Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1890-12-19
BANK FAILURE.
Kean s. Co. Unable to Meet the Demands
of Depositors.

CHICAGO December 1sth.-A number of Chi
cago bankers had meeting last night after 8.
A. Kean & Co. had decided to close their doors,
and discussed the local financial situation No
alarm was felt as the banks had been getting
ready for any danger OF this kind, and public
confidence was being restored in the financial
institutions of the country. A temporary furry.
it was thought, might be created in local specu-
latiye circles, but no serious results would fol-
low. Gentlemen present spoke confidently OF
Chicago's banks pulling through without em-
barrassment. S. A Kean, doing banking busi-
ness under the name of S. A. kean & Co as
signed this morning, as was arranged for last
night.
Fennell, attorney for the banker says the
failure is the result of steady drain on the
finances of the institution for the past two
weeks. Reports detrimental to the bank were
circulated, resulting in the withdrawal of over
100000 within that time. While there were
plenty of securities in the bank they were not
marketable under the present monetary condi-
tions without sacrificing them. The attorney
says the assets are ample to pay the liabilities
in full. 1t is expected statement of the assets
and Liabilities will be made to morrow.
1t is learned the deposits amount to $50 600.
Most Of the depositors are well.to-do people,
who will not suffer severely through their
losses. Very few poor people did business with
the bank. This afternoon warrants were taken
out for the arrest of Mr.. Kean and his cashier,
George B. Warne, for receiving money when the
bank was known to be insolvent. Arrangements
are being made to reorganize the concern as a
National bank.
ton was began before Judge Scales this after
noon. According to replies made by Assignee
Jacobs, the assets, exclusive OF Kean's personal
estate, would aggregate, approximately, ST.
S5S 900, and the liabilities 81 100000 The assets
consist of land scrip of various municipal and
other bonds, cash on hand of so7 900, etc. OF
the liabilities, 100000 are due depositors and
10000 due banks on bonds deposited for loans.
Assignee Jacobs is q close frienf of Keans.
He said last Saturday that kean came to him
and told him that The deposits were going very
fast, and he said he would like to have some
gentlemen look into the affairs of the bank and
tell him what to do. Over s25o,000 has been
drawn out within ten days.
Kean said some one had circulated reports
that the bank was unsound, and rush to
Withdraw deposits followed.
A meeting of the bankers was held yesterday
afternoon and they decided to loan Kean S70.
| 0C0, if he could get $4,000 more. They wanted
| guarantee for the $50 900, however. Kean
| and Jacobs secured promise of aid from Fow
! Ter, the packer and William Deering, the har
yester manufacturer, but could get no one else
Then they were informed that an attachment
| had been filed against the bank by one of the
creditors and they decided to assign
| Warrants for the arrest of Kean and hi
| cashier were served this afternoon. Both wert
| soon released on bail.
| Considerable interest was aroused by repor
| that the Building Committee of the Nationa
| Women's Christian Temperance Union haC
| been depositor at the bank. The Women
| Christian Temperance Union is erecting
| magnificent temple in Chicago, the work OF
which has been under way but short time.