Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-12-18
BUsIN ESS.
A CHICAGO BANK sUspENps

CHICAGO, Ill. Dec. II The private
banking house of S. A. keau s. Co.. one
Of the oldest in Chicago, will not open lis
doors Tomorrow. MIR. kean made n
statement TO the press Tonight an
nouncing the suspension. He declined
to estimate the assets or liabilities, but
was of the opinion that every claim
would be paid in full.
"Why did you CLOSEUP he was asked
'Because We have found we could go
no further III justice to our friends. We
have been negotiating for sometime for
reorganization as either a state or ma :
.ional bank. We expected we would be
able 70 Ieorganze without stopping or
closing our business. That was our in
tention up to s o CLOCK Tonight then
found that It would be impossible In the
short time to raise the necessary funds
TO continue the business with safety
pending reorganization. 1t was there
upon determined to accept the next
wisest course, suspension. Our bus
ness,'' continued MIR. Kean, "has
grown too rapidly the last year or two
for our capital, and the striu gsnuy of the
money market made it impossible to turn
over securities agaiu at once after we
hak loaned money on them. Our nom-
organization our capita! would be fully
$500 200.
The firm OF Kean 6 Co., or Preston,
Kean s. Co. as it was formerly known,
has done large business in the way OF
floating city and county public improve
ment bonds issued in the West. The
bonds, when not otherwise disposed
Of, would be pledged to banks
for call loans. At New
York. where the firm has
branch office these loans have recently
been called heavily as well as at other
Eastern points, and the drain on the
Chicago house apparently reached the
limit To-day, at which temporary expe-
dients would not suffice. Another
factor was the circumstance that
the demand for the securi-
ties for comparatively newly settled
districts such as dealt in by kean & Co.
fell off to considerable extent at the
very time when large quantities were
thrown back on the firm BY the Eastern
banks calling loans of such collateral.
The depositors at Kean l. Co. g were, to
q great extent, Of the class designated as
church people, who had grown to place
confidence in the firm. The deposits re-
Gently aggregated, it is stated, between
5000. 600 and 500 900.
SPOKANE FALLS BANK GOES UNDER.
SPOKANE FALLS, WASH, Dec. 1.-THE
doors of the Spokane national bank, one
of the largest institutions in the city,
were not opened this morni ,g. For
nearly year it has been known
among bankers that this bank was in
financial straits, aud more than once
other banks have helped it out. At
o. CLOCK Monday evening Messrs. W. H.
Taylor, president, and Warren Hussey,
cashier, notified the various banking
houses of the city of their distress and
asked for assistance.
The officers of the other banks called
meeting that evening at which Messrs.
Hussey s. Taylor were invited to be pres
ent and make showing of the
affairs OF their bank. The session
was long one. The bankers
adjourned with an understanding
that the bank could open Tuesday morn
ing With assistance, that such assistan
should be rendered for Tuesday or until
Il full Investigation of affairs could be
made. The showing made at
the meeting was not borne out
By the Investigation that was
made yesterday. At oil events the eum
of $50 900 was raised by the other banks
to tide over the affairs of the Spokane