The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-12-19
FINANCIAL LEGISLATION.
Immediate Congressional Action Urged.
More Business Failures Announced.

NEW YORK, Dac. IS. - Washington
specials say the silver managers are en-
deavoring 10 secure promises from the
Democrats not to obstruct financial legisla-
tion by Offering free coinage amendments.
The Republican leaders Of the House have
given the Senators to understand the caucus
on the financial measure is acceptable, and
urge that every effort be made to pass it in
its present shape, otherwise they will not be
responsible for the result.
THE CHICAGO BANKS.
CHICAGO, Dec. 1S.-A number of Chicago
bankers had meeting last night after S. A.
Kean Il 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 con tidence was being restored in
the lin nanclal institutions of the country. A
temporary furry, it was thought, might be
created in local speculative circles, but no
serious results would follow. Gentlemen
present spoke confidently Of Chicago's banks
pulling through without embarrassment.
Fennell, attorney for the bank, 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 plsnty of securities
in the bank they were not marketable under
the present monetary conditions 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 S450,000. Most of the depositors are we'll
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
being made to reorganiZe the concern as a
national bank.
THE KEAN FAILURE.
An investigation of the affairs of the in
stitution was begun before Judge Scales
this afternoon. According TO the replies
made by Assignee Jacobs the assets, exclu-
siye OF kean's personal estate, would ag-
gregate approximately S1,353,00O, and the
liabilities are S., 100000. The assets consist
of land script, various municipal and other
bonds. cash on hand $57,000 etc. OF the
liabilities half million are due depositors
and SSO0,000 are due banks on bonds de-
posted for loans. Assignee Jacobs is a
close friend OF Kean. He said last Saturday
that kean came 10 him aud told him the de-
posits were going very fast and he would
like to have some gentlemen look into the
the affairs of the bank and tell him what to dc.
Over a quarter of million had been drawn
out within ten days. Kean said some one
had circulated reports that the bank was
uns0und, and a rush to withdraw deposits
followed. meeting of bankers was held
yesterday afternoon, and they decided to
loan Kean $4,000 il he could get $50, 600
more. They wanted guarantee for the
$4,000, however. Kean and Jacobs secured
promise Of aid from Fowler, the packer,
and William Deering, the harvester manu-
iaeturer, but could get no one else. Then
fhaU Va "a N fortpad hot ,aff oho,o laJ
been filed against the bank by one of the
creditors, and decided to assign. Warrants
for the arrest of kean and his cashier were
served this afternoon. Both were soon re-
leased Oh bail. Considerable interest was
aroused by report that the Building Com
mittee of the National Woman's Christian
Temperance Union had been a depositor at
the bank. The w. G. T. U. is erecting q
magnificent temple in Chicago. work on
which has been under way but short time.
The investigation this evening showed
not only that the Woman'S Christian Tenn
perance Union Building Association but
nearly all the numerous ORGANIZATIONS that
cluster around the big Temperance Union
were deposltOrs at The bank. The Gift
Fund" of the Temple Association withdrew
Its account month ago. but returned 1t
again. deposit OF several thousand dol
lars was made just before the bank closed
for the last time. The Treasurer of the
Woman's Christian Temperance Union it
otu ihu al account tneTe, as ala also the
Woman's Temperance Publication Compa-
ny, the Woman's Christian Temperance
Union restaurants in this city and the treas
ury Of the Lecture Bureau. Altogether the
temperance organizations have, it Is esti-
mated, upward OF $4,000 in the institution.
Nearly all the Methodist ministers in the
city did their banking with Kean, but it is
understood that most of them had been
withdrawing their deposits.
BUSINESS WRECKS.
PROVIDENCE R. IL, Dec. 1S.-Owen Bros,
agents Of the Atlantic Mills, have assigned.
The liabilities are large. The mills con-
tlnue running under the management oJ
Stephen o. Metcalf. The assignee of Owen
Bros: refuses to give any figures. The fail
ure is serious one. The cause Is the
stringency in the money market.
FIVE years ago the woolen-mills at st.
Croix, N. b., failed, owing about $780,
0Oo. The concern had been largely backed
taking up notes for Indebtedness. The last
of these fell due.thls month, but, owing to
the stringency Of the money market, Owens
was unable to obtain loans necessitated by
this drain.
BosToN, Dec. 1S.-The management of
the Atlantic Mills state that the mills are
not affected by the failure Of Owens Bros,
and that the latter's liabilities are 81, 600 00O
NASHVILLE trenn.), Dec. 1S.-Mogehrs
u 90. OF Rome. Ga, wholesale groctrs and
cotton factors, have assigned. Liabilities
SloO.0O0 and assets about the same.
Los ANGELES, Dec. Ism. E. Chaplin,
general merchandise dealer at Santa Mon-
ic;', filed petition in Insolvency with the
County Clerk to-day. The assets are S20,-
600 and liabilities $4,000.