The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-12-19
TIE KEAN FAILURE.
Assets and Liabilities of the Big
Banking Firm.
KEAN AND HIS CASHIER ARRESTED
Investigating the Affairs of the Institution
The WOman's Christian Temperance
Union are Heavy Losers:

CHICAGO, Dec. 1S.-S. A. Kean, doing bank
ing business under the name of S. A. kean q
Co., assigned this morning. as arranged for last
night. Fenncll attorney for the banker, says
the failure is the result of ste iy 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
10000 within that time. While there were
plenty of securities in the bank, they are Lot
marketable under the present monetary condi-
tons without sacrificing them. The attorney
says the assets are ample to pay all liabilities
IN full. II is eXpecten a statement of assets and
liabilities will oe made tomorrow. 1t is learned
the deposits amount TO $50 co... Most OF the de-
positors are well-to-do people who will not SUI
fer 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 mace to reorganZe the concern as ma
| t1onal bank.
Investie alton of the affairs of the institution
began before j idge Scales this afternoon. Ac-
cOrding to req. les made by assignee obs, the
assets. exclusive OF kean's personal estate
would aggregate, app. oSimately, 1888, 0OU and
the liabilities 81, 100000. The assets consist OF
land script various municipal and other bonds.
cash on hand S57.t co. etc. OF liabilit half a
million are due depoSitorS and SO 900 que banks
! on bonds deposited for loans. Assignee jacobs
! is a close friend of kean He said last Satur-
day kean came TO him ana told him that de
| pOslS were going very IdSt ana ne would like
| 10 have some gentleman look into the affairs of
| the bank and tell him what to do as over a
! quarter of 4 million had been drawn cut with n
ten days. kean said some one had circulate I
] reports that the bank was unSound. and rush
| to withdraw deposits followed.
! meeting OF bankers was held yesterday
afternoon and they decided to loan Kean 81. CO.
! if he could get $4,000 more. They wanted 81
guarantee fer the $4,000, however. Bean &
Jacobs secured the promise of aid from Fowler
! the packer and William Deering, 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
| and decided TO assign.
Warrants for the arrest of Keap and his
| cashier were served this afternoon. Both were
! released on bail Considerable interest is
! aroused by the report thatthe building commit
! tee of the National Woman's Christian Tenn
| perance union had been dopositor at the bank.
| The WomanS Christian Temperance union is
| erecting magnificent temple in Chicago, work
| on which has been under way but short time.
| Investigation this evening showed that not
| only the WomanS Christian Temperance union
| building association. but nearly all the numeF-
GUS organizations that cluster around the big
temperance union were depositorS at the bank.
The 'g # fund.- of the temperance association
withdrew its account month ago, but returned
1t again. a deposit OF Sc yeral thousand dollars
was made just before the bank closed for the
! last time. The treasurer of the Woman 5
Christian Temperance union had an account
there, as did also the Woman's Temperance
Publication company, the two Woman's Chris
tian Temperance union restaurants in this city
and the treasurer of the lecture bureau. Alto
gether the temperance organizations have. it is
estimated, upwards of $50, on in the institution
Nearly all the Methodist ministers in the city
did their banking with Kean but it is under
stood that most of them have been withdrawing
their depOSltS recently.