Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-01-20
SHORT A MILLION.
The American National Bank of
Kansas City
IN CHARGE OF YOUR UNCLE SAM.

Other Banks Willing to Hem 1t. but
the Collateral Not Sufficiently GILT
Edged = Exciting Run on a Savings
! Bank Which Is Solid.
KANSAS Cry. Mo-, jan 2o-The Amer
lean National bank of this city was taken
In charge yesterday by F. f. Marshall. a
national bank examiner for the state of
Missouri The capital stock of the bank
Is ., 250,GO. During the early part of last
week 1t became known to the members of
the Kansas City Clearing House associa-
ton that the American National bank
was In need of assistance. A meeting of
the association was called, at which res
oiution was adopted assuring the Amer
lean National bank that upon proper
showing assistance would be rendered to
the amount of 81, DOC, 900 or more COM
init tee was appointed to be in readiness
to act for the association.
The Collateral Wasn't Good.
a. meeting of the Clearing House as
ISOLATION Saturday evening the committee
was instructed to examine the security
offered by the American National bank
and ascertain the amount of money need
ed. Sunday the committee, calling to its
assist lance National Bank Examiner Mar
shall, examined the collaterals offered as
securities for 81 1000, 900 or more which the
association agreed to loan. The commit
tee reported to meeting of the associa-
ton Sunday night that the collaterals of
Tered by the American National bank were
not such as the banks of the association
would accept. This decision of the asso-
pIn SnaA q hf. fa,f e
liable, and the national bank examiner
thereupon assumed charge of the banks
affairs
Statement of the President.
The president of the American National
maze the 1ollowlng statement yesterday
afternoon:
The American National bank experienced a
heavy shrlnkage in business and depositS dur
ing the recent long-continued, and almost I'M
precedented stringency. Our shrinkage was
especially great on account of the large volume
OF country business handled. and this was
made more conspicuous by the fact that few
months ago we had several large temporary
deposlti During the past ninety days we col
Iected considerably over million dollars and
pald OF deposits amounting TO nearly two and
half millions, or about 60 per cent of our en-
tire deposit. About two weeks ago we reached
our lowest point and since then steadily recoy-
cred, and last Thursday morning we had an
excellent showing and were in easier condition
than for nearly two months, with every pros
pect of continued improvement in spite of the
TACT THAI certain malicious rumors had been in
dustrlously circulated for some time among our
deposltolS and correspondents.
Publicity Caused a Stampede
A little later, among other things clearing
house meeting was called without our knowl-
edge, and the other hanks voluntarily offered
us assist ance if needed. Unfortunately this
meeting became publicly known. causing in
creased rumors which resulted in a run Friday
and Saturday, and we then applied 10 the
clearing house for the aid which they had of
fered. bu- not being an incorporated oreaniza
ton they failed 10 agree upon a plan of assis
lance, and consequently we were Obliged to
close To close up such "A business in these
times vii necessarily involve great sacrifice
but there Is no doubt that deposits will be maid
in full, al d if the assets are properly handled
the stockholders should get back a large part of
their orig nal investment.
Deposits Largely Reduced.
No statement of the amount of the liza
bilities OF the bank has been made They
are estimated at 81 250, 600 liabilities: So
900 nominal assets. The PRINCIPAL
stockholders of the bank reside in the east.
The deposits of the bunk are about 5. 300.
coo Since Oct. ! last the deposits have de-
creased from over =, 900 600 TO the present
amount II is ascertained that the bank
owes over $500, coo borrowed money.
Run on Savings Bank
AS res alt of the failure a great deal of
uneasiness has been created among the
depositors of the Kansas City Safe and
Savings Deposit company, which is in the
same hui ding with the American Ma
tiOnal bank, and was supposed by MANY
TO be connected with it. and there was a
tremendous run on that institution. which
is the largest savings bank in the state
and whose officers are the most conserva
tive business men in the city The crowd
around the building at Eighth and Della
ware streets steadily increased and both
streets were blocked.
An Anxious Multitude.
Many were present out of curiosity, but
there were hundreds whose pale faces told
why they had hurried from their work A
Gordon of police was stationed about the
door, and had great difficulty in keeping
back the crowd. About l O'Clock the
crowd was addressed by A. j. Snider, a
wealthy cattle man, and eX Mayor Daven-
port, who ADVISED them to be moderate
and withdraw. They stated that the bank
would pay al depositors dollar for dol
lar, and if It could not do so itself the
other banks of the city would help it out
as soon as necessary.
The DepositOrs Reassured.
When the savings bank closed its doors
yesterday afternoon the large number of
people who still surrounded its doors were
somewhat treasured by the following no
tice pasted on the glass: Payment of de-
posits will he resumed at the bank to-
morrow morning at 9 o'clock" The bank
is legally entitled to sixty days notice be
fore required TO pay time deposits, but ali
deposits have and will be paid in full on
presentation There will be a saving OF
$20,0O0 to the bank in accrued interest
which depositors have forfeited
Wei and Bravely Done.
ST I oJrrc 70, % cbau,i. sobool -