The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1893-06-06

five minutes past 10 this morning. A,
that hour the following notice wal
tackled to the front door of the insti
tuition:
lowing to the failure of our efforts
to re-organize the bank and to the
continued withdrawal of deposits, VIC
have thought it best for the interests
of all depositors and stockholders to
close the bank.
PLANTATION BANK"
OPENED THIS MORNING.
The bank opened as usual this
morning and did very little business.
At 10 o'clock William Plankinton,
vice-president Of the bank, appeared
on the scene and the notice of suspen-
sion was at once posted. There has
been no regular run on the bank of late.
Since the scare of two weeks ago,
however, large depositors, who did
not take part in the run that occurred
at that time, have been steadily with
drawing their accounts and depositing
them elsewhere. Many accounts were
withdrawn through the medium of the
Milwaukee Clearing house. The sus-
pension lis largely due to the failure
of F. A. Lappan 4 Company and the
Lappan Furniture company two
weeks ago, with liabilities that will
probably amount to three quarters of
q million dollars. When
the worst is known the
Lappan firms, so far as claims have
been recorded, owe the Plankinton
bank s219,O and this sum is due on
Lappan's personal notes, which are
considered to be practically valueless.
The Lappan inventory shows an esti-
mated value of the stock to be $685.
SSS. But the stock will not bring
the sum anywhere approaching this
figure, and ahead OF Plankinton
bank are claims amounting to over
500, 900. The outlook for the
Plankinton is therefore not favorable.
ENsHROUDED By MYSTERY.
1t is said that at the death of Plank
linton, senior, Lappan owed the bank
seventy-five thousand dollars. VIM.
Plankinton entered a protest against
this and Lappan was pushed to ex-
IRENE measures. Since that time all
that took place at the bank is a close
secret. Condolences were held behind
closed doors, but Lappan always
walked ont with his pockets full of
money, until he owed two hundred
and thirty thousand dollars, larger
sum than one man ever obtained on
like security in the history of the
banking business in the west. One of
the strangest phases of the matter is
secrecy of Lappan's Indebtedness.
Although he owed a fortune to the
Plankinton bank this fact was not
known to any other bank in the city
and there was no report of it to the
commercial agencies. How Lappan
succeeded in placing the Plankinton
bank in the position in which it finds
itself is deep mystery. He secured
loan after loan of SIC, 900 each from
the bank. even after common rumOr
said that Lappan was not wholly
sound.
AN INTERESTING STORY.
There are many sensational stories
in circulation regarding this matter,
but none that can be verified. The
facts will doubtless come Ort now and
will form an interesting story. The
Plankinton bank was the pet project
of the late John Planklnton, the mil
lionaire pork packer and hotel owner
who died two years ago. 1t was Or
ganized in 1887 and Plankinton was
its first president. The capital stock
was $500, 600. On the death Of Plank
linton, F. T. Day, who was then vice.
president, became president and
William Plankinton, the son
and heir of the dead millionaire,
assumed the Office of vice president.
William II. Momsen is cashier. 1t
was through President Day, it Is said,
that Lappan had his principal deal
ings. Day is i'll and it has been I'M
derstood that he was to retire shortly
in favor of an Indiana man. This
announcement was made shortly after
the Lappan.. failure and Immediately
following the heavy run that resulted.
THE BLUFF DID NOT WORK.
At that time j. was said that Phil
Armour, the Chicago packer, was in
terested in the Planklnton bank and
with a great show a huge safe was
sent from Chicago, accompanied BY an
armed guard and it was escorted to
the bank by a dozen policemen, carry
ing drawn revolvers and clubs. 1t
was then said that Mr.. Armour had
sent $500, 600 in gold to the assistance