The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-02-07
The Excitement Subsidiny.


Special 10 the LeayenwOrth TINES
KANSAS CITY, January 30.-The excite
ment over the First National Bank failure
has nearly subsidized. 1t is generally sup.
posed that the depositors viii realize Their
claims in full, though il is reported that
some have been sold as low as 81 per cent
KANSAS CRY, January 3O.-At lat.
hour last night the following notice, signed
by the officers OF the bank, was left Tor pub
LEGATION at The newspaper Offices:
To tie Patlc:
! 1T a meeting of the Board of Directors Of
the First National Bank OF Kansas CITY,
held this evening, it was voted that the
bank discontinue business
This step is rendered necessary by a
shrinkage in our deposits ci over $3.50, 900
within the las, few days, added to the con-
tinous very large reductions OF the last few
months, aggregating a much larger amount,
and bv the prospect of a continuance of the
prev lent monetary distrUst.
hS VI W NC
liquid ted, and depositors may rest assured
that in due time they will be paid in full
III. NJ. HOLDEN, President
L. II. ALLEN, Vice-President
NJ. W. SrtLAIR, Cashier.
KANSAS CITY, Jan. %, 1873.
THE CLOSING OF THE BANK
took the entire community by surprise and
there was great excitement this morning.
There was heavy run on the other banks
this morning, The principal run being on
THE MAsTIN RANK
which paid every deposition in full and an
nounees that they are prepared ior every
emergency. Up to noon to-day they have
received over fifty new accounts, one de-
positor paying in $4,000.
THE EXCITEMENT
j. now dying out, and it is not expected
That there will be any further trouble.
KANSAS CITY, January 30.-The an
nouncement OF the suspension of the bank
took the community by surprise, although
business men of closer observation had been
expecting break for a week past, and many
depositors had quietly Withdrawn their
money from time to time. 1t is understood
that
THE BANK WILL NOT RESUME,
but will close up its business as soon as |
possible. The First National suspended in |
1873, but was aided by the business men to |
resume. There was
SLIGHT RUN on MAsTINs BANK
and the other banks of the city, but towards
the close of banking hours the excitement
died away. The fact is the other banks
were fully prepared, having had warning
by disclosures OF the First Nationals condi- /
ton several days ago. The business men
came forward and by judicious acts restor-
ed confidence Immediately.
WILL WIND UP.
The feeling is that the First National will
" ind up its affairs so that there will be no
loss 10 depositors or Others.
THE LIABILITIES.
Some place the liabilities at 5000
but no Official statement has been made.
WHAT THE TIMES SAYS.
The Kansas City Timss of this morning
'ays:
For the second time we are called upon
o annotince the closing of the doors Of the
irst National Bank OF this city, This I'M
Welcome task first devolved upon us on the
I'D OF November. 1873, when the whole
ountry was convulsed in the throes of a
panic, and now again it comes
rhen monetary distrust is even more wide
pread and extended than at that time |
Vow as then it is shock to the COM
lunity and cannot be regarded but |
5 public calamity of the great :
st magnitude. The brief announce
lent we give below refers to the causes !
hat have brought about this result the |
in deposits, and general monetary G
istrust that pervades the minds OF all i
lasses. 1t was not caused by any unwise d
r unbusiness-like transactions of the bank 5
self, but was simply the result OF that
financial policy of the national
overnment that has strewn the whole coun- a
" with financial wrecks The most con- o
-rvative management, prudent foresight
nj preparation On the part of the officers
the bank could not stem the tide that is
Seeping over the whole country and Ieay-
lg some victims in every city.
1t is vet too soon TO speculate on its pro-
able effect upon our CT Y and community,
1t it may afford some degree OF consoia-
on TO know how We felt under similar
over four years ago and to >
Ike comfort and inspiration from the pre- Il
ctions then made. TIE remarks at that
me apply with ten fold weight now, and >
e commend them to the consideration of Il
Il
" alarm or panic. This same II
ocess is going on in every city in the III
untry, and not one of them Is better pre- M
Ired to stand it than this city. All We
I'VE to do is TO look the Calamity in the
ce and act as wise and discreet business "
ould do, and set about repairing the h,
image il the best way possible 1t is h,
uply folly 10 allow a panicy feeling to a,
Ike pos -e--ion Il the community, az it will n
no one any god snd can only do injury