, 1890-12-25
THE BIG KEAN FAILURE
Creating Great Excitement
in Chicago.
DEPOSITORY FOR THE W. C. T. U.
Several Preachers Had Deposits
There-Kean and His CASH
Ter Arrested.

CHICAGO, Dec. ls.-s. A. Kenn doing
=. A. kean & Co., assigned this morn
ing as arranged for last night.
Mr., Fonnell attorney for the banker,
says the failure was the result oil a
steady drain upon the finances oil the
institution for the past two weeks.
Reports detrimental to the bank were
circulated, resulting in the withdrawal
of over $500, 900 within that time.
While there were plenty OF securities
in the bank they were not marketable
under the present monetary conditions
without sacrificing them.
! The attorney says assets are ample to
pay all Liabilities in full.
# is expected that u statement of as
sets and Liabilities viii be made to-mor-
row.
Itis learned that the deposits amount
to Si50OOO. Most oil the depositors are
well-to-do people who will not sutler
severely through their losses. Very lew
| poor people did business with the bank.
This afternoon warrants were taken
out for the arrest of Mr. kean and his
cashier, George Is. Warne, Tor receiving
money when the bank was known to be
insolvent. Arrangements are being
made TO reorganizc the concern as II
national bank,
Investigation of the affairs of the in
stitution began before Judge Scales this
afternoon.
According to replies made by Assignee
Jacobs. the assets, exclusive OF kean' ;
personal estate, would aggregate ap-
proximately 81, 1853, 600, and liabilities
81, 400, 900. The assets consist of land
script, various municipal and other
bonds, cash on hand, S57, 600, etc. OF
the lIabi lities, $500, 900 is due depositors
and 100000 Is due banks on bonds
deposited for loans.
the keans. He said last Saturday kean
came to him and told him deposits were
going very fast and he would like to
| have some gentleman look into the at
fairs OF the bank and tell him what to
do. over a quarter of million had
been drawn out within ten days.
koan said some one had circuln
reports that the bank was unsound, and
u rush to withdraw deposits followed.
A meeting of bankers was held yester-
day afternoon and they decided to loan
Kean $4,000 If he could get S30 600 more.
They wanted guarantee for the
$4,000 however. kean and Jacobs
secure a promise Of aid from Fowler,
the packer, and William D<erng, the
harvester manufacturer, but could get
no one else. Then they were informed
an attachment had been filed against
the bank by one of the creditors aud de =
cided to assign.
Warrants for the arrest of Kean and
his cashier were served this afternoon.
Both were released on bail.
Considerable interest was aroused by
the report that the building committee
OF the National Woman's Christian
| Temperance Union had deposited at the
bank. The Woman's Christian Tenn
perance Union Is greetings II magnificent
temple in Chicago, work on which has
been under way but a short time.
Investigation this morning showed
that not only the w. q. L. u. Building
Association, but nearly all OF the
numerous organizations that cluster
around the temperance union were de-
positors at the bank.
The gift fund of the temperance as
sociation withdrew its account u month
| ago, but returned 1t again. a deposit of
several thousand dollars was made Just
| before the bank closed for the last time.
The treasurer of the w. G. T. u. itself
has an account there, as did also the
Woman's Temperance Publication
| Company. The two w. &. I. U. res.
taurants in this city and the treasurer
of the lecture bureau, altogether as tenn
/ perance organizations. have, 1t is esti-
mated, upwards OF $50, 90 in the insti-
tuition.
Nearly all the Methodist ministers in
the city did their banking with Kean,
but 1t is understood most of them have
been withdrawing their deposits re-
Gently.