People's Savings Bank was started, but the thirty-day law was taken advantage of, and the bank was saved from being swamped.
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Fort Scott Bank. FORT SCOTT. Kans., July 18.-The First National bank of this city failed to open for business this morning, owing to the steady withdrawal of deposits, and the inability to collect assets. The assests are more than three times the liabilities, and depositors will lose nothing. The First National bank was established in 1871, and was the oldest and largest national bank in Southeastern Kansas. It had a capital stock of $300,000. A. run on the Peoples Saving's bank was started, but the thirty-day law was taken advantage of, and the bank was thus saved from being swamped.
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KANSAS BANK FAILURES. Two Banks Suspend at Fort Scott and Three in Other Town. FORT SCOTT. Kan. July 18.-Two banks closed their doors in this city to-day-the First National Bank. with a capital stock of $300,000. and the People's Savings Bank. with $50,000 capital. For several days past steady withdrawals from these banks have been made. and the aggregate deposits of the First National have been reduced from $215,000 to $130,000.which amount it had at the time of closing. The officers of both banks strongly maintain that their business is only temporarily RUBpended. and that dollar for dollar will be returned to the depositors. The First National people assert that their Assets are more than $390,000. but that is In securities and cannot be immediately realized upon. The First National was organized in 1871. and the People's Bank in 1883. TOPEKA. Kan.. July 18.-State Bank Exam. iner Breidenthal this morning received notice of the failures of the Citizens' Bank of Kansas City. Kansas: of the Bank of Richmond, and of the Farmers' and Merchants' Bank at ORSAwattomic. The concerns all did a small business. Statements are unobtainable. The opinion is expressed that other institutions throughout the State will soon go under. WASHINGTON. July 18.-Before the office of the Comptroller of the Currency was closed this afternoon information had been received of the failure of three national banks to-day-the Commercial National and the Union National of Denver. and the First National of Fort Scott. Kan. The news of the Denver crash caused some surprise in the Comptroller's office. for it was belloved there that the worst was over and that national banking matters would soon resume their normal condition. The gold reserve took another downward tumble to-day from $188,050,480 its amount yesterday. to $97,672,852. The currency balance to-day was $20,118,160. against $26,117. 918 yesterday. The Chief of the Bureau of Statistics. in his statement of the exports and import of gold and silver. reports that the exports of gold from the United States during the twelve months ended June 30. 1893, amounted to $108,680,844. and the imports to $21,174,381: excess of exporte. $87,506,463. During the corresponding period of the preceding year the exports were $50,195,327. and the imports $49,699.45 excess of exports. $495,873. The exports of silver during the twelve months ended June 30. 1893, were $40,737,319. and the imports $23,193,252: excess of exports. $17.544.067. During the corresponding period of the preceding year the exports were $32.810,559. and the imports $19,955,086; excess of exports. $12,855,473. During the six months ended June 30 the exports of gold amonnted to $73,717,938. an increase of $32,148,788 over the corresponding period of the preceding year. The Imports were $11,759,043. an increase of $3,723,435.
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Failure at Fort Scott. FORT SCOTT, July 19.-The First national bank of this city failed to open its doors for business yesterday. The bank officials claim that all depositors will be paid in full. The failure was a great surprise to everyone, as it was thought all of the banks in the city were on a solid financial basis. The First national was established in 1871, and was the oldest and largest national bank in southeastern Kansas. It had a capital stock of $300,000, fully paid up, and had always stood all runs. A run on the People's savings bank was started, but a notice requiring a thirty, sixty and ninety-day notice was posted, thus preventing a heavy run.