Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1896-12-05
BANK AND OTHER FAILURES.
A Big Bank Mt Kansas City Closes
Its Doors.

Kansas City, Nov. 3O.-The Missouri Ma
t1onal bank OF this city closed it's doors
this morning, owing to heavy withdrawals
by one of list principal depositors. De
posits are 81, 100000. The bank was classed
as one of the strongest in the southwest
Shortly after II the following notice was
placed on the door:
BY order OF une directors, this bank
has been closed, and is in the hands of
the comptroller"
! This action was precipitated by the
! withdrawal of $4,000 in one lump by
/ Hem, wealthy local brewer, whose ac-
ton was quickly followed by others.
| The last statement issued by the bank
| showed I,561, 900 cash, and exchanges s54G.-
| 0o0. d. V. Rieger is president, D. R Gov
lhgton cashier. In the panic of July, 1885,
the Missouri National was one of the local
institutions TO so under but soon re-
opened. The bank had been open today
just an hour when the comptroller took
charge. The officers were too excited to
make statement. Some surprise was
eVInced everywhere. No fears were cX-
pressed by other leading bankers that the
failure would spread.
Two causes are assigned for the srs-
pension. One is slow collections, the 9TH
ef, ana prime reason, was dssensiors
among the directors. These finally led to
a clash with the government. President
Rieger said this afternoon. Z have little
TO say except that there is no doubt what
ever that the depositors will get every
dollar they deposited here. and if the bus
mess is judiciously handled. the stock
holders should get fair returns.'
H. A. Fromen of St. Louis, national
bank examiner for Missouri is in charge
of the bank.
The bank opened for business at the
usual hour this morning, and numerous
persons made deposits before the clos
ing notice had been posted.
These deposits, according to Cashier
CoVington, will be paid back probably in
a few days. The bank has between 220O
and 23oo depositors. most of them small
amounts. and there are probably 100
stockholders of the concern. That the
failure can not involve, even indirectly,
any member of the Kansas City Clearing
House association, is the consensus of
opinion among all the clearing house
members. At no time it is claimed. has
the cash reserve been held in all banks
at such Il high percentage of demand
deposits.
Reported ut Washington.
Washington, Nov. 3o.-Mr. Coffin, acting
comptroller of the currency today re-
ceived a telegram announcing the failure
of the Missouri National bank of Kansas
City, Mo. The bank has capital of $250,-
600 and at the date of the last report the
surplus and profits were $3.50 900; deposits,
$l,13l ,000 due other banks 1924, 900.
The failure of the First National bank
of Tyler, Tex, was also reported 1t has
a capital of 100000; surplus and profits
$62oo0 due other banks, $4,000; deposits,
$23l 600: borrowed money, $224, 900 Bank
Examiner Mcdonald has been placed in
charge.
Receiver for Big Property.
Philadelphia, Nov. 30-Judge Dallas of
the United States circuit court today APP
pointed William b. Given of Columbia,
PENN, receiver of the Pennsylvania Trac-
tion Company which operates 50 miles
OF trolley railway in Lancaster county 1T
is understood proceedings were instituted
by those friendly to the present manage
ment, and reorganization will be effected.
The road cost over So, 100000.
Receiver Appointed.
Chicago, Nov. 30.-Judge Grosscup in
the United States court today decided
that the preference given the United
States Rubber company l.. Candee & Co.
and the Metropolitan bank by c. H.
Fargo & Co, boot and shoe dealers, was
void. They We're therefore set aside and
a receiver appointed.
Manufacturing jewelers. Fail.
New York, Nov 30.-Isaac Swope & Co.,
of jeWelry, confessed judg-
ment for $10,390 today. The total liabili-
ties are estimated at $4,000 nominal as
sets, $4,000. The firm has a branch in st.
Louis.
A Texas Bank.
Tyler, Texas, Nov. 30.-The First Ma
tlonal bank suspended today. owing to
the continued Withdrawals of deposits
The bank had a capital stock of 5000, 900.
and $4,000 surplus.