The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-01
MISSOURI NATIONAL FAILS.
Internal Dissension and Withdrawal
of Large Deposits the Cause-Tex-
as Bank Goes Dsswn.

Kansas CRY. Nov. 5o.-Tne Missouri Ma
,garstl bank closed fits doors this morning,
owsng 70 the heavy Withdrawals by one
OF is principal GepoSsrors. The deposits
are 81 5saeo The bank was csassed a.
one az me strongest IN The Southwest.
shortly after II o'clock ess following no
tee was gxaced on the DIOR:
by order Of the directors this bank has
been closed, and is in tae hands OF the
comptroller"
This action was precipiiased by with
drawal Of s5aeoo In one lump by Helm, a
wealthy local brewer, whose action was
quickly followed by Others.
The last statement Issued by the bank
showed s.. sal 90 cash. and exchanges OF
$4,000 D. V Rieger is president, and ID.
II asovtneton cashier. In the panic OF
July. 1886. the Missouri National was one
or the local institutions 10 go under, but
1t soon reopene0.
The bank had been snen today just an
hour when the COMPTROLLER took charge.
The officers were TOO excited 10 maAe
statement The same surprise was EVIL
ienced everywhere No fears were ex-
pressed BY other leading bankers that the
failure would spread agitation.
Two causes are assigned for the suspen-
sion. one is slow collections and the 9TH
or. the prime reason, IS oissension anons
the directors These finalAy led 10 q clash
With the government fFeslceht hslseF
sasel this Afternoon;
u have Httle 10 say except that there
Is no doubt whatever that the depozitors
wiz get every dollar deposited here. ana
IL the business is judicinusly handled the
stockholders should get fair returns.
H A. Forman. OF St Louis. national
bank examiner for Missouri. is in charge.
The bank opened for business at the US
ual hour this morning, and numerous per-
E.a+a 10 rlazfrR
tiee had been posted. These deposits. ac-
cording 10 Cashier Covingtan. will be paid
back. probably in a few days The bank
had between 2eo and $50 deposstors,
most of them for small alae uats. and there
are probably I'D stockholders OF the con-
Germ.
That the failure cannot involve, even in
directly. any member Of tie Kansas CITY
Clearing House Association is the consrn-
sus OF opinion among all the clearing house
members, and an opinion that is expressed
in no uncertain terms. At no time, II IS
claimed, has the cash reserve been held
in All the banks at such q high percentage
of demand deposits. From the twenty-four
hour reports on currency made by the d!f-
ferent cashiers OF the various banks it
would appear that since the election and
as the direct result OF the uneasiness felt
In regard 10 the effect of tie national cleo
ton on monetary legislation. most Of the
local banks called in loans and boarded up
cash in their vaults until from IS 10 s. per
cent. of all deposits were held in cash IN
the vaults.
Condition of this. Bank.
Washington. Nov so-Tlae Missouri Ma
ttonal hank has a capital G I $50 0oa. and at
the date OF the last report the surplus and
nrofftz wer, se30. 90; deposits were $751;
o.o due TO other banks. !2s4.0oo-
81 Nz4E1Vaf hank
Of Tyler. Tex was also reported. Ii has
a capital of 100000 surplus and profits.
So 600: due 20 other banks. 5000; deposits.
s22I .o0o: borrowed money, s2et aoa. Bank
Examiner Mcdonald has been placed in
charge.