Dodge City times. [volume] (Dodge City, Kan.) 1876-1892, 1891-02-27
THE DOORS CLOSED.
THE MERCHANTS STATE
BANK OF DODGE CITY
CLOSES It's DOORS AT
NOON TO-DAY.

II a little after IL O'Clock today the
doofs of thr Merchants State Bank of
This city were closed. For some time
ugly rumors we're afioat regarding the
sha,sy condition of the institution and
this iet: ID tie withdrawal of Ia ge
amount Of deposits. These increased of
late and the withdrawal of depos its
amounted to practically run on the
bank 1t is understood that the bank le Mt
large amount of money on paper. n d
failed to take sufficient security during
its earlier days. This it was able tc'
carry until the hard times set in and the
stringency in monetary matters came
about. Large sums of money were loaned
Oh individuals notes, and no security Of
any kind was obtained. The collapse of
the boom period aad the stringency left
the borrowers unable to meet their obi
cations The bank was the depository
of county funds, OF many district schools
and some townships; also of the city and
and city school funds. The immediate
cause CT the closing was an attachment
for $500 gotten out by City Treasurer
Beverly. Mr.. Beverly drew a check for
the amount on the bank. but 1t was not
paid for lack of funds. Two hours time
was g,ren to procure the amount, but !
this did not avail and the attachment
was issued. The bank is in arrears on |
the county funds to the amount OF
S16,95O. Other dep0sitOrs or losers are /
as follows. John Riney, s43o; school
district 16, Sis; John Kilburn, 800
Grand yisy township, 800; L. E. Nc
Garry, 800; Strange 4 Ggmmersby 500;
Oliver Ellswick. farmer living north of
town, $500; A. o. U. W. Lodge, sl15.
This makes a total of sa2, 773, but there
are other depositors whose names could
not be learned. The city school funds,
amounting to $1,000. we're recently with
drawn and placed in the First National.
Several attachments were gotten out be
sides that of City Treasurer Beverley's.
The appraisement of property is now
taking place The bank owned large
amount Of real estate, though that
turned oyer by the Cox assignment is
and but small amount
could be realized on it above the mort
cages. Its most valuable possession is
this block consisting of the City Drug /
Store. bank and post Office building. Not /,
a dollar of funds is left in the vaults.
II. j. Strange. president Ut the institu-
ton, told the TINES man that the county
would lose nothing by the closing OF the
bank, and Commissioner Mckinney who {
was looking after the county's interest,
the same opinion, The law re-
luires banks, where county funds are
deposited. to give bond, and while 1t is
said such bond was given In this case.
Deputy County Clerk Crane was unable
10 find a record of it when the TINES
nan called. There is difference of
,pin;oa as to whcther or not the bonds
men of the county treasurer can be held
or the funds. MS 1t is claimed they are
eleased from obligation when funds are
deposited elsewhere than in the trcasur
RS Office We understand that some
"a, 900 of county funds are deposited
With tine First National, The affairs of =
he institution are in such a complicated
that it is difficult 10 get at the
acts. Following is the statement of the &
condition of the bank made in January: d